Company Registration No. 04977195 (England and Wales)
PENNIES FOREST SCHOOLS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
PENNIES FOREST SCHOOLS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
PENNIES FOREST SCHOOLS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Cash at bank and in hand
2
2
Creditors: amounts falling due within one year
3
(8,502)
-
Net current (liabilities)/assets
(8,500)
2
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(8,502)
-
Total equity
(8,500)
2
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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 and delivered 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 28 January 2021 and are signed on its behalf by:
Mr P Scotton
Director
Company Registration No. 04977195
PENNIES FOREST SCHOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
1
Accounting policies
Company information
Pennies Forest Schools Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Newnham Court Shopping Village, Bearsted Road, Maidstone, Kent, United Kingdom, ME14 5LH.
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
.
1.2
Going concern
The accounts are prepared on a going concern basis.
Although currently the UK is in the midst of a global pandemic (further information can be found in note 4 of the financial statements) and the full impact on the company is yet to be seen, the directors believe that the measures taken will enable the company to continue in operation for a period of
not less than 12 months from the date of signing the accounts. On this basis, the directors consider it appropriate to prepare the financial statements on a goin
g
concern basis.
1.3
Financial instruments
Basic financial liabilities
Basic financial liabilities, including loans from
fellow group companies, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.4
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
4
3
3
Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
8,502
-
PENNIES FOREST SCHOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
4
Events after the reporting date
On 11 March 2020, The World Health Organisation ("WHO") declared the outbreak of a novel coronavirus to be a global pandemic. In order to stem the spread of the virus, the UK government took drastic steps which included the compulsory closure of schools and various businesses. Although the global pandemic is ongoing and the full impact on the company is yet to be seen, the directors believe that measures taken by the company will enable the company to continue in operation.
5
Related party transactions
At the year end, the company owed £8,502 to Penniesworld Limited, ultimate parent company.
6
Parent company
The ultimate
parent company
is Penniesworld Limited
.
The registered office of Penniesworld Limited is Newnham Court Shopping Village, Bearsted Road, Maidstone, Kent, ME14 5LH.