Company Registration No. SC382849 (Scotland)
PIONEER HUB LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
PAGES FOR FILING WITH REGISTRAR
PIONEER HUB LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
PIONEER HUB LTD
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF PIONEER HUB LTD
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pioneer Hub Ltd for the year ended 31 July 2019 set out on pages 2 to 7 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the I
CAS
we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/FrameworkforthePreparationofAccounts.
This report is made solely to the Board of Directors of Pioneer Hub Ltd, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements
on your behalf and for no other purpose
. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pioneer Hub Ltd and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Pioneer Hub Ltd 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 Pioneer Hub Ltd. You consider that Pioneer Hub Ltd is exempt from the statutory audit
requirement for the year.
Finlaysons
Chartered Accountants
2 December 2019
4 Albert Place
PERTH
PH2 8JE
PIONEER HUB LTD
BALANCE SHEET
AS AT 31 JULY 2019
31 July 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,567
12,301
Investments
4
25,663
15,489
41,230
27,790
Current assets
Stocks
2,000
2,000
Debtors
5
49,561
48,114
Cash at bank and in hand
18,505
17,798
70,066
67,912
Creditors: amounts falling due within one year
6
(30,576)
(35,271)
Net current assets
39,490
32,641
Total assets less current liabilities
80,720
60,431
Capital and reserves
Called up share capital
7
4
4
Profit and loss reserves
80,716
60,427
Total equity
80,720
60,431
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 July 2019 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.
The financial statements were approved by the board of directors and authorised for issue on 2 December 2019 and are signed on its behalf by:
David Scott
Director
Company Registration No. SC382849
PIONEER HUB LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
- 3 -
1
Accounting policies
Company information
Pioneer Hub Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
4 Albert Place, PERTH, PH2 8JE.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT.
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
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.
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
15% per annum reducing balance
Fixtures, fittings & equipment
15% per annum 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
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks
and work in progress
are stated at the lower of cost and estimated selling price less costs to complete and
invoice
. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks
and work in progress
to their present
level
.
PIONEER HUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Cash at bank and in hand
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable
.
PIONEER HUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 5 -
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.
1.10
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.
1.11
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2018 - 3).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2018
19,364
Additions
6,244
At 31 July 2019
25,608
Depreciation and impairment
At 1 August 2018
7,063
Depreciation charged in the year
2,978
At 31 July 2019
10,041
Carrying amount
At 31 July 2019
15,567
At 31 July 2018
12,301
PIONEER HUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 6 -
4
Fixed asset investments
2019
2018
£
£
Investments
25,663
15,489
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 August 2018
15,489
Additions
10,174
At 31 July 2019
25,663
Carrying amount
At 31 July 2019
25,663
At 31 July 2018
15,489
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
38,735
34,922
Other debtors
10,826
13,192
49,561
48,114
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
1,564
-
Corporation tax
19,944
16,519
Other taxation and social security
5,278
9,084
Other creditors
3,790
9,668
30,576
35,271
PIONEER HUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 7 -
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary A Shares of £1 each
2
2
1 Ordinary B Share of £1 each
1
1
1 Ordinary C Share of £1 each
1
1
4
4
8
Directors' transactions
Dividends totalling £68,000 (2018 - £75,000) were paid in the year in respect of shares held by the company's directors.
Interest free loans have been granted
(to)/by
the company
to/(by)
its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors loan
-
4,387
2,161
(7,908)
(1,360)
4,387
2,161
(7,908)
(1,360)
The loan is included under Other creditors and is repayable on demand.