Poundhouse Limited - Accounts to registrar - small 17.1.1

REGISTERED NUMBER: 01866532 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2016

for

Poundhouse Limited

Page

Company Information

1

Chartered Accountants' Report

2

Abridged Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

8

DIRECTOR:

M J Lewis

SECRETARY:

Mrs A P Blake

REGISTERED OFFICE:

48 Victoria Industrial Park

Victoria Road

Dartford

Kent

DA1 5AJ

REGISTERED NUMBER:

01866532 (England and Wales)

ACCOUNTANTS:

Charcroft Baker LLP

Chartered Accountants

5 West Court

Enterprise Road

Maidstone

Kent

ME15 6JD

The following reproduces the text of the report prepared for the director and members in respect of

the company's annual unaudited financial statements. In accordance with the Companies Act 2006,

the company is only required to file a Balance Sheet. Readers are cautioned that the Income

Statement and certain other primary statements and the Report of the Director are not required to be

filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval

the financial statements of Poundhouse Limited for the year ended 31 December 2016 which comprise the

Income Statement, Abridged Balance Sheet, and the related notes from the company's accounting records

and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Poundhouse Limited in accordance with the terms of our engagement letter dated 4 June 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Poundhouse Limited and state those matters that we have agreed to state to the director of Poundhouse Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Poundhouse Limited director for our work or for this report.

It is your duty to ensure that Poundhouse Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Poundhouse Limited. You consider that Poundhouse Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Poundhouse Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Charcroft Baker LLP

Chartered Accountants

5 West Court

Enterprise Road

Maidstone

Kent

ME15 6JD

12 May 2017

FIXED ASSETS

Intangible assets

4

6,900

9,200

Tangible assets

5

806,664

889,128

813,564

898,328

CURRENT ASSETS

Stocks

7,750

11,350

Debtors

361,642

362,473

Cash at bank and in hand

551,558

292,625

920,950

666,448

CREDITORS

Amounts falling due within one year

494,380

438,933

NET CURRENT ASSETS

426,570

227,515

TOTAL ASSETS LESS CURRENT LIABILITIES

1,240,134

1,125,843

CREDITORS

Amounts falling due after more than one year

(103,381

)

(145,309

)

PROVISIONS FOR LIABILITIES

6

(82,796

)

(90,954

)

NET ASSETS

1,053,957

889,580

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,053,857

889,480

SHAREHOLDERS' FUNDS

1,053,957

889,580

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 11 May 2017 and were signed by:

M J Lewis - Director

1.	STATUTORY INFORMATION

Poundhouse 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 the provisions of Section 1A "Small

Entities" of the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the

UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been

prepared under the historical cost convention.

Information on the impact of first time adoption of FRS 102 Section 1A is given in a separate note.

The preparation of financial statements in compliance with FRS Section 1A requires the use of certain

critical accounting estimates. It also requires management to exercise judgement in applying the

Company's accounting policies.

The following principal accounting policies have been applied.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is initially

measured at cost and is being amortised evenly over its estimated useful life of 10 years. After initial

recognition, Goodwill is measured at cost less accumulated amortisation and any accumulated

impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and Machinery

-

15% on cost

Office equipment

-

15% on cost

Motor vehicles

-

15% on cost

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

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 that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

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

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

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

period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2016

and 31 December 2016

23,000

AMORTISATION

At 1 January 2016

13,800

Amortisation for year

2,300

At 31 December 2016

16,100

NET BOOK VALUE

At 31 December 2016

6,900

At 31 December 2015

9,200

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2016

1,614,589

Additions

86,055

Disposals

(52,378

)

At 31 December 2016

1,648,266

DEPRECIATION

At 1 January 2016

725,461

Charge for year

150,090

Eliminated on disposal

(33,949

)

At 31 December 2016

841,602

NET BOOK VALUE

At 31 December 2016

806,664

At 31 December 2015

889,128

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 January 2016

219,070

Transfer to ownership

(155,070

)

At 31 December 2016

64,000

DEPRECIATION

At 1 January 2016

68,722

Charge for year

9,600

Transfer to ownership

(59,122

)

At 31 December 2016

19,200

NET BOOK VALUE

At 31 December 2016

44,800

At 31 December 2015

150,348

6.	PROVISIONS FOR LIABILITIES

2016

2015

£

£

Deferred tax

82,796

90,954

Deferred

tax

£

Balance at 1 January 2016

90,954

Deferred tax charge

(8,158

)

Balance at 31 December 2016

82,796

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, the company incurred a rent charge of £22,660 (2015 : £22,660) from M J Lewis,

director, who owns the business premises. The company's occupation was under an informal tenancy.

At the financial year end £72,401 (2015 : £66,316) was owed to M J Lewis in respect of his director's

loan account.

During the year the company made sales of £Nil (2015 : £19,689) to Dart Concrete Pumping, an

unincorporated business in which Mr M J Lewis is the sole proprietor.

8.	ULTIMATE CONTROLLING PARTY

9.	FIRST YEAR ADOPTION

The policies applied under the entity's previous accounting framework are not materially different to

FRS 102 Section 1A and have not impacted on equity or profit or loss.