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COMPANY REGISTRATION NUMBER: 08917016
Pencil Tree Limited
Filleted Unaudited Abridged Financial Statements
29 February 2024
Pencil Tree Limited
Abridged Financial Statements
Year ended 29th February 2024
Contents
Page
Chartered certified accountants' report to the director on the preparation of the unaudited statutory abridged financial statements of Pencil Tree Limited
1
Abridged statement of financial position
2
Notes to the abridged financial statements
4
Pencil Tree Limited
Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Pencil Tree Limited
Year ended 29th February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Pencil Tree Limited for the year ended 29th February 2024, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants
2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU
18 November 2024
Pencil Tree Limited
Abridged Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
8,670
10,169
Current assets
Stocks
6,230
5,453
Debtors
28,892
7,218
Cash at bank and in hand
9,335
--------
--------
35,122
22,006
Creditors: amounts falling due within one year
33,935
20,848
--------
--------
Net current assets
1,187
1,158
-------
--------
Total assets less current liabilities
9,857
11,327
Creditors: amounts falling due after more than one year
6
9,800
11,288
-------
--------
Net assets
57
39
-------
--------
Capital and reserves
Called up share capital
2
1
Profit and loss account
55
38
----
----
Shareholders funds
57
39
----
----
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 29th February 2024 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 abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 29th February 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Pencil Tree Limited
Abridged Statement of Financial Position (continued)
29 February 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 15 November 2024 , and are signed on behalf of the board by:
Mrs K Jackson
Director
Company registration number: 08917016
Pencil Tree Limited
Notes to the Abridged Financial Statements
Year ended 29th February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Cleveland Terrace, Bath, BA1 5DF.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
20% straight line
Plant and machinery
-
15% reducing balance
Fixtures and fittings
-
20% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
£
Cost
At 1st March 2023
37,469
Additions
2,951
Disposals
( 15,532)
--------
At 29th February 2024
24,888
--------
Depreciation
At 1st March 2023
27,300
Charge for the year
1,530
Disposals
( 12,612)
--------
At 29th February 2024
16,218
--------
Carrying amount
At 29th February 2024
8,670
--------
At 28th February 2023
10,169
--------
6. Creditors: amounts falling due after more than one year
Included within creditors: amounts falling due after more than one year is an amount of £2,334 (2023: £4,200) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
7. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs K Jackson
2,609
16,817
( 5,613)
13,813
Mr P Jackson
2,609
16,817
( 5,613)
13,813
-------
--------
--------
--------
5,218
33,634
( 11,226)
27,626
-------
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mrs K Jackson
20,867
6,413
( 24,671)
2,609
Mr P Jackson
20,866
6,413
( 24,670)
2,609
--------
--------
--------
-------
41,733
12,826
( 49,341)
5,218
--------
--------
--------
-------
These loans are repayable on demand. Interest was charged at the official rate of 2.25% from 6th April 2023.
8. Related party transactions
The premises from which the company operates are owned by the director, Mrs K Jackson . During the year the company paid rent of £4,730 (2023 - £7,285) which is below a market rate.