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Registration number: 01260855

Peerless Fencing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

MJH Accountants Limited
129 Woodplumpton Road
Fulwood
Preston
Lancashire
PR2 3LF

 

Peerless Fencing Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Financial Statements

8 to 16

 

Peerless Fencing Limited

Company Information

Director

Mr C J Haigh

Company secretary

Miss H M E Haigh

Registered office

129 Woodplumpton Road
Fulwood
Preston
Lancashire
PR2 3LF

Bankers

NatWest Bank plc
Preston Branch
35 Fishergate
Preston
Lancashire
PR1 2AD

Accountants

MJH Accountants Limited
129 Woodplumpton Road
Fulwood
Preston
Lancashire
PR2 3LF

 

Peerless Fencing Limited

Director's Report for the Year Ended 31 March 2017

The director presents his report and the financial statements for the year ended 31 March 2017.

Director of the company

The director who held office during the year was as follows:

Mr C J Haigh

Principal activity

The principal activity of the company is that of fencing contractors

Small companies provision statement

This report has 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.

Approved by the Board on 28 July 2017 and signed on its behalf by:

.........................................
Mr C J Haigh
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Peerless Fencing Limited
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Peerless Fencing Limited for the year ended 31 March 2017 as set out on pages 4 to 16 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Peerless Fencing Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Peerless Fencing Limited and state those matters that we have agreed to state to the Board of Directors of Peerless Fencing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Peerless Fencing Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Peerless Fencing Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Peerless Fencing Limited. You consider that Peerless Fencing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Peerless Fencing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MJH Accountants Limited
129 Woodplumpton Road
Fulwood
Preston
Lancashire
PR2 3LF

28 July 2017

 

Peerless Fencing Limited

Profit and Loss Account for the Year Ended 31 March 2017

Note

Total
31 March
2017
£

Total
31 March
2016
£

Turnover

 

620,421

558,555

Cost of sales

 

(407,879)

(346,144)

Gross profit

 

212,542

212,411

Administrative expenses

 

(180,309)

(194,957)

Other operating income

 

4,500

2,431

Operating profit

 

36,733

19,885

Other interest receivable and similar income

 

592

1,924

Interest payable and similar expenses

 

(1,114)

(1,136)

 

(522)

788

Profit before tax

4

36,211

20,673

Taxation

 

1,076

(4,135)

Profit for the financial year

 

37,287

16,538

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Peerless Fencing Limited

Statement of Comprehensive Income for the Year Ended 31 March 2017

Note

2017
£

2016
£

Profit for the year

 

37,287

16,538

Total comprehensive income for the year

 

37,287

16,538

 

Peerless Fencing Limited

(Registration number: 01260855)
Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

5

30,185

3,282

Current assets

 

Stocks

6

27,062

36,440

Debtors

7

127,119

126,352

Cash at bank and in hand

 

102

110

 

154,283

162,902

Creditors: Amounts falling due within one year

8

(178,429)

(141,116)

Net current (liabilities)/assets

 

(24,146)

21,786

Net assets

 

6,039

25,068

Capital and reserves

 

Called up share capital

2,500

2,500

Capital redemption reserve

2,500

2,500

Profit and loss account

1,039

20,068

Total equity

 

6,039

25,068

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 28 July 2017
 

.........................................

Mr C J Haigh

Director

 

Peerless Fencing Limited

Statement of Changes in Equity for the Year Ended 31 March 2017

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 April 2016

2,500

2,500

20,068

25,068

Profit for the year

-

-

37,287

37,287

Total comprehensive income

-

-

37,287

37,287

Dividends

-

-

(56,316)

(56,316)

At 31 March 2017

2,500

2,500

1,039

6,039

Share capital
£

Capital redemption reserve
£

Profit and loss account
£

Total
£

At 1 April 2015

2,500

2,500

3,530

8,530

Profit for the year

-

-

16,538

16,538

Total comprehensive income

-

-

16,538

16,538

At 31 March 2016

2,500

2,500

20,068

25,068

 

Peerless Fencing Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

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:
129 Woodplumpton Road
Fulwood
Preston
Lancashire
PR2 3LF

The principal place of business is:
Unit 18, Progress Business Park
Orders Lane
Kirkham
Lancashire
PR4 2TZ

These financial statements were authorised for issue by the director on 28 July 2017.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

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.

