Preferred Management Solutions (PMS) Limited 30/09/2019 iXBRL

Preferred Management Solutions (PMS) Limited 30/09/2019 iXBRL

PREFERRED MANAGEMENT SOLUTIONS (PMS) LTD - Company Information

Print Friendly Version

30/09/2019 2019-09-30 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2018-10-01 Sage Accounts Production 19.0 - FRS102_2019 xbrli:pure xbrli:shares iso4217:GBP 07372003 2018-10-01 2019-09-30 07372003 2019-09-30 07372003 2018-09-30 07372003 2017-10-01 2018-09-30 07372003 2018-09-30 07372003 core:IntangibleAssetsOtherThanGoodwill 2018-10-01 2019-09-30 07372003 core:FurnitureFittingsToolsEquipment 2018-10-01 2019-09-30 07372003 bus:RegisteredOffice 2018-10-01 2019-09-30 07372003 bus:LeadAgentIfApplicable 2018-10-01 2019-09-30 07372003 bus:Director1 2018-10-01 2019-09-30 07372003 bus:Director2 2018-10-01 2019-09-30 07372003 core:WithinOneYear 2019-09-30 07372003 core:WithinOneYear 2018-09-30 07372003 core:AfterOneYear 2019-09-30 07372003 core:AfterOneYear 2018-09-30 07372003 core:RetainedEarningsAccumulatedLosses 2018-09-30 07372003 core:RetainedEarningsAccumulatedLosses 2017-09-30 07372003 core:RetainedEarningsAccumulatedLosses 2019-09-30 07372003 core:RetainedEarningsAccumulatedLosses 2018-09-30 07372003 core:ShareCapital 2019-09-30 07372003 core:ShareCapital 2018-09-30 07372003 bus:Director1 2018-09-30 07372003 bus:Director1 2019-09-30 07372003 bus:Director1 2017-09-30 07372003 bus:Director1 2018-09-30 07372003 bus:Director1 2017-10-01 2018-09-30 07372003 bus:SmallEntities 2018-10-01 2019-09-30 07372003 bus:AuditExemptWithAccountantsReport 2018-10-01 2019-09-30 07372003 bus:AbridgedAccounts 2018-10-01 2019-09-30 07372003 bus:SmallCompaniesRegimeForAccounts 2018-10-01 2019-09-30 07372003 bus:PrivateLimitedCompanyLtd 2018-10-01 2019-09-30
Company registration number: 07372003
Preferred Management Solutions (PMS) Limited
Unaudited filleted abridged financial statements
30 September 2019
Preferred Management Solutions (PMS) Limited
Contents
Directors and other information
Accountants report
Abridged statement of income and retained earnings
Abridged statement of financial position
Notes to the financial statements
Preferred Management Solutions (PMS) Limited
Directors and other information
Directors Mr Dean Rae
Mr Antony Morrison Taylor
Company number 07372003
Registered office 4-5 Merchant Court
Monkton Business Park South
Hebburn
Tyne and Wear
NE31 2EQ
Accountants PG Lemon LLP
Lion House
3 Plough Yard
Shoreditch
London
EC2A 3LP
Preferred Management Solutions (PMS) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Preferred Management Solutions (PMS) Limited
Year ended 30 September 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Preferred Management Solutions (PMS) Limited for the year ended 30 September 2019 which comprise the abridged statement of income and retained earnings, abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Preferred Management Solutions (PMS) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Preferred Management Solutions (PMS) Limited and state those matters that we have agreed to state to the board of directors of Preferred Management Solutions (PMS) Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Preferred Management Solutions (PMS) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Preferred Management Solutions (PMS) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Preferred Management Solutions (PMS) Limited. You consider that Preferred Management Solutions (PMS) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Preferred Management Solutions (PMS) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
PG Lemon LLP
Chartered Certified Accountants
Lion House
3 Plough Yard
Shoreditch
London
EC2A 3LP
13 February 2020
Preferred Management Solutions (PMS) Limited
Abridged statement of income and retained earnings
Year ended 30 September 2019
2019 2018
Note £ £
Gross profit 2,026,690 1,636,006
Distribution costs ( 307,174) ( 285,862)
Administrative expenses ( 1,604,504) ( 1,489,596)
_______ _______
Operating profit/(loss) 115,012 ( 139,452)
Interest payable and similar expenses ( 77,816) ( 20,887)
_______ _______
Profit/(loss) before taxation 5 37,196 ( 160,339)
Tax on profit/(loss) - 20,810
_______ _______
Profit/(loss) for the financial year and total comprehensive income 37,196 ( 139,529)
_______ _______
Retained earnings at the start of the year 454 139,983
_______ _______
Retained earnings at the end of the year 37,650 454
_______ _______
All the activities of the company are from continuing operations.
Preferred Management Solutions (PMS) Limited
Abridged statement of financial position
30 September 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 6 44,273 38,085
Tangible assets 7 55,262 42,367
_______ _______
99,535 80,452
Current assets
Stocks 304,563 202,635
Debtors 529,032 556,982
Cash at bank and in hand 137,262 85,504
_______ _______
970,857 845,121
Creditors: amounts falling due
within one year ( 663,128) ( 511,398)
_______ _______
Net current assets 307,729 333,723
_______ _______
Total assets less current liabilities 407,264 414,175
Creditors: amounts falling due
after more than one year ( 369,412) ( 413,519)
_______ _______
Net assets 37,852 656
_______ _______
Capital and reserves
Called up share capital 202 202
Profit and loss account 37,650 454
_______ _______
Shareholders funds 37,852 656
_______ _______
For the year ending 30 September 2019 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.
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'.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 30 September 2019 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 13 February 2020 , and are signed on behalf of the board by:
Mr Dean Rae
Director
Company registration number: 07372003
Preferred Management Solutions (PMS) Limited
Notes to the financial statements
Year ended 30 September 2019
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 4-5 Merchant Court, Monkton Business Park South, Hebburn, Tyne and Wear, NE31 2EQ.
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 Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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 for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - 25 % reducing balance
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 25% % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 61 (2018: 54 ).
5. Profit/loss before taxation
Profit/loss before taxation is stated after charging/(crediting):
2019 2018
£ £
Amortisation of intangible assets 18,812 6,081
Depreciation of tangible assets 21,750 41,787
_______ _______
6. Intangible assets
£
Cost
At 1 October 2018 95,247
Additions 25,000
_______
At 30 September 2019 120,247
_______
Amortisation
At 1 October 2018 57,162
Charge for the year 18,812
_______
At 30 September 2019 75,974
_______
Carrying amount
At 30 September 2019 44,273
_______
At 30 September 2018 38,085
_______
7. Tangible assets
£
Cost
At 1 October 2018 196,027
Additions 34,645
_______
At 30 September 2019 230,672
_______
Depreciation
At 1 October 2018 153,660
Charge for the year 21,750
_______
At 30 September 2019 175,410
_______
Carrying amount
At 30 September 2019 55,262
_______
At 30 September 2018 42,367
_______
8. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Dean Rae ( 96,791) ( 8,931) ( 105,722)
_______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Dean Rae ( 50,654) ( 46,137) ( 96,791)
_______ _______ _______