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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2018 |
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PIERCE PROTOCOLS LIMITED |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2018 |
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for |
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PIERCE PROTOCOLS LIMITED |
PIERCE PROTOCOLS LIMITED (REGISTERED NUMBER: 05613954) |
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Contents of the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Statement of Comprehensive Income | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Notes to the Financial Statements | 10 |
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PIERCE PROTOCOLS LIMITED |
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Company Information |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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INDEPENDENT AUDITORS : |
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Chartered Accountants |
& Statutory Auditor |
Third Floor |
126-134 Baker Street |
London |
W1U 6UE |
PIERCE PROTOCOLS LIMITED (REGISTERED NUMBER: 05613954) |
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Strategic Report |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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The directors present their strategic report for the year ended 31 December 2018. |
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REVIEW OF THE BUSINESS |
The company trades as an international art services company. The principal trading activities involve working with |
leading artists and estates across publishing, print-making, digital, film and art research. |
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Turnover for the year was £7.5m (2017 - £8.6m), a decrease of 13%. Gross profit for the year was £3.1m (2017 - £2.8m), |
an increase of 9%, and the number of employees increased from 37 in 2017 to 52 in 2018. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties faced by the company are: |
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Foreign Currency Risk |
The company's activities expose it to the financial risk of changes in foreign currency, principally the Euro and US dollar. |
The company manages the risk by using appropriate hedging techniques. |
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Liquidity Risk |
The company monitors cash as part of its day-to-day control procedures. The company does not use derivative financial |
instruments for speculative purposes. |
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Credit Risk |
The company's credit risk is primarily due to trade receivables. |
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FUTURE DEVELOPMENTS |
The directors expect the company to continue to trade as an international art services business for the foreseeable future. |
The company continues to seek improvements in operational efficiency and effective cost management. |
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KEY PERFORMANCE INDICATORS |
The directors use both financial and non-financial performance indicators to monitor the company's position. |
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The key financial performance indicators are sales of £7.5m (2017 - £8.6m) and gross profit of £3.1m (2017 - £2.8m). |
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The key non-financial performance indicators are artist and stakeholder relationships. |
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The directors are of the belief that the monitoring of the above-mentioned indicators is an effective aspect of business |
performance review. |
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ON BEHALF OF THE BOARD: |
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PIERCE PROTOCOLS LIMITED (REGISTERED NUMBER: 05613954) |
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Report of the Directors |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2018. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2018. |
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DIRECTORS |
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Other changes in directors holding office are as follows: |
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POLITICAL DONATIONS AND EXPENDITURE |
During the year the company did not make any political donations. |
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GOING CONCERN |
The company made a loss before taxation for the year of £457,559 (2017 - profit of £97,761), which was mainly due to |
impairment losses of £656,030, arising from amounts written off investments. |
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At the balance sheet date, the company had net liabilities of £502,157 (2017 - net assets of £6,950). Included in creditors |
falling due after one year is a loan of £14.3m (2017 - £7.8m). The directors have received confirmation from the creditor |
that they will not seek repayment of this loan until such time when the company is in a position to repay it. |
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Therefore, in the opinion of the directors, the company has adequate resources to meet its liabilities as and when they fall |
due and to continue in operational existence for the foreseeable future. The directors continue to adopt the going concern |
basis of accounting in preparing the financial statements. |
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DISCLOSURE IN THE STRATEGIC REPORT |
The principal risks and uncertainties that the company is exposed to in respect of foreign currency risk, liquidity risk and |
credit risk have been disclosed in the strategic report. |
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DIRECTORS' RESPONSIBILITIES STATEMENT |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
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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), including Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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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. |
PIERCE PROTOCOLS LIMITED (REGISTERED NUMBER: 05613954) |
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Report of the Directors |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have |
taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the |
company's auditors are aware of that information. |
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AUDITORS |
The auditors, Butler & Co LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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Report of the Independent Auditors to the Members of |
Pierce Protocols Limited |
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Opinion |
We have audited the financial statements of Pierce Protocols Limited (the 'company') for the year ended |
31 December 2018 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in |
Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial |
reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting |
Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and |
Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its loss for the year then
ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and |
we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Other Matters |
The comparative figures are unaudited as the company was not subject to audit in the previous accounting period. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly |
stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that |
there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in |
this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
Report of the Independent Auditors to the Members of |
Pierce Protocols Limited |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Directors' Responsibilities Statement set out on page three, the directors are responsible for |
the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal |
control as the directors determine necessary to enable the preparation of financial statements that are free from material |
misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting |
unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do |
so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material |
misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable |
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will |
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered |
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of |
users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters |
we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by |
law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, |
for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Chartered Accountants |
& Statutory Auditor |
Third Floor |
126-134 Baker Street |
London |
W1U 6UE |
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PIERCE PROTOCOLS LIMITED (REGISTERED NUMBER: 05613954) |
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Statement of Comprehensive Income |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2018 | 2017 |
(Unaudited) |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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(897,623 | ) | (82,360 | ) |
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Other operating income |
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OPERATING PROFIT |
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Interest receivable and similar income |
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601,916 | 227,127 |
Amounts written off investments | 5 | 656,030 | - |
(54,114 | ) | 227,127 |
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Interest payable and similar expenses | 6 |
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(LOSS)/PROFIT BEFORE TAXATION | 7 | ( |
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Tax on (loss)/profit | 8 |
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(LOSS)/PROFIT FOR THE FINANCIAL
YEAR |
( |
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PIERCE PROTOCOLS LIMITED (REGISTERED NUMBER: 05613954) |
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Balance Sheet |
31 DECEMBER 2018 |
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2018 | 2017 |
(Unaudited) |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
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Tangible assets | 11 |
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Investments | 12 |
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CURRENT ASSETS |
Stocks | 13 |
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Debtors | 14 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 15 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 16 |
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PROVISIONS FOR LIABILITIES | 20 | ( |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital | 21 |
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Retained earnings | 22 | ( |
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SHAREHOLDERS' FUNDS | ( |
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The financial statements were authorised for issue by the Board of Directors on
its behalf by: |
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PIERCE PROTOCOLS LIMITED (REGISTERED NUMBER: 05613954) |
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Statement of Changes in Equity |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2017 |
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Changes in equity |
Total comprehensive income | - |
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Balance at 31 December 2017 |
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Changes in equity |
Total comprehensive income | - | ( |
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Balance at 31 December 2018 |
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( |
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PIERCE PROTOCOLS LIMITED (REGISTERED NUMBER: 05613954) |
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Notes to the Financial Statements |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Pierce Protocols Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going Concern |
The company made a loss before taxation for the year of £457,559 (2017 - profit of £97,761), which was mainly |
due to impairment losses of £656,030, arising from amounts written off investments. |
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At the balance sheet date, the company had net liabilities of £502,157 (2017 - net assets of £6,950). Included in |
creditors falling due after one year is a loan of £14.3m (2017 - £7.8m). The directors have received confirmation |
from the creditor that they will not seek repayment of this loan until such time when the company is in a position |
to repay it. |
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Therefore, in the opinion of the directors, the company has adequate resources to meet its liabilities as and when |
they fall due and to continue in operational existence for the foreseeable future. The directors continue to adopt |
the going concern basis of accounting in preparing the financial statements. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, |
as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of Section 33 Related Party Disclosures paragraph 33.7. |
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Preparation of consolidated financial statements |
The financial statements contain information about Pierce Protocols Limited as an individual company and do not |
contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of |
the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its |
subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, |
Heni Holdings Limited, 3rd Floor, 126-134 Baker Street, London, W1U 6UE. |
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Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires the directors to make significant judgements and |
estimates. 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. |