 

Peerless Fencing Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

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 profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Plant and machinery

20% on reducing balance

Office equipment

25% on reducing balance and 33.3% on cost

Motor vehicles

25% on reducing balance

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 merchandise 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Peerless Fencing Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2016 - 12).

4

Profit before tax

Arrived at after charging/(crediting)

2017
£

2016
£

Depreciation expense

7,446

1,202

 

Peerless Fencing Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 April 2016

10,994

132,314

86,075

229,383

Additions

1,361

30,795

2,194

34,350

Disposals

-

(24,583)

-

(24,583)

At 31 March 2017

12,355

138,526

88,269

239,150

Depreciation

At 1 April 2016

10,103

130,359

85,639

226,101

Charge for the year

810

6,263

374

7,447

Eliminated on disposal

-

(24,583)

-

(24,583)

At 31 March 2017

10,913

112,039

86,013

208,965

Carrying amount

At 31 March 2017

1,442

26,487

2,256

30,185

At 31 March 2016

891

1,955

436

3,282

6

Stocks

2017
£

2016
£

Work in progress

1,172

10,833

Other inventories

25,890

25,607

27,062

36,440

7

Debtors

2017
£

2016
£

Trade debtors

115,353

64,229

Other debtors

11,766

62,123

Total current trade and other debtors

127,119

126,352

 

Peerless Fencing Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

8

Creditors

Note

2017
£

2016
£

Due within one year

 

Bank loans and overdrafts

9

53,623

37,021

Trade creditors

 

93,875

80,783

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

12,946

-

Taxation and social security

 

17,645

19,459

Other creditors

 

340

3,853

 

178,429

141,116

9

Loans and borrowings

2017
£

2016
£

Current loans and borrowings

Bank overdrafts

53,623

37,021

 

Peerless Fencing Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

10

Related party transactions

Transactions with directors

2017

At 1 April 2016
£

Advances to directors
£

Repayments by director
£

At 31 March 2017
£

Mr C J Haigh

Directors loan account

(29,685)

(35,760)

56,480

(8,965)

Dividends

-

-

21,912

21,912

 

(29,685)

(35,760)

78,392

12,947

       

 

2016

At 1 April 2015
£

Advances to directors
£

Repayments by director
£

At 31 March 2016
£

Mr C J Haigh

Directors loan account

(20,147)

(24,943)

16,382

(28,708)

Interest on overdrawn loan account

-

(977)

-

(977)

 

(20,147)

(25,920)

16,382

(29,685)

       

 

Directors' remuneration

The director's remuneration for the year was as follows:

2017
£

2016
£

Remuneration

10,969

10,592

In respect of the highest paid director:

2017
£

2016
£

Remuneration

10,969

10,592

 

Peerless Fencing Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

11

Transition to FRS 102

These financial statements for the year ended 31 March 2017 are the first financial statements that comply with FRS 102 Section 1A for small entities. The transition to FRS 102 Section 1A for small entities has resulted in a small number of changes in accounting policies to those used previously.

Balance Sheet at 1 April 2015
 

Note

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

 

Tangible assets

 

3,857

-

-

3,857

Current assets

 

Stocks

 

25,761

-

-

25,761

Debtors

 

110,373

-

-

110,373

Cash at bank and in hand

 

620

-

-

620

 

136,754

-

-

136,754

Creditors: Amounts falling due within one year

 

(132,082)

-

-

(132,082)

Net current assets

 

4,672

-

-

4,672

Net assets

 

8,529

-

-

8,529

Capital and reserves

 

Called up share capital

 

(2,500)

-

-

(2,500)

Capital redemption reserve

 

(2,500)

-

-

(2,500)

Profit and loss account

 

(3,529)

-

-

(3,529)

Total equity

 

(8,529)

-

-

(8,529)

 

Peerless Fencing Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Balance Sheet at 31 March 2016
 

Note

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

 

Tangible assets

 

3,281

-

-

3,281

Current assets

 

Stocks

 

36,440

-

-

36,440

Debtors

 

126,352

-

-

126,352

Cash at bank and in hand

 

110

-

-

110

 

162,902

-

-

162,902

Creditors: Amounts falling due within one year

 

(141,116)

-

-

(141,116)

Net current assets

 

21,786

-

-

21,786

Net assets

 

25,067

-

-

25,067

Capital and reserves

 

Called up share capital

 

(2,500)

-

-

(2,500)

