Company registration number 00938201 (England and Wales)
E P PINNOCK UPHOLSTERY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
E P PINNOCK UPHOLSTERY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
E P PINNOCK UPHOLSTERY LTD (REGISTERED NUMBER: 00938201)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
3,349
4,187
Tangible assets
4
14,761
2,111
18,110
6,298
Current assets
Stocks
7,995
13,205
Debtors
5
25,418
47,349
Cash at bank and in hand
147,002
140,159
180,415
200,713
Creditors: amounts falling due within one year
6
(54,224)
(85,124)
Net current assets
126,191
115,589
Total assets less current liabilities
144,301
121,887
Creditors: amounts falling due after more than one year
7
(6,674)
(11,760)
Net assets
137,627
110,127
Capital and reserves
Called up share capital
101
101
Profit and loss reserves
137,526
110,026
Total equity
137,627
110,127
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 31 March 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 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.
E P PINNOCK UPHOLSTERY LTD (REGISTERED NUMBER: 00938201)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
Mr Jeff Pinnock
Director
E P PINNOCK UPHOLSTERY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
E P Pinnock Upholstery Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 6C Beechcroft Farm Ind Estate, Chapel Wood Road, Ash Sevenoaks, Kent, TN15 7HX.
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
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
Turnover for the sale of goods is recognised when all of the following conditions are met:
The company has transferred the significant risks and rewards of ownership to the buyer
The amount of turnover can be recognised reliably
It is probable that the company will receive the consideration due under the transaction.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Patents
Straight line over 20 years
E P PINNOCK UPHOLSTERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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:
Plant and machinery
25% on reducing balance
Fixtures, fittings & equipment
25% on reducing balance
Computer equipment
25% on reducing balance
Motor vehicles
25% on 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.
1.6
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.
1.7
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
5
5
E P PINNOCK UPHOLSTERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Intangible fixed assets
Patents
£
Cost
At 1 April 2023 and 31 March 2024
16,750
Amortisation and impairment
At 1 April 2023
12,563
Amortisation charged for the year
838
At 31 March 2024
13,401
Carrying amount
At 31 March 2024
3,349
At 31 March 2023
4,187
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
9,261
7,648
8,366
8,000
33,275
Additions
1,713
150
13,975
15,838
At 31 March 2024
9,261
9,361
8,516
21,975
49,113
Depreciation and impairment
At 1 April 2023
8,914
7,573
7,744
6,933
31,164
Depreciation charged in the year
87
340
165
2,596
3,188
At 31 March 2024
9,001
7,913
7,909
9,529
34,352
Carrying amount
At 31 March 2024
260
1,448
607
12,446
14,761
At 31 March 2023
347
75
622
1,067
2,111
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
23,597
37,638
Other debtors
1,821
9,711
25,418
47,349
E P PINNOCK UPHOLSTERY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,964
4,843
Trade creditors
9,925
19,188
Taxation and social security
20,719
45,360
Other creditors
18,616
15,733
54,224
85,124
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,674
11,760