Company Registration No. 4778990 (England and Wales)
PEC Rentals Limited
Unaudited accounts
for the year ended 28 February 2017
PEC Rentals Limited
Unaudited accounts
Contents
PEC Rentals Limited
Company Information
for the year ended 28 February 2017
Company Number
4778990 (England and Wales)
Registered Office
Bridge Farm
Besthorpe Road
North Scarle
Lincoln
LN6 9EZ
Accountants
Mike Behan Accountant
21 Millbrook Close
North Hykeham
Lincoln
LN6 9TA
PEC Rentals Limited
Statement of financial position
as at 28 February 2017
Tangible assets
13,078
17,438
Cash at bank and in hand
1,137
195
Creditors: amounts falling due within one year
(96,220)
(96,082)
Net current liabilities
(93,021)
(94,137)
Net liabilities
(79,943)
(76,699)
Called up share capital
2
2
Profit and loss account
(79,945)
(76,701)
Shareholders' funds
(79,943)
(76,699)
For the year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 28 November 2017.
Mrs D Chapple
Director
Company Registration No. 4778990
PEC Rentals Limited
Notes to the Accounts
for the year ended 28 February 2017
PEC Rentals Limited is a private company, limited by shares, registered in England and Wales, registration number 4778990. The registered office and principal place of business is Bridge Farm, Besthorpe Road, North Scarle, Lincoln, LN6 9EZ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 28 February 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 March 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on Reducing balance
Stocks and work-in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
PEC Rentals Limited
Notes to the Accounts
for the year ended 28 February 2017
4
Tangible fixed assets
Plant & machinery
At 28 February 2017
266,011
At 28 February 2017
252,933
At 28 February 2017
13,078
At 29 February 2016
17,438
Finished goods
1,750
1,750
7
Creditors: amounts falling due within one year
2017
2016
Obligations under finance leases and hire purchase contracts
307
307
Taxes and social security
216
-
Loans from directors
95,302
95,302
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
9
Average number of employees
During the year the average number of employees was 1 (2016: 1).
