Pyle Consulting Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02730139 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 July 2020

for

Pyle Consulting Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B R Champion

S H Pain

REGISTERED OFFICE:

48 Church Street

Reigate, Surrey

RH2 0SN

REGISTERED NUMBER:

02730139 (England and Wales)

ACCOUNTANTS:

Ledger Sparks Limited

Airport House

Suite 43-45

Purley Way

Croydon

CR0 0XZ

FIXED ASSETS

Tangible assets

4

4,313

4,588

Investments

5

3,000

3,000

7,313

7,588

CURRENT ASSETS

Stocks

114,908

93,361

Debtors

6

236,123

277,773

Cash at bank

288,828

338,730

639,859

709,864

CREDITORS

Amounts falling due within one year

7

(218,400

)

(263,252

)

NET CURRENT ASSETS

421,459

446,612

TOTAL ASSETS LESS CURRENT LIABILITIES

428,772

454,200

PROVISIONS FOR LIABILITIES

8

(145

)

(49

)

NET ASSETS

428,627

454,151

CAPITAL AND RESERVES

Called up share capital

62

60

Capital redemption reserve

9

60

60

Retained earnings

9

428,505

454,031

428,627

454,151

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2020 and were signed on its behalf by:

B R Champion - Director

1.	STATUTORY INFORMATION

Company information

Pyle Consulting Limited is a private company limited by shares incorporated in England and Wales. The registered office is 48 Church Street, Reigate, Surrey, RH2 0SN.

The principal activity of the company continued to be that of consulting engineers specialising in the investigation of engineering problems and failures, and litigation work.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

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.

TURNOVER

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

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.

Fixtures, fittings 20% Reducing balance method

Computer equipment 33% Straight line method

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 .

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loan to related parties and investments in non-puttable ordinary shares.

TAXATION

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred Tax

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

PENSION

The Company operates a defined contribution pension plan for its employees. A defined contribution pension plan is a plan under which the Company pays fixed contributions into separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

PROVISION FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the statement of income and retained earnings in the year that the company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in Balance sheet.

GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Furniture,

fixture &

equipment

£

COST

At 1 August 2019

33,963

Additions

1,755

Disposals

(7,119

)

At 31 July 2020

28,599

DEPRECIATION

At 1 August 2019

29,375

Charge for year

1,837

Eliminated on disposal

(6,926

)

At 31 July 2020

24,286

NET BOOK VALUE

At 31 July 2020

4,313

At 31 July 2019

4,588

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 August 2019

and 31 July 2020

3,000

NET BOOK VALUE

At 31 July 2020

3,000

At 31 July 2019

3,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

247,399

272,076

Bad debt provision

(14,951

)

(21,383

)

Other debtors

-

371

Prepayments and accrued income

3,675

26,709

236,123

277,773

The directors consider the carrying value of trade and other receivables approximate to their fair values.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

1,799

3,326

Corporation tax

109,236

138,597

Paye NI liability

952

2,879

VAT

75,481

97,513

Pension scheme liabilities

749

752

Directors' current accounts

2,983

2,985

Accruals and deferred income

27,200

17,200

218,400

263,252

The directors consider the carrying amounts of current liabilities approximate to their fair values.

Fixed and floating charge at Companies House has been registered by Midland Bank PLC (HSBC) over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings, fixtures, fixed plant and machinery.

8.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

145

49

Deferred

tax

£

Balance at 1 August 2019

49

Provided during year

96

Balance at 31 July 2020

145

9.

RESERVES

Profit and Loss reserves

The Profit and loss account comprises all current and prior period retained profit and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.

10.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £42,083 (2019 - £42,109). Contribution totalling £749 (2019 - £752) were payable to fund at balance sheet date and are included in other creditors.

11.	RELATED PARTY TRANSACTION

As at the balance sheet date included in other creditors are amounts due to the directors Bret Champion & Sarah Hazel Pain of £2,983 (2019 - £2,985).

12.	POST BALANCE SHEET EVENTS

Since the year end, the Coronavirus (COVID-19) has emerged globally resulting in a significant impact on businesses worldwide. As a result some business operations have been restricted, however the company continues to operate using alternative methods and remote working. The directors are unable to evaluate the overall financial impact on the business at present. Hence financial statements do not include any adjustments that might result from the outcome of this uncertainty. The directors are continuing to monitor, assess and act to the current changing environment in order to position the company to ensure its future success.