Pretloves Removal & Storage Service Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06855543 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

Pretloves Removal & Storage Service Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A C Pretlove

Mrs A T Pretlove-Redmond

SECRETARY:

Mrs A T Pretlove-Redmond

REGISTERED OFFICE:

Lewis House

Great Chesterford Court

Great Chesterford

Essex

CB10 1PF

BUSINESS ADDRESS:

Woodside Industrial Estate

Woodside

Epping

Essex

CM16 6LJ

REGISTERED NUMBER:

06855543 (England and Wales)

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

159,391

76,786

159,391

76,786

CURRENT ASSETS

Stocks

5,138

3,641

Debtors

7

157,676

99,223

Cash at bank

300,872

50,498

463,686

153,362

CREDITORS

Amounts falling due within one year

8

(419,737

)

(203,389

)

NET CURRENT ASSETS/(LIABILITIES)

43,949

(50,027

)

TOTAL ASSETS LESS CURRENT LIABILITIES

203,340

26,759

CREDITORS

Amounts falling due after more than one year

9

(65,967

)

-

PROVISIONS FOR LIABILITIES

(19,527

)

(7,311

)

NET ASSETS

117,846

19,448

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

117,646

19,248

SHAREHOLDERS' FUNDS

117,846

19,448

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 16 November 2021 and were signed on its behalf by:

Mr A C Pretlove - Director

Mrs A T Pretlove-Redmond - Director

1.	STATUTORY INFORMATION

Pretloves Removal & Storage Service Ltd is a private company, limited by shares , registered in England and Wales. 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.

Going concern

The Company has been effected by the restrictions imposed by the UK government in response to the COVID-19 pandemic. The result of this is that the Company's premises have closed and the Company has temporarily had to suspend its operations. This has resulted in a loss of income for the Company. The loss of income and cash-flow has been partially offset by the furloughing of the workforce under the government's furlough scheme.

The Directors consider that the resources available to the Company will be sufficient for it to be able to continue as a going concern during the restrictions and once the restrictions are lifted. However, there is a high level of uncertainty about how long the restrictions will last and the level of demand once the restrictions have ended which could impact this assessment. The financial statements do not contain any adjustments that would be required if the Company was not able to continue as a going concern.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, has been amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

25% on reducing balance

Plant and machinery etc

-

25% on reducing balance

Government grants

Government grants in relation to tangible fixed asset are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Stocks

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

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instruments.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes, in effect, a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised 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.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2020 - 30 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

90,000

AMORTISATION

At 1 April 2020

and 31 March 2021

90,000

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

-

6.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2020

-

489,421

489,421

Additions

8,000

130,573

138,573

Disposals

-

(32,372

)

(32,372

)

At 31 March 2021

8,000

587,622

595,622

DEPRECIATION

At 1 April 2020

-

412,635

412,635

Charge for year

2,000

51,133

53,133

Eliminated on disposal

-

(29,537

)

(29,537

)

At 31 March 2021

2,000

434,231

436,231

NET BOOK VALUE

At 31 March 2021

6,000

153,391

159,391

At 31 March 2020

-

76,786

76,786

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2020

37,000

Additions

103,034

Transfer to ownership

(37,000

)

At 31 March 2021

103,034

DEPRECIATION

At 1 April 2020

25,294

Charge for year

25,758

Transfer to ownership

(25,293

)

At 31 March 2021

25,759

NET BOOK VALUE

At 31 March 2021

77,275

At 31 March 2020

11,706

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

44,422

16,907

Other debtors

113,254

82,316

157,676

99,223

Other debtors consists of prepayments totalling £98,294 (2020 - £6,109), accrued income totalling £7,550 (2020 - £8,607), a director's loan account balance totalling £nil (2020 - £54,440) and other debtors totalling £7,410 (2020 - £13,160).

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

22,499

-

Hire purchase contracts (see note 10)

19,468

825

Trade creditors

161,339

47,248

Taxation and social security

170,533

131,845

Other creditors

45,898

23,471

419,737

203,389

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

27,502

-

Hire purchase contracts (see note 10)

38,465

-

65,967

-

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2021

2020

£

£

Net obligations repayable:

Within one year

19,468

825

Between one and five years

38,465

-

57,933

825

Non-cancellable operating

leases

2021

2020

£

£

Within one year

93,000

93,000

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, the company continued to provide an interest-bearing loan to its director. Amounts advanced to the director totalled £69,633 (2020 - £80,803), amounts repaid to the company totalled £125,258 (2020 - £86,589) and interest charged on the loan at a rate of 3.3% to 7.0% totalled £1,138 (2020 - £4,372). The balance owed to the director at the year end totalled £47 (2020 - balance owed to the company £54,440) and is repayable on demand.

Security

National Westminster Bank Plc have a fixed and floating charge covering all property and undertaking of the company. This is providing security for a loan which the directors have obtained personally.

During the year, the loan for which the security was provided was repaid. If the directors failed to repay the loan, the amount that the company would have been liable for was £nil (2020 - £9,559).