PGS Building Contractors Limited Filleted accounts for Companies House (small and micro)

PGS BUILDING CONTRACTORS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09253317

PGS Building Contractors Limited

Filleted Unaudited Financial Statements

31 October 2019

PGS Building Contractors Limited

Financial Statements

Year ended 31 October 2019

Contents	Page

Statement of financial position	1

Notes to the financial statements	2

PGS Building Contractors Limited

Statement of Financial Position

31 October 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	5		18,992	25,600

Current assets

Debtors	6	–	6,644
Cash at bank and in hand		599	398
		----	-------
		599	7,042

Creditors: amounts falling due within one year	7	7,957		13,810
		-------		--------
Net current liabilities			7,358	6,768
			--------	--------
Total assets less current liabilities			11,634	18,832

Provisions	699	1,645
	--------	--------
Net assets	10,935	17,187
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	10,835	17,087
	--------	--------
Shareholders funds	10,935	17,187
	--------	--------

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 statement of income and retained earnings has not been delivered.

For the year ending 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 17 March 2020 , and are signed on behalf of the board by:

Mr P G Sutcliffe
Director

Company registration number: 09253317

PGS Building Contractors Limited

Notes to the Financial Statements

Year ended 31 October 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 4 Brackley Close, Bournemouth International Airport, Christchurch, Dorset, BH23 6SE.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

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

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.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Motor vehicles	-	25% reducing balance
Equipment	-	33% straight line

Impairment of fixed assets

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2018: 1 ).

5. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 November 2018 and 31 October 2019	35,867	1,000	36,867
	--------	-------	--------
Depreciation
At 1 November 2018	10,767	500	11,267
Charge for the year	6,275	333	6,608
	--------	-------	--------
At 31 October 2019	17,042	833	17,875
	--------	-------	--------
Carrying amount
At 31 October 2019	18,825	167	18,992
	--------	-------	--------
At 31 October 2018	25,100	500	25,600
	--------	-------	--------

6. Debtors

	2019	2018
	£	£
Trade debtors	–	6,644
	----	-------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Corporation tax	66	902
Social security and other taxes	1,177	3,935
Other creditors	6,714	8,973
	-------	--------
	7,957	13,810
	-------	--------