Company Registration No. 09847394 (England and Wales)
PITANI ASSOCIATES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
PAGES FOR FILING WITH REGISTRAR
PITANI ASSOCIATES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PITANI ASSOCIATES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2019
31 October 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
300,000
300,000
Current assets
Debtors
4
13,132
10,500
Cash at bank and in hand
1,121
9,620
14,253
20,120
Creditors: amounts falling due within one year
5
(187,389)
(214,223)
Net current liabilities
(173,136)
(194,103)
Total assets less current liabilities
126,864
105,897
Creditors: amounts falling due after more than one year
6
(15,778)
(24,555)
Net assets
111,086
81,342
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
111,084
81,340
Total equity
111,086
81,342
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 year ended 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
PITANI ASSOCIATES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2019
31 October 2019
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 23 June 2020
K R Pitani
Director
Company Registration No. 09847394
PITANI ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
- 3 -
1
Accounting policies
Company information
Pitani Associates Limited is a private company limited by shares incorporated in England and Wales. The registered office is .
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 amounts 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
Going concern
The company is reliant on the support of its director in order to meet its liabilities.trueThe director has confirmed that such support will continue for the foreseeable future and has therefore prepared the financial statements on a going concern basis.
Whilst the director has adopted the going concern basis set out above, the impact of the worldwide Coronavirus pandemic, Covid-19, on all businesses represents an uncertainty and the true impact of this pandemic will only become apparent over time.
1.3
Turnover
Turnover represents amounts receivable for services provided.
1.4
Intangible fixed assets - goodwill
Intangible assets other than goodwill are stated at historic cost and are not depreciated as the director considers that their residual value will not be less than cost as there is an active market for such assets.
1.5
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.
1.6
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.
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. Financial assets classified as receivable within one year are not amortised.
PITANI ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 4 -
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 and loans from directors, 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 payments 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.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1).
3
Intangible fixed assets
Other Intangible Assets
£
Cost
At 1 November 2018 and 31 October 2019
300,000
Amortisation and impairment
At 1 November 2018 and 31 October 2019
-
Carrying amount
At 31 October 2019
300,000
At 31 October 2018
300,000
PITANI ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
- 5 -
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
13,132
10,500
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
5,000
5,000
Corporation tax
21,863
16,562
Other creditors
160,526
192,661
187,389
214,223
Other creditors include £138,420 (2018 : £164,914) owed to the director.
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
15,778
24,555
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 A ordinary share of £1 each
1
1
1 B ordinary share of £1 each
1
1
2
2
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