Pepcom Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 04182980 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Pepcom Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P E Palmer

Mrs J M Palmer

SECRETARY:

Mrs J M Palmer

REGISTERED OFFICE:

Eldo House

Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

REGISTERED NUMBER:

04182980 (England and Wales)

ACCOUNTANTS:

Knights Lowe

Chartered Accountants

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Tangible assets

4

19,947

23,305

CURRENT ASSETS

Debtors

5

7,297

12,837

CREDITORS

Amounts falling due within one year

6

22,740

14,292

NET CURRENT LIABILITIES

(15,443

)

(1,455

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,504

21,850

CREDITORS

Amounts falling due after more than one year

7

(12,736

)

(16,322

)

PROVISIONS FOR LIABILITIES

9

(3,485

)

(4,661

)

NET (LIABILITIES)/ASSETS

(11,717

)

867

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

(11,817

)

767

SHAREHOLDERS' FUNDS

(11,717

)

867

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 21 December 2017 and were signed on its behalf by:

P E Palmer - Director

Mrs J M Palmer - Director

1.	STATUTORY INFORMATION

Pepcom Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements are the first financial statements that comply with FRS 102 Section 1A small

entities. The date of transition is 1 April 2015. The transition has resulted in an alignment of accounting

policies to those required in the adoption of FRS 102 and FRS 102 1A. Any impact is explained in the notes to

these financial statements.

Significant judgements and estimates

In the application of the Company's accounting policies, which are described below, the directors are required

to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are

not readily apparent from other sources. The estimates and associated assumptions are based on historical

experience and other factors that are considered to be relevant. Actual results may differ from these

estimates.

The estimated and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates

are recognised in the period in which the estimate is revised if revision affects only that and future periods.

The following are critical judgements including those involving estimations, that the directors have made in the

process of applying the Company's accounting policies and that have the most significant effect on the

amounts recognised in the financial statements.

Depreciation of tangible fixed assets - property, plant and machinery

Tangible fixed assets are recognised at cost and depreciated on the basis appropriate to charge to the profit

and loss the economic consumption of those assets during the accounting period. The charge is calculated as

described below and is based on the directors knowledge of the reduction in the residual value of trading

assets and estate property on average over the investment cycle of each class of asset. The rates of

depreciation are kept under review such that assets are written down to residual value at the end of the

economic lives of the assets.

Fair value measurement of financial instruments

When the fair values of financial assets and financial liabilities recorded in the balance sheet cannot be

measured based on quoted prices in active markets, their fair value is measured using valuation techniques

including the discounted cash flow model. The inputs to these models are taken from observable markets

where possible, but where this is not feasible, a degree of judgement is required in establishing fair values.

Judgements include considerations of inputs such as liquidity risk, credit risk and volatility.

Going concern

Having estimated the projected results and cash flow of the company, it is expected that the company should

generate a cash profit in the year ended 31 March 2018. The company expects the continued support of its

directors, bank and creditors. Whilst there is always considerable uncertainty in predicting cash flows more

than a few months into the future, the director is confident that the cash demands of the company will be

satisfied, and it is therefore appropriate to prepare the financial statements on the going concern basis.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Office equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

3 years straight line

Taxation

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under

finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but

excluding investment properties, are assessed to determine whether there is an indication that the carrying

amount of an asset may be more than its recoverable amount and that the asset should be impaired.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2016

32,698

Additions

1,811

Disposals

2,213

At 31 March 2017

36,722

DEPRECIATION

At 1 April 2016

9,393

Charge for year

5,169

Eliminated on disposal

2,213

At 31 March 2017

16,775

NET BOOK VALUE

At 31 March 2017

19,947

At 31 March 2016

23,305

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2016

and 31 March 2017

22,345

DEPRECIATION

Charge for year

4,469

At 31 March 2017

4,469

NET BOOK VALUE

At 31 March 2017

17,876

At 31 March 2016

22,345

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

-

2,135

Other debtors

7,297

10,702

7,297

12,837

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

3,259

809

Hire purchase contracts

3,735

3,480

Trade creditors

5,574

-

Taxation and social security

5,159

1,721

Other creditors

5,013

8,282

22,740

14,292

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

12,736

16,322

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Hire purchase contracts

16,471

19,802

Obligations under hire purchase contracts are secured on the underlying assets.

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

Accelerated capital allowances

3,485

4,661

Deferred

tax

£

Balance at 1 April 2016

4,661

Accelerated capital allowances

(1,176

)

Balance at 31 March 2017

3,485

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2017 and

31 March 2016:

2017

2016

£

£

P E Palmer and Mrs J M Palmer

Balance outstanding at start of year

9,843

7,590

Amounts advanced

40,512

30,793

Amounts repaid

(43,873

)

(28,540

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

6,482

9,843