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Pentagon Business Services Limited
Filleted accounts
31 January 2023
Company registration number: 04129987
Pentagon Business Services Limited
Directors and other information
Director S Gibbons
Secretary P Gibbons
Company number 04129987
Registered office Unit 3 Ashurst Court
London Road
Wheatley
Oxon
OX33 1ER
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Pentagon Business Services Limited
Balance sheet
31st January 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 15,982 18,780
_______ _______
15,982 18,780
Current assets
Debtors 7 646,826 383,662
Investments 8 12,500 12,500
Cash at bank and in hand 737,819 970,791
_______ _______
1,397,145 1,366,953
Creditors: amounts falling due
within one year 9 ( 540,686) ( 456,929)
_______ _______
Net current assets 856,459 910,024
_______ _______
Total assets less current liabilities 872,441 928,804
Provisions for liabilities 10 ( 3,037) ( 3,568)
_______ _______
Net assets 869,404 925,236
_______ _______
Capital and reserves
Called up share capital 12 965 965
Share premium account 199,800 199,800
Profit and loss account 668,639 724,471
_______ _______
Shareholders funds 869,404 925,236
_______ _______
For the year ending 31 January 2023 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 October 2023 , and are signed on behalf of the board by:
S Gibbons
Director
Company registration number: 04129987
Pentagon Business Services Limited
Notes to the financial statements
Year ended 31st January 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 3 Ashurst Court, London Road, Wheatley, Oxon, OX33 1ER. There was no significant change in the company's principal activity during the year which continued to be that of online procurement consultancy, specialising in point of sale and promotional items.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents - Straight line basis over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
General equipment - Straight line basis over 5 years
Computer equipment - Straight line basis over 3 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Government grants
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 Balance sheet 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 in finance costs in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 6 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1st February 2022 and 31st January 2023 200 200
_______ _______
Amortisation
At 1st February 2022 and 31st January 2023 200 200
_______ _______
Carrying amount
At 31st January 2023 - -
_______ _______
At 31st January 2022 - -
_______ _______
6. Tangible assets
General equipment Computer equipment Total
£ £ £
Cost
At 1st February 2022 8,632 44,920 53,552
Additions 1,095 7,315 8,410
Disposals - ( 19,050) ( 19,050)
_______ _______ _______
At 31st January 2023 9,727 33,185 42,912
_______ _______ _______
Depreciation
At 1st February 2022 7,958 26,814 34,772
Charge for the year 186 11,022 11,208
Disposals - ( 19,050) ( 19,050)
_______ _______ _______
At 31st January 2023 8,144 18,786 26,930
_______ _______ _______
Carrying amount
At 31st January 2023 1,583 14,399 15,982
_______ _______ _______
At 31st January 2022 674 18,106 18,780
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 590,424 281,523
Amounts owed by group undertakings and undertakings in which the company has a participating interest 30,723 30,723
Other debtors 25,679 71,416
_______ _______
646,826 383,662
_______ _______
8. Investments
2023 2022
£ £
Other investments 12,500 12,500
_______ _______
9. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 420,741 299,413
Social security and other taxes 102,544 142,451
Other creditors 17,401 15,065
_______ _______
540,686 456,929
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1st February 2022 3,568 3,568
Additions ( 531) ( 531)
_______ _______
At 31st January 2023 3,037 3,037
_______ _______
11. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2023 2022
£ £
Included in provisions (note 10) 3,037 3,568
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 3,037 3,568
_______ _______
12. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 0.01 each 96,500 965 96,500 965
_______ _______ _______ _______
13. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
Balance brought forward Advances /(credits) to the director Amounts repaid Amounts written off Amounts waived Balance o/standing
£ £ £ £ £ £
S Gibbons 49,008 - ( 49,008) - - -
_______ _______ _______ _______ _______ _______
14. Controlling party
The company is under the control of Maxipos Corporation Ltd, a non-trading holding company incorporated in England & Wales, which owns 100% of the issued share capital. Maxipos Corporation Ltd is regarded by the director as being the company's ultimate holding company.