Company Registration No. 2190209 (England and Wales)
PINEHIRE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
PINEHIRE LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Statement of comprehensive income
3
Statement of financial position
4
Notes to the financial statements
5 - 6
PINEHIRE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2017
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2017.
Principal activities
The Company remained dormant throughout the year.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P Blanden
J M Gresty-Poole
C E Owen
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
P Blanden
Director
19 December 2017
PINEHIRE LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PINEHIRE LIMITED FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pinehire Limited for the year ended 31 March 2017 set out on pages 4 to 6 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Pinehire Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Pinehire Limited and state those matters that we have agreed to state to the Board of Directors of Pinehire Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pinehire Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Pinehire Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss of Pinehire Limited. You consider that Pinehire Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Pinehire Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Rayner Essex LLP
22 December 2017
Chartered Accountants
Tavistock House South
Tavistock Square
London
WC1H 9LG
PINEHIRE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2017
- 3 -
2017
2016
Notes
£
£
Profit before taxation
-
-
Tax on profit
-
-
Profit for the financial year
5
-
-
The company remained dormant throughout the current and preceding years.
There are no recognised gains and losses other than those passing through the Statement of Comprehensive Income
PINEHIRE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2017
31 March 2017
- 4 -
2017
2016
Notes
£
£
£
£
Current assets
Debtors
2
17,917
17,917
Cash at bank and in hand
23
23
17,940
17,940
Creditors: amounts falling due within one year
3
(1,338)
(1,338)
Net current assets
16,602
16,602
Capital and reserves
Called up share capital
4
2
2
Profit and loss reserves
5
16,600
16,600
Total equity
16,602
16,602
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 19 December 2017 and are signed on its behalf by:
P Blanden
Director
Company Registration No. 2190209
PINEHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
1
Accounting policies
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Pinehire Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
In accordance with the transitional exemption in section 35 of FRS 102, Pinehire Limited has elected to retain its accounting policies for reported assets, liabilities and equity before the date of transition to FRS 102.
1.2
Profit and loss account
The company has not traded during the year or the preceding financial
period
. During
this time
the company received no income and incurred no expenditure and therefore no Profit and loss account is presented
in these financial statements.
1.3
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
PINEHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
2
Debtors
2017
2016
£
£
Amounts owed from group undertakings
17,917
17,917
3
Creditors: amounts falling due within one year
2017
2016
£
£
Amounts owed to group undertakings
1,338
1,338
4
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
5
Profit and loss reserves
2017
2016
£
£
At the beginning of the year
16,600
16,600
At the beginning and end of the year
16,600
16,600
The Company remained dormant throughout the year.
6
Parent company
The Company's parent undertaking is Bopco Limited, a Company registered in the United Kingdom. The ultimate controlling parties of the Company are P Blanden, C E Owen and J M Gresty-Poole, by virtue of their shareholdings in Bopco Limited.
7
Company information
Pinehire Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Faulkner House, Victoria Street, St Albans, Hertfordshire, AL1 3SE.