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Registration number: 7195492

PDL (Bournemouth) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

 

PDL (Bournemouth) Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 5

 

PDL (Bournemouth) Limited

(Registration number: 7195492)
Balance Sheet as at 31 March 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

4

37,458

26,843

Current assets

 

Stocks

5

142,130

81,873

Debtors

6

287,584

152,581

Cash at bank and in hand

 

36,071

385,914

 

465,785

620,368

Creditors: Amounts falling due within one year

7

(284,603)

(279,866)

Net current assets

 

181,182

340,502

Total assets less current liabilities

 

218,640

367,345

Creditors: Amounts falling due after more than one year

7

(7,178)

(4,840)

Provisions for liabilities

(7,117)

(40,958)

Net assets

 

204,345

321,547

Capital and reserves

 

Called up share capital

100

84

Capital redemption reserve

218

168

Profit and loss account

204,027

321,295

Total equity

 

204,345

321,547

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 12 December 2017
 

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

Mr T Mackin

Director

 

PDL (Bournemouth) 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.

The address of its registered office is:
The Old Exchange
521 Wimborne Road East
Ferndown
Dorset
BH22 9NH
United Kingdom

The principal place of business is:
13 Durley Road South
West Cliff
Bournemouth
Dorset
BH2 5JH
England

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.

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

Motor vehicles

25% on cost

Equipment, fixtures and fittings

25% 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.

 

PDL (Bournemouth) Limited

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

2

Accounting policies (continued)

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.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2016 - 3).

 

PDL (Bournemouth) Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2016

1,725

51,684

53,409

Additions

749

26,776

27,525

At 31 March 2017

2,474

78,460

80,934

Depreciation

At 1 April 2016

773

25,793

26,566

Charge for the year

425

16,485

16,910

At 31 March 2017

1,198

42,278

43,476

Carrying amount

At 31 March 2017

1,276

36,182

37,458

At 31 March 2016

952

25,891

26,843

5

Stocks

2017
£

2016
£

Work in progress

142,130

81,873

6

Debtors

Note

2017
£

2016
£

Trade debtors

 

143,880

150,573

Amounts owed by group companies

9

140,119

-

Other debtors

 

3,585

2,008

Total current trade and other debtors

 

287,584

152,581

 

PDL (Bournemouth) Limited

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

7

Creditors

Note

2017
£

2016
£

Due within one year

 

Loans and borrowings

8

5,236

5,630

Trade creditors

 

100,562

147,011

Corporation tax

 

86,997

69,044

Amounts owed to connected parties

9

447

1,765

Other tax and social security

 

65,250

35,530

Other creditors

 

26,111

20,886

 

284,603

279,866

Due after one year

 

Loans and borrowings

8

7,178

4,840

8

Loans and borrowings

2017
£

2016
£

Non-current loans and borrowings

Finance lease liabilities

7,178

4,840

2017
£

2016
£

Current loans and borrowings

Finance lease liabilities

5,236

5,630

9

Related party transactions

Summary of transactions with parent

At the year end the company was owed by it's ultimate parent undertaking £140,119 (2016 - £0).
 

10

Parent and ultimate parent undertaking

The company's immediate parent is PDL Group Limited, incorporated in England.

  These financial statements are available upon request from 13 Durley Road South, West Cliff, Bournemouth, Dorset, BH2 5JH.