Company Registration No. 08098581 (England and Wales)
PEARSON ROWE LIMITED (NOW CALLED FLINDEEL LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
PAGES FOR FILING WITH REGISTRAR
PEARSON ROWE LIMITED (NOW CALLED FLINDEEL LIMITED)
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
PEARSON ROWE LIMITED (NOW CALLED FLINDEEL LIMITED)
BALANCE SHEET
AS AT
30 APRIL 2018
30 April 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
4
656,250
700,000
Tangible assets
5
4,970
11,620
Current assets
Debtors
6
318,649
302,492
Cash at bank and in hand
33,958
123,196
352,607
425,688
Creditors: amounts falling due within one year
7
(449,238)
(567,982)
Net current liabilities
(96,631)
(142,294)
Total assets less current liabilities
564,589
569,326
Creditors: amounts falling due after more than one year
8
(120,000)
(190,000)
Provisions for liabilities
(145)
(1,233)
Net assets
444,444
378,093
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
444,442
378,091
Total equity
444,444
378,093
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 April 2018 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 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.
PEARSON ROWE LIMITED (NOW CALLED FLINDEEL LIMITED)
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2018
30 April 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 October 2018 and are signed on its behalf by:
Mr B J Flint
Mr M Deeley
Director
Director
Company Registration No. 08098581
PEARSON ROWE LIMITED (NOW CALLED FLINDEEL LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2018
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 May 2016
2
335,997
335,999
Year ended 30 April 2017:
Profit and total comprehensive income for the year
-
102,094
102,094
Dividends
-
(60,000)
(60,000)
Balance at 30 April 2017
2
378,091
378,093
Year ended 30 April 2018:
Profit and total comprehensive income for the year
-
126,351
126,351
Dividends
-
(60,000)
(60,000)
Balance at 30 April 2018
2
444,442
444,444
PEARSON ROWE LIMITED (NOW CALLED FLINDEEL LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
- 4 -
1
Accounting policies
Company information
Pearson Rowe Limited (now called Flindeel 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
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.
1.3
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
1.4
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
.
1.5
Cash and cash equivalents
Cash at bank and in hand
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PEARSON ROWE LIMITED (NOW CALLED FLINDEEL LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
1
Accounting policies
(Continued)
- 5 -
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.
1.7
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income 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 asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 13 (2017 - 13).
3
Taxation
2018
2017
£
£
Current tax
UK corporation tax on profits for the current period
43,204
40,081
Deferred tax
Origination and reversal of timing differences
(1,088)
1,233
Total tax charge
42,116
41,314
PEARSON ROWE LIMITED (NOW CALLED FLINDEEL LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 6 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2017 and 30 April 2018
875,000
Amortisation and impairment
At 1 May 2017
175,000
Amortisation charged for the year
43,750
At 30 April 2018
218,750
Carrying amount
At 30 April 2018
656,250
At 30 April 2017
700,000
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2017
36,604
Additions
838
At 30 April 2018
37,442
Depreciation and impairment
At 1 May 2017
24,984
Depreciation charged in the year
7,488
At 30 April 2018
32,472
Carrying amount
At 30 April 2018
4,970
At 30 April 2017
11,620
PEARSON ROWE LIMITED (NOW CALLED FLINDEEL LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 7 -
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
14,782
2,840
Other debtors
271,038
263,390
Prepayments and accrued income
32,829
36,262
318,649
302,492
Unbilled amounts for client work included within other debtors
224,297
210,976
7
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Bank loans and overdrafts
221,799
319,563
Corporation tax
43,209
40,081
Other taxation and social security
25,168
43,920
Other creditors
140,186
147,364
Accruals and deferred income
18,876
17,054
449,238
567,982
8
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
120,000
190,000
9
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
2 ordinary of £1 each
2
2
2
2
10
Related party transactions
The company was under the control of Mr B J Flint and Mr M Deeley throughout the current year.
Included within other creditors due within one year are amounts owed to directors totalling £140,187 (2017: £140,908) and included within other creditors due after more than one year is £120,000 (2017: £190,000). No interest is payable in respect of these loans.