PFS (Helston) Ltd - Accounts to registrar (filleted) - small 18.2
PFS (Helston) Ltd - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
PFS (Helston) Ltd |
Unaudited Financial Statements |
for the Year Ended 31 December 2020 |
PFS (Helston) Ltd (Registered number: 04985845) |
Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
PFS (Helston) Ltd |
Company Information |
for the Year Ended 31 December 2020 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Lakeside Offices |
The Old Cattle Market |
Coronation Park |
Helston |
Cornwall |
TR13 0SR |
BANKERS: |
Penzance Branch |
Leicester |
Leicestershire |
LE87 2BB |
PFS (Helston) Ltd (Registered number: 04985845) |
Statement of Financial Position |
31 December 2020 |
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
PFS (Helston) Ltd (Registered number: 04985845) |
Statement of Financial Position - continued |
31 December 2020 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PFS (Helston) Ltd (Registered number: 04985845) |
Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
1. | STATUTORY INFORMATION |
PFS (Helston) Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of 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. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures fittings & equipment | - |
Motor vehicles | - |
Computer equipment | - |
Government grants |
Government grants are recognised as income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. |
Other forms of Government assistance from which the company has benefited are disclosed in the notes to the financial statements. |
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 has financial assets and financial liabilities of a kind that qualify as basic financial instruments like trade and other accounts receivable and payable. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
PFS (Helston) Ltd (Registered number: 04985845) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
2. | ACCOUNTING POLICIES - continued |
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. |
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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2020 |
and 31 December 2020 |
AMORTISATION |
At 1 January 2020 |
Amortisation for year |
At 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
At 31 December 2019 |
PFS (Helston) Ltd (Registered number: 04985845) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
fittings & | Motor | Computer |
equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2020 |
Additions |
At 31 December 2020 |
DEPRECIATION |
At 1 January 2020 |
Charge for year |
At 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
At 31 December 2019 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 5,000 | - |
9. | RELATED PARTY DISCLOSURES |
The directors, Mr MHW and Mrs R Bywaters own the premises from which the company trades. Rent of £19,000 (2019 £19,000) was paid to them by the company in the year. |
At the year end there was a directors' current account balance of £12,446 (2019 £49,097) owing to Mr MHW and Mrs R Bywaters. |
PFS (Helston) Ltd (Registered number: 04985845) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
10. | GOVERNMENT GRANTS |
During the year, the company received a Government grant of £625 to cover interest on the initial period of a bank loan. This has been included within Other Operating Income. |
During the year, the company took out a bank loan for which the Government have provided a 100% guarantee in respect of the outstanding balance. The balance outstanding at the Balance Sheet date is £50,000. |