Company Registration No. 00938201 (England and Wales)
E P PINNOCK UPHOLSTERY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
E P PINNOCK UPHOLSTERY LTD
COMPANY INFORMATION
Director
J Pinnock
Secretary
J Pinnock
Company number
00938201
Registered office
Unit 6C Beechcroft Farm Ind Estate
Chapel Wood Road
Ash Sevenoaks
Kent
TN15 7HX
Accountants
Perrys Accountants Limited
Chartered Accountants
1 Alpha House
Laser Quay, Culpeper Close
Medway City Estate
Rochester
Kent
ME2 4HU
E P PINNOCK UPHOLSTERY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
E P PINNOCK UPHOLSTERY LTD (REGISTERED NUMBER: 00938201)
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
9,212
10,048
Tangible assets
4
7,979
1,521
Current assets
Stocks
10,246
8,817
Debtors
5
40,706
39,411
Cash at bank and in hand
55,152
31,629
106,104
79,857
Creditors: amounts falling due within one year
6
(56,082)
(56,039)
Net current assets
50,022
23,818
Total assets less current liabilities
67,213
35,387
Provisions for liabilities
(1,516)
-
Net assets
65,697
35,387
Capital and reserves
Called up share capital
7
101
101
Profit and loss reserves
65,596
35,286
Total equity
65,697
35,387
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
E P PINNOCK UPHOLSTERY LTD (REGISTERED NUMBER: 00938201)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2017
31 March 2017
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 9 November 2017
J Pinnock
Director
E P PINNOCK UPHOLSTERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
1
Accounting policies
Company information
E P Pinnock Upholstery Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 6C Beechcroft Farm Ind Estate, Chapel Wood Road, Ash Sevenoaks, Kent, TN15 7HX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £
1
.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of E P Pinnock Upholstery Ltd prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT
.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date if the fair value can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents
Straight line over 20 years
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
E P PINNOCK UPHOLSTERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Computer equipment
25% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
E P PINNOCK UPHOLSTERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2016 - 5).
3
Intangible fixed assets
Patents
£
Cost
At 1 April 2016 and 31 March 2017
16,750
Amortisation and impairment
At 1 April 2016
6,702
Amortisation charged for the year
836
At 31 March 2017
7,538
Carrying amount
At 31 March 2017
9,212
At 31 March 2016
10,048
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2016
8,143
7,648
6,592
-
22,383
Additions
910
-
208
8,000
9,118
At 31 March 2017
9,053
7,648
6,800
8,000
31,501
Depreciation and impairment
At 1 April 2016
7,500
7,081
6,281
-
20,862
Depreciation charged in the year
388
142
130
2,000
2,660
At 31 March 2017
7,888
7,223
6,411
2,000
23,522
Carrying amount
At 31 March 2017
1,165
425
389
6,000
7,979
At 31 March 2016
643
568
310
-
1,521
E P PINNOCK UPHOLSTERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
39,366
38,071
Other debtors
1,340
1,340
40,706
39,411
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
12,619
21,647
Corporation tax
9,954
6,166
Other taxation and social security
14,127
13,173
Other creditors
19,382
15,053
56,082
56,039
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
1 Ordinary A of £1 each
1
1
101
101
8
Controlling party
The ultimate controlling party is J Pinnock.