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Unaudited Financial Statements for the Year Ended 31st December 2017 |
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Pierce Protocols Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31st December 2017 |
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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 31st December 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Pierce Protocols Limited |
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Company Information |
for the Year Ended 31st December 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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6 Snow Hill |
London |
EC1A 2AY |
Pierce Protocols Limited (Registered number: 05613954) |
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Balance Sheet |
31st December 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one
year |
8 |
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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 |
9 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS/(LIABILITIES) |
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( |
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Pierce Protocols Limited (Registered number: 05613954) |
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Balance Sheet - continued |
31st December 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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( |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
and were signed on its behalf by: |
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Pierce Protocols Limited (Registered number: 05613954) |
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Notes to the Financial Statements |
for the Year Ended 31st December 2017 |
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1. | STATUTORY INFORMATION |
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Pierce Protocols Limited is a
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England and Wales. The company's registered number and registered office |
address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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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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 |
Tangible assets are initially measured at cost, and subsequently measured at cost or |
valuation net of accumulated depreciation and impairment losses. |
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Depreciation |
Depreciation is calculated so at to write off the cost or valuation of an asset, less its |
residual value, over the useful economic life of that asset as follows: |
Leasehold improvements | - | 10 years straight line |
Computer equipments | - | 33% straight line |
Fixtures & fittings | - | 10% reducing balance |
Motor vehicles | - | 25% reducing balance |
Pierce Protocols Limited (Registered number: 05613954) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Stocks |
Stocks 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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Financial instruments |
Financial liabilities and equity instruments are classified according to the substance |
of the contractual arrangements entered into. An equity instruments 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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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. |
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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 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. |
Pierce Protocols Limited (Registered number: 05613954) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2017 |
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2. | ACCOUNTING POLICIES - continued |
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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. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
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At 31st December 2017 |
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AMORTISATION |
Charge for year |
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At 31st December 2017 |
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NET BOOK VALUE |
At 31st December 2017 |
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Pierce Protocols Limited (Registered number: 05613954) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2017 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st January 2017 |
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Additions |
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At 31st December 2017 |
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DEPRECIATION |
At 1st January 2017 |
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Charge for year |
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At 31st December 2017 |
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NET BOOK VALUE |
At 31st December 2017 |
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At 31st December 2016 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st January 2017 |
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Additions |
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At 31st December 2017 |
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NET BOOK VALUE |
At 31st December 2017 |
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At 31st December 2016 |
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Pierce Protocols Limited (Registered number: 05613954) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2017 |
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7. |
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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8. |
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Other creditors |
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10. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2017 | 2016 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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Pierce Protocols Limited (Registered number: 05613954) |
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Notes to the Financial Statements - continued |
for the Year Ended 31st December 2017 |
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11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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During the year, Ms H Pierce, a director owed the company £1,384 (2016: £nil). The |
balance was repaid by 30 September 2018. |
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During the year ended 31 December 2016, the company owed £203,506 to Ms H |
Pierce, a director of the company. The loan was repaid during the year. The balance |
outstanding is £nil. |
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12. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of FRS 102 Section 1A 'Related party disclosure' |
as the company is 100% owned subsidiary of Heni Limited. Heni Holdings Limited is |
the ultimate parent company of Pierce Protocols Limited, a company registered in |
England and Wales, registration number 11078584. |
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The company advanced a loan to Long Live Southbank C.I.C of £127,090 (2016: |
£92,090) a community interest company. Ms H Pierce is the sole director of Long |
Live Southbank C.I.C. The loan is repayable on demand. |