Company registration number:
1313236
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FOR THE YEAR ENDED
30 SEPTEMBER 2019
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P. E. DISTRIBUTIONS LIMITED
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P. E. DISTRIBUTIONS LIMITED
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COMPANY INFORMATION
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Chartered Accountants
&
Statutory Auditor
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P. E. DISTRIBUTIONS LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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P. E. DISTRIBUTIONS LIMITED
REGISTERED NUMBER:
1313236
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STATEMENT OF FINANCIAL POSITION
AS AT
30 SEPTEMBER 2019
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
26 June 2020
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................................................
G.M. Elwell
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................................................
S.A. Molnar
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The notes on pages 2 to 5 form part of these financial statements.
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P. E. DISTRIBUTIONS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
P.E. Distributions Limited is a private company limited by shares incorporated in England and Wales under the Companies Act. The address of the registered office is shown on the company information page and the principal place of business is located at 6 Carlisle Street, London, W1D 3BN.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis which assumes the company will continue in operational existence for the foreseeable future. Whilst the company has net current liabilities, this includes amounts due to its parent company, which will not be recalled for repayment until a time that the Company has sufficient liquid resources to settle these liabilities. For this reason the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
The estimated useful lives range as follows:
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Land and buildings leasehold
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P. E. DISTRIBUTIONS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2.
Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Investments in subsidaries are measured at cost less accumulated impairment.
Investments in listed investments are remeasured to market value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
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The average monthly number of employees, including directors, during the year was 3
(2018 -
3
)
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P. E. DISTRIBUTIONS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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Loans to group undertakings & undertakings in which the company has a participating interest
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P. E. DISTRIBUTIONS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings and undertakings in which the company has a participating interest
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Accruals and deferred income
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Related party transactions
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Amounts owed to group undertakings and undertakings in which the company has a participating interest are shown in creditors. The creditor amount is repayable on demand and is interest free.
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The auditors' report on the financial statements for the year ended 30 September 2019 was unqualified.
The audit report was signed on
29 June 2020
by
Sarah Hallam FCCA
(Senior Statutory Auditor) on behalf of
Menzies LLP
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