Paul Fletcher Ltd - Period Ending 2021-05-31

Paul Fletcher Ltd - Period Ending 2021-05-31


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Registration number: 07260095

Paul Fletcher Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2021

 

Paul Fletcher Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Paul Fletcher Ltd

Company Information

Directors

Mr P R Fletcher

Mrs C Fletcher

Registered office

Station House
Station Road
Whalley
Lancashire
BB7 9RT

 

Paul Fletcher Ltd

(Registration number: 07260095)
Balance Sheet as at 31 May 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

5

5,997

7,756

Current assets

 

Debtors

6

12,589

12,589

Cash at bank and in hand

 

7,870

53,410

 

20,459

65,999

Creditors: Amounts falling due within one year

7

(4,390)

(25,123)

Net current assets

 

16,069

40,876

Total assets less current liabilities

 

22,066

48,632

Provisions for liabilities

(1,139)

(1,474)

Net assets

 

20,927

47,158

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

20,827

47,058

Shareholders' funds

 

20,927

47,158

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 25 August 2021 and signed on its behalf by:
 


 

Mr P R Fletcher

Director

 

Paul Fletcher Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Station House
Station Road
Whalley
Lancashire
BB7 9RT
Great Britain

These financial statements were authorised for issue by the Board on 25 August 2021.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Paul Fletcher Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture Fittings and Equipment

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Paul Fletcher Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

 

Paul Fletcher Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2020

60,000

60,000

At 31 May 2021

60,000

60,000

Amortisation

At 1 June 2020

60,000

60,000

At 31 May 2021

60,000

60,000

Carrying amount

At 31 May 2021

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2020

16,322

16,322

Additions

180

180

At 31 May 2021

16,502

16,502

Depreciation

At 1 June 2020

8,566

8,566

Charge for the year

1,939

1,939

At 31 May 2021

10,505

10,505

Carrying amount

At 31 May 2021

5,997

5,997

At 31 May 2020

7,756

7,756

 

Paul Fletcher Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2021

6

Debtors

Note

2021
£

2020
£

Amounts owed by Associated Companies

8

12,440

12,440

Prepayments

 

149

149

Total current trade and other debtors

 

12,589

12,589

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Amounts owed to Directors

8

193

235

Taxation and social security

 

14

11

Corporation Tax

 

2,447

23,308

Accruals

 

1,736

1,569

 

4,390

25,123

8

Related party transactions

Summary of transactions with entities with joint control or significant interest

Temple Gray Limited - a company authorised by the FCA and 50% owned by one of the Directors - the other 50% being owned by 1 other individual.
 Loan to Temple Gray was to assist with set up of operations. Temple Gray pays commissions to the company in respect of pensions advice provided.
 

Loans to related parties

2021

Entities with joint control or significant influence
£

Total
£

At start of period

12,440

12,440

At end of period

12,440

12,440

2020

Entities with joint control or significant influence
£

Total
£

At start of period

12,440

12,440

At end of period

12,440

12,440