Peregrine Mears Architects Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 08791183 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

FOR

PEREGRINE MEARS ARCHITECTS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P J Mears

REGISTERED OFFICE:

The Custom House

The Strand

Barnstaple

Devon

EX31 1EU

REGISTERED NUMBER:

08791183 (England and Wales)

ACCOUNTANTS:

Perrins Limited

Chartered Accountants

The Custom House

The Strand

Barnstaple

Devon

EX31 1EU

FIXED ASSETS

Intangible assets

5

67,042

78,028

Tangible assets

6

8,878

9,131

75,920

87,159

CURRENT ASSETS

Debtors

7

59,033

31,457

Cash at bank

11,109

13,305

70,142

44,762

CREDITORS

Amounts falling due within one year

8

29,152

38,299

NET CURRENT ASSETS

40,990

6,463

TOTAL ASSETS LESS CURRENT LIABILITIES

116,910

93,622

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

9

116,810

93,522

SHAREHOLDERS' FUNDS

116,910

93,622

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.

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

The financial statements were approved and authorised for issue by the director on 25 September 2017 and were signed by:

P J Mears - Director

1.	STATUTORY INFORMATION

Peregrine Mears Architects Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

The company is a private company and transitioned from previously extant UK GAAP to FRS 102 (Section 1A)

as at 1 January 2015.

3.	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 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.

The accounts have been prepared on the going concern basis. The directors have considered the financial

position of the company for the twelve months from the date of approving these financial statements and

consider the going concern basis is appropriate.

Income recognition

Turnover represents net invoiced sales of services, excluding value added tax and derived from the ordinary

activities.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any 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.

Equipment, fixtures & fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

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 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

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

lease.

Financial instruments

Financial instruments are defined as a contract which gives rise to a financial asset of one entity and a financial

liability or equity instrument of another entity.

Basic financial instruments are classified under section 11 of FRS 102 and are held at amortised cost. These

include cash, trade debtors and creditors, bank loans and other non-complicated loans.

Other financial instruments which are classified under section 12 of FRS 102 and are measured as at fair value

through the profit or loss.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

100,000

AMORTISATION

At 1 January 2016

21,972

Charge for year

10,986

At 31 December 2016

32,958

NET BOOK VALUE

At 31 December 2016

67,042

At 31 December 2015

78,028

6.	TANGIBLE FIXED ASSETS

Equipment,

fixtures

Computer

& fittings

equipment

Totals

£

£

£

COST

At 1 January 2016

8,740

3,631

12,371

Additions

220

1,961

2,181

At 31 December 2016

8,960

5,592

14,552

DEPRECIATION

At 1 January 2016

1,666

1,574

3,240

Charge for year

1,094

1,340

2,434

At 31 December 2016

2,760

2,914

5,674

NET BOOK VALUE

At 31 December 2016

6,200

2,678

8,878

At 31 December 2015

7,074

2,057

9,131

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

as restated

£

£

Trade debtors

25,925

31,198

Directors' current accounts

33,108

-

Prepayments

-

259

59,033

31,457

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

as restated

£

£

Trade creditors

1,027

1,118

Tax

8,632

11,929

Social security and other taxes

19,039

19,822

Directors' current accounts

-

1,673

Accrued expenses

454

3,757

29,152

38,299

9.

RESERVES

Retained

earnings

£

At 1 January 2016

93,522

Profit for the year

23,288

At 31 December 2016

116,810

10.	RELATED PARTY DISCLOSURES

The company rents premises from the director at a market rent of £9,000 per annum (2015 - £9,000).

As at 31 December 2016 the director owed the company £33,108 (2015 - owed to the director - £1,673).

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P J Mears, the company's sole director and shareholder.