Registration number:
Pedley's Print & Embroidery Ltd
for the Year Ended 31 January 2017
Chartered Certified Accountants
Pedley's Print & Embroidery Ltd
Contents
Company Information |
|
Directors' Report |
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Accountants' Report |
|
Abridged Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Abridged Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Abridged Financial Statements |
Pedley's Print & Embroidery Ltd
Company Information
Directors |
Mrs H Pedley Mr K Pedley |
Registered office |
|
Accountants |
Accountant details Chartered Certified Accountants |
Page 1 |
Pedley's Print & Embroidery Ltd
Directors' Report for the Year Ended 31 January 2017
The directors present their report and the abridged financial statements for the year ended 31 January 2017.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is Provision of corporate clothing
Small companies provision statement
This report has 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.
Approved by the Board on
.........................................
Mr K Pedley
Director
Page 2 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Pedley's Print & Embroidery Ltd
for the Year Ended 31 January 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pedley's Print & Embroidery Ltd for the year ended 31 January 2017 as set out on pages 4 to 10 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
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of Pedley's Print & Embroidery Ltd, 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 Pedley's Print & Embroidery Ltd and state those matters that we have agreed to state to the Board of Directors of Pedley's Print & Embroidery Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pedley's Print & Embroidery Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Pedley's Print & Embroidery Ltd 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 Pedley's Print & Embroidery Ltd. You consider that Pedley's Print & Embroidery Ltd 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 Pedley's Print & Embroidery Ltd. 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.
......................................
Chartered Certified Accountants
Page 3 |
Pedley's Print & Embroidery Ltd
Abridged Profit and Loss Account for the Year Ended 31 January 2017
Note |
Total |
Total |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Loss before tax |
( |
( |
|
Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Page 4 |
Pedley's Print & Embroidery Ltd
Statement of Comprehensive Income for the Year Ended 31 January 2017
Note |
2017 |
2016 |
|
Loss for the year |
( |
( |
|
Total comprehensive income for the year |
( |
( |
Page 5 |
Pedley's Print & Embroidery Ltd
(Registration number: 07136856)
Abridged Balance Sheet as at 31 January 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Tangible assets |
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|
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Current assets |
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Stocks |
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|
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Debtors |
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|
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Cash at bank and in hand |
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|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
|||
Profit and loss account |
( |
( |
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Total equity |
( |
( |
For the financial year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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.
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the Board on
.........................................
Mr K Pedley
Director
Page 6 |
Pedley's Print & Embroidery Ltd
Statement of Changes in Equity for the Year Ended 31 January 2017
Profit and loss account |
Total |
|
At 1 February 2016 |
( |
( |
Loss for the year |
( |
( |
Total comprehensive income |
( |
( |
At 31 January 2017 |
( |
( |
Profit and loss account |
Total |
|
At 1 February 2015 |
( |
( |
Loss for the year |
( |
( |
Total comprehensive income |
( |
( |
At 31 January 2016 |
( |
( |
Page 7 |
Pedley's Print & Embroidery Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 January 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
The principal place of business is:
272 Cannock Road
Wolverhampton
West Midlands
WV10 8QG
These financial statements were authorised for issue by the
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 abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
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.
Page 8 |
Pedley's Print & Embroidery Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 January 2017
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 |
Plant and machinery |
15% reducing balance |
Computer equipment |
25% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Loss before tax |
Arrived at after charging/(crediting)
Page 9 |
Pedley's Print & Embroidery Ltd
Notes to the Abridged Financial Statements for the Year Ended 31 January 2017
2017 |
2016 |
|
Depreciation expense |
|
|
Tangible assets |
Total |
|
Cost or valuation |
|
At 1 February 2016 |
|
Additions |
|
At 31 January 2017 |
|
Depreciation |
|
At 1 February 2016 |
|
Charge for the year |
|
At 31 January 2017 |
|
Carrying amount |
|
At 31 January 2017 |
|
At 31 January 2016 |
|
Stocks |
2017 |
2016 |
|
Other inventories |
|
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Page 10 |
Pedley's Print & Embroidery Ltd
Detailed Profit and Loss Account for the Year Ended 31 January 2017
2017 |
2016 |
|
Turnover (analysed below) |
56,169 |
58,320 |
Cost of sales (analysed below) |
(36,867) |
(44,125) |
Gross profit |
19,302 |
14,195 |
Gross profit (%) |
34.36% |
24.34% |
Administrative expenses |
||
Employment costs (analysed below) |
(8,340) |
(6,700) |
Establishment costs (analysed below) |
(935) |
(959) |
General administrative expenses (analysed below) |
(8,293) |
(7,030) |
Finance charges (analysed below) |
(290) |
(277) |
Depreciation costs (analysed below) |
(1,711) |
(1,421) |
(19,569) |
(16,387) |
|
Operating loss |
(267) |
(2,192) |
Loss before tax |
(267) |
(2,192) |
Page 11 |
Pedley's Print & Embroidery Ltd
Detailed Profit and Loss Account for the Year Ended 31 January 2017
2017 |
2016 |
Turnover |
||
Sale of goods, UK |
56,169 |
58,320 |
Cost of sales |
||
Opening raw materials |
2,291 |
4,913 |
Purchases |
35,202 |
40,302 |
Closing raw materials |
(2,137) |
(2,291) |
Freight and carriage |
1,511 |
1,201 |
36,867 |
44,125 |
Employment costs |
||
Directors remuneration |
(8,340) |
(6,700) |
Establishment costs |
||
Use of home as office |
(935) |
(935) |
Repairs and renewals |
- |
(24) |
(935) |
(959) |
General administrative expenses |
||
Telephone and fax |
(404) |
(231) |
Computer software and maintenance costs |
(1,599) |
(885) |
Printing, postage and stationery |
(127) |
(256) |
Charitable donations |
(52) |
(52) |
Sundry expenses |
(292) |
- |
Travel and subsistence |
(4,101) |
(3,570) |
Advertising |
(261) |
(1,100) |
Customer entertaining (disallowable for tax) |
(44) |
(160) |
Accountancy fees |
(840) |
(690) |
Bad debts written off |
(573) |
(86) |
(8,293) |
(7,030) |
Finance charges |
||
Bank charges |
(290) |
(277) |
Depreciation costs |
||
Depreciation of plant and machinery (owned) |
(851) |
(383) |
Depreciation of motor vehicles (owned) |
(625) |
(833) |
Depreciation of office equipment (owned) |
(235) |
(205) |
(1,711) |
(1,421) |
Page 12 |