Pendragon Wales Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04114554 (England and Wales)

PENDRAGON WALES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2021

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P R Saunders

Mrs A J Saunders

REGISTERED OFFICE:

1st Floor Tudor House

16 Cathedral Road

Cardiff

Cardiff

CF11 9LJ

REGISTERED NUMBER:

04114554 (England and Wales)

ACCOUNTANTS:

Carston Chartered Accountants

Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

FIXED ASSETS

Intangible assets

4

2

2

Tangible assets

5

3,232

5,473

3,234

5,475

CURRENT ASSETS

Stocks

6

276,361

330,065

Debtors

7

63,844

116,989

Cash at bank and in hand

849,650

815,893

1,189,855

1,262,947

CREDITORS

Amounts falling due within one year

8

233,109

325,441

NET CURRENT ASSETS

956,746

937,506

TOTAL ASSETS LESS CURRENT LIABILITIES

959,980

942,981

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

959,880

942,881

SHAREHOLDERS' FUNDS

959,980

942,981

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th January 2022 and were signed on its behalf by:

Mr P R Saunders - Director

1.	STATUTORY INFORMATION

Pendragon Wales Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

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 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Plant and machinery

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33.33% straight line on 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 Statement of Income and Retained Earnings, 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.

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.

Going concern

The COVID-19 pandemic has had a significant negative impact on the UK economy. Given the rapidly evolving nature of the situation and lockdowns it is difficult to quantify the impact of Covid-19, the directors recognise that in the longer term its effect may be more significant. At this point in time any long-term effect on the company is unknown, but the directors remain confident of the financial position of the company. The directors have been working proactively to protect cashflow through a number of actions including cost reduction, accessing benefits from the Government support schemes including the business rates relief and CJRS. The directors believe that the company has sufficient reserves to withstand any further economic downturns created by the pandemic and are confident that it is correct to prepare the accounts on a going concern basis.

Government grants

Government grants are recognised over the period for which the grant is intended to compensate. Grants that are receivable as compensation for expenses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st May 2020

and 30th April 2021

85,000

AMORTISATION

At 1st May 2020

and 30th April 2021

84,998

NET BOOK VALUE

At 30th April 2021

2

At 30th April 2020

2

5.	TANGIBLE FIXED ASSETS

Plant and

Motor

Computer

machinery

vehicles

equipment

Totals

£

£

£

£

COST

At 1st May 2020

and 30th April 2021

64,931

23,372

34,204

122,507

DEPRECIATION

At 1st May 2020

63,351

19,486

34,197

117,034

Charge for year

395

1,846

-

2,241

At 30th April 2021

63,746

21,332

34,197

119,275

NET BOOK VALUE

At 30th April 2021

1,185

2,040

7

3,232

At 30th April 2020

1,580

3,886

7

5,473

6.

STOCKS

2021

2020

£

£

Stocks

264,236

282,111

Payments on account

12,125

47,954

276,361

330,065

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

35,475

93,096

Other debtors

28,369

23,893

63,844

116,989

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Included in creditors amounts falling due within one year is £197,903 (2020 £227,251)) due to the directors which is interest free, unsecured and with no specific terms for repayment.

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

64,076

64,076

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100