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Registration number: 03507173

The Pentelow Practice Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2022

 

The Pentelow Practice Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

The Pentelow Practice Limited

(Registration number: 03507173)
Balance Sheet as at 31 December 2022

Note

2022

2021

   

£

£

£

£

Fixed assets

   

 

Intangible assets

4

 

163,933

 

245,899

Tangible assets

5

 

17,710

 

13,504

Other financial assets

6

 

811,600

 

899,861

   

993,243

 

1,159,264

Current assets

   

 

Debtors

7

498,815

 

440,602

 

Other financial assets

6

133,644

 

205,470

 

Cash at bank and in hand

 

179,190

 

404,545

 

 

811,649

 

1,050,617

 

Creditors: Amounts falling due within one year

8

(164,098)

 

(382,208)

 

Net current assets

   

647,551

 

668,409

Total assets less current liabilities

   

1,640,794

 

1,827,673

Provisions for liabilities

 

(104,000)

 

(142,600)

Net assets

   

1,536,794

 

1,685,073

Capital and reserves

   

 

Called up share capital

9

3,000

 

3,000

 

Profit and loss account

1,533,794

 

1,682,073

 

Total equity

   

1,536,794

 

1,685,073

 

The Pentelow Practice Limited

(Registration number: 03507173)
Balance Sheet as at 31 December 2022

For the financial year ending 31 December 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 September 2023 and signed on its behalf by:
 

.........................................
E V Oddy
Director

 

The Pentelow Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
2nd Floor Chancellor Court
The Calls
Leeds
West Yorkshire
LS2 7EH

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A 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.

The company's functional and presentation currency is pound sterling.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of services and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the amount of revenue can be measured reliably and (c) it is probable that future economic benefits will flow to the entity.

Tax

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

 

The Pentelow Practice Limited

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

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

Computer equipment

3 year straight line basis

Office equipment

25% reducing balance basis

Fixture & Fittings

25% reducing balance basis

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

10 years straight line basis

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method, dividends on equity securities are recognised in income when receivable.

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.

 

The Pentelow Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

 

The Pentelow Practice Limited

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

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 21 (2021 - 17).

 

The Pentelow Practice Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2022

1,245,001

1,245,001

At 31 December 2022

1,245,001

1,245,001

Amortisation

At 1 January 2022

999,102

999,102

Amortisation charge

81,966

81,966

At 31 December 2022

1,081,068

1,081,068

Carrying amount

At 31 December 2022

163,933

163,933

At 31 December 2021

245,899

245,899

5

Tangible assets

Plant and machinery
 £

Office equipment
 £

Total
£

Cost or valuation

At 1 January 2022

91,580

41,291

132,871

Additions

13,761

-

13,761

At 31 December 2022

105,341

41,291

146,632

Depreciation

At 1 January 2022

84,404

34,964

119,368

Charge for the year

7,972

1,582

9,554

At 31 December 2022

92,376

36,546

128,922

Carrying amount

At 31 December 2022

12,965

4,745

17,710

At 31 December 2021

7,177

6,327

13,504

6

Investments (current and non-current)

2022
£

2021
£

Non-current financial assets

Financial assets at fair value through profit and loss

811,600

899,861

2022
£

2021
£

Current financial assets

Financial assets at fair value through profit and loss

133,644

205,470

 

The Pentelow Practice Limited

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

7

Debtors

Current

2022
£

2021
£

Prepayments

7,719

8,340

Other debtors

491,096

432,262

 

498,815

440,602

8

Creditors

2022
 £

2021
 £

Due within one year

Loans and borrowings

1,266

3,295

Trade creditors

5,712

15,703

Other current financial liabilities

3,430

3,821

Social security and other taxes

-

9,020

Corporation tax liability

136,000

327,000

Accruals and deferred income

17,690

23,369

164,098

382,208

 

The Pentelow Practice Limited

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

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary 'A' shares of £1 each

1,400

1,400

1,400

1,400

Ordinary 'B' shares of £1 each

1,000

1,000

1,000

1,000

Ordinary 'C' shares of £1 each

200

200

200

200

Ordinary 'D' shares of £1 each

200

200

200

200

Ordinary 'E' shares of £1 each

200

200

200

200

 

3,000

3,000

3,000

3,000

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £43,483 (2021 - £60,336).

11

Related party transactions

Summary of transactions with key management

Transactions with directors

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Director's current accounts

125,267

12,637

(32,422)

105,482

         
       

 

Expenditure with and payables to related parties

2022

Key management
£

Amounts payable to related party

1,266

2021

Key management
£

Amounts payable to related party

3,295