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Registration number: 03741755

Petticoat Management Team Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Petticoat Management Team Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Petticoat Management Team Limited

Company Information

Directors

Mrs B D S Stevens

Mrs A Bushell

Mrs J C Westwater

Company secretary

Mrs A Bushell

Registered office

The Coach House
Ryeford Road
Stonehouse
Gloucestershire
GL10 3HG

Accountants

Harbour Key Limited
Midway House
Herrick Way
Staverton
Cheltenham
GL51 6TQ

 

Petticoat Management Team Limited

(Registration number: 03741755)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

33,174

41,467

Current assets

 

Debtors

5

351,487

223,873

Cash at bank and in hand

 

229,083

317,371

 

580,570

541,244

Creditors: Amounts falling due within one year

6

(156,465)

(103,807)

Net current assets

 

424,105

437,437

Total assets less current liabilities

 

457,279

478,904

Creditors: Amounts falling due after more than one year

6

(16,721)

(25,444)

Provisions for liabilities

(7,528)

(9,742)

Net assets

 

433,030

443,718

Capital and reserves

 

Called up share capital

100

100

Retained earnings

432,930

443,618

Shareholders' funds

 

433,030

443,718

For the financial year ending 31 July 2023 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.

 

Petticoat Management Team Limited

(Registration number: 03741755)
Balance Sheet as at 31 July 2023

Approved and authorised by the Board on 11 April 2024 and signed on its behalf by:
 

.........................................
Mrs B D S Stevens
Director

.........................................
Mrs A Bushell
Company secretary and director

.........................................
Mrs J C Westwater
Director

 

Petticoat Management Team Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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:
The Coach House
Ryeford Road
Stonehouse
Gloucestershire
GL10 3HG

These financial statements were authorised for issue by the Board on 11 April 2024.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 presentational currency of the financial statements is British Pound £, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are round to the nearest £.

Revenue recognition

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

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at fair value of the asset
received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue
are recognised in income over the period in which the related costs are recognised. Grants relating to assets are
recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is
recognised as deferred income.

 

Petticoat Management Team Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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 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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profits.

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

Furniture, fixtures and equipment

20% reducing balance

Motor vehicles

25% straight line

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 goods 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.

 

Petticoat Management Team Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2022 - 23).

 

Petticoat Management Team Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Plant & machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

105,213

13,495

118,708

At 31 July 2023

105,213

13,495

118,708

Depreciation

At 1 August 2022

63,746

13,495

77,241

Charge for the year

8,293

-

8,293

At 31 July 2023

72,039

13,495

85,534

Carrying amount

At 31 July 2023

33,174

-

33,174

At 31 July 2022

41,467

-

41,467

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

211,752

183,285

Prepayments

 

40,796

25,083

Other debtors

8

98,939

15,505

   

351,487

223,873

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

8,723

8,723

Trade creditors

 

25,755

7,926

Taxation and social security

 

79,837

63,107

Other creditors

8

42,150

24,051

 

156,465

103,807

 

Petticoat Management Team Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

16,721

25,444

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

16,721

25,444

2023
£

2022
£

Current loans and borrowings

Bank borrowings

8,723

8,723

8

Related party transactions

Transactions with directors

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Interest free loan

(7,304)

114,116

(19,000)

87,812

         
       

 

Transactions with directors

At the balance sheet date, the company owed directors £11,000 (2022: £nil). The loans are interest free and repayable on demand.

Summary of transactions with other related parties

During the year, the following transactions occurred with Polaris Elements Limited, a company connected by virtue of common ownership:

Total sales were made of £49,574 (2022: £43,356) through the year with £17,545 (2022: £8,490) outstanding at the balance sheet date and income of £nil (2022: £5,000) in accrued income.

Total purchases were made of £11,870 (2022: £38,160) through the year with £1,440 (2022: £nil) outstanding at the balance sheet date.