Credential PTL Limited - Accounts to registrar (filleted) - small 22.3
Credential PTL Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| FOR |
| CREDENTIAL PTL LIMITED |
| CREDENTIAL PTL LIMITED (REGISTERED NUMBER: 06485704) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| CREDENTIAL PTL LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Atlas Chambers |
| 33 West Street |
| Brighton |
| East Sussex |
| BN1 2RE |
| CREDENTIAL PTL LIMITED (REGISTERED NUMBER: 06485704) |
| BALANCE SHEET |
| 31 MARCH 2022 |
| 2022 | 2021 |
| as restated |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Share premium |
| Capital redemption reserve |
| Retained earnings | 960,166 |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| CREDENTIAL PTL LIMITED (REGISTERED NUMBER: 06485704) |
| BALANCE SHEET - continued |
| 31 MARCH 2022 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| CREDENTIAL PTL LIMITED (REGISTERED NUMBER: 06485704) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 1. | STATUTORY INFORMATION |
| Credential PTL Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents the amount receivable by the company from the collection of tyres excluding value added tax. Income is recognised when tyres are collected from customers. |
| Goodwill |
| Goodwill arose on the purchase of trade and assets in May 2008. The directors have chosen not to amortise goodwill due to its low carrying value. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Commercial vehicles | - |
| Computer equipment | - |
| Government grants |
| The company has made use of the government's Coronavirus Job Retention Scheme (CJRS), put in place to assist companies during the Covid-19 outbreak. The CJRS allows employers to put staff on temporary leave (furlough) and claim up to 80% of employees' payroll costs from the government. Under the accrual model, government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. This means that the grant is recognised on a straight-line basis over the period of furlough. |
| Government grants in the form of business interruption payments, covering the bank interest and fees on bank loans approved under the Coronavirus Bounce Back Loans Scheme, are included as other operating income. |
| Stocks |
| The fuel held at the year end on the company's premises is valued at cost. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| CREDENTIAL PTL LIMITED (REGISTERED NUMBER: 06485704) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 April 2021 |
| and 31 March 2022 |
| NET BOOK VALUE |
| At 31 March 2022 |
| At 31 March 2021 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Commercial | Computer |
| machinery | fittings | vehicles | equipment | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 April 2021 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 March 2022 |
| DEPRECIATION |
| At 1 April 2021 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 March 2022 |
| NET BOOK VALUE |
| At 31 March 2022 |
| At 31 March 2021 |
| CREDENTIAL PTL LIMITED (REGISTERED NUMBER: 06485704) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2022 |
| 6. | STOCKS |
| 2022 | 2021 |
| as restated |
| £ | £ |
| Stocks |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| as restated |
| £ | £ |
| Trade debtors |
| Amounts owed by related parties |
| Amounts owed by participating interests | 2,000 | - |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| as restated |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to related parties |
| Amounts owed to participating interests | 836,090 | 129,967 |
| Taxation and social security |
| Other creditors |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| as restated |
| £ | £ |
| Bank loans |
| 10. | CAPITAL COMMITMENTS |
| 2022 | 2021 |
| as restated |
| £ | £ |
| Contracted but not provided for in the |
| financial statements |
| 11. | ULTIMATE CONTROLLING PARTY |
| The company is ultimately controlled by D Woolley-Pountney, who controls the parent company Pountney Tyres Limited. |