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The areas of judgement and estimates applied by the directors are not considered sufficiently significant to |
require disclosure in these financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Turnover is recognised when the company has delivered goods and no other significant obligation remains |
unfulfilled that may affect the customer's acceptance of the products. |
PIERCE PROTOCOLS LIMITED (REGISTERED NUMBER: 05613954) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less |
any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets |
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Leasehold improvements | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Computer equipment | - |
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Tangible fixed assets are initially measured at cost, and subsequently measured at cost or valuation net of |
accumulated depreciation and impairment losses. |
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From 1 January 2018, the company changed its method of depreciation in respect of the following assets: |
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Asset Type | Previous method | New method |
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Leasehold improvement | straight line over 10 years | over the lease term |
Fixture and fittings | 10% on reducing balance | 33.33% & 20% on cost |
Motor Vehicles | 25% on reducing balance | 25% on cost |
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The effect of the above change in the method of depreciation has been an increase in the current year's |
depreciation charge by £30,757. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance |
for obsolete and slow moving items. |
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Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in |
bringing stocks to their present location and condition. |
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Financial instruments |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of |
the entity after deducting all of its financial liabilities. |
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Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar |
debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented |
as such in the balance sheet. Financial costs and gains or losses relating to financial liabilities are included in the |
profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding |
liability. |
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Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability |
then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited |
direct to equity. |
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PIERCE PROTOCOLS LIMITED (REGISTERED NUMBER: 05613954) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive |
Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in the 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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance |
sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date |
of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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3. | TURNOVER |
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The turnover and loss (2017 - profit) before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by class of business is given below: |
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2018 | 2017 |
(Unaudited) |
£ | £ |
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PIERCE PROTOCOLS LIMITED (REGISTERED NUMBER: 05613954) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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3. | TURNOVER - continued |
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An analysis of turnover by geographical market is given below: |
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2018 | 2017 |
(Unaudited) |
£ | £ |
United Kingdom |
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Europe |
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United States of America |
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Rest of the World | 3,603,218 | 3,481,579 |
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4. | EMPLOYEES AND DIRECTORS |
2018 | 2017 |
(Unaudited) |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the year was as follows: |
2018 | 2017 |
(Unaudited) |
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Direct Production | 37 | 26 |
Administration | 15 | 11 |
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2018 | 2017 |
(Unaudited) |
£ | £ |
Directors' remuneration |
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Directors' pension contributions to money purchase schemes |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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Information regarding the highest paid director for the year ended 31 December 2018 is as follows: |
2018 |
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£ |
Emoluments etc |
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Pension contributions to money purchase schemes |
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PIERCE PROTOCOLS LIMITED (REGISTERED NUMBER: 05613954) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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5. | AMOUNTS WRITTEN OFF INVESTMENTS |
2018 | 2017 |
(Unaudited) |
£ | £ |
Impairment of fixed asset |
investments | 656,030 | - |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2018 | 2017 |
(Unaudited) |
£ | £ |
Loan interest |
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7. | (LOSS)/PROFIT BEFORE TAXATION |
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The loss (2017 - profit) is stated after charging/(crediting): |
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2018 | 2017 |
(Unaudited) |
£ | £ |
Hire of plant and machinery |
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Other operating leases |
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Depreciation - owned assets |
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Profit on disposal of fixed assets | ( |
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Patents and licences amortisation |
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Auditors' remuneration |
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Foreign exchange differences |
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Auditors remuneration - non audit services |
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Auditors remuneration, for audit and non-audit services, include charges relating to audit and non audit services |
provided to the immediate parent, Heni Limited and ultimate parent, Heni Holdings Limited. |
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8. | TAXATION |
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Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
2018 | 2017 |
(Unaudited) |
£ | £ |
Current tax: |
UK corporation tax |
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Adjustment in respect of prior |
years | 18,211 | - |
Total current tax |
