Pentstrend General Trading Co. Limited - Accounts to registrar (filleted) - small 18.2

PENTSTREND GENERAL TRADING CO.

LIMITED

REPORT OF THE DIRECTORS AND

ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

C E Marsh

A C Bernstein

SECRETARY:

A C Bernstein

REGISTERED OFFICE:

4 Churchill Court

58 Station Road

North Harrow

Middlesex

HA2 7ST

REGISTERED NUMBER:

00825546

ACCOUNTANTS:

ADAMS MOORHOUSE LIMITED, Chartered Accountants

4 Churchill Court

58 Station Road

North Harrow

Middlesex

HA2 7ST

BANKERS:

Barclays Bank PLC

30 High Street

Southampton

SO9 7AB

FIXED ASSETS

Tangible assets

5

557,116

561,481

Investments

6

76

76

557,192

561,557

CURRENT ASSETS

Stocks

20,725

21,778

Debtors

7

112,994

114,615

Cash at bank and in hand

211,434

83,375

345,153

219,768

CREDITORS

Amounts falling due within one year

8

171,252

94,056

NET CURRENT ASSETS

173,901

125,712

TOTAL ASSETS LESS CURRENT LIABILITIES

731,093

687,269

PROVISIONS FOR LIABILITIES

69,756

69,756

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

9

272,297

272,297

Retained earnings

388,940

345,116

SHAREHOLDERS' FUNDS

661,337

617,513

731,093

687,269

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 June 2021 and were signed on its behalf by:

C E Marsh - Director

1.	STATUTORY INFORMATION

Pentstrend General Trading Co. Limited is a private company, limited by shares , registered in Not specified/Other. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Pentstrend General Trading Co. Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

15 years

Plant and machinery etc

-

33.3% on cost, 25% on reducing balance and 15% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 6 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Cost or valuation

At 1 January 2020

650,000

130,041

780,041

Additions

-

11,340

11,340

At 31 December 2020

650,000

141,381

791,381

Depreciation

At 1 January 2020

106,887

111,673

218,560

Charge for year

10,000

5,705

15,705

At 31 December 2020

116,887

117,378

234,265

Net book value

At 31 December 2020

533,113

24,003

557,116

At 31 December 2019

543,113

18,368

561,481

Cost or valuation at 31 December 2020 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

Valuation in 2014

188,496

-

188,496

Valuation in 2017

150,000

-

150,000

Cost

311,504

141,381

452,885

650,000

141,381

791,381

If freehold property had not been revalued it would have been included at the following historical cost:

2020

2019

£

£

Cost

311,504

311,504

Aggregate depreciation

61,679

61,679

Value of land in freehold land and buildings

249,825

249,825

Freehold property was valued on an open market basis on 31 December 2020 by the directors .

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

Cost

At 1 January 2020

and 31 December 2020

76

Net book value

At 31 December 2020

76

At 31 December 2019

76

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Southern Counties Real Estate Company Limited

Registered office:

Nature of business: Real Estate Agents

%

Class of shares:

holding

Ordinary

76.00

The financial results of the subsidiary have no been disclosed, as the financial statements for 2019 are not yet available.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

487

2,203

Amounts owed by group undertakings

38,246

38,246

Other debtors

74,261

74,166

112,994

114,615

Included in other debtors is an amount of £70,948 (2019 - £69,148) due from a company under the control of the directors.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

50,000

-

Trade creditors

79,162

60,919

Taxation and social security

25,516

20,026

Other creditors

16,574

13,111

171,252

94,056

9.

RESERVES

Revaluation

reserve

£

At 1 January 2020

and 31 December 2020

272,297

10.	CONTINGENT LIABILITIES

As far as the Board is aware, there were no contingent liabilities at the balance sheet date.

11.	RELATED PARTY DISCLOSURES

Management charges of £20,000 (2019 - £20,000) relate to amounts paid to a company beneficially held by the directors.

12.	ULTIMATE CONTROLLING PARTY

The controlling party is C E Marsh.