Company registration number 01790501 (England and Wales)
PETHE POWYS LIMITED
Unaudited financial statements
For the period ended 5 January 2024
Pages for filing with registrar
PETHE POWYS LIMITED
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PETHE POWYS LIMITED
Balance sheet
As at 5 January 2024
- 1 -
5 January 2024
6 November 2022
Notes
£
£
£
£
Current assets
Stocks
-
3,000
Debtors
5
32
-
0
Cash at bank and in hand
22,638
19,413
22,670
22,413
Creditors: amounts falling due within one year
6
(15,623)
(13,088)
Net current assets
7,047
9,325
Capital and reserves
Called up share capital
7,000
7,000
Profit and loss reserves
47
2,325
Total equity
7,047
9,325

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 period ended 5 January 2024 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 period 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 29 February 2024 and are signed on its behalf by:
R Owen
Director
Company registration number 01790501 (England and Wales)
PETHE POWYS LIMITED
Notes to the financial statements
For the period ended 5 January 2024
- 2 -
1
Accounting policies
Company information

Pethe Powys Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8 Stryd Hafren, Y Trallwng, Powys, SY21 7AB.

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
Reporting period

The accounting reference date has been extended from 6 November 2023 to 5 January 2024, as the company ceased trading on this date.

1.3
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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% reducing balance

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.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.6
Cash and cash equivalents

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.

PETHE POWYS LIMITED
Notes to the financial statements (continued)
For the period ended 5 January 2024
1
Accounting policies
(Continued)
- 3 -
1.7
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.

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.

1.8
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.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Grants

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.

PETHE POWYS LIMITED
Notes to the financial statements (continued)
For the period ended 5 January 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2022
Number
Number
Total
12
12
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 7 November 2022 and 5 January 2024
1,093
Depreciation and impairment
At 7 November 2022 and 5 January 2024
1,093
Carrying amount
At 5 January 2024
-
0
At 6 November 2022
-
0
5
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
20
-
0
Other debtors
12
-
0
32
-
0
PETHE POWYS LIMITED
Notes to the financial statements (continued)
For the period ended 5 January 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2022
£
£
Trade creditors
1,613
894
Corporation tax
-
0
20
Other creditors
13,160
12,174
Accruals and deferred income
850
-
0
15,623
13,088
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