PSP Marine Tapes Limited Filleted accounts for Companies House (small and micro)

PSP MARINE TAPES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02512204

PSP Marine Tapes Limited

Filleted Unaudited Financial Statements

31 December 2018

PSP Marine Tapes Limited

Balance Sheet

31 December 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	4	9	9

Current assets

Stocks		183,240	172,005
Debtors	5	94,147	298,323
Cash at bank and in hand		23,889	1,318
		----------	----------
		301,276	471,646

Creditors: amounts falling due within one year	6	103,218	310,913
		----------	----------
Net current assets		198,058	160,733
		----------	----------
Total assets less current liabilities		198,067	160,742
		----------	----------
Net assets		198,067	160,742
		----------	----------

Capital and reserves

Called up share capital	7	1,000	1,000
Profit and loss account		197,067	159,742
		----------	----------
Shareholders funds		198,067	160,742
		----------	----------

These 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 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 profit and loss account has not been delivered.

For the year ending 31st December 2018 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 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 financial statements .

PSP Marine Tapes Limited

Balance Sheet (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 4 June 2019 , and are signed on behalf of the board by:

Mr P J Davies	Mrs K A Wiseman
Director	Director

Company registration number: 02512204

PSP Marine Tapes Limited

Notes to the Financial Statements

year ended 31st December 2018

1. General information

The Company is a private company limited by shares, registered in England and Wales. The address of the registered office is Pendragon House, 65 London Road, St Albans, AL1 1LJ and the address of the place of business is Talisman Business Centre, Duncan Road, Park Gate, Southampton, SO31 7GA. The Company's principal activity is the manufacture and supply of marine tapes.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'. The principal accounting policies are summarised below. They have all been applied consistently throughout the year and to the preceding year.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

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:

	Plant and machinery	-	over 10 years

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

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price.

4. Tangible assets

	Plant and machinery	Total
	£	£
Cost
At 1st January 2018 and 31st December 2018	30,939	30,939
	--------	--------
Depreciation
At 1st January 2018 and 31st December 2018	30,930	30,930
	--------	--------
Carrying amount
At 31st December 2018	9	9
	--------	--------
At 31st December 2017	9	9
	--------	--------

5. Debtors

	2018	2017
	£	£
Trade debtors	60,009	89,667
Amounts owed by group undertakings	96	193,476
Other debtors	34,042	15,180
	--------	----------
	94,147	298,323
	--------	----------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	66,253	39,492
Amounts owed to group undertakings	–	93,127
Accruals and deferred income	5,031	124,200
Social security and other taxes	31,467	42,336
Other creditors	467	11,758
	----------	----------
	103,218	310,913
	----------	----------

7. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000.00	1,000	1,000.00
	-------	-----------	-------	-----------

8. Controlling party

The parent undertaking of the Company is Griptite Group Limited by virtue of being the majority shareholder.