Pedrew Limited Company Accounts

Pedrew Limited Company Accounts

PEDREW LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06983090
Pedrew Limited
Filleted Unaudited Financial Statements
31 December 2016
Pedrew Limited
Financial Statements
Year ended 31 December 2016
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3
Pedrew Limited
Balance Sheet
31 December 2016
2016
2015
Note
€
€
Creditors: amounts falling due within one year
6
1,275
2,676
-------
-------
Net current liabilities
1,275
2,676
-------
-------
Total assets less current liabilities
( 1,275)
( 2,676)
-------
-------
Net liabilities
( 1,275)
( 2,676)
-------
-------
Capital and reserves
Share capital
66,000
66,000
Profit & loss account
( 67,275)
( 68,676)
--------
--------
Total equity
( 1,275)
( 2,676)
--------
--------
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.
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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his 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 18 September 2017 , and are signed on behalf of the board by:
T G Hinks
Director
Company registration number: 06983090
Pedrew Limited
Statement of Changes in Equity
Year ended 31 December 2016
Share capital
Profit & loss account
Total
€
€
€
At 1 January 2015
66,000
( 18,481)
47,519
Loss for the year
( 50,195)
( 50,195)
--------
--------
--------
Total comprehensive income for the year
–
( 50,195)
( 50,195)
At 31 December 2015
66,000
( 68,676)
( 2,676)
Profit for the year
1,401
1,401
--------
--------
--------
Total comprehensive income for the year
–
1,401
1,401
--------
--------
--------
At 31 December 2016
66,000
( 67,275)
( 1,275)
--------
--------
--------
Pedrew 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 Flat 5 Felton Court, 72 Felton Road, Poole, Dorset, BH14 0QX.
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 a going concern basis under the historical cost convention. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are prepared in euro, which is the functional currency of the entity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The financial statements have been prepared on a going concern basis despite the company having net current liabilities and total equity deficit of €1,275 as at 31 December 2016. The main overhead of the company continues to be the company secretarial, management and consultancy services provided by Consultancy And Advisory Bureau Limited which has confirmed that it will continue to provide these services. In addition Consultancy And Advisory Bureau Limited is the sole creditor of the company as at 31 December 2016. Accordingly, the director considers the going concern basis to be appropriate.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Critical accounting 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. Management does not consider that there are any judgements, estimates and assumptions which have been made which, if proven to be incorrect, would have a material effect on the amounts recognised in the financial statements. The sole asset of the company has been realised during the current year and all liabilities owing by the company have been fully identified and quantified by the director.
Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, to the extent that the directors believe such an amount to be material, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences.
Foreign currency
Foreign currency transactions are initially recognised by applying to the foreign currency amount the spot exchange rate between the functional currency and the foreign currency at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit (or loss). Monetary assets and liabilities denominated in a foreign currency at the balance sheet date are translated using the closing rate.
Investments
Investments in subsidiary companies are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the statement of comprehensive income unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. (a) Financial assets Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. (b) Financial liabilities Basic financial liabilities, including trade and other payables, bank loans and loans from directors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
4. Staff numbers
The average number of persons employed by the company during the year, including the director, amounted to 1 (2015: 1).
5. Fixed asset investments
Shares in group undertakings
€
Cost
At 1 January 2016 and 31 December 2016
50,000
--------
Impairment
At 1 January 2016 and 31 December 2016
50,000
--------
Carrying amount
At 31 December 2016
–
--------
6. Creditors: amounts falling due within one year
2016
2015
€
€
Other creditors
1,275
2,676
-------
-------
7. Controlling party
As at 31 December 2015 the company was a wholly owned subsidiary of Parkervale Limited, a company incorporated in New Zealand, and that company was regarded as the company's immediate parent undertaking. Parkervale Limited is owned by The Gema Trust which is based in New Zealand. On 13 April 2016 the interest in the company held by Parkervale Limited was transferred to Angloconsult SA, a company incorporated in Switzerland. Angloconsult SA is regarded as the company's immediate and ultimate parent undertaking with effect from 13 April 2016. The shares in Pedrew Limited are held in a fiduciary capacity by Angloconsult SA but the director has been unable to ascertain whether there is any overall controlling party and is still taking the necessary steps to determine this. Group financial statements are not drawn up by Angloconsult SA.