PEDLARS_LIMITED - Accounts

PEDLARS LIMITED

CONTENTS

Page

Abbreviated balance sheet

1

Notes to the abbreviated accounts

2 - 3

PEDLARS LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

£

Fixed assets

Tangible assets

2

80,611

126,117

Current assets

Stocks

74,677

99,528

Debtors

42,265

57,424

Cash at bank and in hand

9,028

29,950

125,970

186,902

Creditors: amounts falling due within one year

(1,154,126)

(1,120,922)

Net current liabilities

(1,028,156)

(934,020)

Total assets less current liabilities

(947,545)

(807,903)

Creditors: amounts falling due after more than one year

(2,456,500)

(2,312,500)

(3,404,045)

(3,120,403)

Capital and reserves

Called up share capital

3

1

Profit and loss account

(3,404,046)

(3,120,404)

Shareholders' funds

(3,404,045)

(3,120,403)

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 16 March 2017

Mr C A Gladstone

Director

Company Registration No. SC174852

PEDLARS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 2 -

1

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The company incurred a loss for the year ended 31 March 2016 of £283,642 and has continued to incur losses since this date.

Additional loan funding was received during the year, which enabled the company to continue trading and meet its obligations as they fall due.

The shareholders and preference shareholders have confirmed that they will continue to provide further financial support, including the provision of additional funds if required, to ensure that the company continues to trade for at least the next 18 months.The loans advanced by C Gladstone and Venrex IV General Partner Limited will not be repayable until the company has sufficient funds.

As a result the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustment that would result from a withdrawal of support from the shareholders.

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT. As a retail business, income is recognised at point of sale.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Buildings Leasehold

33% straight line

Computer equipment

33% straight line

Fixtures, fittings & equipment

10% and 25% straight line

1.4

Stock

Stock is valued at the lower of cost and net realisable value.

1.5

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

PEDLARS LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

2

Fixed assets

Tangible assets

£

Cost

At 1 April 2015 & at 31 March 2016

523,981

Depreciation

At 1 April 2015

397,864

Charge for the year

45,506

At 31 March 2016

443,370

Net book value

At 31 March 2016

80,611

At 31 March 2015

126,117

3

Share capital

2016

2015

£

Allotted, called up and fully paid

100 ordinary shares of 1p each

1