COMPANY REGISTRATION NUMBER:
03945496
FILLETED UNAUDITED FINANCIAL STATEMENTS
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YEAR ENDED 28th FEBRUARY 2019
Officers and professional advisers
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1
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Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements
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2
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Statement of financial position
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3
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Notes to the financial statements
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5
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CHARTERED CERTIFIED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF
PT LIGHTING LIMITED
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YEAR ENDED 28th FEBRUARY 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PT Lighting Limited for the year ended 28th February 2019, which comprise the statement of financial position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the director of PT Lighting Limited in accordance with the terms of our engagement letter dated 1st August 2017. Our work has been undertaken solely to prepare for your approval the financial statements of PT Lighting Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PT Lighting Limited and its director for our work or for this report.
It is your duty to ensure that PT Lighting 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 PT Lighting Limited. You consider that PT Lighting 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 PT Lighting 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.
Colne Valley Business Services LLP t/a Cloke & Co
Chartered Certified Accountants
475 Salisbury House
London Wall
London
EC2M 5QQ
29 November 2019
STATEMENT OF FINANCIAL POSITION
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28 February 2019
FIXED ASSETS
CURRENT ASSETS
Debtors
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5
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–
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13,578
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Cash at bank and in hand
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28,719
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18,771
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--------
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--------
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28,719
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32,349
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CREDITORS: amounts falling due within one year
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6
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20,650
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26,060
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--------
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NET CURRENT ASSETS
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8,069
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6,289
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-------
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-------
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TOTAL ASSETS LESS CURRENT LIABILITIES
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8,069
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7,398
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-------
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-------
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NET ASSETS
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8,069
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7,398
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-------
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-------
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CAPITAL AND RESERVES
Called up share capital
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100
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100
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Profit and loss account
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7,969
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7,298
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-------
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SHAREHOLDER FUNDS
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8,069
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7,398
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-------
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-------
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 28th February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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STATEMENT OF FINANCIAL POSITION (continued)
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28 February 2019
These financial statements were approved by the
board of directors
and authorised for issue on
28 November 2019
, and are signed on behalf of the board by:
Company registration number:
03945496
NOTES TO THE FINANCIAL STATEMENTS
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YEAR ENDED 28th FEBRUARY 2019
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 475 Salisbury House, London Wall, London, EC2M 5QQ.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
ACCOUNTING POLICIES
BASIS OF PREPARATION
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
REVENUE RECOGNITION
The turnover shown in the profit and loss account represents the value of sales, exclusive of Value Added Tax.
INCOME TAX
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes In general, deferred taxation is recognised in respect of all timing differences that have originated, but not reversed, at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. In accordance with FRS19, deferred tax is not recognised on revaluation gains. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
OPERATING LEASES
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
DEPRECIATION
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Leasehold Improvements
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-
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Over 10 years
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Plant and machinery
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-
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15% reducing balance
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FINANCIAL INSTRUMENTS
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
1
(2018:
1
).
5.
DEBTORS
Trade debtors
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–
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13,578
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----
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6.
CREDITORS:
amounts falling due within one year
Corporation tax
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14,552
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15,999
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Social security and other taxes
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4,098
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5,526
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Other creditors
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2,000
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4,535
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20,650
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26,060
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7.
RELATED PARTY TRANSACTIONS
The company was under the control of PE Tyson throughout the current and previous year. PE Tyson is the director and majority shareholder. During the year PE Tyson received dividends from the company of £70,000 (2018 - £70,000) by virtue of his shareholding in the company. During the year rent of £9,000 (2018 - £9,000) was paid to a Partnership in which PE Tyson is a Partner. There were no further transactions with related parties that were undertaken such as are required to be disclosed under the FRS102 Section 1A.