Capital redemption reserve

 

(2,500)

-

-

(2,500)

Profit and loss account

 

(20,067)

-

-

(20,067)

Total equity

 

(25,067)

-

-

(25,067)

 

Peerless Fencing Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Profit and Loss Account for the year ended 31 March 2016
 

Note

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Turnover

 

558,555

-

-

558,555

Cost of sales

 

(346,144)

-

-

(346,144)

Gross profit

 

212,411

-

-

212,411

Administrative expenses

 

(194,957)

-

-

(194,957)

Other operating income

 

2,431

-

-

2,431

Operating profit

 

19,885

-

-

19,885

Other interest receivable and similar income

 

1,924

-

-

1,924

Interest payable and similar expenses

 

(1,136)

-

-

(1,136)

 

788

-

-

788

Profit before tax

 

20,673

-

-

20,673

Taxation

 

(4,135)

-

-

(4,135)

Profit for the financial year

 

16,538

-

-

16,538

 

Peerless Fencing Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2017

2017
£

2016
£

Turnover (analysed below)

620,421

558,555

Cost of sales (analysed below)

(407,879)

(346,144)

Gross profit

212,542

212,411

Gross profit (%)

34.26%

38.03%

Administrative expenses

Employment costs (analysed below)

(93,964)

(92,109)

Establishment costs (analysed below)

(32,417)

(34,607)

General administrative expenses (analysed below)

(44,835)

(64,648)

Finance charges (analysed below)

(1,814)

(2,391)

Depreciation costs (analysed below)

(7,446)

(1,202)

Other expenses (analysed below)

167

-

(180,309)

(194,957)

Other operating income (analysed below)

4,500

2,431

Operating profit

36,733

19,885

Other interest receivable and similar income (analysed below)

592

1,924

Interest payable and similar expenses (analysed below)

(1,114)

(1,136)

(522)

788

Profit before tax

36,211

20,673

 

Peerless Fencing Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2017

2017
£

2016
£

   

Turnover

Supply and erect sales

602,864

543,444

Supply only sales

17,557

15,111

620,421

558,555

   

Cost of sales

Opening stock

25,607

24,223

Opening work in progress

10,833

1,539

Purchases

284,416

261,856

Direct costs

2,640

-

Closing stock

(25,890)

(25,607)

Closing work in progress

(1,172)

(10,833)

Wages and salaries

53,918

70,302

Employers national insurance

2,310

4,773

Subcontractors

35,909

12,267

Hire of plant and machinery

19,308

7,624

407,879

346,144

   

Employment costs

Wages and salaries

(74,317)

(73,291)

Employers national insurance

(5,864)

(5,807)

Directors remuneration

(10,969)

(10,592)

Directors national insurance

(394)

(342)

Staff training

(2,420)

(2,077)

(93,964)

(92,109)

   

Establishment costs

Rent

(17,800)

(15,600)

Rates

(2,672)

(2,257)

Light, heat and power

(1,074)

(939)

Insurance

(5,998)

(5,519)

Repairs and maintenance

(4,873)

(10,292)

(32,417)

(34,607)

 

Peerless Fencing Limited

Detailed Profit and Loss Account for the Year Ended 31 March 2017

   

General administrative expenses

Telephone and internet

(4,505)

(4,893)

Computer software and maintenance costs

(1,818)

(1,240)

Printing, postage and stationery

(710)

(1,923)

Trade subscriptions

(1,093)

(1,309)

Sundry expenses

(1,879)

(352)

Motor expenses

(21,835)

(43,222)

Travel and subsistence

(561)

(300)

Advertising

(6,749)

(4,321)

Accountancy fees

(3,195)

(3,430)

Legal and professional fees

(2,490)

(3,658)

(44,835)

(64,648)

   

Finance charges

Bank charges

(1,297)

(1,427)

Credit card charges

(517)

(964)

(1,814)

(2,391)

   

Depreciation costs

Depreciation of plant and machinery

(374)

(58)

Depreciation of motor vehicles

(6,263)

(652)

Depreciation of office equipment

(809)

(492)

(7,446)

(1,202)

   

Other expenses

(Profit)/loss on disposal of tangible fixed assets

167

-

   

Other operating income

Other operating income

4,500

2,431

   

Other interest receivable and similar income

Other interest receivable

592

1,924

   

Interest payable and similar expenses

Bank interest payable

1,114

1,136