POSL Limited,Ltd - AccountsLtd - Accounts

POSL Limited,Ltd - AccountsLtd - Accounts

POSL LIMITED - Company Information

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2019-10-01 05495904 2020-09-30 05495904 2019-10-01 2020-09-30 05495904 2019-09-30 05495904 2018-10-01 2019-09-30 05495904 uk-core:WithinOneYear 2019-09-30 05495904 uk-core:WithinOneYear 2020-09-30 05495904 uk-core:ShareCapital 2020-09-30 05495904 uk-core:ShareCapital 2019-09-30 05495904 uk-core:RetainedEarningsAccumulatedLosses 2020-09-30 05495904 uk-core:RetainedEarningsAccumulatedLosses 2019-09-30 05495904 uk-bus:Director1 2019-10-01 2020-09-30 05495904 uk-core:PlantMachinery 2019-10-01 2020-09-30 05495904 uk-core:MotorVehicles 2019-10-01 2020-09-30 05495904 uk-core:FurnitureFittings 2019-10-01 2020-09-30 05495904 uk-core:FurnitureFittings 2019-09-30 05495904 uk-core:MotorVehicles 2019-09-30 05495904 uk-core:PlantMachinery 2019-09-30 05495904 uk-core:Buildings 2019-09-30 05495904 uk-core:Buildings 2019-10-01 2020-09-30 05495904 uk-core:PlantMachinery 2020-09-30 05495904 uk-core:MotorVehicles 2020-09-30 05495904 uk-core:FurnitureFittings 2020-09-30 05495904 uk-core:Buildings 2020-09-30 iso4217:GBP xbrli:pure 05495904 uk-bus:AuditExemptWithAccountantsReport 2019-10-01 2020-09-30 05495904 uk-bus:FRS102 2019-10-01 2020-09-30 05495904 uk-bus:FullAccounts 2019-10-01 2020-09-30 05495904 uk-bus:PrivateLimitedCompanyLtd 2019-10-01 2020-09-30
POSL Limited
Registered Number:05495904
For the year ended 30 September 2020
England and Wales
Unaudited Financial Statements
2
For the year ended 30 September 2020
POSL Limited
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
3
Registered Number :
05495904
As at 30 September 2020
POSL Limited
Statement of Financial Position
£
£
2019
2020
Notes
Fixed assets
Property, plant and equipment
190,569
191,885
2
190,569
191,885
Current assets
Trade and other receivables
10,648
6,190
3
27,874
Cash and cash equivalents
25,025
31,215
38,522
Trade and other payables: amounts falling due within one
year
(70,696)
(81,461)
4
(32,174)
(50,246)
Net current liabilities
Total assets less current liabilities
140,323
159,711
(1,450)
(1,700)
Provisions for liabilities
138,873
Net assets
158,011
Capital and reserves
Called up share capital
101
100
Retained earnings
138,772
157,911
138,873
158,011
Shareholders' funds
For the year ended 30 September 2020 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section 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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
Mr P. Oldfield Director
These financial statements were approved and authorised for issue by the Board on 26 January 2021 and were signed by:
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4
Registered Number :
05495904
For the year ended 30 September 2020
POSL Limited
Statement of Financial Position Continued
The notes form part of these financial statements
2 of 4
5
For the year ended 30 September 2020
POSL Limited
Notes to the Financial Statements
Statutory Information
POSL Limited is a private limited company, limited by shares, domiciled in England and Wales, registration
number 05495904.
Registered address:
Omega Court
368 Cemetery Road
Sheffield
S11 8FT
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and
the Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery
10% Reducing balance
25% Reducing balance
Motor vehicles
20% Reducing balance
Fixtures and fittings
No depreciation is provided on the company''s freehold properties since in the opinion of the directors the
expected useful lives are sufficiently long and the estimated residual values are sufficiently high that any such
depreciation would be immaterial. The directors undertake an annual impairment review of these properties.
Inventories
Income on work in progress contracts is recognised by reference to the valuation of time spent on each contract, at the year end. Profit on work in progress contracts is recognised when the outcome of the contracts can be assessed with reasonable certainty, and is that amount which is estimated to fairly reflect the profit arising up to the year end. Profit on work in progress contracts is reflected in the profit and loss account as the difference between the reported turnover, and the related costs.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
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6
For the year ended 30 September 2020
POSL Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Fixtures and
fittings
Motor vehicles
Plant and
machinery
Land and
buildings
£
£
£
£
£
Cost or
valuation
At 01 October 2019
201,025
4,905
4,745
8,444
182,931
160
160
-
-
-
Additions
At 30 September 2020
8,444
4,745
5,065
201,185
182,931
Provision for depreciation and impairment
At 01 October 2019
9,140
3,413
2,076
3,651
-
Charge for year
1,476
330
667
479
-
At 30 September 2020
10,616
3,743
2,743
4,130
-
At 30 September 2020
Net book value
182,931
4,314
2,002
1,322
190,569
At 30 September 2019
182,931
4,793
2,669
1,492
191,885
3. Trade and other receivables
2019
2020
£
£
Trade debtors
6,190
10,648
4. Trade and other payables: amounts falling due within one year
2019
2020
£
£
Trade creditors
497
2,486
Taxation and social security
7,582
10,842
Other creditors
73,382
57,368
81,461
70,696
5. Related party transactions
The director is also a shareholder of the company. Dividends paid to Mr P. Oldfield, as director and
shareholder of the company, during the year (with the previous year shown in brackets) were £41,000
(£28,000).
6. Average number of persons employed
During the year the average number of employees was 1 (2019 : 1)
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