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Registration number: 11333067

Petrum Consulting Ltd

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 April 2022

 

Petrum Consulting Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Petrum Consulting Ltd

Company Information

Director

Mr D A McClelland

Company secretary

Mrs J J McClelland

Registered office

Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

Petrum Consulting Ltd

(Registration number: 11333067)
Abridged Balance Sheet as at 30 April 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

38,200

3,599

Current assets

 

Debtors

1,213

-

Cash at bank and in hand

 

61,880

29,872

 

63,093

29,872

Creditors: Amounts falling due within one year

(16,910)

(4,031)

Net current assets

 

46,183

25,841

Total assets less current liabilities

 

84,383

29,440

Creditors: Amounts falling due after more than one year

(17,434)

-

Accruals and deferred income

 

(475)

(1,200)

Net assets

 

66,474

28,240

Capital and reserves

 

Called up share capital

5

3

3

Profit and loss account

66,471

28,237

Shareholders' funds

 

66,474

28,240

 

Petrum Consulting Ltd

(Registration number: 11333067)
Abridged Balance Sheet as at 30 April 2022

For the financial year ending 30 April 2022 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 2 September 2022
 

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

Mr D A McClelland
Director

 

Petrum Consulting Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2022

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom .

The address of its registered office is:
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

These financial statements were authorised for issue by the director on 2 September 2022.

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 abridged 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 abridged 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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

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:

Asset class

Depreciation method and rate

Fixture & Fittings

20% Straight Line

 

Petrum Consulting Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2022

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.

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Petrum Consulting Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2022

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2021 - 1).

 

Petrum Consulting Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2021

4,604

-

-

4,604

Additions

3,743

42,840

529

47,112

At 30 April 2022

8,347

42,840

529

51,716

Depreciation

At 1 May 2021

1,005

-

-

1,005

Charge for the year

1,669

10,710

132

12,511

At 30 April 2022

2,674

10,710

132

13,516

Carrying amount

At 30 April 2022

5,673

32,130

397

38,200

At 30 April 2021

3,599

-

-

3,599

5

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Share of £1 each

3

3

3

3

         

6

Dividends

   

2022

 

2021

   

£

 

£

Interim dividend of £6,533 (2021 - £667) per ordinary share

 

19,600

 

2,000

         
 

Petrum Consulting Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2022

7

Related party transactions

Key management personnel

Relationship: Director

Summary of transactions with key management

During the year the director made an unsecured, interest free, repayable on demand loan to the company. At the balance sheet date the amount due to the director was £1,946 (2021 - £1,516).