Company Registration No. 06771396 (England and Wales)
P.N. DALES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
P.N. DALES LIMITED
CONTENTS
Page
Director's report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
P.N. DALES LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 DECEMBER 2021
- 1 -
The director presents his annual report and financial statements for the year ended 30 December 2021.
Principal activities
The principal activity of the company continued to be that of independent financial advisors.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
P P Dales
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
P P Dales
Director
2 August 2022
P.N. DALES LIMITED
BALANCE SHEET
AS AT
30 DECEMBER 2021
30 December 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,627
8,067
Current assets
Debtors
94,400
93,149
Cash at bank and in hand
32,151
36,177
126,551
129,326
Creditors: amounts falling due within one year
(22,745)
(17,662)
Net current assets
103,806
111,664
Total assets less current liabilities
113,433
119,731
Creditors: amounts falling due after more than one year
(42,446)
(50,000)
Provisions for liabilities
(1,512)
(1,146)
Net assets
69,475
68,585
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
69,375
68,485
Total equity
69,475
68,585
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
P.N. DALES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 DECEMBER 2021
30 December 2021
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 2 August 2022
P P Dales
Director
Company Registration No. 06771396
P.N. DALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2021
- 4 -
1
Accounting policies
Company information
P.N. Dales Limited is a private company limited by shares incorporated in England and Wales. The registered office is Queens Head Chambers, 42 Kirk Gate, Newark, Nottingham, NG24 1AB.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. Turnover is recognised when services are provided.
1.3
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:
Fixtures and fittings
20% on straight Line
Computers
25% on straight line
Motor vehicles
25% on 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.
1.4
Cash at bank and in hand
Cash and cash equivalents 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.
1.5
Financial instruments
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
P.N. DALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.6
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.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
2
2
P.N. DALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2021
- 6 -
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 31 December 2020
20,028
26,672
46,700
Additions
1,723
2,892
4,615
At 30 December 2021
1,723
22,920
26,672
51,315
Depreciation and impairment
At 31 December 2020
18,539
20,094
38,633
Depreciation charged in the year
288
1,123
1,644
3,055
At 30 December 2021
288
19,662
21,738
41,688
Carrying amount
At 30 December 2021
1,435
3,258
4,934
9,627
At 30 December 2020
1,489
6,578
8,067
4
Related party transactions
All transactions that took place were on normal commercial terms and on an arms length basis and therefore no further disclosure is required by FRS102 Section 1A.