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Deferred tax | ( |
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Tax on (loss)/profit |
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UK corporation tax has been charged at 19% . |
PIERCE PROTOCOLS LIMITED (REGISTERED NUMBER: 05613954) |
|
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
8. | TAXATION - continued |
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
|
2018 | 2017 |
(Unaudited) |
£ | £ |
(Loss)/profit before tax | ( |
) |
|
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
|
( |
) |
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances |
|
- |
Adjustments to tax charge in respect of previous periods |
|
|
Deferred tax (credit) / charge | (23,591 | ) | 67,403 |
Amounts written off investments | 124,646 | - |
Group relief claimed | (27,651 | ) | - |
Total tax charge | 51,548 | 77,102 |
|
9. | RECLASSIFICATION OF COMPARATIVES |
|
Management fees receivable from group companies and expenses incurred and recharged, to other businesses, |
were included in turnover in the previous year. These amounts have been disclosed in the current year as other |
operating income. The corresponding figures in the previous year have therefore been reclassified accordingly for |
comparative purposes. |
|
The effect of the above reclassification has been a reduction in previous year's turnover and an increase in other |
operating income of £289,914. |
PIERCE PROTOCOLS LIMITED (REGISTERED NUMBER: 05613954) |
|
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
10. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 January 2018 |
|
Reclassification/transfer | ( |
) |
At 31 December 2018 |
|
AMORTISATION |
At 1 January 2018 |
|
|
Charge written back | (3,553 | ) |
At 31 December 2018 |
|
NET BOOK VALUE |
At 31 December 2018 |
|
At 31 December 2017 |
|
|
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Leasehold | and | Motor | Computer |
improvements | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2018 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals |
|
( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2018 |
|
|
|
|
|
DEPRECIATION |
At 1 January 2018 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2018 |
|
|
|
|
|
NET BOOK VALUE |
At 31 December 2018 |
|
|
|
|
|
At 31 December 2017 |
|
|
|
|
|
PIERCE PROTOCOLS LIMITED (REGISTERED NUMBER: 05613954) |
|
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
12. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2018 |
|
Additions |
|
Impairments | ( |
) |
At 31 December 2018 |
|
NET BOOK VALUE |
At 31 December 2018 |
|
At 31 December 2017 |
|
|
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
|
|
Registered office: United Kingdom |
Nature of business:
|
% |
Class of shares: | holding |
|
|
2018 | 2017 |
£ | £ |
Aggregate capital and reserves |
|
|
Loss for the year | ( |
) | ( |
) |
|
|
Registered office: United Kingdom |
Nature of business:
|
% |
Class of shares: | holding |
|
|
2018 | 2017 |
£ | £ |
Aggregate capital and reserves |
|
|
(Loss)/profit for the year | ( |
) |
|
|
|
Registered office: Germany |
Nature of business:
|
% |
Class of shares: | holding |
|
|
2018 | 2017 |
£ | £ |
Aggregate capital and reserves |
|
|
Loss for the year | ( |
) | ( |
) |
PIERCE PROTOCOLS LIMITED (REGISTERED NUMBER: 05613954) |
|
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
12. | FIXED ASSET INVESTMENTS - continued |
|
|
Registered office: Germany |
Nature of business:
|
% |
Class of shares: | holding |
|
|
2018 |
£ |
Aggregate capital and reserves |
|
Loss for the year | ( |
) |
|
13. | STOCKS |
2018 | 2017 |
(Unaudited) |
£ | £ |
Work-in-progress |
|
|
Finished goods |
|
|
|
|
|
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
(Unaudited) |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Other loans | 180,188 | 127,090 |
Directors' current accounts | 1,476 | 1,384 |
VAT |
|
|
Prepayments and accrued income |
|
|
|
|
|
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
(Unaudited) |
£ | £ |
Other loans (see note 17) |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Tax |
|
|
Social security and other taxes |
|
|
VAT | - | 16,477 |
Other creditors |
|
|
Pension liability | 6,201 | 1,994 |
Accruals and deferred income |
|
|
|
|
PIERCE PROTOCOLS LIMITED (REGISTERED NUMBER: 05613954) |
|
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
16. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
(Unaudited) |
£ | £ |
Other loans (see note 17) |
|
|
|
The above loans bear annual interest rates of Libor + 3%, Euribor + 3%, and 5%. The loans are repayable between |
2 to 5 years from the balance sheet date. |
|
17. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2018 | 2017 |
(Unaudited) |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
|
|
|
Amounts falling due between two and five years: |
Other loans - 2-5 years |
|
|
|
18. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
(Unaudited) |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
19. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2018 | 2017 |
(Unaudited) |
£ | £ |
Other loans | 5,000,000 | - |
|
Included other loans payable at year-end of £14,276,749 is a loan of £5,000,000 which is secured by a first legal |
charge over some of the company's Edition stocks. |
PIERCE PROTOCOLS LIMITED (REGISTERED NUMBER: 05613954) |
|
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
20. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
(Unaudited) |
£ | £ |
Deferred tax |
Accelerated capital allowances |
|
|
Other provisions | 60,000 | - |
|
|
|
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 January 2018 |
|
|
(Credit)/charge to Statement of Comprehensive Income during year | ( |
) |
|
Balance at 31 December 2018 |
|
|
|
Other provisions relate to provision for dilapidations. |
|
21. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
|
Ordinary | £1.00 | 1 | 1 |
|
22. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2018 |
|
Deficit for the year | ( |
) |
At 31 December 2018 | ( |
) |
|
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
|
At the balance sheet date, a director owed the company £1,476 (2017: £1,384). The balance was repaid on 14 |
June 2019. |
|
24. | RELATED PARTY DISCLOSURES |
|
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
|
At the balance sheet date, the company was owed £126,281 (2017: £127,090) from a community interest company |
with common directorship. The loan is repayable on demand. |
PIERCE PROTOCOLS LIMITED (REGISTERED NUMBER: 05613954) |
|
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
25. | ULTIMATE CONTROLLING PARTY |
|
The ultimate parent undertaking is Heni Holdings Limited, a company registered in England and Wales. The |
company's registered address is 3rd Floor, 126-134 Baker Street, London, W1U 6UE. |
|
The immediate parent undertaking is Heni Limited, a company registered in England and Wales. |
|
Heni Holdings Limited prepares group financial statements, which are the largest and the smallest group financial |
statements within which the results of the company are included, and which are publicly available from |
Companies House. |