T G Pritchard Ltd Filleted accounts for Companies House (small and micro)

T G Pritchard Ltd Filleted accounts for Companies House (small and micro)

T G PRITCHARD LTD - Company Information

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COMPANY REGISTRATION NUMBER: 12287124
T G Pritchard Ltd
Filleted Unaudited Financial Statements
31 October 2021
T G Pritchard Ltd
Financial Statements
Year ended 31 October 2021
Contents
Page
Officers and professional advisers
1
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
T G Pritchard Ltd
Officers and Professional Advisers
The board of directors
T G Pritchard
Ms H G Pritchard
Registered office
17-19 Station Road West
Oxted
Surrey
RH8 9EE
Accountant
Baulf-James
Chartered accountants
17-19 Station Road West
Oxted
Surrey
RH8 9EE
T G Pritchard Ltd
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of T G Pritchard Ltd
Year ended 31 October 2021
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of T G Pritchard Ltd for the year ended 31 October 2021, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given me. As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of T G Pritchard Ltd, as a body, in accordance with the terms of my engagement letter dated 19 April 2021. My work has been undertaken solely to prepare for your approval the financial statements of T G Pritchard Ltd and state those matters that I have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than T G Pritchard Ltd and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that T G Pritchard Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of T G Pritchard Ltd. You consider that T G Pritchard Ltd is exempt from the statutory audit requirement for the year. I have not been instructed to carry out an audit or a review of the financial statements of T G Pritchard Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Baulf-James Chartered accountants
17-19 Station Road West Oxted Surrey RH8 9EE
7 July 2022
T G Pritchard Ltd
Statement of Financial Position
31 October 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
4
3,271
742
Current assets
Debtors
5
235
4,597
Cash at bank and in hand
61,529
57,697
--------
--------
61,764
62,294
Creditors: amounts falling due within one year
6
9,331
10,855
--------
--------
Net current assets
52,433
51,439
--------
--------
Total assets less current liabilities
55,704
52,181
Creditors: amounts falling due after more than one year
7
49,167
50,000
--------
--------
Net assets
6,537
2,181
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
6,437
2,081
-------
-------
Shareholders funds
6,537
2,181
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
T G Pritchard Ltd
Statement of Financial Position (continued)
31 October 2021
These financial statements were approved by the board of directors and authorised for issue on 7 July 2022 , and are signed on behalf of the board by:
T G Pritchard
Director
T G Pritchard Ltd
Notes to the Financial Statements
Year ended 31 October 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17-19 Station Road West, Oxted, Surrey, RH8 9EE.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant, machinery and equipment
-
25% straight line
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 2 ).
4. Tangible assets
Plant and machinery
£
Cost
At 1 November 2020
989
Additions
3,702
-------
At 31 October 2021
4,691
-------
Depreciation
At 1 November 2020
247
Charge for the year
1,173
-------
At 31 October 2021
1,420
-------
Carrying amount
At 31 October 2021
3,271
-------
At 31 October 2020
742
-------
5. Debtors
2021
2020
£
£
Trade debtors
–
4,462
Other debtors
235
135
----
-------
235
4,597
----
-------
6. Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
200
833
Corporation tax
1,382
1,252
Social security and other taxes
4,775
145
Other creditors
2,974
8,625
-------
--------
9,331
10,855
-------
--------
7. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
49,167
50,000
--------
--------