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Registration number: 00501966

Pinnock Brothers (Thatcham & Kintbury) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2022

 

Pinnock Brothers (Thatcham & Kintbury) Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Pinnock Brothers (Thatcham & Kintbury) Limited

(Registration number: 00501966)
Balance Sheet as at 31 May 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

393,894

153,914

Current assets

 

Stocks

6

103,095

72,775

Debtors

7

255,277

206,845

Cash at bank and in hand

 

948,288

808,893

 

1,306,660

1,088,513

Creditors: Amounts falling due within one year

8

(424,541)

(403,165)

Net current assets

 

882,119

685,348

Total assets less current liabilities

 

1,276,013

839,262

Provisions for liabilities

(74,840)

(27,960)

Net assets

 

1,201,173

811,302

Capital and reserves

 

Called up share capital

2,501

2,501

Capital redemption reserve

2,502

2,502

Profit and loss account

1,196,170

806,299

Shareholders' funds

 

1,201,173

811,302

 

Pinnock Brothers (Thatcham & Kintbury) Limited

(Registration number: 00501966)
Balance Sheet as at 31 May 2022

For the financial year ending 31 May 2022 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 year 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 September 2022 and signed on its behalf by:
 

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

Mr AJ Pinnock
Company secretary and director

 

Pinnock Brothers (Thatcham & Kintbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

1

General information

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

The address of its registered office is:
Pipers Industrial Estate
Pipers Lane
Thatcham
RG19 4NA
England

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.

Revenue recognition

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

Tax

The tax expense for the period comprises current tax payable and deferred tax.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet 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:

 

Pinnock Brothers (Thatcham & Kintbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

Asset class

Depreciation method and rate

Leasehold improvements

10% straight line

Plant and machinery

10% straight line

Furniture and fittings

10% straight line

Motor vehicles

15% straight line

Computer equipment

25% straight line

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

25% 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.

Debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Pinnock Brothers (Thatcham & Kintbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

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 year, was 10 (2021 - 11).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2021

26,165

26,165

At 31 May 2022

26,165

26,165

Amortisation

At 1 June 2021

26,165

26,165

At 31 May 2022

26,165

26,165

Carrying amount

At 31 May 2022

-

-

 

Pinnock Brothers (Thatcham & Kintbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2021

14,899

36,954

3,801

17,026

806,765

879,445

Additions

-

3,416

-

-

268,120

271,536

At 31 May 2022

14,899

40,370

3,801

17,026

1,074,885

1,150,981

Depreciation

At 1 June 2021

14,899

36,954

3,801

16,797

653,080

725,531

Charge for the year

-

195

-

114

31,247

31,556

At 31 May 2022

14,899

37,149

3,801

16,911

684,327

757,087

Carrying amount

At 31 May 2022

-

3,221

-

115

390,558

393,894

At 31 May 2021

-

-

-

229

153,685

153,914

6

Stocks

2022
£

2021
£

Other inventories

103,095

72,775

7

Debtors

2022
£

2021
£

Trade debtors

133,841

141,287

Prepayments

10,000

10,000

Other debtors

111,436

55,558

255,277

206,845

 

Pinnock Brothers (Thatcham & Kintbury) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2022

8

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

344,977

391,596

Taxation and social security

67,020

6,462

Other creditors

12,544

5,107

424,541

403,165