0 false false false false false false false false false true false false false false false false No description of principal activity 2020-11-30 Sage Accounts Production Advanced 2021 - FRS102_2021 97,191 38,838 136,029 33,609 25,605 59,214 76,815 63,582 12,081 2,514 14,595 xbrli:pure xbrli:shares iso4217:GBP 11074289 2020-11-30 2021-11-29 11074289 2021-11-29 11074289 2020-11-29 11074289 2019-12-01 2020-11-29 11074289 2020-11-29 11074289 core:PlantMachinery 2020-11-30 2021-11-29 11074289 bus:OrdinaryShareClass1 2020-11-30 2021-11-29 11074289 bus:Director1 2020-11-30 2021-11-29 11074289 core:PlantMachinery 2020-11-29 11074289 core:PlantMachinery 2021-11-29 11074289 core:DeferredTaxation 2020-11-30 2021-11-29 11074289 core:WithinOneYear 2021-11-29 11074289 core:WithinOneYear 2020-11-29 11074289 core:AfterOneYear 2021-11-29 11074289 core:AfterOneYear 2020-11-29 11074289 core:UKTax 2020-11-30 2021-11-29 11074289 core:UKTax 2019-12-01 2020-11-29 11074289 core:ShareCapital 2021-11-29 11074289 core:ShareCapital 2020-11-29 11074289 core:RetainedEarningsAccumulatedLosses 2021-11-29 11074289 core:RetainedEarningsAccumulatedLosses 2020-11-29 11074289 core:AcceleratedTaxDepreciationDeferredTax 2021-11-29 11074289 core:AcceleratedTaxDepreciationDeferredTax 2020-11-29 11074289 core:PlantMachinery 2020-11-29 11074289 core:DeferredTaxation 2020-11-29 11074289 core:DeferredTaxation 2021-11-29 11074289 bus:SmallEntities 2020-11-30 2021-11-29 11074289 bus:AuditExemptWithAccountantsReport 2020-11-30 2021-11-29 11074289 bus:FullAccounts 2020-11-30 2021-11-29 11074289 bus:SmallCompaniesRegimeForAccounts 2020-11-30 2021-11-29 11074289 bus:PrivateLimitedCompanyLtd 2020-11-30 2021-11-29 11074289 bus:OrdinaryShareClass1 2021-11-29 11074289 bus:OrdinaryShareClass1 2020-11-29
COMPANY REGISTRATION NUMBER: 11074289
Pembrokeshire Energy Limited
Filleted Unaudited Financial Statements
29 November 2021
Pembrokeshire Energy Limited
Financial Statements
Year ended 29 November 2021
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 6
Pembrokeshire Energy Limited
Statement of Financial Position
29 November 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
5
76,815
63,582
Current assets
Debtors
6
161,453
41,679
Cash at bank and in hand
32,501
124,568
---------
---------
193,954
166,247
Creditors: amounts falling due within one year
7
( 59,026)
( 68,303)
---------
---------
Net current assets
134,928
97,944
---------
---------
Total assets less current liabilities
211,743
161,526
Creditors: amounts falling due after more than one year
8
( 55,320)
( 37,598)
Provisions
9
( 14,595)
( 12,081)
---------
---------
Net assets
141,828
111,847
---------
---------
Capital and reserves
Called up share capital
11
1
1
Profit and loss account
141,827
111,846
---------
---------
Shareholders funds
141,828
111,847
---------
---------
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 Section 1A of 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 statement of income and retained earnings has not been delivered.
For the year ending 29 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 18 August 2022 , and are signed on behalf of the board by:
Mr SL Herbert
Director
Company registration number: 11074289
Pembrokeshire Energy Limited
Notes to the Financial Statements
Year ended 29 November 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hamiliton House, Hamiliton Terrace, Milford Haven, Pembrokeshire SA73 3JP, Wales. During the previous period the company changed the year end to 29 November 2020 from 30 November 2020 due to administration purposes.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Taxation
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.
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:
Plant and machinery
-
25% reducing balance
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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 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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Tax on profit
Major components of tax expense
2021
2020
£
£
Current tax:
UK current tax expense
5,011
9,852
Deferred tax:
Origination and reversal of timing differences
2,514
4,214
-------
--------
Tax on profit
7,525
14,066
-------
--------
5. Tangible assets
Plant and machinery
£
Cost
At 30 November 2020
97,191
Additions
38,838
---------
At 29 November 2021
136,029
---------
Depreciation
At 30 November 2020
33,609
Charge for the year
25,605
---------
At 29 November 2021
59,214
---------
Carrying amount
At 29 November 2021
76,815
---------
At 29 November 2020
63,582
---------
6. Debtors
2021
2020
£
£
Trade debtors
143,453
41,679
Other debtors
18,000
---------
--------
161,453
41,679
---------
--------
Other debtors include an amount of £Nil (2020 - £Nil) falling due after more than one year.
7. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts (secured)
8,828
4,152
Trade creditors
18,101
46,762
Hire purchase
4,804
Corporation tax
15,114
5,710
Social security and other taxes
4,121
2,848
Other creditors
8,058
8,831
--------
--------
59,026
68,303
--------
--------
8. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts (secured)
29,243
37,598
Hire purchase
26,077
--------
--------
55,320
37,598
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2020: £3,516) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Provisions
Deferred tax (note 10)
£
At 30 November 2020
12,081
Additions
2,514
--------
At 29 November 2021
14,595
--------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2021
2020
£
£
Included in provisions (note 9)
14,595
12,081
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2021
2020
£
£
Accelerated capital allowances
14,595
12,081
--------
--------
11. Called up share capital
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
12. Related party transactions
The company was under the control of Mr SL Herbert , the managing director, throughout the current and previous period by virtue of his majority shareholding. During the year the company paid dividends totalling £2,000 (2020 - £2,000) to Mr SL Herbert , the managing director.