H Pigney and Son Limited Company Accounts

H PIGNEY & SON LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04428587

H Pigney and Son Limited

Filleted Unaudited Financial Statements

31 December 2016

H Pigney and Son Limited

Financial Statements

Year ended 31 December 2016

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

The following pages do not form part of the financial statements

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	11

H Pigney and Son Limited

Officers and Professional Advisers

The board of directors	Mr D C Pigney
	Mrs E Pigney

Company secretary	Mrs M Dent

Registered office	Chapel Street
	Appleby in Westmorland
	Cumbria
	CA16 6QR

Accountants	Saint and Co
	Chartered accountant
	4 Mason Court
	Gillan Way
	Penrith 40 Business Park
	Penrith
	Cumbria
	CA11 9GR

Bankers	Barclays Bank plc
	Market Square
	Penrith
	Cumbria
	CA11 7YB

H Pigney and Son Limited

Statement of Financial Position

31 December 2016

	2016		2015
Note	£	£	£

Fixed assets

Tangible assets	5		242,841	255,877

Current assets

Stocks		380,000	436,150
Debtors	6	220,167	192,821
Cash at bank and in hand		155,750	94,619
		-----------	-----------
		755,917	723,590

Creditors: amounts falling due within one year	7	( 349,647)		( 315,554)
		-----------		-----------
Net current assets			406,270	408,036
			-----------	-----------
Total assets less current liabilities			649,111	663,913

Creditors: amounts falling due after more than one year	8		–	( 19,874)

Provisions

Taxation including deferred tax	–	( 15,490)
	-----------	-----------
Net assets	649,111	628,549
	-----------	-----------

Capital and reserves

Called up share capital	300,050	300,050
Profit and loss account	349,061	328,499
	-----------	-----------
Members funds	649,111	628,549
	-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

H Pigney and Son Limited

Statement of Financial Position (continued)

31 December 2016

For the year ending 31 December 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 financial statements were approved by the board of directors and authorised for issue on 14 August 2017 , and are signed on behalf of the board by:

Mr D C Pigney
Director

Company registration number: 04428587

H Pigney and Son Limited

Notes to the Financial Statements

Year ended 31 December 2016

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Chapel Street, Appleby in Westmorland, Cumbria, CA16 6QR.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: - None Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - None

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property	-	2% straight line
Plant & Machinery	-	20% reducing balance
Computer Equipment	-	33% straight line

	Motor Vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 16 (2015: 16 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2016	202,444	119,856	23,848	85,973	432,121
Additions	–	10,775	1,490	–	12,265
	-----------	-----------	---------	---------	-----------
At 31 December 2016	202,444	130,631	25,338	85,973	444,386
	-----------	-----------	---------	---------	-----------
Depreciation
At 1 January 2016	43,234	56,392	21,696	54,922	176,244
Charge for the year	4,049	14,849	1,590	4,813	25,301
	-----------	-----------	---------	---------	-----------
At 31 December 2016	47,283	71,241	23,286	59,735	201,545
	-----------	-----------	---------	---------	-----------
Carrying amount
At 31 December 2016	155,161	59,390	2,052	26,238	242,841
	-----------	-----------	---------	---------	-----------
At 31 December 2015	159,210	63,464	2,152	31,051	255,877
	-----------	-----------	---------	---------	-----------

6. Debtors

	2016	2015
	£	£
Trade debtors	204,096	172,750
Other debtors	16,071	20,071
	-----------	-----------
	220,167	192,821
	-----------	-----------

7. Creditors: amounts falling due within one year

	2016	2015
	£	£
Trade creditors	224,146	259,266
Corporation tax	16,270	8,397
Social security and other taxes	19,611	6,938
Other creditors	89,620	40,953
	-----------	-----------
	349,647	315,554
	-----------	-----------

8. Creditors: amounts falling due after more than one year

	2016	2015
	£	£
Other creditors	–	19,874
	-----	---------

9. Directors' advances, credits and guarantees

The directors were not advanced any amounts during the period.

10. Related party transactions

At the year end the company owed Mr David Pigney £16,746 (2015:£1,456); and Mrs Ena Pigney £nil (2015: £nil) by way of interest free loans. These loans are included in other creditors. No transactions with related parties were undertaken, other than disclosed in the notes, such as are required to be disclosed under the FRS 102 Section 1A.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015.

No transitional adjustments were required in equity or profit or loss for the year.

H Pigney and Son Limited

Management Information

Year ended 31 December 2016

The following pages do not form part of the financial statements.

H Pigney and Son Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of H Pigney and Son Limited

Year ended 31 December 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of H Pigney and Son Limited for the year ended 31 December 2016, which comprise the statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of H Pigney and Son Limited, as a body, in accordance with the terms of our engagement letter dated 27 October 2016. Our work has been undertaken solely to prepare for your approval the financial statements of H Pigney and Son Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than H Pigney and Son Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that H Pigney and Son 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 H Pigney and Son Limited. You consider that H Pigney and Son 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 H Pigney and Son 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.

Saint and Co Chartered accountant

4 Mason Court Gillan Way Penrith 40 Business Park Penrith Cumbria CA11 9GR

14 August 2017