Company Registration No. 08098581 (England and Wales)
FLINDEEL LIMITED (FORMERLY KNOWN AS PEARSON ROWE LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2019
PAGES FOR FILING WITH REGISTRAR
FLINDEEL LIMITED (FORMERLY KNOWN AS PEARSON ROWE LIMITED)
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
FLINDEEL LIMITED (FORMERLY KNOWN AS PEARSON ROWE LIMITED)
BALANCE SHEET
AS AT
31 OCTOBER 2019
31 October 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
4
590,625
656,250
Tangible assets
5
-
4,970
590,625
661,220
Current assets
Debtors
6
77,323
318,649
Cash at bank and in hand
23,078
33,958
100,401
352,607
Creditors: amounts falling due within one year
7
(154,584)
(449,238)
Net current liabilities
(54,183)
(96,631)
Total assets less current liabilities
536,442
564,589
Creditors: amounts falling due after more than one year
8
(120,000)
(120,000)
Provisions for liabilities
-
(145)
Net assets
416,442
444,444
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
416,440
444,442
Total equity
416,442
444,444
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 period ended 31 October 2019 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 members have not required the company to obtain an audit of its financial statements for the period 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.
FLINDEEL LIMITED (FORMERLY KNOWN AS PEARSON ROWE LIMITED)
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2019
31 October 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 October 2020 and are signed on its behalf by:
Mr B J Flint
Mr M Deeley
Director
Director
Company Registration No. 08098581
FLINDEEL LIMITED (FORMERLY KNOWN AS PEARSON ROWE LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 OCTOBER 2019
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2017
2
378,091
378,093
Period ended 30 April 2018:
Profit and total comprehensive income for the period
-
126,351
126,351
Dividends
-
(60,000)
(60,000)
Balance at 30 April 2018
2
444,442
444,444
Period ended 31 October 2019:
Loss and total comprehensive income for the period
-
(28,002)
(28,002)
Balance at 31 October 2019
2
416,440
416,442
FLINDEEL LIMITED (FORMERLY KNOWN AS PEARSON ROWE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 OCTOBER 2019
- 4 -
1
Accounting policies
Company information
Flindeel Limited (formerly known as Pearson Rowe Limited) is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
56 St. Paul's Square, Birmingham, B3 1QS.
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.
1.2
Reporting period
These financial statements have been prepared for a
n
1
8
month period
from 1 May 2018 to 31 October 2019, due to an extension of its accounting year
. Therefore, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.3
Turnover
The turnover shown in the profit and loss account represents amounts receivable for work undertaken during the year, exclusive of Value Added Tax.
The amount receivable has been calculated using the revenue recognition principals set out in Application Note G of FRS 5 'Substance of transactions' and UTIF40 'Revenue recognition and service contracts', as appropriate.
1.4
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life, as follows:
Goodwill 5% straight line
1.5
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:
Fixtures, fittings & equipment
20% straight line
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
.
FLINDEEL LIMITED (FORMERLY KNOWN AS PEARSON ROWE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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 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. 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 profit and loss account, 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.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2 (2018 - 13).
3
Taxation
2019
2018
£
£
Current tax
UK corporation tax on profits for the current period
9,436
43,204
FLINDEEL LIMITED (FORMERLY KNOWN AS PEARSON ROWE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2019
3
Taxation
2019
2018
£
£
(Continued)
- 6 -
Deferred tax
Origination and reversal of timing differences
(145)
(1,088)
Total tax charge
9,291
42,116
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2018 and 31 October 2019
875,000
Amortisation and impairment
At 1 May 2018
218,750
Amortisation charged for the period
65,625
At 31 October 2019
284,375
Carrying amount
At 31 October 2019
590,625
At 30 April 2018
656,250
FLINDEEL LIMITED (FORMERLY KNOWN AS PEARSON ROWE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2019
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2018
37,442
Disposals
(37,442)
At 31 October 2019
-
Depreciation and impairment
At 1 May 2018
32,472
Eliminated in respect of disposals
(32,472)
At 31 October 2019
-
Carrying amount
At 31 October 2019
-
At 30 April 2018
4,970
6
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
40,535
14,782
Other debtors
36,788
271,038
Prepayments and accrued income
-
32,829
77,323
318,649
Unbilled amounts for client work included within other debtors
-
224,297
7
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
-
221,799
Trade creditors
1,614
-
Corporation tax
9,427
43,209
Other taxation and social security
11,856
25,168
Other creditors
126,437
140,186
Accruals and deferred income
5,250
18,876
154,584
449,238
FLINDEEL LIMITED (FORMERLY KNOWN AS PEARSON ROWE LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 OCTOBER 2019
- 8 -
8
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
120,000
120,000
9
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2 ordinary of £1 each
2
2
10
Related party transactions
The company was under the control of Mr B J Flint and Mr M Deeley throughout the period.
Included within other creditors due within one year are amounts owed to directors totalling £126,437 (2018: £140,186) and included within other creditors due after more than one year is £120,000 (2018: £120,000) owed to directors. No interest is payable in respect of these loans.
2019-10-31
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30 October 2020
CCH Software
CCH Accounts Production 2020.200
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Mr B J Flint
Mr M Deeley
Mr J McDowall
Mr B J Flint
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