PP Electric Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04624814 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2019

for

PP Electric Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D C Malpass

M Woodroof

SECRETARY:

D C Malpass

REGISTERED OFFICE:

3 Brunel Business Court

Eastern Way

Bury St Edmunds

Suffolk

IP32 7AB

REGISTERED NUMBER:

04624814 (England and Wales)

ACCOUNTANTS:

Knights Lowe

Chartered Accountants

Eldo House, Kempson Way

Suffolk Business Park

Bury St Edmunds

Suffolk

IP32 7AR

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

4,231

3,963

4,231

3,963

CURRENT ASSETS

Stocks

1,500

1,975

Debtors

6

103,937

138,400

Cash at bank and in hand

48,474

87,474

153,911

227,849

CREDITORS

Amounts falling due within one year

7

73,296

100,530

NET CURRENT ASSETS

80,615

127,319

TOTAL ASSETS LESS CURRENT LIABILITIES

84,846

131,282

PROVISIONS FOR LIABILITIES

8

667

586

NET ASSETS

84,179

130,696

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

84,079

130,596

84,179

130,696

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 and authorised for issue on 26 May 2020 and were signed on its behalf by:

D C Malpass - Director

M Woodroof - Director

1.	STATUTORY INFORMATION

PP Electric 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Property improvements

-

10 years straight line

Plant and machinery

-

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities such as trade and other accounts receivable and payable, and loans from banks or other

related parties.Debt instruments, such as loans and other accounts receivable and payable, are initially measured

at present value of the future payments and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are

measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to

be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction,

such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that

is not a market rate, or in case of an outright short-term loan not at market rate, the financial asset or liability is

measured, initially and subsequently, at the present value of the future payment discounted at a market rate of

interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for

objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised

in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an

asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective

interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is

the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between

an asset's carrying amount and best estimate, which is an approximation of the amount that the company would

receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an

enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise

the asset and settle the liability simultaneously.

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.

Hire purchase and leasing commitments

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.

Impairment

At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but

excluding investment properties, are assessed to determine whether there is an indication that the carrying

amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an

indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and

its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower,

the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is

recognised in profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2018 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2019

and 31 December 2019

60,000

AMORTISATION

At 1 January 2019

and 31 December 2019

60,000

NET BOOK VALUE

At 31 December 2019

-

At 31 December 2018

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2019

10,786

20,649

31,435

Additions

-

978

978

At 31 December 2019

10,786

21,627

32,413

DEPRECIATION

At 1 January 2019

10,786

16,686

27,472

Charge for year

-

710

710

At 31 December 2019

10,786

17,396

28,182

NET BOOK VALUE

At 31 December 2019

-

4,231

4,231

At 31 December 2018

-

3,963

3,963

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

102,915

137,327

Other debtors

1,022

1,073

103,937

138,400

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

32,935

49,229

Taxation and social security

30,456

44,581

Other creditors

9,905

6,720

73,296

100,530

Other creditors includes an amount due to the directors.

8.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

Accelerated capital allowances

667

586

Deferred

tax

£

Balance at 1 January 2019

586

Charge to Income Statement during year

81

Balance at 31 December 2019

667