ACCOUNTS - Final Accounts

PEDERSEN (BRENTFORD) LIMITED - Company Information

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Registered number: 06277917

PEDERSEN (BRENTFORD) LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2018

PEDERSEN (BRENTFORD) LTD

REGISTERED NUMBER: 06277917

STATEMENT OF FINANCIAL POSITION

AS AT 31 AUGUST 2018

		2018		2017
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	2,801		2,801
Cash at bank and in hand		45		45
		2,846		2,846
Creditors: amounts falling due within one year	5	(21,440)		(21,440)
Net current liabilities			(18,594)		(18,594)
Total assets less current liabilities			(18,594)		(18,594)

Net liabilities			(18,594)		(18,594)

Capital and reserves
Called up share capital	6	1,000	1,000
Profit and loss account		(19,594)	(19,594)
		(18,594)	(18,594)

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

M S Gourgey

Director

Date: 30 August 2019

The notes on pages 2 to 4 form part of these financial statements.

Page 1

PEDERSEN (BRENTFORD) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

1.	General information

The principal activity of the company was that of land and property development.
The company is a private company limited by shares and is incorporated in England and Wales.
The registered office address is 35 Ballards Lane, London N3 1XW.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006

The company's functional and presentational currency is GBP.

The following principal accounting policies have been applied:

2.2

Going concern

At the balance sheet date the company had net liabilities of £18,594 (2017: £18,594) and its current liabilities exceeded its current assets by £18,594 (2017: £18,594). This excess of current liabilities mainly relates to balances due to related parties. The company is dependent on the support of connected companies and in the opinion of the director the support is expected to continue for the foreseeable future. Accordingly the financial statements have been prepared on a going conern basis.

2.3

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.4

Financial instruments

The company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like other debtors and creditors and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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
.
Such assets are subsequently carried at amortised cost using the effective interest method.

Page 2

PEDERSEN (BRENTFORD) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

2.Accounting policies (continued)

2.4

Financial instruments (continued)

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.

Employees

The average monthly number of employees, including directors, during the year was 1 (2017 - 1).

Debtors

					2018	2017
					£	£


Other debtors	2,801	2,801

5.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

	Other creditors	21,440	21,440

Page 3

PEDERSEN (BRENTFORD) LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

6.	Share capital
		2018	2017
		£	£

Allotted, called up and fully paid

950 (2017 - 950) Ordinary A shares of £1.00 each	950	950
50 (2017 - 50) Ordinary B shares of £1.00 each	50	50

	1,000	1,000

Page 4