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No description of principal activity
2016-06-30
Sage Accounts Production Advanced 2017 Update 1 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
01998934
2016-06-30
2017-06-29
01998934
2017-06-29
01998934
2016-06-29
01998934
2015-06-30
2016-06-29
01998934
2016-06-29
01998934
core:PlantMachinery
2016-06-30
2017-06-29
01998934
core:FurnitureFittings
2016-06-30
2017-06-29
01998934
bus:Director1
2016-06-30
2017-06-29
01998934
core:WithinOneYear
2017-06-29
01998934
core:WithinOneYear
2016-06-29
01998934
core:PlantMachinery
2016-06-29
01998934
core:FurnitureFittings
2016-06-29
01998934
core:PlantMachinery
2017-06-29
01998934
core:FurnitureFittings
2017-06-29
01998934
core:AfterOneYear
2017-06-29
01998934
core:AfterOneYear
2016-06-29
01998934
core:ShareCapital
2017-06-29
01998934
core:ShareCapital
2016-06-29
01998934
core:RetainedEarningsAccumulatedLosses
2017-06-29
01998934
core:RetainedEarningsAccumulatedLosses
2016-06-29
01998934
core:PlantMachinery
2016-06-29
01998934
core:FurnitureFittings
2016-06-29
01998934
bus:Director3
2016-06-30
2017-06-29
01998934
bus:FRS102
2016-06-30
2017-06-29
01998934
bus:AuditExempt-NoAccountantsReport
2016-06-30
2017-06-29
01998934
bus:FullAccounts
2016-06-30
2017-06-29
01998934
bus:SmallCompaniesRegimeForAccounts
2016-06-30
2017-06-29
01998934
bus:PrivateLimitedCompanyLtd
2016-06-30
2017-06-29
01998934
core:ComputerEquipment
2016-06-30
2017-06-29
01998934
core:ComputerEquipment
2016-06-29
01998934
core:ComputerEquipment
2017-06-29
Company Registration Number:
01998934
PINEWOOD ASSOCIATES LIMITED
|
|
FILLETED UNAUDITED FINANCIAL STATEMENTS
|
|
PINEWOOD ASSOCIATES LIMITED
|
|
YEAR ENDED 29 JUNE 2017
Statement of Financial Position
|
1 to 2
|
|
|
Notes to the Financial Statements
|
3 to 7
|
|
|
PINEWOOD ASSOCIATES LIMITED
|
|
STATEMENT OF FINANCIAL POSITION
|
|
29 June 2017
Fixed assets
Tangible assets
|
5
|
|
33,462
|
|
32,070
|
|
|
|
|
|
|
Current assets
Stocks
|
63,446
|
|
64,733
|
|
Debtors
|
6
|
436,970
|
|
439,901
|
|
Cash at bank and in hand
|
30,329
|
|
8,874
|
|
|
----------
|
|
----------
|
|
|
530,745
|
|
513,508
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
7
|
296,749
|
|
282,361
|
|
|
----------
|
|
----------
|
|
Net current assets
|
|
233,996
|
|
231,147
|
|
|
----------
|
|
----------
|
Total assets less current liabilities
|
|
267,458
|
|
263,217
|
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
8
|
|
130,000
|
|
130,000
|
|
|
|
|
|
|
Provisions
|
|
4,216
|
|
1,359
|
|
|
----------
|
|
----------
|
Net assets
|
|
133,242
|
|
131,858
|
|
|
----------
|
|
----------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
52,500
|
|
52,500
|
Profit and loss account
|
|
80,742
|
|
79,358
|
|
|
----------
|
|
----------
|
Members funds
|
|
133,242
|
|
131,858
|
|
|
----------
|
|
----------
|
|
|
|
|
|
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 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 statement of income and retained earnings has not been delivered.
For the year ending 29 June 2017 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
.
PINEWOOD ASSOCIATES LIMITED
|
|
STATEMENT OF FINANCIAL POSITION (continued)
|
|
29 June 2017
The financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Pt. 15 of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
22 November 2017
, and are signed on behalf of the board by:
Mr J D Blaskey, Director
Company registration number:
01998934
PINEWOOD ASSOCIATES LIMITED
|
|
NOTES TO THE FINANCIAL STATEMENTS
|
|
YEAR ENDED 29 JUNE 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Barton Hall, Hardy Street, Eccles, Manchester, M30 7NN.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
(a)
Basis of preparation
The financial statements have been prepared on the historical cost basis
.
