Company registration number 00938201 (England and Wales)
E P PINNOCK UPHOLSTERY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
E P PINNOCK UPHOLSTERY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
E P PINNOCK UPHOLSTERY LTD (REGISTERED NUMBER: 00938201)
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,025
5,863
Tangible assets
4
2,814
2,922
7,839
8,785
Current assets
Stocks
19,377
26,524
Debtors
5
48,319
74,648
Cash at bank and in hand
20,171
26,455
87,867
127,627
Creditors: amounts falling due within one year
6
(53,348)
(70,550)
Net current assets
34,519
57,077
Total assets less current liabilities
42,358
65,862
Creditors: amounts falling due after more than one year
7
(17,452)
(20,914)
Net assets
24,906
44,948
Capital and reserves
Called up share capital
101
101
Profit and loss reserves
24,805
44,847
Total equity
24,906
44,948
The directors 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 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 September 2022 and are signed on its behalf by:
Mr Jeff Pinnock
Director
E P PINNOCK UPHOLSTERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 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. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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
.
1.4
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
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
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:
Patterns
Straight line over 20 years
1.5
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 2022
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
.
1.6
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.
1.7
Cash and cash equivalents
Cash and cash equivalents
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
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
s
asset are consumed.
1.11
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
E P PINNOCK UPHOLSTERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
5
5
3
Intangible fixed assets
Patterns
£
Cost
At 1 April 2021 and 31 March 2022
16,750
Amortisation and impairment
At 1 April 2021
10,887
Amortisation charged for the year
838
At 31 March 2022
11,725
Carrying amount
At 31 March 2022
5,025
At 31 March 2021
5,863
E P PINNOCK UPHOLSTERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2021
9,053
7,648
7,803
8,000
32,504
Additions
208
563
771
At 31 March 2022
9,261
7,648
8,366
8,000
33,275
Depreciation and impairment
At 1 April 2021
8,674
7,514
7,292
6,102
29,582
Depreciation charged in the year
125
34
245
475
879
At 31 March 2022
8,799
7,548
7,537
6,577
30,461
Carrying amount
At 31 March 2022
462
100
829
1,423
2,814
At 31 March 2021
379
134
511
1,898
2,922
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
46,979
66,977
Other debtors
1,340
7,671
48,319
74,648
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
3,993
4,086
Trade creditors
19,263
25,747
Taxation and social security
15,394
24,736
Other creditors
14,698
15,981
53,348
70,550
E P PINNOCK UPHOLSTERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
17,452
20,914
8
Financial commitments, guarantees and contingent liabilities
The company borrowed £25,000 from its bankers for a Bounce Back Loan. As part of this loan scheme, the UK government has guaranteed the advance and will pay the interest and fees due for the first 12 months.