Penguin Refrigeration Ltd Accounts


Penguin Refrigeration Ltd FILLETED ACCOUNTS COVER
Penguin Refrigeration Ltd
Company No. 04310267
Information for Filing with The Registrar
31 December 2016
Penguin Refrigeration Ltd DIRECTORS REPORT REGISTRAR
The Directors present their report and the accounts for the year ended 31 December 2016.
Principal activities
The principal activity of the company during the year under review was that of the import and suppy of refrigeration units to the marine industry.
Directors
The Directors who served at any time during the year were as follows:
Z. Elliott
I. Gorringe
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
Z. Elliott
I. Gorringe
Director
Director
04 August 2017
04 August 2017
Penguin Refrigeration Ltd BALANCE SHEET REGISTRAR
at
31 December 2016
Company No.
04310267
Notes
2016
2015
£
£
Fixed assets
Intangible assets
2
--
Tangible assets
3
21,92440,191
21,92440,191
Current assets
Stocks
4
193,715210,482
Debtors
5
301,262287,634
Cash at bank and in hand
207,341206,923
702,318705,039
Creditors: Amount falling due within one year
6
(600,645)
(733,248)
Net current assets/(liabilities)
101,673
(28,209)
Total assets less current liabilities
123,59711,982
Provisions for liabilities
Deferred taxation
7
(3,475)
(6,236)
Net assets
120,1225,746
Capital and reserves
Called up share capital
5,0005,000
Profit and loss account
8
115,122746
Total equity
120,1225,746
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 December 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.
Approved by the board on 04 August 2017
And signed on its behalf by:
Z. Elliott
I.Gorringe
Director
Director
04 August 2017
04 August 2017
Penguin Refrigeration Ltd NOTES TO THE ACCOUNTS REGISTRAR
for the year ended 31 December 2016
1
Accounting policies
Basis of preparation
The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. There were no material departures from that standard.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.
Intangible fixed assets
Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Plant and machinery
20% straight line
Motor vehicles
25% straight line
Furniture, fittings and equipment
25% straight line
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.
Foreign currencies
Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.
Provisions
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 profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at 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 the balance sheet.
2
Intangible fixed assets
Goodwill
Total
£
£
Cost
At 1 January 2016
10,00010,000
At 31 December 2016
10,00010,000
Amortisation and impairment
At 1 January 2016
10,00010,000
At 31 December 2016
10,00010,000
Net book values
At 31 December 2016
--
At 31 December 2015
--
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
3
Tangible fixed assets
Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total
£
£
£
£
Cost or revaluation
At 1 January 2016
12,46361,41320,05193,927
Additions
-975-975
At 31 December 2016
12,46362,38820,05194,902
Depreciation
At 1 January 2016
9,86226,78217,09253,736
Charge for the year
2,33415,3941,51419,242
At 31 December 2016
12,19642,17618,60672,978
Net book values
At 31 December 2016
26720,2121,44521,924
At 31 December 2015
2,60134,6312,95940,191
4
Stocks
2016
2015
£
£
Finished goods
193,715210,482
193,715210,482
5
Debtors
2016
2015
£
£
Trade debtors
286,348274,858
Prepayments and accrued income
14,91412,776
301,262287,634
6
Creditors:
amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
1,3842,253
Trade creditors
203,702138,616
Corporation tax
88,96084,596
Other taxes and social security
79,17371,587
Loans from directors
132,690162,500
Other creditors
72,425163,353
Accruals and deferred income
22,311110,343
600,645733,248
7
Provisions for liabilities
Deferred taxation
Accelerated capital allowances, losses and other timing differences
Arising from revaluation
Total
£
£
£
At 1 January 2016
6,236-6,236
Charge to the profit and loss account for the period
(2,761)
(2,761)
At 31 December 2016
3,475-3,475
2016
2015
£
£
Accelerated capital allowances
3,4756,236
3,4756,236
8
Reserves
Profit and loss account - includes all current and prior period retained profits and losses.
9
Dividends
2016
2015
£
£
Dividends for the period:
Dividends paid in the period
225,960
541,089
225,960541,089
Dividends by type:
Equity dividends
225,960541,089
225,960
541,089
10
Related party disclosures
2016
2015
Transactions with related parties
£
£
Name of related party
Z. Elliot and I. Gorringe
Description of transaction and general amounts involved
Included within the rent and rates charge in the profit and loss account is a charge of £38,500 (2015: £38,500) for the rental of premises owned jointly by the directors.
Name of related party
Z. Elliott
Description of relationship between the parties
Director
Description of transaction and general amounts involved
Loan to company
Amount due from/(to) the related party
(66,345)
(81,250)
Provision for doubtful debts due from the related party
-
-
Amounts written off in the period in respect of debts from/(to) the related party
-
-
Name of related party
I. Gorringe
Description of relationship between the parties
Director
Description of transaction and general amounts involved
Loan to company
Amount due from/(to) the related party
(66,345)
(81,250)
Provision for doubtful debts due from the related party
-
-
Amounts written off in the period in respect of debts from/(to) the related party
-
-
Controlling parties
Immediate controlling party
Z. Elliot and I Gorringe
Ultimate controlling party
Z. Elliot and I Gorringe
11
Additional information
Its registered number is:
04310267
Its registered office is:
Unit 2 Alexandria Park
Penner Road
Havant
Hampshire
PO9 1QY
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