Pierrette Limited 10645209 false 2017-03-01 2018-03-31 2018-03-31 The principal activity of the company is a cafe. The company was incorporated on 1st March 2017 but started trading from 25th September 2017. Digita Accounts Production Advanced 6.21.8540.0 Software true true 10645209 2017-03-01 2018-03-31 10645209 2018-03-31 10645209 bus:OrdinaryShareClass1 2018-03-31 10645209 core:RetainedEarningsAccumulatedLosses 2018-03-31 10645209 core:ShareCapital 2018-03-31 10645209 core:CurrentFinancialInstruments 2018-03-31 10645209 core:CurrentFinancialInstruments core:WithinOneYear 2018-03-31 10645209 core:Goodwill 2018-03-31 10645209 core:FurnitureFittingsToolsEquipment 2018-03-31 10645209 core:OtherPropertyPlantEquipment 2018-03-31 10645209 bus:SmallEntities 2017-03-01 2018-03-31 10645209 bus:AuditExemptWithAccountantsReport 2017-03-01 2018-03-31 10645209 bus:FullAccounts 2017-03-01 2018-03-31 10645209 bus:SmallCompaniesRegimeForAccounts 2017-03-01 2018-03-31 10645209 bus:RegisteredOffice 2017-03-01 2018-03-31 10645209 bus:Director1 2017-03-01 2018-03-31 10645209 bus:Director2 2017-03-01 2018-03-31 10645209 bus:OrdinaryShareClass1 2017-03-01 2018-03-31 10645209 bus:PrivateLimitedCompanyLtd 2017-03-01 2018-03-31 10645209 core:Goodwill 2017-03-01 2018-03-31 10645209 core:FurnitureFittings 2017-03-01 2018-03-31 10645209 core:FurnitureFittingsToolsEquipment 2017-03-01 2018-03-31 10645209 core:OtherPropertyPlantEquipment 2017-03-01 2018-03-31 10645209 core:PlantMachinery 2017-03-01 2018-03-31 10645209 core:OtherRelatedParties 2017-03-01 2018-03-31 10645209 countries:AllCountries 2017-03-01 2018-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10645209

Pierrette Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 March 2017 to 31 March 2018

Thomas Alexander & Co Ltd
590 Green Lanes
Palmers Green
London
N13 5RY

 

Pierrette Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Pierrette Limited

Company Information

Directors

Mr Ryan Bedell

Mrs Sandra Bedell

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Co Ltd
590 Green Lanes
Palmers Green
London
N13 5RY

 

Pierrette Limited

(Registration number: 10645209)
Balance Sheet as at 31 March 2018

Note

2018
£

Fixed assets

 

Intangible assets

4

126,000

Tangible assets

5

41,706

 

167,706

Current assets

 

Stocks

6

6,000

Debtors

7

21,200

Cash at bank and in hand

 

18,045

 

45,245

Creditors: Amounts falling due within one year

8

(224,918)

Net current liabilities

 

(179,673)

Net liabilities

 

(11,967)

Capital and reserves

 

Called up share capital

9

100

Profit and loss account

(12,067)

Total equity

 

(11,967)

For the financial period ending 31 March 2018 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 accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 November 2018 and signed on its behalf by:
 

.........................................

Mr Ryan Bedell
Director

 

Pierrette Limited

Notes to the Financial Statements for the Period from 1 March 2017 to 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

These financial statements were authorised for issue by the Board on 9 November 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis dependant upon continuing support of the company directors.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Pierrette Limited

Notes to the Financial Statements for the Period from 1 March 2017 to 31 March 2018

Asset class

Depreciation method and rate

Plant and machinery

25% straight line basis

Furniture and fittings

15% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Pierrette Limited

Notes to the Financial Statements for the Period from 1 March 2017 to 31 March 2018

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 9.

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

140,000

140,000

At 31 March 2018

140,000

140,000

Amortisation

Amortisation charge

14,000

14,000

At 31 March 2018

14,000

14,000

Carrying amount

At 31 March 2018

126,000

126,000

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil.
 

 

Pierrette Limited

Notes to the Financial Statements for the Period from 1 March 2017 to 31 March 2018

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

Additions

35,000

15,942

50,942

At 31 March 2018

35,000

15,942

50,942

Depreciation

Charge for the period

5,250

3,986

9,236

At 31 March 2018

5,250

3,986

9,236

Carrying amount

At 31 March 2018

29,750

11,956

41,706

6

Stocks

2018
£

Other inventories

6,000

7

Debtors

2018
£

Other debtors

21,200

21,200

8

Creditors

Creditors: amounts falling due within one year

2018
£

Due within one year

Taxation and social security

3,793

Accruals and deferred income

1,000

Other creditors

15,663

Directors current account

204,462

224,918

 

Pierrette Limited

Notes to the Financial Statements for the Period from 1 March 2017 to 31 March 2018

9

Share capital

Allotted, called up and fully paid shares

 

2018

 

No.

£

Ordinary shares of £1 each

100

100

     

10

Related party transactions

Summary of transactions with other related parties

Included in creditors is an amount owed to the company directors and family of £204,462. Although this is repayable on demand, the directors do not intend to request repayment in the next 12 months.