PENNINE COMPONENTS (HOLDINGS) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
PAGES FOR FILING WITH REGISTRAR
PENNINE COMPONENTS (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mr T G Barrow
Mrs M J Dewhitt
Secretary
Mrs G Barrow
Company number
05817495 (England and Wales)
Registered office
65-67 Halifax Road
Todmorden
Lancashire
OL14 5BB
Accountants
Ashworth Moulds
11 Nicholas Street
Burnley
Lancashire
BB11 2AL
PENNINE COMPONENTS (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
PENNINE COMPONENTS (HOLDINGS) LIMITED
BALANCE SHEET
AS AT 30 JUNE 2019
30 June 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investment properties
3
3,060,000
3,045,000
Investments
4
10,398
10,398
3,070,398
3,055,398
Current assets
Debtors
5
2,430
1,649
Cash at bank and in hand
305,108
256,710
307,538
258,359
Creditors: amounts falling due within one year
6
(39,382)
(47,142)
Net current assets
268,156
211,217
Total assets less current liabilities
3,338,554
3,266,615
Creditors: amounts falling due after more than one year
7
(156,095)
(169,391)
Provisions for liabilities
(119,255)
(117,485)
Net assets
3,063,204
2,979,739
Capital and reserves
Called up share capital
8
4
4
Other reserves
386,203
372,973
Profit and loss reserves
2,676,997
2,606,762
Total equity
3,063,204
2,979,739
The notes on pages 3 - 9 form an integral part of these financial statements.
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 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
PENNINE COMPONENTS (HOLDINGS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2019
30 June 2019
- 2 -
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 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 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 16 March 2020 and are signed on its behalf by:
Mr T G Barrow
Director
Company Registration No. 05817495
PENNINE COMPONENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
- 3 -
1
Accounting policies
Company information
Pennine Components (Holdings) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
65-67 Halifax Road, Todmorden, Lancashire, OL14 5BB.
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 have been prepared with early application of
the
FRS 102 Triennial Review 2017 amendments in full.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 June 2019
are the
first
financial statements of Pennine Components (Holdings) 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 July 2017. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 9.
1.2
Turnover
Turnover represents amounts receivable for rental, service charges and rechargeable expenses.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% per annum, reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
PENNINE COMPONENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
A financial instrument is a contract giving rise to a financial asset (such as trade and other debtors, cash and bank balances) or a financial liability (such as trade and other creditors, bank and other loans, hire purchase and lease creditors) or an equity instrument (such as ordinary or preference shares).
Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument.
All the company's financial instruments are basic financial instruments and are recognised at amortised cost using the effective interest method.
Amortised cost:
the original transaction value, less amounts settled, less any adjustment for impairment.
Effective interest method:
where a financial instrument falls due more than 12 months after the balance sheet date and is subject to a rate of interest which is below a market rate, the original transaction value is discounted using a market rate of interest to give the net present value of future cash flows.
Derecognition of financial assets
Financial assets cease to be recognised only when the contractual rights to the cash flows expire, or when substantially all the risks and rewards of ownership are transferred to another entity.
Financial liabilities cease to be recognised when and only when the company's obligations are discharged, cancelled, or they expire.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Taxable profit differs from net profit as reported in the profit and loss account 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.
D
eferred 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 profit and loss account, except when it relates to items charged or credited directly to
reserves
, in which case the deferred tax is also dealt with in
reserves.
PENNINE COMPONENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
1
Accounting policies
(Continued)
- 5 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2018 - 2).
3
Investment property
2019
£
Fair value
At 1 July 2018
3,045,000
Revaluations
15,000
At 30 June 2019
3,060,000
The directors have valued the company's investment properties at 30 June 2019 on an open market value basis by reference to market information and data available in respect of domestic properties in the UK.
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2019
2018
£
£
Cost
2,554,542
2,554,542
Accumulated depreciation
-
-
Carrying amount
2,554,542
2,554,542
4
Fixed asset investments
2019
2018
£
£
Investments
10,398
10,398
PENNINE COMPONENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 July 2018 & 30 June 2019
10,398
Carrying amount
At 30 June 2019
10,398
At 30 June 2018
10,398
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
100
-
Prepayments and accrued income
2,330
1,649
2,430
1,649
6
Creditors: amounts falling due within one year
2019
2018
Notes
£
£
Bank loans and overdrafts
13,090
12,723
Other borrowings
4,000
16,000
Trade creditors
1,074
1,461
Corporation tax
16,216
11,660
Other creditors
114
25
Accruals and deferred income
4,888
5,273
39,382
47,142
PENNINE COMPONENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 7 -
7
Creditors: amounts falling due after more than one year
2019
2018
Notes
£
£
Bank loans and overdrafts
156,095
169,391
The bank loans are secured on the properties to which they relate.
