Pressbay Limited - Accounts to registrar (filleted) - small 18.2
Pressbay Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| PRESSBAY LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2018 |
| PRESSBAY LIMITED (REGISTERED NUMBER: 01739195) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| PRESSBAY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 NOVEMBER 2018 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| PRESSBAY LIMITED (REGISTERED NUMBER: 01739195) |
| BALANCE SHEET |
| 30 NOVEMBER 2018 |
| 2018 | 2017 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| PRESSBAY LIMITED (REGISTERED NUMBER: 01739195) |
| BALANCE SHEET - continued |
| 30 NOVEMBER 2018 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on behalf by: |
| PRESSBAY LIMITED (REGISTERED NUMBER: 01739195) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2018 |
| 1. | STATUTORY INFORMATION |
| Pressbay Limited is a private company, limited by share capital, registered in England and Wales. The |
| principal place of business is Salvage Complex, Mollison Avenue, Brimsdown, Enfield, Middlesex, EN3 |
| 7JN and the registered office address is 5 Yeomans Court, Ware Road, Hertford, Hertfordshire, SG13 |
| 7HJ. |
| The principal activities of the company in the year under review were garage services, MOT's and van |
| sales. The company also operated as motor salvage and used motor spares dealers. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared in accordance with Section 1A "Small Entities" of FRS |
| 102 "The Financial Reporting Standard Applicable in the United Kingdom and the Republic of Ireland" |
| and the Companies Act 2006. The financial statements have been prepared under the historical cost |
| convention. |
| The financial statements are presented in sterling (£) which is also the functional currency for the |
| company. |
| Going concern |
| After reviewing the Company's forecasts and projections and taking into account the economic |
| conditions and possible changes in trading performance, the directors have a reasonable expectation |
| that the Company has adequate resources to continue in operational existence for the foreseeable |
| future. The Company therefore continues to adopt the going concern basis in preparing its financial |
| statements. |
| Significant judgements and estimates |
| The preparation of financial statements requires management to make judgements, estimates and |
| assumptions about the carrying values of assets and liabilities that are not readily apparent from other |
| sources. The estimates and underlying assumptions are based on historical experience and other |
| factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to |
| accounting estimates are recognised in the period in which the estimate is revised if the revision |
| affects only that period, or in the period of the revision and future periods if the revision affects both |
| current and future periods. |
| The directors consider that there are no significant judgements or estimates in the preparation of these |
| financial statements. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
| rebates, value added tax and other sales taxes. |
| Turnover includes revenue earned from the rendering of services. |
| Interest income |
| Interest income is recognised using the effective interest method. |
| PRESSBAY LIMITED (REGISTERED NUMBER: 01739195) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated |
| useful life. |
| Long term leasehold - 2% straight line |
| Plant and Machinery - 15% reducing balance |
| Fixtures and fittings - 15% reducing balance |
| Motor vehicles - 5% - 20% on cost |
| Stocks |
| Stocks are stated 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 stock to its |
| present location and condition. Provision is made for damaged, obsolete and slow-moving stock where |
| appropriate. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
| period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the |
| company's pension scheme are charged to profit or loss in the period to which they relate. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
| except to the extent that it relates to items recognised in other comprehensive income or directly in |
| equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
| enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
| the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
| different from those in which they are recognised in financial statements. Deferred tax is measured |
| using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
| expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
| that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| PRESSBAY LIMITED (REGISTERED NUMBER: 01739195) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| Trade and other debtors |
| Trade and other debtors are measured at transaction price less any impairment unless the |
| arrangement constitutes a financing transaction in which case the transaction is measured at the |
| present value of the future receipts discounted at the prevailing market rate of interest. Loans are |
| initially measured at fair value and are subsequently measured at amortised cost using the effective |
| interest method less any impairment. |
| Trade and other creditors |
| Trade and other creditors are measured at their transaction price unless the arrangement constitutes a |
| financing transaction in which case the transaction is measured at present value of future payments |
| discounted at prevailing market rate of interest. Other financial liabilities are initially measured at fair |
| value net of their transaction costs. They are subsequently measured at amortised cost using the |
| effective interest method. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Long term | machinery |
| leasehold | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 December 2017 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 November 2018 |
| DEPRECIATION |
| At 1 December 2017 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 November 2018 |
| NET BOOK VALUE |
| At 30 November 2018 |
| At 30 November 2017 |
| Included in plant and machinery is equipment held under hire purchase agreements with a net book |
| value of £7,684 (2017 - £22,962). |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Trade debtors |
| Other debtors |
| PRESSBAY LIMITED (REGISTERED NUMBER: 01739195) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2018 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts (see note 8) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2018 | 2017 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 8) |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Mortgage | 186,504 | 221,190 |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase |
| contracts |
| 2018 | 2017 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable |
| operating leases |
| 2018 | 2017 |
| £ | £ |
| Within one year |
| PRESSBAY LIMITED (REGISTERED NUMBER: 01739195) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2018 |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2018 | 2017 |
| £ | £ |
| Bank loans |
| Hire purchase contracts | - | 6,013 |
| 10. | RELATED PARTY DISCLOSURES |
| The directors have provided guarantees amounting to £70,000 in respect of the bank loans. Mr N |
| Miller has also provided a legal charge over his home. |