Registered number
03608688
Piercefield Asset Management Limited
Unaudited Filleted Accounts
30 September 2018
Piercefield Asset Management Limited
Registered number: 03608688
Balance Sheet
as at 30 September 2018
Notes 2018 2017
£ £
Fixed assets
Intangible assets 3 131,250 158,750
Tangible assets 4 685,482 703,554
816,732 862,304
Current assets
Debtors 5 24,543 17,554
Cash at bank and in hand 203,035 219,477
227,578 237,031
Creditors: amounts falling due within one year 6 (96,190) (89,267)
Net current assets 131,388 147,764
Total assets less current liabilities 948,120 1,010,068
Creditors: amounts falling due after more than one year 7 (348,662) (436,695)
Provisions for liabilities (3,811) (5,440)
Net assets 595,647 567,933
Capital and reserves
Called up share capital 100 100
Profit and loss account 595,547 567,833
Shareholders' funds 595,647 567,933
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S J Willis
Director
Approved by the board on 29 October 2018
Piercefield Asset Management Limited
Notes to the Accounts
for the year ended 30 September 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% straight line basis
Fixtures and fittings 20% reducing balance
Motor vehicles 25% reducing balance
Computer equipment 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2017 287,500
At 30 September 2018 287,500
Amortisation
At 1 October 2017 128,750
Provided during the year 27,500
At 30 September 2018 156,250
Net book value
At 30 September 2018 131,250
At 30 September 2017 158,750
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 and 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2017 694,267 49,984 21,328 765,579
Additions - 1,408 - 1,408
Disposals - - (7,618) (7,618)
At 30 September 2018 694,267 51,392 13,710 759,369
Depreciation
At 1 October 2017 19,345 37,097 5,583 62,025
Charge for the year 9,498 3,234 3,233 15,965
On disposals - - (4,103) (4,103)
At 30 September 2018 28,843 40,331 4,713 73,887
Net book value
At 30 September 2018 665,424 11,061 8,997 685,482
At 30 September 2017 674,922 12,887 15,745 703,554
5 Debtors 2018 2017
£ £
Trade debtors 7,169 482
Other debtors 17,374 17,072
24,543 17,554
6 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 14,941 14,489
Trade creditors 10,882 3,010
Taxation and social security costs 31,519 39,581
Other creditors 38,848 32,187
96,190 89,267
7 Creditors: amounts falling due after one year 2018 2017
£ £
Bank loans 348,662 363,441
Other creditors - 73,254
348,662 436,695
8 Loans 2018 2017
£ £
Creditors include:
Instalments falling due for payment after more than five years 137,577 145,868
Secured bank loans 363,603 377,930
Loans from the company's bankers are secured by fixed and floating charges over all property and assets present and future.
9 Other financial commitments 2018 2017
£ £
Total future minimum payments under non-cancellable operating leases 2,880 2,880
10 Other information
Piercefield Asset Management Limited is a private company limited by shares and incorporated in England. Its registered office is:
105-107 Bath Road
Cheltenham
Gloucestershire
England
GL53 7LE
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