Company Registration No. 08905206 (England and Wales)
ADAM POVEY LIGHTING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
ADAM POVEY LIGHTING LTD
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
ADAM POVEY LIGHTING LTD
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,516
2,684
Current assets
Debtors
4
128,530
82,874
Cash at bank and in hand
35,414
8,128
163,944
91,002
Creditors: amounts falling due within one year
5
(57,237)
(41,632)
Net current assets
106,707
49,370
Total assets less current liabilities
110,223
52,054
Capital and reserves
Called up share capital
6
250
250
Profit and loss reserves
109,973
51,804
Total equity
110,223
52,054

The director of the company has elected not to include a copy of the profit and loss account within the financial statements. true

For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he 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.

The financial statements were approved and signed by the director and authorised for issue on 7 August 2020
Mr Adam Povey
Director
Company Registration No. 08905206
ADAM POVEY LIGHTING LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2020
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2018
250
49,874
50,124
Year ended 31 March 2019:
Profit and total comprehensive income for the year
-
37,930
37,930
Dividends
-
(36,000)
(36,000)
Balance at 31 March 2019
250
51,804
52,054
Year ended 31 March 2020:
Profit and total comprehensive income for the year
-
94,169
94,169
Dividends
-
(36,000)
(36,000)
Balance at 31 March 2020
250
109,973
110,223
ADAM POVEY LIGHTING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information

Adam Povey Lighting Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 93 Tabernacle Street, London, EC2A 4BA.

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recover ed .

1.3
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, fittings & equipment
25% net book value.
Computer equipment
25% net book value.

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 .

ADAM POVEY LIGHTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
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.

1.6
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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

ADAM POVEY LIGHTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax is not recognised in respect of all timing differences that have originated but not reversed at the balance sheet date which are immaterial.

 

Deferred tax asset is not recognised as it is not probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

ADAM POVEY LIGHTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
2
Employees

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

2020
2019
Number
Number
Total
1
1
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 April 2019
6,284
-
6,284
Additions
-
2,007
2,007
At 31 March 2020
6,284
2,007
8,291
Depreciation and impairment
At 1 April 2019
3,602
-
3,602
Depreciation charged in the year
671
502
1,173
At 31 March 2020
4,273
502
4,775
Carrying amount
At 31 March 2020
2,011
1,505
3,516
At 31 March 2019
2,684
-
2,684
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
5,530
9,874
Other debtors
123,000
73,000
128,530
82,874
ADAM POVEY LIGHTING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Corporation tax
23,289
8,799
Other taxation and social security
342
4,698
Other creditors
31,906
26,935
Accruals and deferred income
1,700
1,200
57,237
41,632
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary Shares of £1 each
100
100
150 "A" Ordinary Shares of £1 each
150
150
250
250
7
Events after the reporting date

Since the year end, the Coronavirus (COVID-19) has emerged globally resulting in a significant impact on businesses worldwide. As a result some business operations have been restricted, however the company continues to operate using alternative methods and remote working.

 

The directors are unable to evaluate the overall financial impact on the business at present. Hence financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

The directors are continuing to monitor, assess and act to the current changing environment in order to position the company to ensure its future success.

2020-03-31 2019-04-01 false 07 August 2020 CCH Software CCH Accounts Production 2020.100 No description of principal activity A J Povey Esq 08905206 2019-04-01 2020-03-31 08905206 2020-03-31 08905206 2019-03-31 08905206 core:FurnitureFittings 2020-03-31 08905206 core:ComputerEquipment 2020-03-31 08905206 core:FurnitureFittings 2019-03-31 08905206 core:CurrentFinancialInstruments core:WithinOneYear 2020-03-31 08905206 core:CurrentFinancialInstruments core:WithinOneYear 2019-03-31 08905206 core:CurrentFinancialInstruments 2020-03-31 08905206 core:CurrentFinancialInstruments 2019-03-31 08905206 core:ShareCapital 2020-03-31 08905206 core:ShareCapital 2019-03-31 08905206 core:RetainedEarningsAccumulatedLosses 2020-03-31 08905206 core:RetainedEarningsAccumulatedLosses 2019-03-31 08905206 core:ShareCapital 2018-03-31 08905206 core:RetainedEarningsAccumulatedLosses 2018-03-31 08905206 2018-03-31 08905206 core:ShareCapitalOrdinaryShares 2020-03-31 08905206 core:ShareCapitalOrdinaryShares 2019-03-31 08905206 bus:Director1 2019-04-01 2020-03-31 08905206 core:RetainedEarningsAccumulatedLosses 2018-04-01 2019-03-31 08905206 2018-04-01 2019-03-31 08905206 core:RetainedEarningsAccumulatedLosses 2019-04-01 2020-03-31 08905206 core:FurnitureFittings 2019-04-01 2020-03-31 08905206 core:ComputerEquipment 2019-04-01 2020-03-31 08905206 core:FurnitureFittings 2019-03-31 08905206 2019-03-31 08905206 bus:PrivateLimitedCompanyLtd 2019-04-01 2020-03-31 08905206 bus:SmallCompaniesRegimeForAccounts 2019-04-01 2020-03-31 08905206 bus:FRS102 2019-04-01 2020-03-31 08905206 bus:AuditExemptWithAccountantsReport 2019-04-01 2020-03-31 08905206 bus:FullAccounts 2019-04-01 2020-03-31 xbrli:pure xbrli:shares iso4217:GBP