PSCPS Limited - Period Ending 2020-02-29

Registration number: 08217991

PSCPS Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 October 2018 to 29 February 2020

Michaelides Warner & Co Limited
102 Fulham Palace Road
London
W6 9PL

 

PSCPS Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 6

PSCPS Limited

Company Information

Director

Mr Peter Mark Thomas Mullins

Registered office

24 Allan Durst Close Cardiff CF5 2RP

Accountants

Michaelides Warner & Co Limited 102 Fulham Palace Road London W6 9PL

Page 1

PSCPS Limited

(Registration number: 08217991)
Balance Sheet as at 29 February 2020

	Note	2020 £	As at 30 September 2018 £
Current assets
Debtors	4	7,596	4,806
Cash at bank and in hand		545	2,725
		8,141	7,531
Creditors: Amounts falling due within one year		(4,473)	(4,931)
Net assets		3,668	2,600
Capital and reserves
Called up share capital	5	100	100
Profit and loss account		3,568	2,500
Total equity		3,668	2,600

For the financial period ending 29 February 2020 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 accounts for the period in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 22 June 2020

.........................................

Mr Peter Mark Thomas Mullins
Director

The notes on pages 3 to 6 form an integral part of these financial statements.

Page 2

PSCPS Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2018 to 29 February 2020

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
24 Allan Durst Close
Cardiff
CF5 2RP
United Kingdom

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company’s accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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PSCPS Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2018 to 29 February 2020

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 
 

3	Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1 (2018 - 1).

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PSCPS Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2018 to 29 February 2020

4

Debtors

	2020 £	2018 £
Trade debtors	1,520	3,510
Other debtors	6,076	1,296
	7,596	4,806

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PSCPS Limited

Notes to the Unaudited Financial Statements for the Period from 1 October 2018 to 29 February 2020

5	Share capital

Allotted, called up and fully paid shares

	2020		2018
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

6	Related party transactions

Included in debtors due within one year are amounts owed from the director of £6,074 (as at 30.09.2018 - £1,296). The balance is interest free and repayable on demand.

Transactions with directors

2020	At 1 October 2018 £	Advances to directors £	Repayments by director £	At 29 February 2020 £
Mr Peter Mark Thomas Mullins
Amounts due to/(from) the Director	(1,296)	(38,030)	33,252	(6,074)

2018	At 1 October 2017 £	Advances to directors £	Repayments by director £	At 30 September 2018 £
Mr Peter Mark Thomas Mullins
Amounts due to/(from) the Director	354	(30,600)	28,951	(1,296)

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