Poundhouse Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 01866532 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2017

for

Poundhouse Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

8

DIRECTOR:

M J Lewis

SECRETARY:

Mrs A P Blake

REGISTERED OFFICE:

48 Victoria Industrial Park

Victoria Road

Dartford

Kent

DA1 5AJ

REGISTERED NUMBER:

01866532 (England and Wales)

ACCOUNTANTS:

Charcroft Baker LLP

Chartered Accountants

5 West Court

Enterprise Road

Maidstone

Kent

ME15 6JD

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements

and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Poundhouse Limited for the year ended 31 December 2017 which comprise the Income

Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Poundhouse Limited in accordance with the terms of our engagement letter dated 4 June 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Poundhouse Limited and state those matters that we have agreed to state to the director of Poundhouse Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Poundhouse Limited and its director for our work or for this report.

It is your duty to ensure that Poundhouse Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Poundhouse Limited. You consider that Poundhouse Limited 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 financial statements of Poundhouse Limited. 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 financial statements.

Charcroft Baker LLP

Chartered Accountants

5 West Court

Enterprise Road

Maidstone

Kent

ME15 6JD

28 March 2018

FIXED ASSETS

Intangible assets

4

4,600

6,900

Tangible assets

5

799,576

806,664

804,176

813,564

CURRENT ASSETS

Stocks

18,890

7,750

Debtors

6

460,003

361,642

Cash at bank and in hand

575,907

551,558

1,054,800

920,950

CREDITORS

Amounts falling due within one year

7

474,151

494,380

NET CURRENT ASSETS

580,649

426,570

TOTAL ASSETS LESS CURRENT LIABILITIES

1,384,825

1,240,134

CREDITORS

Amounts falling due after more than one year

8

(70,368

)

(103,381

)

PROVISIONS FOR LIABILITIES

9

(79,318

)

(82,796

)

NET ASSETS

1,235,139

1,053,957

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,235,039

1,053,857

SHAREHOLDERS' FUNDS

1,235,139

1,053,957

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 by the director on 28 March 2018 and were signed by:

M J Lewis - Director

1.	STATUTORY INFORMATION

Poundhouse Limited 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.

2.	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.

Turnover

Turnover represents net sales of goods, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is initially measured at

cost and is being amortised evenly over its estimated useful life of 10 years. After initial recognition, Goodwill is

measured at cost less 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and Machinery

-

15% on cost

Office equipment

-

15% on cost

Motor vehicles

-

15% on cost

Stocks

Stock is valued at the lower of cost and net realisable value.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2016 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

and 31 December 2017

23,000

AMORTISATION

At 1 January 2017

16,100

Charge for year

2,300

At 31 December 2017

18,400

NET BOOK VALUE

At 31 December 2017

4,600

At 31 December 2016

6,900

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Office

Motor

property

Machinery

equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2017

341,611

370,960

7,140

928,555

1,648,266

Additions

-

12,000

-

136,161

148,161

Disposals

-

(89,470

)

-

(56,392

)

(145,862

)

At 31 December 2017

341,611

293,490

7,140

1,008,324

1,650,565

DEPRECIATION

At 1 January 2017

-

228,295

5,939

607,368

841,602

Charge for year

-

36,192

327

103,512

140,031

Eliminated on disposal

-

(89,470

)

-

(41,174

)

(130,644

)

At 31 December 2017

-

175,017

6,266

669,706

850,989

NET BOOK VALUE

At 31 December 2017

341,611

118,473

874

338,618

799,576

At 31 December 2016

341,611

142,665

1,201

321,187

806,664

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 January 2017

64,000

Transfer to ownership

(64,000

)

At 31 December 2017

-

DEPRECIATION

At 1 January 2017

19,200

Charge for year

9,600

Transfer to ownership

(28,800

)

At 31 December 2017

-

NET BOOK VALUE

At 31 December 2017

-

At 31 December 2016

44,800

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

373,880

276,295

Other debtors

1,207

3,255

Prepayments

84,916

82,092

460,003

361,642

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

36,417

36,417

Hire purchase contracts

-

10,000

Trade creditors

242,240

239,037

Tax

54,343

62,480

Social security and other taxes

23,724

22,863

VAT

44,990

41,995

Other creditors

61,620

73,788

Accruals and deferred income

10,817

3,300

Accrued expenses

-

4,500

474,151

494,380

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 2-5 years

70,368

103,381

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

79,318

82,796

Deferred

tax

£

Balance at 1 January 2017

82,796

Credit to Income Statement during year

(3,478

)

Deferred tax charge

Balance at 31 December 2017

79,318

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year, the company incurred a rent charge of £22,660 (2016 : £22,660) from M J Lewis, director, who

owns the business premises. The company's occupation was under an informal tenancy.

At the financial year end £51,720 (2016 : £72,401) was owed to M J Lewis in respect of his director's loan

account.

11.	ULTIMATE CONTROLLING PARTY