PC Peripherals Ltd 31/08/2022 iXBRL

PC Peripherals Ltd 31/08/2022 iXBRL

PC PERIPHERALS LTD - Company Information

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Company registration number: 04070792
PC Peripherals Ltd
Unaudited filleted financial statements
31 August 2022
PC Peripherals Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
PC Peripherals Ltd
Directors and other information
Director Shahin Sherafati Tabarestani
Company number 04070792
Registered office Unit 6 Central Business Centre
Iron Bridge Close
Great Central Way
London
NW10 0UR
Accountants Passer & Co
20 Sunningdale Close
Stanmore
HA7 3QL
PC Peripherals Ltd
Accountants reports to the director on the preparation of the
unaudited statutory financial statements of PC Peripherals Ltd
Year ended 31 August 2022
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 August 2022 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Passer & Co
20 Sunningdale Close
Stanmore
HA7 3QL
16 December 2022
PC Peripherals Ltd
Statement of financial position
31 August 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 185,000 200,000
Tangible assets 6 1,581 6,811
_______ _______
186,581 206,811
Current assets
Stocks 1,232,903 926,875
Debtors 7 278,829 13,839
Cash at bank and in hand 276,910 575,154
_______ _______
1,788,642 1,515,868
Creditors: amounts falling due
within one year 8 ( 1,546,155) ( 1,391,775)
_______ _______
Net current assets 242,487 124,093
_______ _______
Total assets less current liabilities 429,068 330,904
Creditors: amounts falling due
after more than one year 9 ( 39,394) ( 49,061)
_______ _______
Net assets 389,674 281,843
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 389,574 281,743
_______ _______
Shareholders funds 389,674 281,843
_______ _______
For the year ending 31 August 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 December 2022 , and are signed on behalf of the board by:
Shahin Sherafati Tabarestani
Director
Company registration number: 04070792
PC Peripherals Ltd
Statement of changes in equity
Year ended 31 August 2022
Called up share capital Profit and loss account Total
£ £ £
At 1 September 2020 100 279,291 279,391
Profit for the year 152,452 152,452
_______ _______ _______
Total comprehensive income for the year - 152,452 152,452
Dividends paid and payable ( 150,000) ( 150,000)
_______ _______ _______
Total investments by and distributions to owners - ( 150,000) ( 150,000)
_______ _______ _______
At 31 August 2021 and 1 September 2021 100 281,743 281,843
Profit for the year 307,831 307,831
_______ _______ _______
Total comprehensive income for the year - 307,831 307,831
Dividends paid and payable ( 200,000) ( 200,000)
_______ _______ _______
Total investments by and distributions to owners - ( 200,000) ( 200,000)
_______ _______ _______
At 31 August 2022 100 389,574 389,674
_______ _______ _______
PC Peripherals Ltd
Notes to the financial statements
Year ended 31 August 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 Unit 6 Central Business Centre, Iron Bridge Close, Great Central Way, London, NW10 0UR.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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:
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 are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 15 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2021: 14 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 September 2021 and 31 August 2022 1,498,000 1,498,000
_______ _______
Amortisation
At 1 September 2021 1,298,000 1,298,000
Charge for the year 15,000 15,000
_______ _______
At 31 August 2022 1,313,000 1,313,000
_______ _______
Carrying amount
At 31 August 2022 185,000 185,000
_______ _______
At 31 August 2021 200,000 200,000
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 September 2021 45,309 45,309
Additions 1,842 1,842
_______ _______
At 31 August 2022 47,151 47,151
_______ _______
Depreciation
At 1 September 2021 38,498 38,498
Charge for the year 7,072 7,072
_______ _______
At 31 August 2022 45,570 45,570
_______ _______
Carrying amount
At 31 August 2022 1,581 1,581
_______ _______
At 31 August 2021 6,811 6,811
_______ _______
7. Debtors
2022 2021
£ £
Trade debtors 264,990 -
Other debtors 13,839 13,839
_______ _______
278,829 13,839
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 448,752 536,136
Social security and other taxes 304,375 137,175
Other creditors 793,028 718,464
_______ _______
1,546,155 1,391,775
_______ _______
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 39,394 49,061
_______ _______
10. Controlling party
The Company is controlled by its Director by virtue of his share holding.