Pennithorne Estates Ltd - Period Ending 2017-04-30
Pennithorne Estates Ltd - Period Ending 2017-04-30
Registration number:
Pennithorne Estates Ltd
for the Year Ended 30 April 2017
Chartered Certified Accountants
Unit 7 Hayters Court
Grigg Lane
Brockenhurst
Hampshire
SO42 7PG
Pennithorne Estates Ltd
Contents
Company Information |
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Accountants' Report |
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Statement of Comprehensive Income |
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Abridged Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Abridged Financial Statements |
Pennithorne Estates Ltd
Company Information
Director |
Mr CJ Edwards |
Registered office |
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Accountants |
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Page 1 |
Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Pennithorne Estates Ltd
for the Year Ended 30 April 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pennithorne Estates Ltd for the year ended 30 April 2017 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of Pennithorne Estates Ltd, as a body, in accordance with the terms of our engagement letter dated 19 October 2015. Our work has been undertaken solely to prepare for your approval the accounts of Pennithorne Estates Ltd and state those matters that we have agreed to state to the Board of Directors of Pennithorne Estates Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pennithorne Estates Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Pennithorne Estates Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Pennithorne Estates Ltd. You consider that Pennithorne Estates Ltd 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 accounts of Pennithorne Estates Ltd. 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 accounts.
......................................
Chartered Certified Accountants
Grigg Lane
Brockenhurst
Hampshire
SO42 7PG
Page 2 |
Pennithorne Estates Ltd
Statement of Comprehensive Income for the Year Ended 30 April 2017
Note |
2017 |
2016 |
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Profit for the year |
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Total comprehensive income for the year |
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Page 3 |
Pennithorne Estates Ltd
(Registration number: 07608615)
Abridged Balance Sheet as at 30 April 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his 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.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Page 4 |
Pennithorne Estates Ltd
(Registration number: 07608615)
Abridged Balance Sheet as at 30 April 2017
Approved and authorised by the
.........................................
Mr CJ Edwards
Director
Page 5 |
Pennithorne Estates Ltd
Statement of Changes in Equity for the Year Ended 30 April 2017
Share capital |
Profit and loss account |
Total |
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At 1 May 2016 |
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|
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 30 April 2017 |
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|
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Share capital |
Profit and loss account |
Total |
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At 1 May 2015 |
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|
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 30 April 2016 |
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Page 6 |
Pennithorne Estates Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged 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.
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 |
Office equipment |
33.33% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Page 7 |
Pennithorne Estates Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
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.
Page 8 |
Pennithorne Estates Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
Tangible assets |
Total |
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Cost or valuation |
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At 1 May 2016 |
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At 30 April 2017 |
|
Depreciation |
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At 1 May 2016 |
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At 30 April 2017 |
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Carrying amount |
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At 30 April 2017 |
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At 30 April 2016 |
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Included within the net book value of land and buildings above is £793,964 (2016 - £793,964) in respect of freehold land and buildings.
Transition to FRS 102 |
Balance Sheet at 1 May 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
793,964 |
- |
- |
793,964 |
|
Current assets |
|||||
Debtors |
1,171 |
- |
- |
1,171 |
|
Cash at bank and in hand |
150 |
- |
- |
150 |
|
1,321 |
- |
- |
1,321 |
||
Creditors: Amounts falling due within one year |
(79,545) |
- |
- |
(79,545) |
|
Net current liabilities |
(78,224) |
- |
- |
(78,224) |
|
Total assets less current liabilities |
715,740 |
- |
- |
715,740 |
|
Creditors: Amounts falling due after more than one year |
(658,529) |
- |
- |
(658,529) |
|
Net assets |
57,211 |
- |
- |
57,211 |
Page 9 |
Pennithorne Estates Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Capital and reserves |
|||||
Called up share capital |
1 |
- |
- |
1 |
|
Profit and loss account |
57,211 |
- |
- |
57,211 |
|
Total equity |
57,212 |
- |
- |
57,212 |
Page 10 |
Pennithorne Estates Ltd
Notes to the Abridged Financial Statements for the Year Ended 30 April 2017
Balance Sheet at 30 April 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
793,964 |
- |
- |
793,964 |
|
Current assets |
|||||
Debtors |
1,217 |
- |
- |
1,217 |
|
Cash at bank and in hand |
7,395 |
- |
- |
7,395 |
|
8,612 |
- |
- |
8,612 |
||
Creditors: Amounts falling due within one year |
(76,229) |
- |
- |
(76,229) |
|
Net current liabilities |
(67,617) |
- |
- |
(67,617) |
|
Total assets less current liabilities |
726,347 |
- |
- |
726,347 |
|
Creditors: Amounts falling due after more than one year |
(644,211) |
- |
- |
(644,211) |
|
Net assets |
82,136 |
- |
- |
82,136 |
|
Capital and reserves |
|||||
Called up share capital |
1 |
- |
- |
1 |
|
Profit and loss account |
82,135 |
- |
- |
82,135 |
|
Total equity |
82,136 |
- |
- |
82,136 |
Page 11 |