Preferred Management Solutions (PMS) Limited 30/09/2020 iXBRL
Preferred Management Solutions (PMS) Limited 30/09/2020 iXBRL
Company registration number:
07372003
Contents
Directors and other information
Accountants report
Abridged statement of income and retained earnings
Abridged statement of financial position
Notes to the financial statements
Directors and other information
Directors |
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Company number |
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Registered office | Preferred House | |
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Accountants |
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First Floor Unicorn House | ||
221-222 Shoreditch High Street | ||
London | ||
E1 6PJ | ||
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 2020
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 2020 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.
Chartered Certified Accountants
First Floor Unicorn House
221-222 Shoreditch High Street
London
E1 6PJ
3 December 2020
Abridged statement of income and retained earnings
Year ended 30 September 2020
2020 | 2019 | ||||
Note | £ | £ | |||
Gross profit |
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Distribution costs |
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Administrative expenses |
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Operating profit |
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Interest payable and similar expenses |
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Profit before taxation | 5 |
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Tax on profit |
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Profit for the financial year and total comprehensive income |
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Retained earnings at the start of the year |
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Retained earnings at the end of the year |
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All the activities of the company are from continuing operations.
Abridged statement of financial position
30 September 2020
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Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Intangible assets | 6 |
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Tangible assets | 7 |
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Current assets | |||||||||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due | |||||||||
within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due | |||||||||
after more than one year |
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Net assets |
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Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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Directors responsibilities:
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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;
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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 were approved by the
board of directors
and authorised for issue on
03 December 2020
, and are signed on behalf of the board by:
Director
Company registration number:
07372003
Notes to the financial statements
Year ended 30 September 2020
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Preferred House, 4-5 Merchant Court, Monkton Business Park South, Hebburn, Tyne and Wear, NE31 2EX.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
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
Operating leases
Intangible assets
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 | - |
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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
Tangible assets
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 | - |
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Impairment
Stocks
Financial instruments
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
69
(2019:
61
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5.
Profit before taxation
Profit before taxation is stated after charging/(crediting):
2020 | 2019 | ||||
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Amortisation of intangible assets |
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Depreciation of tangible assets |
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6.
Intangible assets
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Cost | ||
At 1 October 2019 |
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Additions | 132,717 | |
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At 30 September 2020 |
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Amortisation | ||
At 1 October 2019 |
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Charge for the year |
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At 30 September 2020 |
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Carrying amount | ||
At 30 September 2020 |
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At 30 September 2019 |
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7.
Tangible assets
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Cost | ||
At 1 October 2019 |
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Additions |
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At 30 September 2020 |
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Depreciation | ||
At 1 October 2019 |
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Charge for the year |
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At 30 September 2020 |
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Carrying amount | ||
At 30 September 2020 |
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At 30 September 2019 |
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