ACCOUNTS - Final Accounts

ACCOUNTS - Final Accounts

PEDALGLASS LIMITED - Company Information

Print Friendly Version

Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false1true2021-04-01falseWholesale of pharmaceutical goods1 05794366 2021-04-01 2022-03-31 05794366 2020-04-01 2021-03-31 05794366 2022-03-31 05794366 2021-03-31 05794366 c:Director1 2021-04-01 2022-03-31 05794366 d:CurrentFinancialInstruments 2022-03-31 05794366 d:CurrentFinancialInstruments 2021-03-31 05794366 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 05794366 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 05794366 d:ShareCapital 2022-03-31 05794366 d:ShareCapital 2021-03-31 05794366 d:RetainedEarningsAccumulatedLosses 2022-03-31 05794366 d:RetainedEarningsAccumulatedLosses 2021-03-31 05794366 c:FRS102 2021-04-01 2022-03-31 05794366 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 05794366 c:FullAccounts 2021-04-01 2022-03-31 05794366 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 05794366 6 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 05794366









PEDALGLASS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2022
 
PEDALGLASS LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 5

 
PEDALGLASS LIMITED
REGISTERED NUMBER: 05794366

BALANCE SHEET
AS AT 31 MARCH 2022

2022
2021
Note
£
£

Fixed assets
  

Investments
 4 
800,358
800,358

  
800,358
800,358

Current assets
  

Debtors: amounts falling due within one year
 5 
650,000
-

  
650,000
-

Creditors: amounts falling due within one year
 6 
(1,389,201)
(1,361,021)

Net current liabilities
  
 
 
(739,201)
 
 
(1,361,021)

Total assets less current liabilities
  
61,157
(560,663)

  

Net assets/(liabilities)
  
61,157
(560,663)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
61,156
(560,664)

  
61,157
(560,663)


Page 1
 
PEDALGLASS LIMITED
REGISTERED NUMBER: 05794366
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 March 2023.




................................................
B Patel
Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2
 
PEDALGLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

Pedalglass Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 05794366. The address of the registered office is Haslers, Old Station Road, Essex, IG10 4PL. The company's principal activity during the year continued to be that of investment company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound sterling.
The following principal accounting policies have been applied:

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis based on the continuing
support of the director and related parties. 

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3
 
PEDALGLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2021 - 1).


4.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 April 2021
800,358



At 31 March 2022
800,358





5.


Debtors

2022
2021
£
£


Debtors
650,000
-

650,000
-


Page 4
 
PEDALGLASS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank overdrafts
120
60

Trade creditors
4,354
4,354

Other creditors
1,383,037
1,354,917

Accruals and deferred income
1,690
1,690

1,389,201
1,361,021



7.


Related party transactions

At the year-end following amounts were due from/(to) the related parties:


2022
2021
£
£

Other related parties
(732,986)
(1,354,211)
(732,986)
(1,354,211)


8.


Controlling party

The ultimate controlling party at the year-end was B Patel, by virtue of his majority shareholding in the company.

 
Page 5