Company No: SC256609 (Scotland)

Contents

• Company Information
• Balance Sheet
• Notes to the Unaudited Financial Statements

DIRECTORS	Stewart Gardiner
	Ian Kennedy
	Steven Kennedy
	Karen Kennedy
SECRETARY	Ian Kennedy
REGISTERED OFFICE	Unit 4 Blackburn Industrial Estate
	Kinellar
	Aberdeen
	AB21 0RX
	United Kingdom
COMPANY NUMBER	SC256609(Scotland)
ACCOUNTANT	Acumen Accountants & Advisors Limited
	Bankhead Drive
	City South Office Park
	Portlethen
	Aberdeen
	AB12 4XX

		31.03.2020		31.03.2019
	Note	£		£
Fixed assets
Intangible assets	4	3,880		4,066
Tangible assets	5	168,287		156,524
		172,167		160,590
Current assets
Debtors	6	172,259		198,946
Cash at bank and in hand	7	44,917		34,644
		217,176		233,590
Creditors
Amounts falling due within one year	8	( 202,330)		( 289,416)
Net current assets/(liabilities)		14,846		(55,826)
Total assets less current liabilities		187,013		104,764
Creditors
Amounts falling due after more than one year	9	( 15,711)		( 40,019)
Provisions for liabilities		( 31,974)		( 29,739)
Net assets		139,328		35,006
Capital and reserves
Called-up share capital	10	105		105
Profit and loss account		139,223		34,901
Total shareholders' funds		139,328		35,006

For the financial year ending 31 March 2020 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors’ responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Perfectshine Window Cleaning Ltd (registered number: SC256609) were approved and authorised for issue by the Board of Directors on 19 January 2021. They were signed on its behalf by:

Steven Kennedy Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year.

General information and basis of accounting

Perfectshine Window Cleaning Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Unit 4 Blackburn Industrial Estate, Kinellar, Aberdeen, AB21 0RX, , United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council.

The functional currency of Perfectshine Window Cleaning Ltd is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable excluding discounts, rebates, value added tax and other sales taxes.

Taxation

Current tax
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 arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Deferred tax assets and liabilities are not discounted.

Intangible assets

Goodwill

Goodwill arising on the acquisition of subsidiary undertakings and business, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 10 years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line,reducing balance] basis over its expected useful life, as follows:

Plant and machinery - 25% on reducing balance
Vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance
Computer equipment - 33.33% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial in such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at X.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

.

2. Employees

	31.03.2020	31.03.2019
	Number	Number
Monthly average number of persons employed by the Company during the year, including directors	22	22

3. Dividends on equity shares

	31.03.2020	31.03.2019
	£	£
Amounts recognised as distributions to equity holders in the financial period:
Final dividend for the financial year ended 31 March 2020 of £58,879 (31.03.2019: £65,000)	58,879	65,000
	58,879	65,000

4. Intangible assets

	Goodwill	Total
	£	£
Cost
At 01 April 2019	24,743	24,743
Adjustment to balance	2,967	2,967
At 31 March 2020	27,710	27,710
Accumulated amortisation
At 01 April 2019	20,677	20,677
Charge for the financial year	970	970
Adjustment to balance	2,183	2,183
At 31 March 2020	23,830	23,830
Net book value
At 31 March 2020	3,880	3,880
At 31 March 2019	4,066	4,066

5. Tangible assets

	Plant and machinery	Vehicles	Office equipment	Total
	£	£	£	£
Cost/Valuation
At 01 April 2019	129,722	208,280	23,708	361,710
Additions	15,489	41,221	2,339	59,049
Disposals	0	( 27,567)	( 650)	( 28,217)
At 31 March 2020	145,211	221,934	25,397	392,542
Accumulated depreciation
At 01 April 2019	83,237	106,661	15,288	205,186
Charge for the financial year	12,391	26,758	2,956	42,106
Disposals	0	( 22,387)	( 650)	( 23,037)
At 31 March 2020	95,628	111,033	17,594	224,255
Net book value
At 31 March 2020	49,583	110,901	7,803	168,287
At 31 March 2019	46,485	101,619	8,420	156,524

