Company Registration No. 04437866 (England and Wales)
PIVOTELL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
PIVOTELL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PIVOTELL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
25,787
27,733
Current assets
Stocks
78,400
74,910
Debtors falling due after more than one year
5
70,218
70,218
Debtors falling due within one year
5
231,617
174,674
Cash at bank and in hand
28,198
30,524
408,433
350,326
Creditors: amounts falling due within one year
6
(175,188)
(132,147)
Net current assets
233,245
218,179
Total assets less current liabilities
259,032
245,912
Provisions for liabilities
7
(1,765)
-
Net assets
257,267
245,912
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
257,167
245,812
Total equity
257,267
245,912

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 31 March 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.

The 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.

PIVOTELL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 November 2018 and are signed on its behalf by:
Mrs Caroline Milne
Director
Company Registration No. 04437866
PIVOTELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information

Pivotell Limited is a private company limited by shares incorporated in England and Wales. The registered office is Danson House, Stortford Road, Clavering, Saffron Walden, Essex, CB11 4PE.

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 amounts in these financial statements are rounded to the nearest £.

1.2
Going concern

The company has continued to generate profits and at the balance sheet date had significant reserves. No additional funding requirements exist to support the company's activities and therefore the directors are not aware of any reasons as to why the accounts should not be prepared on the going concern basis, and therefore this basis has continued to be adopted.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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:

Leasehold improvements
- 5% reducing balance
Fixtures & fittings
- 25% reducing balance
Equipment
- 25% 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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

PIVOTELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
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.

1.7
Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. The company has no bank loans or other more complex financial instruments that require measurement at amortised cost using the effective cost method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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.

1.10
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.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

PIVOTELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 5 -
1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 6 (2017 - 6).

3
Directors' remuneration
2018
2017
£
£
Remuneration paid to directors
46,604
96,060
Dividends paid to directors
110,495
103,997

Dividends totalling £110495 (2017 - £103997) were paid in the year in respect of shares held by the company's directors.

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2017 - 2).

4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2017
26,174
29,969
56,143
Additions
-
1,615
1,615
At 31 March 2018
26,174
31,584
57,758
Depreciation and impairment
At 1 April 2017
8,809
19,600
28,409
Depreciation charged in the year
868
2,694
3,562
At 31 March 2018
9,677
22,294
31,971
Carrying amount
At 31 March 2018
16,497
9,290
25,787
At 31 March 2017
17,365
10,368
27,733
PIVOTELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
140,176
112,506
Other debtors
91,441
62,168
231,617
174,674
Amounts falling due after more than one year:
Other debtors
70,218
70,218
Total debtors
301,835
244,892
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
92,901
59,755
Corporation tax
29,491
13,006
Other taxation and social security
20,759
30,048
Other creditors
32,037
29,338
175,188
132,147
7
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
1,765
-
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
40 Ordinary A shares of £1 each
40
40
40 Ordinary B shares of £1 each
40
40
20 Ordinary C shares of £1 each
20
20
100
100
PIVOTELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
8
Called up share capital
(Continued)
- 7 -

The Ordinary shares are designated as 40 Ordinary "A", 40 Ordinary "B" and 20 Ordinary "C" shares.

 

All three classes of Ordinary share rank equally in all respects, having full voting rights, the right to receive dividend (although this can be varied by share class) and the right to participate in the proceeds of any sale or winding up of the company.

9
Ultimate Controlling Party

Mrs C Milne and Mr A Milne are the ultimate controlling parties of the company as they hold the majority of the shareholdings.

10
Related party transactions
Transactions with related parties

Pharmacell Medication Systems Limited, a company in which Mrs C Milne and Mr A Milne are directors and shareholders, have an outstanding loan from Pivotell Limited. The loan bears interest and in the year ended 31 March 2018, the company received £nil interest on this loan and £nil capital repayments due to the loan being put on hold. At the balance sheet date the amount outstanding was £114,566, of which £70,218 is considered to be recoverable after more than 1 year.

11
Directors' transactions

Dividends totalling £110,495 (2017 - £103,997) were paid in the year in respect of shares held by the company's directors.

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