Peter Onslow Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04085135 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st October 2018

for

PETER ONSLOW LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr P Onslow

Mrs C A Harrison

SECRETARY:

Mrs C A Harrison

REGISTERED OFFICE:

450 Carr Place

Walton Summit

Bamber Bridge

Preston

Lancashire

PR5 8AU

REGISTERED NUMBER:

04085135 (England and Wales)

ACCOUNTANTS:

Abrams Ashton - Chorley

Chartered Certified Accountants

41 St Thomas's Road

Chorley

Lancashire

PR7 1JE

FIXED ASSETS

Tangible assets

4

67,161

71,617

CURRENT ASSETS

Stocks

113,000

395,000

Debtors

5

75,104

138,716

Cash in hand

685

438

188,789

534,154

CREDITORS

Amounts falling due within one year

6

1,072,733

967,627

NET CURRENT LIABILITIES

(883,944

)

(433,473

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(816,783

)

(361,856

)

CAPITAL AND RESERVES

Called up share capital

8

20,001

20,001

Retained earnings

9

(836,784

)

(381,857

)

SHAREHOLDERS' FUNDS

(816,783

)

(361,856

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2018 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors on 12th February 2019 and were signed on its behalf by:

Mr P Onslow - Director

1.	STATUTORY INFORMATION

Peter Onslow 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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts

received for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Tangible fixed assets

Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Freehold property - NIL

Plant & machinery - 15%

In a departure from FRS 102 Section 1A for small entities, no depreciation is provided in respect of freehold

properties. This is a departure from the requirements of the Companies Act 2006 which requires all properties to

be depreciated. The directors consider that to depreciate them would not give a true and fair view. Depreciation

is only one of the many elements reflected in the annual valuation of properties and accordingly the amount of

depreciation which might otherwise have been charged cannot be separately identified or quantified. The

directors consider that this policy results in the financial statements giving a true and fair view.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Stocks comprise horses which are included at the lower of costs to date or net realisable value.

In previous years stock has been valued at selling price.

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.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the

contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there

is a legally 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.

Cash at bank and in hand

Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank

overdrafts, when applicable, are shown within borrowings in current liabilities.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine

whether there is any indication that those assets suffered an impairment loss. If any such indication exists, the

recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the

recoverable amount of the cash generating unit to which the asset belongs.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2017 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

machinery

Totals

£

£

£

COST

At 1st November 2017

54,334

52,718

107,052

Additions

-

820

820

Disposals

-

(18,300

)

(18,300

)

At 31st October 2018

54,334

35,238

89,572

DEPRECIATION

At 1st November 2017

-

35,435

35,435

Charge for year

-

2,377

2,377

Eliminated on disposal

-

(15,401

)

(15,401

)

At 31st October 2018

-

22,411

22,411

NET BOOK VALUE

At 31st October 2018

54,334

12,827

67,161

At 31st October 2017

54,334

17,283

71,617

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Trade debtors

4,523

16,544

Directors' current accounts

-

25,547

VAT

10,079

5,469

Deferred tax asset

60,502

91,074

Prepayments

-

82

75,104

138,716

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.18

31.10.17

£

£

Bank loans and overdrafts

28,292

14,465

Trade creditors

20,929

14,723

Social security and other taxes

4

-

Other creditors

1,022,191

936,704

Directors' current accounts

167

-

Accrued expenses

1,150

1,735

1,072,733

967,627

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.18

31.10.17

£

£

Bank overdrafts

28,292

14,465

The bank has a legal charge over the assets of the company.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.18

31.10.17

value:

£

£

20,000

Ordinary

1

20,001

20,001

9.

RESERVES

Retained

earnings

£

At 1st November 2017

(381,857

)

Deficit for the year

(61,927

)

Prior year adjustment

(393,000

)

At 31st October 2018

(836,784

)

The prior year adjustment relates to opening stock overstated as previously valued at selling price and overstated

sales in 2016.

10.	RELATED PARTY DISCLOSURES

The amount stated in other creditors is a loan from Cortman Textiles Limited a company in which Mr Onslow is

a director and shareholder. At the 31 October 2018 the company owed £1,022,191 (2017 £936,704) to Cortman

Textiles Limited. No interest has been charged by the company and there is no formal repayment date for this

loan.

11.	CONTROLLING PARTY

The company is controlled by Mr Onslow and Ms Harrison, directors of the company.