Amounts included above which fall due after five years are as follows:
Payable by instalments
(103,735)
(116,667)
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
200 Ordinary of 1p each
2
2
200 Ordinary 'A' of 1p each
2
2
4
4
PENNINE COMPONENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
- 8 -
9
Reconciliations on adoption of FRS 102
Reconciliation of equity
At 1 July 2017
At 30 June 2018
Previous UK GAAP
Effect of
transition
FRS 102
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
£
£
£
Fixed assets
Tangible assets
1
2,086,684
(2,085,476)
1,208
2,034,384
(2,034,384)
-
Investment properties
1
-
2,985,000
2,985,000
-
3,045,000
3,045,000
Investments
10,398
-
10,398
10,398
-
10,398
2,097,082
899,524
2,996,606
2,044,782
1,010,616
3,055,398
Current assets
Debtors
3,245
-
3,245
1,649
-
1,649
Bank and cash
196,259
-
196,259
256,710
-
256,710
199,504
-
199,504
258,359
-
258,359
Creditors due within one year
Loans and overdrafts
(12,076)
-
(12,076)
(28,723)
-
(28,723)
Taxation
(15,444)
-
(15,444)
(11,660)
-
(11,660)
Other creditors
(5,353)
-
(5,353)
(6,759)
-
(6,759)
(32,873)
-
(32,873)
(47,142)
-
(47,142)
Net current assets
166,631
-
166,631
211,217
-
211,217
Total assets less current liabilities
2,263,713
899,524
3,163,237
2,255,999
1,010,616
3,266,615
Creditors due after one year
Loans and overdrafts
(182,913)
-
(182,913)
(169,391)
-
(169,391)
Provisions for liabilities
Deferred tax
2
-
(115,444)
(115,444)
-
(117,485)
(117,485)
Net assets
2,080,800
784,080
2,864,880
2,086,608
893,131
2,979,739
Capital and reserves
Share capital
4
-
4
4
-
4
Other reserves
1
-
315,014
315,014
-
372,973
372,973
Profit and loss
1
2,080,796
469,066
2,549,862
2,086,604
520,158
2,606,762
Total equity
2,080,800
784,080
2,864,880
2,086,608
893,131
2,979,739
PENNINE COMPONENTS (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2019
9
Reconciliations on adoption of FRS 102
(Continued)
- 9 -
Reconciliation of profit for the financial period
Year ended 30 June 2018
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
Turnover
122,992
-
122,992
Administrative expenses
1
(92,203)
51,091
(41,112)
Interest receivable and similar income
10,000
-
10,000
Interest payable and similar expenses
(8,032)
-
(8,032)
Fair value gains and losses on investment properties
1
-
60,000
60,000
Profit before taxation
32,757
111,091
143,848
Taxation
2
(10,949)
(2,041)
(12,990)
Profit for the financial period
21,808
109,050
130,858
Notes to reconciliations on adoption of FRS 102
(1) Fixed assets
Historically freehold and long leasehold properties were included in the financial statements at depreciated historical cost. The properties have been reclassified as investment properties and reflected at open market value under FRS102 and the accumulated depreciation reversed.
At 1 July 2017 the accumulated depreciation in respect of the properties was £469,066 and the historical cost was £2,554,542. Under the historical cost basis, the depreciation charge for the year ended 30th June 2018 amounted to £51,091 and the accumulated depreciation in respect of the properties amounted to £520,158 at 30th June 2018. The open market value of the properties at 1 July 2017 was £2,985,000 with the increase of £430,458 from historic cost credited to other reserves. The open market value of the properties increased by £60,000 in the year ended 30th June 2018 to £3,045,000 with a corresponding increase in the amount credited to other reserves.
(2) Deferred taxation
FRS 102 requires deferred tax to be recognised on investment property revaluation gains and losses which resulted in the creation of a deferred tax liability on transition of £115,444 at 1 July 2017. The deferred tax charge increased by £2,041 during the year ended 30th June 2018 with a corresponding increase to the deferred tax liability.
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