Accounts

	PENCROFT LTD
	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 AUGUST 2018

	PENCROFT LTD
	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 AUGUST 2018
	DIRECTOR
	O Rogers
	SECRETARY
	A Horsfield
	REGISTERED OFFICE
	Laugherne Villa, Martley, WR6 6QA
	COMPANY REGISTERED NUMBER
	01812855
	ACCOUNTANTS
	AIMS
	Chartered Accountants
	Bridge House Riverside North Bewdley DY12 1AB
	CONTENTS
	Pages
	2-3	Statement of Financial Position
	4-8	Notes to the Financial Statements

	page 1

	PENCROFT LTD
	Company registered number: 01812855
	STATEMENT OF FINANCIAL POSITION AT 31 August 2018
		Note	2018		2017
			£	£	£
	CURRENT ASSETS
	Inventories		760		1,610
	Debtors	3	680,972		516,834
	Cash at bank and in hand		257,571		88,905
			939,303		607,349
	CREDITORS: Amounts falling due within one year	4	214,846		103,983
	NET CURRENT ASSETS			724,457	503,366
	TOTAL ASSETS LESS CURRENT LIABILITIES			724,457	503,366
	CREDITORS: Amounts falling due after more than one year	5		(50,969)	(65,306)
	NET ASSETS			£673,488	£438,060
	CAPITAL AND RESERVES
	Called up share capital			20,002	20,002
	Retained earnings			653,486	418,058
	SHAREHOLDERS' FUNDS			£673,488	£438,060

	The notes on pages 4-8 form part of these financial statements
	page 2

	PENCROFT LTD
	Company registered number: 01812855
	STATEMENT OF FINANCIAL POSITION AT 31 August 2018 (CONT.)
		Note	2018		2017
			£	£	£

	In approving these financial statements as director of the company I hereby confirm the following:
	For the year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
	The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 in accordance with section 476 of the Companies Act 2006.
	The directors acknowledge their responsibilities for: 1) ensuring that the company keeps accounting records which comply with Sections 386 and 386 of the Companies Act 2006, and 2) preparing financial statements that give a true and fair view of the state of affairs of the company at at the end of each financial year and of its profit or loss for the financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements, so far as they are applicable to the company.
	These financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies
	In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
	The financial statements were approved and authorised for issue by the board of directors on 26 February 2019
	Signed on behalf of the board of directors
	O Rogers, Director

	The notes on pages 4-8 form part of these financial statements
	page 3

	PENCROFT LTD
	NOTES TO THE ACCOUNTS
	FOR THE YEAR ENDED 31 AUGUST 2018

1.	SIGNIFICANT ACCOUNTING POLICIES

1a.	Statement of compliance
	Pencroft Ltd is a private limited company incorporated in England and Wales.
	Registered office:
	Laugherne Villa, Martley, WR6 6QA
	These financial statements are the first financial statements that comply with FRS 102. The date of transition is 1 September 2017.
	The transition to FRS 102 has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in notes and below. These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

	Basis of accounting
	The financial statements have been prepared under the historical cost convention. The presentation currency is £ sterling.

1c.	Revenue recognition
	Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

1d.	Borrowing costs
	Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1e.	Taxation
	Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

	The notes on pages 4-8 form part of these financial statements
	page 4

	PENCROFT LTD
	NOTES TO THE ACCOUNTS (CONT.)
	FOR THE YEAR ENDED 31 AUGUST 2018

1.	SIGNIFICANT ACCOUNTING POLICIES (CONT.)

1f.	Inventories
	Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition.

1g.	Short term debtors and creditors
	Debtors and creditors receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss.

1h.	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. For the purpose of statement of cash flows, bank overdrafts which are repayable on demand form an integral part of the Company's cash management are included as a component of cash and cash equivalents.

1i.	Interest bearing borrowings
	All interest-bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable to the bank (including interest). After initial recognition they are measured at amortised cost using the effective interest rate method, less impairment. Any difference between the amount initially recognised and redemption value is recognised in profit and loss together with any interest and fees payable.

1j.	Leased assets
	Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the Company are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful life. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining balance of the liability. Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis.

	The notes on pages 4-8 form part of these financial statements
	page 5

	PENCROFT LTD
	NOTES TO THE ACCOUNTS (CONT.)
	FOR THE YEAR ENDED 31 AUGUST 2018

1.	SIGNIFICANT ACCOUNTING POLICIES (CONT.)

1k.	Foreign currencies
	Transactions in foreign currencies are initially recorded in the entity’s functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.

1l.	Employee benefits
	The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in an independent administered fund.

1m.	Discontinued operations
	A discontinued operation is a component of the Company's business, the operations and cash flows of which can be clearly distinguished from the rest of the Company and which represents a separate major line of business or geographical area of operations, or is part of a signal coordinated disposal of a separate major line of business or geographical area of operations, or is a subsidiary acquired exclusively with a review to resale.

1n.	Provisions
	Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

1o.	Judgements and key sources of estimation uncertainty
	In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

	The notes on pages 4-8 form part of these financial statements
	page 6

	PENCROFT LTD
	NOTES TO THE ACCOUNTS (CONT.)
	FOR THE YEAR ENDED 31 AUGUST 2018

2.	DIRECTORS AND EMPLOYEES
	The average weekly number of employees during the year were as follows:
		2018	2017
		No.	No.
	Management and administration	3	3
	Production and sales	14	14
		17	17

3.	DEBTORS	2018	2017
		£	£
	Trade debtors	562,692	396,431
	Other debtors	42,309	44,432
		£605,001	£440,863

4.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2018	2017
		£	£
	Trade creditors	68,236	26,661
	Amounts owed to group undertakings	77,107	71,234
	Other taxes and social security	59,124	4,401
	Other creditors	2,500	513
	Accruals and deferred income	7,879	1,174
		£214,846	£103,983

	The notes on pages 4-8 form part of these financial statements
	page 7

	PENCROFT LTD
	NOTES TO THE ACCOUNTS (CONT.)
	FOR THE YEAR ENDED 31 AUGUST 2018

5.	CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
		2018	2017
		£	£
	Bank loans and overdrafts	50,969	65,306
		£50,969	£65,306
	Analysis of borrowings:
	Due within five years:
	within 2-5 years
	bank	50,969	65,306
		£50,969	£65,306

	The notes on pages 4-8 form part of these financial statements
	page 8