Paine Batchelor Limited - Accounts to registrar (filleted) - small 18.2
Paine Batchelor Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 28th February 2018 |
for |
PAINE BATCHELOR LIMITED |
PAINE BATCHELOR LIMITED (REGISTERED NUMBER: 08398267) |
Contents of the Financial Statements |
for the year ended 28th February 2018 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
PAINE BATCHELOR LIMITED |
Company Information |
for the year ended 28th February 2018 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Monometer House |
Rectory Grove |
Leigh on Sea |
Essex |
SS9 2HN |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Paine Batchelor Limited (Registered number: 08398267) |
The following reproduces the text of the report prepared for the directors 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 Directors 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 Paine Batchelor Limited for the year ended 28th February 2018 which comprise the Profit and |
Loss Account, 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 Board of Directors of Paine Batchelor Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Paine Batchelor Limited and state those matters that we have agreed to state to the Board of Directors of Paine Batchelor Limited, as a body, 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 Paine Batchelor Limited and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Paine Batchelor 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 Paine Batchelor Limited. You consider that Paine Batchelor 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 Paine Batchelor 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. |
Chartered Accountants |
Monometer House |
Rectory Grove |
Leigh on Sea |
Essex |
SS9 2HN |
PAINE BATCHELOR LIMITED (REGISTERED NUMBER: 08398267) |
Balance Sheet |
28th February 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
PAINE BATCHELOR LIMITED (REGISTERED NUMBER: 08398267) |
Balance Sheet - continued |
28th February 2018 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors on by: |
PAINE BATCHELOR LIMITED (REGISTERED NUMBER: 08398267) |
Notes to the Financial Statements |
for the year ended 28th February 2018 |
1. | STATUTORY INFORMATION |
Paine Batchelor Limited is a |
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 |
Turnover |
The turnover is measured as the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is |
recognised: |
Sale of goods |
Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
- | the Company has transferred the significant risks and rewards of ownership to the buyer; |
- | the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; |
- | the amount of revenue can be measured reliably; |
- | it is probable that the Company will receive the consideration due under the transaction; and |
- | the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Rendering of services |
Revenue from a contract to provide services is recognised in the period in which the services are provided in |
accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- | the amount of revenue can be measured reliably; |
- | it is probable that the Company will receive the consideration due under the contract; |
- | the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- | the costs incurred and the costs to complete the contract can be measured reliably. |
Goodwill |
Goodwill represents the amount paid in connection with the acquisition of the company's trading activities at the |
date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation |
and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and Loss Account |
over its useful economic life. |
The estimated useful life is as follows: |
Goodwill - Straight line over 10 years |
PAINE BATCHELOR LIMITED (REGISTERED NUMBER: 08398267) |
Notes to the Financial Statements - continued |
for the year ended 28th February 2018 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment |
losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and |
condition necessary for it to be capable of operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives, |
using either a straight line or reducing balance method, as indicated below. |
Depreciation is provided on the following basis: |
Plant and machinery etc -20% Straight Line |
The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if |
appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are |
recognised in profit or loss. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on |
the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and |
attributable overheads. |
At each balance sheet date, stocks are assessed for impairment. If Stock is impaired, the carrying amount is |
reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in |
profit and loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
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. |
PAINE BATCHELOR LIMITED (REGISTERED NUMBER: 08398267) |
Notes to the Financial Statements - continued |
for the year ended 28th February 2018 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to |
related parties and investments in non-puttable ordinary shares. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised |
in profit and loss. |
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an |
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise |
the asset and settle the liability simultaneously. |
Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the |
arrangement constitutes a financing transaction, where the transaction is measured at the present value of the |
future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost |
using the effective interest method, less any impairment. |
Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related |
parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, |
where the debt instrument is measured at the present value of the future payments discounted at a market rate of |
interest. Such instruments are subsequently carried at amortised cost using effective interest method, less any |
impairment. |
Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and |
other short-term highly liquid investments that mature in no more than three months from the date of acquisition |
and that are readily convertible to known amount of cash with insignificant risk of change in value. |
Operating leases |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments |
under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PAINE BATCHELOR LIMITED (REGISTERED NUMBER: 08398267) |
Notes to the Financial Statements - continued |
for the year ended 28th February 2018 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st March 2017 |
and 28th February 2018 |
AMORTISATION |
At 1st March 2017 |
Charge for year |
At 28th February 2018 |
NET BOOK VALUE |
At 28th February 2018 |
At 28th February 2017 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1st March 2017 |
and 28th February 2018 |
DEPRECIATION |
At 1st March 2017 |
Charge for year |
At 28th February 2018 |
NET BOOK VALUE |
At 28th February 2018 |
At 28th February 2017 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
Other debtors |
PAINE BATCHELOR LIMITED (REGISTERED NUMBER: 08398267) |
Notes to the Financial Statements - continued |
for the year ended 28th February 2018 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
Director's loan account |
2018 | 2017 |
£ | £ |
Balance outstanding at start of the year | 26,956 | 22,499 |
Amounts repaid | (63,563 | ) | (52,836 | ) |
Amounts advanced | 57,867 | 57,293 |
Balance outstanding at end of period | 21,260 | 26,956 |
During the year the company charged interest on director's loan accounts at 2.5%, totalling £695 (2017: £785). |