Pretarchi Limited - Period Ending 2018-02-28

Registration number: 08878390

Pretarchi Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2018

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Pretarchi Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 9

Pretarchi Limited

Company Information

Directors

Mr I R Faley-Black Mrs S J Faley-Black

Registered office

6 Houndiscombe Road Plymouth Devon PL4 6HH

Accountants

Houndiscombe Consultants Limited T/A Condy Mathias Chartered Accountants 6 Houndiscombe Road Plymouth Devon PL4 6HH

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Pretarchi Limited
for the Year Ended 28 February 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pretarchi Limited for the year ended 28 February 2018 as set out on pages 3 to 9 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 at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Pretarchi Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Pretarchi Limited and state those matters that we have agreed to state to the Board of Directors of Pretarchi Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pretarchi Limited and its Board of Directors as a body for our work or for this report.

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

......................................

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

29 November 2018

Page 2

Pretarchi Limited

(Registration number: 08878390)
Balance Sheet as at 28 February 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	4	40,000	46,000
Tangible assets	5	590,932	554,669
		630,932	600,669
Current assets
Debtors	6	3,545	5,485
Cash at bank and in hand		2,961	9,610
		6,506	15,095
Creditors: Amounts falling due within one year	7	(936,209)	(829,313)
Net current liabilities		(929,703)	(814,218)
Total assets less current liabilities		(298,771)	(213,549)
Provisions for liabilities		(14,843)	(12,166)
Net liabilities		(313,614)	(225,715)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(313,714)	(225,815)
Total equity		(313,614)	(225,715)

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

Pretarchi Limited

(Registration number: 08878390)
Balance Sheet as at 28 February 2018

For the financial year ending 28 February 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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 small companies subject to the small company regime and the option not to file the Statement of Income and Retained Earnings and the Directors report has been taken.

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.

Approved and authorised by the Board on 23 November 2018 and signed on its behalf by:
 

.........................................

Mr I R Faley-Black
Director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

Pretarchi Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
United Kingdom

2	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 financial statements have been prepared using the historic cost convention. The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Going concern

As at the year end the company's balance sheet shows net current liabilities of £929,703 (2017: £814,218) and an overall deficiency of assets amounting to £313,614 (2017: £225,715). Accordingly, the directors have had to consider the basis upon which the accounts should be prepared and determine whether a going concern basis remains appropriate. The accounts have been prepared on a going concern basis as the directors continue to provide financial support when necessary to the company. The directors have also reviewed the position for 12 months from the date the accounts were approved and in their opinion the company will reduce the balance sheet deficiency and will show positive results for the next financial period.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Page 5

Pretarchi Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

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
Freehold property	2% straight line
Fixtures & fittings	20% reducing balance
Motor vehicles	25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10 years straight line

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

Page 6

Pretarchi Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 March 2017	60,000	60,000
At 28 February 2018	60,000	60,000
Amortisation
At 1 March 2017	14,000	14,000
Amortisation charge	6,000	6,000
At 28 February 2018	20,000	20,000
Carrying amount
At 28 February 2018	40,000	40,000
At 28 February 2017	46,000	46,000

Page 7

Pretarchi Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Property, plant and equipment £	Total £
Cost or valuation
At 1 March 2017	506,424	92,153	4,295	792	603,664
Additions	31,267	37,728	-	-	68,995
At 28 February 2018	537,691	129,881	4,295	792	672,659
Depreciation
At 1 March 2017	23,318	23,640	1,879	158	48,995
Charge for the year	10,754	21,247	604	127	32,732
At 28 February 2018	34,072	44,887	2,483	285	81,727
Carrying amount
At 28 February 2018	503,619	84,994	1,812	507	590,932
At 28 February 2017	483,106	68,513	2,416	634	554,669

The directors consider that the cost of the property is the fair value of the property.

Page 8

Pretarchi Limited

Notes to the Financial Statements for the Year Ended 28 February 2018

6

Debtors

	2018 £	2017 £
Other debtors	3,545	5,485
	3,545	5,485

7

Creditors

	2018 £	2017 £
Due within one year
Trade creditors	8,530	8,823
Accruals and deferred income	985	1,739
Other creditors	926,694	818,751
	936,209	829,313

Page 9