6. Debtors

	31.03.2020	31.03.2019
	£	£
Trade debtors	129,236	113,803
Amounts owed by associates	31,195	69,283
Prepayments	11,828	15,860
	172,259	198,946

7. Cash and cash equivalents

	31.03.2020	31.03.2019
	£	£
Cash at bank and in hand	44,917	34,644
	44,917	34,644

8. Creditors: amounts falling due within one year

	31.03.2020	31.03.2019
	£	£
Trade creditors	22,630	41,886
Amounts owed to directors	23,807	67,627
Other creditors	32,518	35,791
Accruals	2,425	2,190
Corporation tax	35,645	23,289
Other taxation and social security	60,910	68,974
Obligations under finance leases and hire purchase contracts	24,395	49,659
	202,330	289,416

9. Creditors: amounts falling due after more than one year

	31.03.2020	31.03.2019
	£	£
Obligations under finance leases and hire purchase contracts	15,711	40,019
	15,711	40,019

There are no amounts included above in respect of which any security has been given by the small entity.

10. Called-up share capital and reserves

	31.03.2020	31.03.2019
	£	£
Allotted, called-up and fully-paid
100 Ordinary Shares shares of £ 1.00 each (31.03.2019: 100 shares of £ 1.00 each)	100	100
1 Ordinary C Shares share of £ 1.00 (31.03.2019: 1 share of £ 1.00 )	1	1
4 Ordinary B Shares shares of £ 1.00 each (31.03.2019: 4 shares of £ 1.00 each)	4	4
	105	105

11. Related party transactions

Transactions with the entity's directors

	31.03.2019	31.03.2020
	£	£
As at 31 March 2020 there was a loan due to the director Claire Bell	0	(3,199)
As at 31 March 2020 there was a loan due from the director Steven Kennedy	5,195	(16,002)
As at 31 March 2020 there was a loan due to the director Karen Kennedy	(27,902)	(45,727)
As at 31 March 2020 there was a loan due to the director Stewart Gardiner	(1,100)	(2,699)

Advances

During the year ending 31 March 2020 the company repaid director Claire Bell £3,199 leaving a 0.00 balance as at 31 March 2020.
During the year ending 31 March 2020 the company repaid director Steve Kennedy £16,002 and advanced him a loan of £5,195. This advance was repaid post year end on 15 December 2020.
This loan is interest free and there is no repayment period set by the company.
During the year ending 31 March 2020 the company repaid director Karen Kennedy £17,825 leaving a balance due to Karen of £27,902 as at 31 March 2020. This loan is interest free and there is no repayment period.
During the year ending 31 March 2020 the company repaid the director Stewart Gardiner £ 2,199 and received an advance from him of £600 leaving a balance of £1,100 due to Stewart as at 31 March 2020. This loan is interest free and there is no repayment period.
The total amount repaid to the directors is £39,225, the total amount advanced to the directors was £5,195, the total amount advanced to the company was £600, the total amounts written-off are £0 and the total amounts waived are £0.

12. Events after the Balance Sheet date

Since the year end COVID-19 has resulted in the loss of some large sources of income but the director confirms that the company will continue to trade and has taken all necessary steps, using the government furlough scheme and the available loans on offer.

Claire Bell resigned as a director and Ian Kennedy was appointed a director as at 31/12/2019. However this change was not filed with Companies house until 01/10/2020,

13. Related Disclosure - freeform note

Directors S Kennedy, S Gardiner and C Bell are all also directors of Perfect Hygiene Limited. As at 31 March 2020 Perfect Hygiene Ltd was due Perfectshine Window Cleaning Limited £2,195 (2019: £69,283). During the year, sales of £233,547 (2019: £41,764) and purchases of £76,617 (2019: £695) were made to Perfect Hygiene Ltd. Also as at 31 March 2020 there was a management charge from Perfect Hygiene Ltd of £10,000, and a management charge to Perfect Hygiene Ltd of £20,000 that is due to be cleared.

14. Ultimate controlling party

The ultimate controlling party of Perfectshine Window Cleaning Ltd is Steven Kennedy.