Pegcourt Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 3250183

Pegcourt Limited

Filleted Unaudited Financial Statements

For the Year Ended

31 May 2018

Pegcourt Limited

Financial Statements

Year Ended 31st May 2018

Contents	Page

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements	1

Statement of Financial Position	2

Notes to the Financial Statements	4

Pegcourt Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Pegcourt Limited

Year Ended 31st May 2018

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31st May 2018, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

PEYTON TYLER MEARS Chartered accountant

Middleborough House 16 Middleborough Colchester Essex CO1 1QT

5 September 2018

Pegcourt Limited

Statement of Financial Position

31 May 2018

	2018		2017
Note	£	£	£

Fixed Assets

Tangible assets	4		2,089,939	2,089,939

Current Assets

Debtors	5	5,416	4,879
Cash at bank and in hand		37,178	31,504
		--------	--------
		42,594	36,383

Creditors: amounts falling due within one year	6	66,380		90,462
		--------		--------
Net Current Liabilities			23,786	54,079
			------------	------------
Total Assets Less Current Liabilities			2,066,153	2,035,860

Creditors: amounts falling due after more than one year	7		–	18,673

Provisions

Taxation including deferred tax	–	( 4,971)
	------------	------------
Net Assets	2,066,153	2,022,158
	------------	------------

Capital and Reserves

Called up share capital	100	100
Revaluation reserve	814,862	819,833
Profit and loss account	1,251,191	1,202,225
	------------	------------
Shareholders Funds	2,066,153	2,022,158
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31st May 2018 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Pegcourt Limited

Statement of Financial Position (continued)

31 May 2018

These financial statements were approved by the board of directors and authorised for issue on 5 September 2018 , and are signed on behalf of the board by:

N.J. Percival	C.J. Chambers
Director	Director

Company registration number: 3250183

Pegcourt Limited

Notes to the Financial Statements

Year Ended 31st May 2018

1. General Information

The company is a private company limited by shares, registered in England. The address of the registered office is Beacon End House, London Road, Stanway, Colchester, Essex, CO3 5NY.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial Instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Tangible Assets

	Investment properties
	£
Cost
At 1st June 2017 and 31st May 2018	2,089,939
	------------
Depreciation
At 1st June 2017 and 31st May 2018	–
	------------
Carrying amount
At 31st May 2018	2,089,939
	------------
At 31st May 2017	2,089,939
	------------

The freehold property is used as security for the company's bank loans and overdrafts.

Tangible assets held at valuation

The investment properties held by the company were reviewed during the year by N.J. Percival RICS, a director of the company, and in his opinion no adjustment is required to the net book value.

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

	Investment properties
	£
At 31st May 2018
Aggregate cost	1,275,078
Aggregate depreciation	–
	------------
Carrying value	1,275,078
	------------

At 31st May 2017
Aggregate cost	1,275,078
Aggregate depreciation	–
	------------
Carrying value	1,275,078
	------------

5. Debtors

	2018	2017
	£	£
Trade debtors	3,578	3,153
Other debtors	1,838	1,726
	-------	-------
	5,416	4,879
	-------	-------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	19,730	42,412
Trade creditors	240	333
Corporation tax	26,733	27,717
Social security and other taxes	6,179	6,055
Other creditors	13,498	13,945
	--------	--------
	66,380	90,462
	--------	--------

The bank loan is secured by way of a fixed and floating charge over the freehold property of the company.

7. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	–	18,673
	----	--------

The bank loan is secured by way of a fixed and floating charge over the freehold property of the company.

8. Controlling Party

The company regards Emberworth Limited, a company incorporated in England, as its ultimate holding company.