Petrus Cargo Assurance Services Limited - Period Ending 2020-06-30
Petrus Cargo Assurance Services Limited - Period Ending 2020-06-30
Registration number:
for the Year Ended 30 June 2020
Petrus Cargo Assurance Services Limited
Contents
Section |
Page |
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Petrus Cargo Assurance Services Limited
Company Information
Director |
C Wall |
Registered office |
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Accountants |
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Petrus Cargo Assurance Services Limited
(Registration number: 07275010)
Statement of Financial Position as at 30 June 2020
Note |
2020 |
2019 |
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Non-current assets |
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Property, plant and equipment |
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Current assets |
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Receivables |
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Cash at bank and in hand |
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Payables: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Equity |
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Called up share capital |
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Capital redemption reserve |
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- |
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Retained earnings |
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Total equity |
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For the financial year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
The director of the company has elected not to include a copy of the income statement within the financial statements.
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
Approved and authorised by the
.........................................
Director
Petrus Cargo Assurance Services Limited
Notes to the Financial Statements
for the Year Ended 30 June 2020
General information |
Petrus Cargo Assurance Services Limited (the 'company') is a private company limited by share capital incorporated in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the director's report on page 2.
Accounting policies |
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus he continues to adopt the going concern basis in preparing the annual financial statements.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Petrus Cargo Assurance Services Limited
Notes to the Financial Statements
for the Year Ended 30 June 2020 (continued)
2 |
Accounting policies (continued) |
Foreign currency transactions and balances
Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in Statement of Income and retained Earnings, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Property, plant and equipment
Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
10% on cost |
Computer equipment |
33% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Receivables
receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Petrus Cargo Assurance Services Limited
Notes to the Financial Statements
for the Year Ended 30 June 2020 (continued)
2 |
Accounting policies (continued) |
Payables
Payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Staff numbers |
The average number of persons employed by the company during the year was
Petrus Cargo Assurance Services Limited
Notes to the Financial Statements
for the Year Ended 30 June 2020 (continued)
Property, plant and equipment |
Plant and machinery |
Computer equipment |
Total |
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Cost |
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At 1 July 2019 |
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Additions |
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- |
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At 30 June 2020 |
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Depreciation |
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At 1 July 2019 |
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Charge for the year |
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At 30 June 2020 |
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Carrying amount |
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At 30 June 2020 |
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At 30 June 2019 |
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Receivables |
2020 |
2019 |
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Trade receivables |
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Gross amount due from customers for contract work |
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- |
Prepayments |
- |
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Cash and cash equivalents |
2020 |
2019 |
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Cash at bank |
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Petrus Cargo Assurance Services Limited
Notes to the Financial Statements
for the Year Ended 30 June 2020 (continued)
Payables |
2020 |
2019 |
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Due within one year |
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Trade payables |
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Corporation tax |
20,651 |
305 |
Social security and other taxes |
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Directors' current accounts |
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Other payables |
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- |
Accrued expenses |
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Share capital and reserves |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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- |
- |
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80 |
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- |
- |
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20 |
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5 |
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5 |
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The company has one class of share capital which carries no right to fixed income.
Share buyback
On 16th of March 2020 80 ordinary A shares of £1 and 20 ordinary B shares of £1 having a total aggregate nominal value of £100 were purchased by the company for an aggregate consideration of £1,176,000. These shares were subsequently cancelled by the company on 16th March 2020.
Reserves
The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.
The capital redemption reserve represents the nominal value of shares purchased partly out of distributable reserves.
Petrus Cargo Assurance Services Limited
Notes to the Financial Statements
for the Year Ended 30 June 2020 (continued)
Control |
The company is controlled by the director who owns 100% of issued share capital.