Peter Lole & Co. Limited - Period Ending 2017-03-31

Registration number: 01466150

Peter Lole & Co. Limited

Unaudited Financial Statements

for the Year Ended 31 March 2017

Landmark Accountants Limited
Chartered Accountants
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

Peter Lole & Co. Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 7

Peter Lole & Co. Limited

Company Information

Directors	SE Lole PT Lole TE Meaney JP Lole RD Bankier

Company secretary

JP Lole

Registered office

Saturn House Mercury Park Wycombe Lane Wooburn Green High Wycombe Buckinghamshire HP10 0HH

Accountants

Landmark Accountants Limited Chartered Accountants Leavesden Park 5 Hercules Way Watford Hertfordshire WD25 7GS

Page 1

Peter Lole & Co. Limited

(Registration number: 01466150)
Balance Sheet as at 31 March 2017

	Note	2017		(As restated) 2016
		£	£	£	£
Fixed assets
Investments			2,500		2,500
Current assets
Debtors	5	1,351,409		1,679,928
Cash at bank and in hand		21,024		59,416
		1,372,433		1,739,344
Creditors: Amounts falling due within one year	6	(979,220)		(1,417,191)
Net current assets			393,213		322,153
Net assets			395,713		324,653
Capital and reserves
Called up share capital		1,000		1,000
Profit and loss account		394,713		323,653
Total equity			395,713		324,653

For the financial year ending 31 March 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 21 November 2017 and signed on its behalf by:
 

.........................................

SE Lole

Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

Peter Lole & Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Saturn House
Mercury Park Wycombe Lane
Wooburn Green
High Wycombe
Buckinghamshire
HP10 0HH
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Changes in accounting policy

New standards, interpretations and amendments effective

The following have been applied for the first time from 1 April 2016 and have had an effect on the financial statements:

Client Account

The company operates a client account, which holds money on trust on behalf of the company's clients. This money is not classified as company money and therefore should be excluded from the balance sheet. Traditionally the company has recognised the client account along with the associated debtors and creditors on the balance sheet. To follow best practice, these items have been removed from the balance sheet. Full details of the impact of this adjustment can be seen in note 7.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in foreign currency are not retranslated.

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Peter Lole & Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% straight line

Investments

Investment in subsidiary: Investment in subsidiary entities are stated at cost less provision for impairment.

Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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Peter Lole & Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Client account
The company operates a client account, which holds in trust, money received from the company's customers. As this money is held in trust it does not belong to the company and therefore is excluded from the company balance sheet.
 

3	Tangible assets

	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2016	42,312	42,312
Disposals	(42,312)	(42,312)
At 31 March 2017	-	-
Depreciation
At 1 April 2016	42,312	42,312
Eliminated on disposal	(42,312)	(42,312)
At 31 March 2017	-	-
Carrying amount
At 31 March 2017	-	-

4	Investments

	2017 £	2016 £
Investments in subsidiaries at cost	2,500	2,500

5

Debtors

	2017 £	(As restated) 2016 £
Trade debtors	727,655	1,122,537
Other debtors	623,754	557,391
	1,351,409	1,679,928

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Peter Lole & Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

6

Creditors

	Note	2017 £	(As restated) 2016 £
Due within one year
Trade creditors		961,720	1,375,488
Amounts owed to group undertakings and undertakings in which the company has a participating interest		2,500	14,111
Other creditors		-	22,592
Corporation tax		15,000	5,000
		979,220	1,417,191

7	Transition to FRS 102 and prior year adjustments

This is the first year that the company has presented its financial under FRS102 section 1A (Financial Reporting Standard 102 section 1A Small Entities), issued by the Financial Reporting Council. Following transition from UK GAAP to FRS 102 section 1A, no comparative figures were identified to be restated. The last financial statements prepared under previous GAAP (UK GAAP) were for the year ended 31st March 2016. The date of transition to FRS 102 section 1A was 1st April 2015.

Prior Year Adjustments

The company has previously recognised amounts owed by clients, amounts owed to insurers and the client money account it maintains on the balance sheet. The directors want to align this with industry best practice and therefore has changed the accounting policy to not recognise any of these items on the balance sheet. The affect of this can be seen in the tables below.

Balance Sheet at 1 April 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investments		2,500	-	-	2,500
Current assets
Debtors		1,027,436	313,184	-	1,340,620
Cash at bank and in hand		624,448	(378,351)	-	246,097
		1,651,884	(65,167)	-	1,586,717
Creditors: Amounts falling due within one year		(1,285,755)	65,167	-	(1,220,588)
Net current assets		366,129	-	-	366,129
Net assets		368,629	-	-	368,629

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Peter Lole & Co. Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Capital and reserves
Called up share capital		(1,000)	-	-	(1,000)
Profit and loss account		(367,629)	-	-	(367,629)
Total equity		(368,629)	-	-	(368,629)

Balance Sheet at 31 March 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investments		2,500	-	-	2,500
Current assets
Debtors		1,160,504	519,425	-	1,679,929
Cash at bank and in hand		618,589	(559,173)	-	59,416
		1,779,093	(39,748)	-	1,739,345
Creditors: Amounts falling due within one year		(1,456,940)	39,748	-	(1,417,192)
Net current assets		322,153	-	-	322,153
Net assets		324,653	-	-	324,653
Capital and reserves
Called up share capital		(1,000)	-	-	(1,000)
Profit and loss account		(323,653)	-	-	(323,653)
Total equity		(324,653)	-	-	(324,653)

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