Pepcom Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04182980 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Pepcom Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P E Palmer

REGISTERED OFFICE:

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

REGISTERED NUMBER:

04182980 (England and Wales)

ACCOUNTANTS:

Knights Lowe

Chartered Accountants

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Tangible assets

4

12,025

15,549

CURRENT ASSETS

Debtors

5

70,656

46,616

CREDITORS

Amounts falling due within one year

6

57,326

48,670

NET CURRENT ASSETS/(LIABILITIES)

13,330

(2,054

)

TOTAL ASSETS LESS CURRENT LIABILITIES

25,355

13,495

CREDITORS

Amounts falling due after more than one year

7

(4,500

)

(8,746

)

PROVISIONS FOR LIABILITIES

9

(2,285

)

(2,954

)

NET ASSETS

18,570

1,795

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

18,470

1,695

SHAREHOLDERS' FUNDS

18,570

1,795

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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 financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 April 2020 and were signed by:

P E Palmer - Director

1.	STATUTORY INFORMATION

Pepcom Limited is a private company, limited by shares , registered in England and Wales. The company's registered number

and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

3 years straight line

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding

investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be

more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the

recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared

with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated

recoverable amount and an impairment loss is recognised in the income statement.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and

liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future

payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or

receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the

undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a

short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business

terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate,

the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at

a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective

evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of

Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's

carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a

financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest

rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's

carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if

it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

and 31 March 2019

36,722

DEPRECIATION

At 1 April 2018

21,173

Charge for year

3,524

At 31 March 2019

24,697

NET BOOK VALUE

At 31 March 2019

12,025

At 31 March 2018

15,549

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2018

and 31 March 2019

22,345

DEPRECIATION

At 1 April 2018

8,044

Charge for year

2,860

At 31 March 2019

10,904

NET BOOK VALUE

At 31 March 2019

11,441

At 31 March 2018

14,301

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

70,656

46,616

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

1,352

1,786

Hire purchase contracts

4,245

3,990

Trade creditors

5,517

2,879

Taxation and social security

33,826

29,430

Other creditors

12,386

10,585

57,326

48,670

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

4,500

8,746

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

8,745

12,736

Obligations under hire purchase contracts are secured on the underlying assets.

9.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

Accelerated capital allowances

2,285

2,954

Deferred

tax

£

Balance at 1 April 2018

2,954

Credit to Income Statement during year

(669

)

Accelerated capital allowances

Balance at 31 March 2019

2,285

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2019 and 31 March 2018:

2019

2018

£

£

P E Palmer and Mrs J M Palmer

Balance outstanding at start of year

35,182

6,482

Amounts advanced

41,991

49,744

Amounts repaid

(17,593

)

(21,044

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

59,580

35,182