Draft Financial Statements at 01 March 2019 at 16:33:16
Company Registration No. 10277033 (England and Wales)
PANTHERBEAR CONSULTING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 2018 ENDED 31 JULY 2018
PAGES FOR FILING WITH REGISTRAR
Draft Financial Statements at 01 March 2019 at 16:33:24
PANTHERBEAR CONSULTING LTD
CONTENTS
Page
Balance sheet
3
Notes to the financial statements
4 - 6
Draft Financial Statements at 01 March 2019 at 16:33:24
PANTHERBEAR CONSULTING LTD
DIRECTOR'S REPORT
FOR THE PERIOD 2018 ENDED 31 JULY 2018
- 1 -
The director presents her annual report and financial statements for the Period 2018 ended 31 July 2018.
Principal activities
The principal activity of the company continued to be that of consultancy services.
Director
The director who held office during the Period 2018 and up to the date of signature of the financial statements was as follows:
Ms L Guit
Ms P Longmuir
(Resigned 17 October 2018)
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Ms L Guit
Director
1 March 2019
Draft Financial Statements at 01 March 2019 at 16:33:24
PANTHERBEAR CONSULTING LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE PERIOD 2018 ENDED 31 JULY 2018
- 2 -
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Draft Financial Statements at 01 March 2019 at 16:33:24
PANTHERBEAR CONSULTING LTD
BALANCE SHEET
AS AT
31 JULY 2018
31 July 2018
- 3 -
2018
2017
Notes
£
£
£
£
Current assets
Debtors
3
5,819
100
Cash at bank and in hand
497
1,928
6,316
2,028
Creditors: amounts falling due within one year
4
(6,201)
(516)
Net current assets
115
1,512
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
15
1,412
Total equity
115
1,512
In accordance with section 444 of the Companies Act 2006 all
of
the members of the company have consented to the
preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (S.I. 2008/409)(b).
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial Period 2018 ended 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the Period 2018 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.
The financial statements were approved by the board of directors and authorised for issue on 1 March 2019 and are signed on its behalf by:
Ms L Guit
Director
Company Registration No. 10277033
Draft Financial Statements at 01 March 2019 at 16:33:24
PANTHERBEAR CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 2018 ENDED 31 JULY 2018
- 4 -
1
Accounting policies
Company information
Pantherbear Consulting Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
2 Ailsa Mews, Rochester, Kent, United Kingdom, ME1 3HA.
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 £.
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 Period 2018 ended 31 July 2018
are the
first
financial statements of Pantherbear Consulting 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 August 2016. 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 and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.3
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.
Draft Financial Statements at 01 March 2019 at 16:33:24
PANTHERBEAR CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD 2018 ENDED 31 JULY 2018
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.4
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Draft Financial Statements at 01 March 2019 at 16:33:24
PANTHERBEAR CONSULTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD 2018 ENDED 31 JULY 2018
1
Accounting policies
(Continued)
- 6 -
1.5
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period 2018 was 0 (2017 - 0).
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
1
-
Other debtors
5,818
-
5,819
-
4
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
-
516
Corporation tax
4,916
-
Other taxation and social security
685
-
Other creditors
600
-
6,201
516
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and not fully paid
100 Ordinary of £1 each
100
100
100
100