Process and Plant Sales Limited - Accounts to registrar (filleted) - small 18.2

PROCESS AND PLANT SALES LIMITED - Company Information

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REGISTERED NUMBER: 03109807 (England and Wales)

PROCESS AND PLANT SALES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

Page

Balance Sheet

Notes to the Financial Statements

FIXED ASSETS

Tangible assets

17,288

22,846

CURRENT ASSETS

Stocks

20,355

7,000

Debtors

592,551

627,764

Cash at bank

144,156

25,065

757,062

659,829

CREDITORS

Amounts falling due within one year

644,907

577,092

NET CURRENT ASSETS

112,155

82,737

TOTAL ASSETS LESS CURRENT
LIABILITIES

129,443

105,583

CREDITORS

Amounts falling due after more than one
year

(2,136

)

PROVISIONS FOR LIABILITIES

(2,550

)

NET ASSETS

126,893

103,447

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

126,793

103,347

SHAREHOLDERS' FUNDS

126,893

103,447

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 June 2020
and were signed on its behalf by:

Mr A W Baxter - Director

1.	STATUTORY INFORMATION

Process and Plant Sales Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address are as below:

Registered number:

03109807

Registered office:

Unit 4

Dock Meadow Industrial Estate

Lanesfield Drive

Wolverhampton

West Midlands

WV4 6UD

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.

The financial statements are prepared in sterling, which is the functional currency of the company.

Monetary amounts in these financial statements are rounded to the nearest £.

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.

Fixtures and fittings

15% 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 Profit and Loss

Account, 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.

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.

Hire purchase and leasing commitments

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the

risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the

date of inception and the present value of the minimum lease payments. The related liability is

included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting

of capital and interest elements. The interest is charged to profit or loss so as to produce a constant

periodic rate of interest on the remaining balance of the liability.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

COST

At 1 October 2018

and 30 September 2019

20,861

45,949

66,810

DEPRECIATION

At 1 October 2018

19,332

24,632

43,964

Charge for year

229

5,329

5,558

At 30 September 2019

19,561

29,961

49,522

NET BOOK VALUE

At 30 September 2019

1,300

15,988

17,288

At 30 September 2018

1,529

21,317

22,846

DEBTORS

2019

2018

Amounts falling due within one year:

Trade debtors

547,641

551,726

Other debtors

33,032

61,608

580,673

613,334

2019

2018

Amounts falling due after more than one year:

Other debtors

11,878

14,430

Aggregate amounts

592,551

627,764

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

Trade creditors

400,080

432,793

Taxation and social security

11,728

9,683

Other creditors

233,099

134,616

644,907

577,092

Included in other creditors is a balance of £2,136 (2018: £3,988) due under hire purchase contracts.

This balance is secured by fixed charges on the assets concerned.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2019

2018

Other creditors

2,136

Included in other creditors is a balance of £nil (2018: £2,136) due under hire purchase contracts. This

balance is secured by fixed charges on the assets concerned.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

100

Ordinary shares

£1

100

9.	DIRECTORS' TRANSACTIONS

Included in other debtors is a balance of £14,430 (2018: £16,918) due from one of the directors. The

loan is unsecured and repayment is being made by instalments, inclusive of interest.