Peerless Designs (Letchworth) Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 09719186 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

5TH AUGUST 2015 TO 31ST DECEMBER 2016

FOR

PEERLESS DESIGNS (LETCHWORTH) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P J A Van Raalte

N J Cole

A K Van Raalte

REGISTERED OFFICE:

Unit 21, Jubilee Trade Centre

Jubilee Road

Letchworth

Hertfordshire

SG6 1SP

REGISTERED NUMBER:

09719186 (England and Wales)

ACCOUNTANTS:

Barker Wilkinson Limited

108 High Street

Stevenage

Hertfordshire

SG1 3DW

FIXED ASSETS

Intangible assets

2

(43,460

)

Tangible assets

3

17,848

(25,612

)

CURRENT ASSETS

Stocks

126,158

Debtors

4

115,626

Cash at bank

131,470

373,254

CREDITORS

Amounts falling due within one year

5

281,086

NET CURRENT ASSETS

92,168

TOTAL ASSETS LESS CURRENT LIABILITIES

66,556

PROVISIONS FOR LIABILITIES

6

8,692

NET ASSETS

57,864

CAPITAL AND RESERVES

Called up share capital

7

1

Profit and loss account

8

57,863

SHAREHOLDERS' FUNDS

57,864

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st December 2016.

The members have not required the company to obtain an audit of its financial statements for the period ended 31st December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 2nd May 2017 and were signed on its behalf by:

N J Cole - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The directors have assessed various factors and risks affecting the company and its ability in these difficult

economic times to continue to trade as a going concern.They have not identified any material uncertainties or

risks related to events or conditions that could cast significant doubt about the company's ability to continue as a

going concern and therefore the financial statements for the year ended 31st December 2016.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

(60,640

)

At 31st December 2016

(60,640

)

AMORTISATION

Amortisation for period

(17,180

)

At 31st December 2016

(17,180

)

NET BOOK VALUE

At 31st December 2016

(43,460

)

3.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

Additions

19,142

1,000

5,322

25,464

At 31st December 2016

19,142

1,000

5,322

25,464

DEPRECIATION

Charge for period

5,297

476

1,843

7,616

At 31st December 2016

5,297

476

1,843

7,616

NET BOOK VALUE

At 31st December 2016

13,845

524

3,479

17,848

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

102,408

Other debtors

1

Prepayments

13,217

115,626

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

80,540

Amounts owed to group undertakings

138,750

Tax

25,939

Social security and other taxes

3,748

VAT

26

Accrued expenses

32,083

281,086

6.	PROVISIONS FOR LIABILITIES

£

Deferred tax: short term

timing differences

8,692

8,692

Deferred

tax

£

Charge to Profit and Loss Account during period

8,692

Balance at 31st December 2016

8,692

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

1

Ordinary

£1

1

8.

RESERVES

Profit

and loss

account

£

Profit for the period

112,863

Dividends

(55,000

)

At 31st December 2016

57,863

9.	ULTIMATE PARENT COMPANY

Assigns Holdings Limited is regarded by the directors as being the company's ultimate parent company.

10.	RELATED PARTY DISCLOSURES

Assigns Limited

A fellow group undertaking

During the period the company rented office space and a van from Assigns Limited excluding value added tax

for £12,000 and £5,732 respectively.

Additionally, the company procurred material supplies from Assigns Limited with an aggregate value exclusive

of value added tax of £22,849; at the balance sheet date the balance due to Assigns Limited was £8,750.

During the period, the company acquired for £75,000 from Assigns Limited the business and certain assets of

Peerless Design Limited, which Assigns Limited had acquired from an Administrator a week or so previously for

the same value. As at the balance sheet date that amount remained outstanding and is included within amounts

due to group undertakings per note 7.

Benchmark Fabrications Limited

A company in which Mr N Cole a director and shareholder

During the period, the company rented warehouse space from Benchmark Fabrications Limited for a total of

£40,000 excluding value added tax.

Additionally, the company bought accountancy services and supplies exclusive of value added tax of £5,500 and

£10,288 respectively.

At the balance sheet date, £3,374 was owing to Benchmark Fabrications Limited such sum being within trade

creditors per note 7.

JHJ Sheet Metal Limited

A company in which Mr N Cole a director and shareholder

During the period, the company procurred materials or fabrications from JHJ Sheet Metal for an aggregate value

excluding value added tax of £6,056. At the balance sheet date £5,129 was owing to that supplier.