(b)
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 30 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.
(c)
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances
. The judgement that has had the most significant effect on the amounts recognised in the financial statements relates to the estimate of the useful economic lives of the various fixed assets in the accounts for the purpose of the depreciation charge. The carrying value of the fixed assets after depreciation is disclosed in the notes to the accounts
.
(d)
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(e)
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.
(f)
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(g)
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
|
-
|
15% reducing balance
|
|
Fixtures and fittings
|
-
|
15% reducing balance
|
|
Computers/Web
|
-
|
33% straight line
|
|
|
|
|
(h)
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date
.
(i)
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(j)
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(k)
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(l)
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument
.
(m)
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to
21
(2016:
21
).
5.
Tangible assets
|
Plant & machinery
|
Fixtures & fittings
|
Computers/ Web
|
Total
|
|
£
|
£
|
£
|
£
|
Cost
|
|
|
|
|
At 30 June 2016
|
144,544
|
333,340
|
210,932
|
688,816
|
Additions
|
6,191
|
–
|
–
|
6,191
|
|
----------
|
----------
|
----------
|
----------
|
At 29 June 2017
|
150,735
|
333,340
|
210,932
|
695,007
|
|
----------
|
----------
|
----------
|
----------
|
Depreciation
|
|
|
|
|
At 30 June 2016
|
125,664
|
320,148
|
210,932
|
656,744
|
Charge for the year
|
2,832
|
1,969
|
–
|
4,801
|
|
----------
|
----------
|
----------
|
----------
|
At 29 June 2017
|
128,496
|
322,117
|
210,932
|
661,545
|
|
----------
|
----------
|
----------
|
----------
|
Carrying amount
|
|
|
|
|
At 29 June 2017
|
22,239
|
11,223
|
–
|
33,462
|
|
----------
|
----------
|
----------
|
----------
|
At 29 June 2016
|
18,880
|
13,192
|
–
|
32,072
|
|
----------
|
----------
|
----------
|
----------
|
|
|
|
|
|
6.
Debtors
|
2017
|
2016
|
|
£
|
£
|
Trade debtors
|
88,614
|
91,322
|
Amounts owed by group undertakings
|
345,319
|
345,319
|
Prepayments and accrued income
|
3,037
|
3,260
|
|
----------
|
----------
|
|
436,970
|
439,901
|
|
----------
|
----------
|
|
|
|
7.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Trade creditors
|
213,355
|
194,036
|
Accruals and deferred income
|
15,880
|
19,499
|
Corporation tax
|
17,354
|
20,976
|
Social security and other taxes
|
49,795
|
44,527
|
Other creditors
|
365
|
3,323
|
|
----------
|
----------
|
|
296,749
|
282,361
|
|
----------
|
----------
|
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2017
|
2016
|
|
£
|
£
|
Other loans
|
130,000
|
130,000
|
|
----------
|
----------
|
|
|
|
9.
Financial commitments
At 29 June 2017, the company had total commitments under non-cancellable operating leases of £9,358 for periods of two to five years and £295,822 for periods over five years (2016 £5,163 for periods up to one year, £3,600 for periods of two to five years and £348,772 for periods over five years).
10.
Related party transactions
The directors of the company were paid equity dividends during the year of £68,872 on their ordinary shares in the company.
11.
Reconciliation with previous generally accepted accounting
practice
These are the first financial statements that comply with FRS102. The company transitioned to FRS102 on 30 June 2015. In preparing the accounts, the directors have considered whether in applying the accounting policies required by FRS 102 a restatement of comparative items was needed. No restatements or transitional adjustments were required for the year.
12.
Controlling party
Throughout the year, the company has been a
wholly owned subsidiary
of the company Panel Holdings Limited
, whose registeded office and principal place of business is Barton Hall, Hardy Street, Manchester, M30 7NN.
13.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 30 June 2015.
No transitional adjustments were required in equity or profit or loss for the year.