Company registration number 07772748 (England and Wales)
R PILLING & SON LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 OCTOBER 2022
PAGES FOR FILING WITH REGISTRAR
R PILLING & SON LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
R PILLING & SON LIMITED
BALANCE SHEET
AS AT
28 OCTOBER 2022
28 October 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
846
1,430
Current assets
Stocks
10,100
9,600
Debtors
5
6,957
16,181
Cash at bank and in hand
12,477
66,112
29,534
91,893
Creditors: amounts falling due within one year
6
(49,033)
(111,563)
Net current liabilities
(19,499)
(19,670)
Total assets less current liabilities
(18,653)
(18,240)
Creditors: amounts falling due after more than one year
7
(37,500)
(42,500)
Net liabilities
(56,153)
(60,740)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(56,154)
(60,741)
Total equity
(56,153)
(60,740)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
R PILLING & SON LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 OCTOBER 2022
28 October 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 October 2023 and are signed on its behalf by:
C Hambling
Director
Company registration number 07772748 (England and Wales)
R PILLING & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 OCTOBER 2022
- 3 -
1
Accounting policies
Company information
R Pilling & Son Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hindle Street, Accrington, Lancashire, BB5 1QT.
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
Going concern
The company is reliant upon the financial support of its parent company, Milnshaw Limited, in order to meet its liabilities as they fall due. The directors have indicated that this support will continue for the foreseeable future and, as a result, have continued to adopt the going concern basis in preparing the financial statements.true
1.3
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
R PILLING & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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:
2022
2021
Number
Number
Total
3
3
3
Intangible fixed assets
Goodwill
£
Cost
At 31 October 2021 and 28 October 2022
154,841
Amortisation and impairment
At 31 October 2021 and 28 October 2022
154,841
Carrying amount
At 28 October 2022
At 30 October 2021
R PILLING & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2022
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 31 October 2021
2,051
Additions
133
At 28 October 2022
2,184
Depreciation and impairment
At 31 October 2021
621
Depreciation charged in the year
717
At 28 October 2022
1,338
Carrying amount
At 28 October 2022
846
At 30 October 2021
1,430
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
863
Other debtors
6,957
15,318
6,957
16,181
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
5,000
2,500
Trade creditors
10,920
35,378
Amounts owed to group undertakings
20,456
56,456
Taxation and social security
713
1,591
Other creditors
8,144
9,095
Accruals and deferred income
3,800
6,543
49,033
111,563
Amounts owed to group undertakings represent amounts owed to the company's parent company, Milnshaw Ltd.
Included within other creditors is an amount owing to the directors of £8,144 (2021 - £9,095).
R PILLING & SON LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 OCTOBER 2022
- 6 -
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
37,500
42,500
Creditors which fall due after five years are as follows:
2022
2021
£
£
Payable by instalments
17,500
22,500
8
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and not fully paid
1 Ordinary share of £1
1
1