Company Registration No. 10629772 (England and Wales)
Pentle Consulting Limited
Unaudited financial statements
for the year ended 31 March 2023
Pages for filing with the registrar
Pentle Consulting Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Pentle Consulting Limited
Statement of financial position
As at 31 March 2023
31 March 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
135,270
7,634
Current assets
Debtors
4
26,641
8,955
Cash at bank and in hand
6,738
15,997
33,379
24,952
Creditors: amounts falling due within one year
5
(37,551)
(22,744)
Net current (liabilities)/assets
(4,172)
2,208
Total assets less current liabilities
131,098
9,842
Creditors: amounts falling due after more than one year
6
(90,519)
Provisions for liabilities
(32,794)
(1,482)
Net assets
7,785
8,360
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
7,783
8,358
Total equity
7,785
8,360
Pentle Consulting Limited
Statement of financial position (continued)
As at 31 March 2023
31 March 2023
Page 2
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 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.
The financial statements were approved by the board of directors and authorised for issue on 31 October 2023 and are signed on its behalf by:
Ian Barbour
Brenda Barbour
Director
Director
Company Registration No. 10629772
Pentle Consulting Limited
Notes to the financial statements
For the year ended 31 March 2023
Page 3
1
Accounting policies
Company information
Pentle Consulting Limited is a private company limited by shares incorporated in England and Wales. The registered office is St Catherine's Court, Berkeley Place, Clifton, Bristol, BS8 1BQ.
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 £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
Turnover from consulting is recognised when the service has been provided and all obligations to the customers under the consulting agreement have been fulfilled.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% straight line
Computers
20% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Pentle Consulting Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 4
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Recoverable amount is the higher of fair value less costs to sell and value in use.
1.5
Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.
1.6
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 statement of financial position 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, 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.
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Pentle Consulting Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 5
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Pentle Consulting Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies (continued)
Page 6
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
17,746
Additions
136,877
At 31 March 2023
154,623
Depreciation and impairment
At 1 April 2022
10,112
Depreciation charged in the year
9,241
At 31 March 2023
19,353
Carrying amount
At 31 March 2023
135,270
At 31 March 2022
7,634
Pentle Consulting Limited
Notes to the financial statements (continued)
For the year ended 31 March 2023
Page 7
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
13,200
4,080
Corporation tax recoverable
11,691
Other debtors
1,750
4,875
26,641
8,955
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,596
Corporation tax
11,688
Other taxation and social security
5,470
5,724
Other creditors
29,485
5,332
37,551
22,744
Within other creditors £5,205 of the loans are secured over the company's motor vehicles.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
90,519
The long-term loans are secured over the company's motor vehicles.
7
Related party transactions
As at the year end the company owed its directors £21,280 (2022: £2,532). The loan is interest free and has no set date of repayment