Personnel Vending Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02085988 (England and Wales)

Financial Statements

for the Year Ended 30 September 2020

for

Personnel Vending Services Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

G Worgan

W Brooks

REGISTERED OFFICE:

Unit 16

Block D, Tuffley Park

Lower Tuffley Lane

Gloucester

Gloucestershire

GL2 5DE

REGISTERED NUMBER:

02085988 (England and Wales)

ACCOUNTANTS:

GCSD Accountants Limited

701 Stonehouse Park

Sperry Way

Stonehouse

Gloucestershire

GL10 3UT

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.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Personnel Vending Services Limited for the year ended 30 September 2020 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Personnel Vending Services Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Personnel Vending Services Limited and state those matters that we have agreed to state to the Board of Directors of Personnel Vending Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Personnel Vending Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Personnel Vending Services 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 Personnel Vending Services Limited. You consider that Personnel Vending Services 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 Personnel Vending Services 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.

GCSD Accountants Limited

29 January 2021

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

14,099

18,827

14,099

18,827

CURRENT ASSETS

Stocks

35,623

23,347

Debtors

6

82,271

111,280

Cash at bank and in hand

75,581

6,959

193,475

141,586

CREDITORS

Amounts falling due within one year

7

180,334

153,598

NET CURRENT ASSETS/(LIABILITIES)

13,141

(12,012

)

TOTAL ASSETS LESS CURRENT LIABILITIES

27,240

6,815

PROVISIONS FOR LIABILITIES

2,476

2,703

NET ASSETS

24,764

4,112

CAPITAL AND RESERVES

Called up share capital

400

400

Share premium

1,445

1,445

Capital redemption reserve

7,000

7,000

Retained earnings

15,919

(4,733

)

SHAREHOLDERS' FUNDS

24,764

4,112

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 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 29 January 2021 and were signed on its behalf by:

G Worgan - Director

1.	STATUTORY INFORMATION

Personnel Vending Services 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 represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a customer database in 2008 and a further customer database in 2015, is being amortised evenly over its estimated useful life of 5 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.

Short leasehold

-

Over the term of the lease

Vending machines

-

20% on reducing balance

Office equipment

-

25% on reducing balance

Government grants

Coronavirus Job Retention Scheme Grants have been 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

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 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 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.

Hire purchase and leasing commitments

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 9 (2019 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2019

and 30 September 2020

10,297

AMORTISATION

At 1 October 2019

and 30 September 2020

10,297

NET BOOK VALUE

At 30 September 2020

-

At 30 September 2019

-

5.	TANGIBLE FIXED ASSETS

Short

Vending

Office

leasehold

machines

equipment

Totals

£

£

£

£

COST

At 1 October 2019

and 30 September 2020

30,084

78,589

28,161

136,834

DEPRECIATION

At 1 October 2019

26,786

65,426

25,795

118,007

Charge for year

1,504

2,633

591

4,728

At 30 September 2020

28,290

68,059

26,386

122,735

NET BOOK VALUE

At 30 September 2020

1,794

10,530

1,775

14,099

At 30 September 2019

3,298

13,163

2,366

18,827

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

73,792

102,696

Other debtors

8,479

8,584

82,271

111,280

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

30,000

1,932

Trade creditors

70,966

88,325

Taxation and social security

70,806

54,878

Other creditors

8,562

8,463

180,334

153,598

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank overdraft

-

1,932

Bank loans

30,000

-

30,000

1,932

The bank overdraft is secured by means of a fixed and floating charge over the assets of the company.The other loan has been secured by a personal guarantee from the director, Mr G Worgan.The finance lease is secured by the asset financed.