Pettman Homes Limited Filleted accounts for Companies House (small and micro)

PETTMAN HOMES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06134962

Pettman Homes Limited

Filleted Unaudited Financial Statements

31 March 2022

Pettman Homes Limited

Financial Statements

Year ended 31 March 2022

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Pettman Homes Limited

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	6		14,812	5,000

Current assets

Debtors	7	–	70,436
Cash at bank and in hand		50,357	45
		--------	--------
		50,357	70,481

Creditors: amounts falling due within one year	8	50,123		29,576
		--------		--------
Net current assets			234	40,905
			--------	--------
Total assets less current liabilities			15,046	45,905

Creditors: amounts falling due after more than one year	9	40,503	41,126
		--------	--------
Net (liabilities)/assets		( 25,457)	4,779
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 25,557)	4,679
	--------	-------
Shareholders (deficit)/funds	( 25,457)	4,779
	--------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Pettman Homes Limited

Statement of Financial Position (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 23 August 2022 , and are signed on behalf of the board by:

Mr R Pettman
Director

Company registration number: 06134962

Pettman Homes Limited

Notes to the Financial Statements

Year ended 31 March 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The accounts have been prepared on a going concern basis which relies upon the continuing support of the director.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	50% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor vehicles	-	20% straight line
Equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2021 and 31 March 2022	16,800
	--------
Amortisation
At 1 April 2021 and 31 March 2022	16,800
	--------
Carrying amount
At 31 March 2022	–
	--------
At 31 March 2021	–
	--------

6. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 April 2021	17,240	–	17,240
Additions	9,000	1,091	10,091
	--------	-------	--------
At 31 March 2022	26,240	1,091	27,331
	--------	-------	--------
Depreciation
At 1 April 2021	12,240	–	12,240
Charge for the year	197	82	279
	--------	-------	--------
At 31 March 2022	12,437	82	12,519
	--------	-------	--------
Carrying amount
At 31 March 2022	13,803	1,009	14,812
	--------	-------	--------
At 31 March 2021	5,000	–	5,000
	--------	-------	--------

7. Debtors

	2022	2021
	£	£
Other debtors	–	70,436
	----	--------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	6,349	19,894
Corporation tax	–	6,180
Social security and other taxes	3,333	1,002
Other creditors	40,441	2,500
	--------	--------
	50,123	29,576
	--------	--------

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	40,503	41,126
	--------	--------

10. Director's advances, credits and guarantees

At the year end the director and his wife were owed £38,341 by the company (2021: the director and his wife owed the company £69,860). During the year, the director took advances of £78,574 (2021: £141,346) and made repayments of £186,775 (2021: £55,638). No interest was charged on this balance.