P.A.R. (Insulations and Wires) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02405904 (England and Wales)

P.A.R. (Insulations and Wires) Limited

Unaudited Financial Statements

For The Year Ended 30 September 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

8

DIRECTORS:

R A Hirst

P M Hirst

SECRETARY:

P M Hirst

REGISTERED OFFICE:

Foxwood Close

Foxwood Industrial Park

Sheepbridge

Chesterfield

S41 9RB

REGISTERED NUMBER:

02405904 (England and Wales)

ACCOUNTANTS:

Roddis Taylor Robinson

Chartered Accountants

Unit 6, Acorn Business Park

Woodseats Close

Sheffield

South Yorkshire

S8 0TB

FIXED ASSETS

Intangible assets

4

1,667

3,667

Tangible assets

5

98,779

92,315

100,446

95,982

CURRENT ASSETS

Stocks

277,312

331,003

Debtors

6

425,651

492,399

Cash at bank and in hand

766

444

703,729

823,846

CREDITORS

Amounts falling due within one year

7

453,867

630,373

NET CURRENT ASSETS

249,862

193,473

TOTAL ASSETS LESS CURRENT LIABILITIES

350,308

289,455

CREDITORS

Amounts falling due after more than one year

8

(46,298

)

(11,562

)

PROVISIONS FOR LIABILITIES

(9,009

)

(6,840

)

NET ASSETS

295,001

271,053

CAPITAL AND RESERVES

Called up share capital

10

9,750

9,750

Capital redemption reserve

3,250

3,250

Retained earnings

282,001

258,053

SHAREHOLDERS' FUNDS

295,001

271,053

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

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 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 20 April 2021 and were signed on its behalf by:

R A Hirst - Director

1.	STATUTORY INFORMATION

P.A.R. (Insulations and Wires) 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.

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of five years.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

4% straight line

Fixtures and fittings

-

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.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2019 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2019

and 30 September 2020

10,000

AMORTISATION

At 1 October 2019

6,333

Charge for year

2,000

At 30 September 2020

8,333

NET BOOK VALUE

At 30 September 2020

1,667

At 30 September 2019

3,667

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 October 2019

126,759

160,376

287,135

Additions

-

21,957

21,957

At 30 September 2020

126,759

182,333

309,092

DEPRECIATION

At 1 October 2019

87,464

107,356

194,820

Charge for year

3,930

11,563

15,493

At 30 September 2020

91,394

118,919

210,313

NET BOOK VALUE

At 30 September 2020

35,365

63,414

98,779

At 30 September 2019

39,295

53,020

92,315

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

410,366

472,501

Other debtors

15,285

19,898

425,651

492,399

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

18,797

72,111

Hire purchase contracts

10,746

10,746

Trade creditors

356,136

490,006

Taxation and social security

51,505

40,783

Other creditors

16,683

16,727

453,867

630,373

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

45,833

-

Hire purchase contracts

465

11,212

Other creditors

-

350

46,298

11,562

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdrafts

14,630

72,111

Bank loans

50,000

-

Hire purchase

11,211

21,958

75,841

94,069

Bank borrowings are secured by way of a legal mortgage, a first fixed charge and a floating charge.

Hire purchase liabilities are secured on the assets concerned.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

9,750

Ordinary

£1

9,750

9,750

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 September 2020 set out on pages three to nine and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Our report may not be relied upon by any person for any other purpose whatsoever.

Roddis Taylor Robinson neither owes nor accepts any duty to any other party and shall not be liable for any loss, damage or expenses of whatsoever nature which is caused by their reliance on these accounts.

Roddis Taylor Robinson

Chartered Accountants

Unit 6, Acorn Business Park

Woodseats Close

Sheffield

South Yorkshire

S8 0TB

20 April 2021