Professional Fastener Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04542228 (England and Wales)

PROFESSIONAL FASTENER SERVICES LIMITED

Unaudited Financial Statements for the Year Ended 31 March 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Geddes

G Pearson

SECRETARY:

D Geddes

REGISTERED OFFICE:

61 Charlotte Street

St Pauls Square

Birmingham

West Midlands

B3 1PX

REGISTERED NUMBER:

04542228 (England and Wales)

ACCOUNTANTS:

Michael Dufty Partnership Limited

59-61 Charlotte Street

St Pauls Square

Birmingham

West Midlands

B3 1PX

FIXED ASSETS

Tangible assets

4

212,272

210,019

CURRENT ASSETS

Stocks

973,153

821,928

Debtors

5

872,291

954,422

Cash at bank

5,902

9,310

1,851,346

1,785,660

CREDITORS

Amounts falling due within one year

6

1,655,741

1,570,091

NET CURRENT ASSETS

195,605

215,569

TOTAL ASSETS LESS CURRENT LIABILITIES

407,877

425,588

CREDITORS

Amounts falling due after more than one year

7

178,443

198,668

NET ASSETS

229,434

226,920

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

229,234

226,720

SHAREHOLDERS' FUNDS

229,434

226,920

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 8 October 2019 and were signed on its behalf by:

G Pearson - Director

1.	STATUTORY INFORMATION

Professional Fastener Services Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

15% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2018 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 April 2018

186,843

35,077

27,750

Additions

-

4,360

3,228

At 31 March 2019

186,843

39,437

30,978

DEPRECIATION

At 1 April 2018

-

31,801

25,809

Charge for year

-

423

2,248

At 31 March 2019

-

32,224

28,057

NET BOOK VALUE

At 31 March 2019

186,843

7,213

2,921

At 31 March 2018

186,843

3,276

1,941

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2018

29,254

34,794

313,718

Additions

1,576

-

9,164

At 31 March 2019

30,830

34,794

322,882

DEPRECIATION

At 1 April 2018

20,415

25,674

103,699

Charge for year

1,960

2,280

6,911

At 31 March 2019

22,375

27,954

110,610

NET BOOK VALUE

At 31 March 2019

8,455

6,840

212,272

At 31 March 2018

8,839

9,120

210,019

The net book value of tangible fixed assets includes £ 2,584 (2018 - £ 3,445 ) in respect of assets held under hire

purchase contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

757,399

780,122

Directors' loan accounts

102,032

107,966

Prepayments

12,860

66,334

872,291

954,422

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

507,317

338,130

BCRS Loan

1,389

12,500

Hire purchase contracts

-

1,341

Trade creditors

478,704

441,804

Tax

5,405

42,338

Social security and other taxes

4,260

4,283

VAT

3,334

21,390

Other creditors

478

4,711

Factoring liability

634,674

677,929

Accrued expenses

20,180

25,665

1,655,741

1,570,091

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans - 1-2 years

14,666

14,657

BCRS Loan 1-2 Years

-

5,556

Bank loans - 2-5 years

43,998

44,001

Bank loans more 5 yr by instal

119,779

134,454

178,443

198,668

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

119,779

134,454

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

685,760

536,798

Hire purchase contracts

-

1,341

Factoring liability

634,674

677,929

BCRS Loan

1,389

18,056

1,321,823

1,234,124

The factoring liability is secured on the book debts of the company.

Hire purchase borrowings are secured on the assets to which the borrowing relates.

Bank borrowings are secured by a debenture on the assets of the company.

BCRS Loan is secured by a debenture on the assets of the company.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2019 and

31 March 2018:

2019

2018

£

£

D Geddes

Balance outstanding at start of year

63,382

64,093

Amounts advanced

-

63,382

Amounts repaid

(6,580

)

(64,093

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

56,802

63,382

G Pearson

Balance outstanding at start of year

44,583

45,266

Amounts advanced

-

44,583

Amounts repaid

(5,101

)

(45,266

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

39,482

44,583