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No description of principal activity
2016-06-01
Sage Accounts Production Advanced 2017 Update 4 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
09019983
2016-06-01
2017-11-30
09019983
2017-11-30
09019983
2016-05-31
09019983
2015-06-01
2016-05-31
09019983
2016-05-31
09019983
2015-05-31
09019983
bus:RegisteredOffice
2016-06-01
2017-11-30
09019983
bus:LeadAgentIfApplicable
2016-06-01
2017-11-30
09019983
bus:Director1
2016-06-01
2017-11-30
09019983
bus:Director2
2016-06-01
2017-11-30
09019983
bus:CompanySecretary1
2016-06-01
2017-11-30
09019983
core:WithinOneYear
2017-11-30
09019983
core:WithinOneYear
2016-05-31
09019983
core:ShareCapital
2017-11-30
09019983
core:ShareCapital
2016-05-31
09019983
core:RetainedEarningsAccumulatedLosses
2017-11-30
09019983
core:RetainedEarningsAccumulatedLosses
2016-05-31
09019983
bus:Director1
2016-05-31
09019983
bus:Director1
2017-11-30
09019983
bus:Director2
2016-05-31
09019983
bus:Director2
2017-11-30
09019983
bus:Director1
2016-05-31
09019983
bus:Director2
2015-05-31
09019983
bus:Director2
2016-05-31
09019983
bus:Director1
2015-06-01
2016-05-31
09019983
bus:Director2
2015-06-01
2016-05-31
09019983
bus:FRS102
2016-06-01
2017-11-30
09019983
bus:AuditExemptWithAccountantsReport
2016-06-01
2017-11-30
09019983
bus:AbridgedAccounts
2016-06-01
2017-11-30
09019983
bus:SmallCompaniesRegimeForAccounts
2016-06-01
2017-11-30
09019983
bus:PrivateLimitedCompanyLtd
2016-06-01
2017-11-30
09019983
core:OfficeEquipment
2016-06-01
2017-11-30
Statement of Consent to Prepare Financial Statements
|
|
All of the members of Peridotite Ltd have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the period ending 30 November 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
09019983
Filleted Unaudited Financial Statements
|
|
Period from 1 June 2016 to 30 November 2017
Officers and professional advisers
|
1
|
|
|
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
|
2
|
|
|
Abridged statement of financial position
|
3
|
|
|
Notes to the financial statements
|
5
|
|
|
Officers and Professional Advisers
|
|
The board of directors
|
Mrs. F M Foster
|
|
Mr. S J Foster
|
|
|
Company secretary
|
Mrs. F M Foster
|
|
|
Registered office
|
17 Lichfield Street
|
|
Stone
|
|
Staffordshire
|
|
ST15 8NA
|
|
|
Accountants
|
Plant & Co Limited
|
|
Chartered Accountants
|
|
17 Lichfield Street
|
|
Stone
|
|
Staffordshire
|
|
ST15 8NA
|
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
Peridotite Ltd
|
|
Period from 1 June 2016 to 30 November 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Peridotite Ltd for the period ended 30 November 2017, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Peridotite Ltd, as a body, in accordance with the terms of our engagement letter dated 17 January 2015. Our work has been undertaken solely to prepare for your approval the financial statements of Peridotite Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peridotite Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Peridotite Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Peridotite Ltd. You consider that Peridotite Ltd is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of Peridotite Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Plant & Co Limited
Chartered Accountants
17 Lichfield Street
Stone
Staffordshire
ST15 8NA
15 February 2018
Abridged Statement of Financial Position
|
|
30 November 2017
|
30 Nov 17
|
31 May 16
|
Note
|
£
|
£
|
£
|
|
|
|
|
Fixed assets
Tangible assets
|
5
|
|
569
|
649
|
|
|
|
|
|
Current assets
Debtors
|
–
|
|
22,987
|
Cash at bank and in hand
|
44,624
|
|
6,834
|
|
--------
|
|
--------
|
|
44,624
|
|
29,821
|
|
|
|
|
Creditors: amounts falling due within one year
|
35,275
|
|
24,768
|
|
--------
|
|
--------
|
Net current assets
|
|
9,349
|
5,053
|
|
|
-------
|
-------
|
Total assets less current liabilities
|
|
9,918
|
5,702
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
114
|
130
|
|
|
-------
|
-------
|
Net assets
|
|
9,804
|
5,572
|
|
|
-------
|
-------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
4
|
4
|
Profit and loss account
|
|
9,800
|
5,568
|
|
|
-------
|
-------
|
Shareholders funds
|
|
9,804
|
5,572
|
|
|
-------
|
-------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the period ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Abridged Statement of Financial Position (continued)
|
|
30 November 2017
These financial statements were approved by the
board of directors
and authorised for issue on
15 February 2018
, and are signed on behalf of the board by:
Company registration number:
09019983
Notes to the Financial Statements
|
|
Period from 1 June 2016 to 30 November 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17 Lichfield Street, Stone, Staffordshire, ST15 8NA.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Office equipment
|
-
|
33% straight line
|
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4.
Particulars of employees
The average number of persons employed by the company during the period amounted to
2
(2016:
2
).
5.
Tangible assets
|
£
|
Cost
|
|
At 1 June 2016
|
974
|
Additions
|
813
|
|
-------
|
At 30 November 2017
|
1,787
|
|
-------
|
Depreciation
|
|
At 1 June 2016
|
325
|
Charge for the period
|
893
|
|
-------
|
At 30 November 2017
|
1,218
|
|
-------
|
Carrying amount
|
|
At 30 November 2017
|
569
|
|
-------
|
At 31 May 2016
|
649
|
|
-------
|
|
|
6.
Events after the end of the reporting period
There were no material events up to 15 February 2018, being the date of the approval of the financial statements by the Board.
7.
Directors' advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
|
30 Nov 17
|
|
|
Balance brought forward
|
Advances/ (credits) to the directors
|
Amounts repaid
|
Balance outstanding
|
|
|
£
|
£
|
£
|
£
|
|
Mrs. F M Foster
|
11,097
|
2,514
|
(
13,766)
|
(
155)
|
|
Mr. S J Foster
|
10,968
|
2,516
|
(
13,638)
|
(
154)
|
|
|
--------
|
-------
|
--------
|
----
|
|
|
22,065
|
5,030
|
(
27,404)
|
(
309)
|
|
|
--------
|
-------
|
--------
|
----
|
|
|
|
|
|
|
|
31 May 16
|
|
|
Balance brought forward
|
Advances/ (credits) to the directors
|
Amounts repaid
|
Balance outstanding
|
|
|
£
|
£
|
£
|
£
|
|
Mrs. F M Foster
|
–
|
66,097
|
(
55,000)
|
11,097
|
|
Mr. S J Foster
|
(
353)
|
66,321
|
(
55,000)
|
10,968
|
|
|
----
|
---------
|
---------
|
--------
|
|
|
(
353)
|
132,418
|
(
110,000)
|
22,065
|
|
|
----
|
---------
|
---------
|
--------
|
|
|
|
|
|
|
8.
Related party transactions
The company was under the control of the directors throughout the current and previous year by virtue of their share holding in the company. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.
9.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 June 2015.
No transitional adjustments were required in equity or profit or loss for the year.