Petersens Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03661059 (England and Wales)

Financial Statements for the Year Ended 31st December 2021

for

Petersens Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr R Petersen

REGISTERED OFFICE:

39 Cefn Mably Park

Michaelston

Cardiff

CF3 6AA

REGISTERED NUMBER:

03661059 (England and Wales)

FIXED ASSETS

Tangible assets

4

562

409

CURRENT ASSETS

Debtors

5

96,078

87,390

Cash at bank

7,546

21,832

103,624

109,222

CREDITORS

Amounts falling due within one year

6

44,546

38,761

NET CURRENT ASSETS

59,078

70,461

TOTAL ASSETS LESS CURRENT LIABILITIES

59,640

70,870

CREDITORS

Amounts falling due after more than one year

7

79,373

84,107

NET LIABILITIES

(19,733

)

(13,237

)

CAPITAL AND RESERVES

Called up share capital

10

10

Retained earnings

(19,743

)

(13,247

)

SHAREHOLDERS' FUNDS

(19,733

)

(13,237

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 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 and Director's Report has not been delivered.

The financial statements were approved by the director and authorised for issue on 28th December 2022 and were signed by:

Mr R W Petersen - Director

1.	STATUTORY INFORMATION

Petersens Ltd 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.

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.

Plant and machinery etc

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement and Director's Report, 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2021

3,653

Additions

500

Disposals

(2,816

)

At 31st December 2021

1,337

DEPRECIATION

At 1st January 2021

3,244

Charge for year

175

Eliminated on disposal

(2,644

)

At 31st December 2021

775

NET BOOK VALUE

At 31st December 2021

562

At 31st December 2020

409

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

18,125

8,995

Other debtors

77,953

78,395

96,078

87,390

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

25,152

14,072

Trade creditors

202

1,190

Taxation and social security

18,459

21,057

Other creditors

733

2,442

44,546

38,761

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

79,373

84,107

8.	SECURED DEBTS

DBW Investments (10) Limited holds a fixed and floating charge over the assets of the company.

Form MR01 dated 3rd January 2020. Total outstanding 31st December 2021 £69,525 (2020: £63,179)

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included in other debtors is a loan to Mr R Petersen, the director, in the sum of £55,217 (2020: £55,808). Interest is charged on this loan at the HMRC statutory rate.