Registered number
06725914
Pensions and Annuities Limited
Filleted Accounts
31 October 2023
Pensions and Annuities Limited
Registered number: 06725914
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 47,000 40,000
Tangible assets 4 13,196 14,690
60,196 54,690
Current assets
Debtors 5 102,302 134,597
Cash at bank and in hand 315,345 195,365
417,647 329,962
Creditors: amounts falling due within one year 6 (85,791) (171,496)
Net current assets 331,856 158,466
Total assets less current liabilities 392,052 213,156
Provisions for liabilities (3,497) (2,791)
Net assets 388,555 210,365
Capital and reserves
Called up share capital 100 100
Profit and loss account 388,455 210,265
Shareholder's funds 388,555 210,365
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N Dawson
Director
Approved by the board on 7 March 2024
Pensions and Annuities Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of commissions received or receivable, net of discounts based on completed business at the balance sheet date.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 3 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Software:
Cost
At 1 November 2022 60,000
Additions 20,000
At 31 October 2023 80,000
Amortisation
At 1 November 2022 20,000
Provided during the year 13,000
At 31 October 2023 33,000
Net book value
At 31 October 2023 47,000
At 31 October 2022 40,000
Software is being written off in equal annual instalments over its estimated economic life of 3 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 11,650 21,916 33,566
Additions 2,131 - 2,131
At 31 October 2023 13,781 21,916 35,697
Depreciation
At 1 November 2022 8,207 10,669 18,876
Charge for the year 1,724 1,901 3,625
At 31 October 2023 9,931 12,570 22,501
Net book value
At 31 October 2023 3,850 9,346 13,196
At 31 October 2022 3,443 11,247 14,690
5 Debtors 2023 2022
£ £
Directors loan account 96,632 114,466
Other debtors 5,670 20,131
102,302 134,597
6 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation tax 85,791 25,496
Other creditors - 146,000
85,791 171,496
7 Other information
Pensions and Annuities Limited is a private company limited by shares and incorporated in England. Its registered office is:
Chelworth Industrial Estate
Chelworth Road
Cricklade
SN6 6HE
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