PBM Inspection Services Ltd - Period Ending 2021-08-31

PBM Inspection Services Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

PBM Inspection Services Ltd

Company Information

Directors

Mr P B McAlpine Mrs E Northam

Company secretary

Mrs M McAlpine

Registered office

C/O Howsons Winton House Stoke Road Stoke on Trent Staffordshire ST4 2RW

Accountants

Howsons Chartered Accountants Winton House Stoke Road Stoke on Trent Staffordshire ST4 2RW

PBM Inspection Services Ltd

(Registration number: 03234329)
Balance Sheet as at 31 August 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	4,118	743
Current assets
Debtors	5	20,036	7,986
Cash at bank and in hand		76,242	33,128
		96,278	41,114
Creditors: Amounts falling due within one year	6	(78,376)	(36,998)
Net current assets		17,902	4,116
Total assets less current liabilities		22,020	4,859
Creditors: Amounts falling due after more than one year	6	(20,000)	(25,000)
Net assets/(liabilities)		2,020	(20,141)
Capital and reserves
Called up share capital		100	100
Retained earnings		1,920	(20,241)
Shareholders' funds/(deficit)		2,020	(20,141)

For the financial year ending 31 August 2021 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 August 2022 and signed on its behalf by:
 

PBM Inspection Services Ltd

(Registration number: 03234329)
Balance Sheet as at 31 August 2021

......................................... Mr P B McAlpine Director

PBM Inspection Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/O Howsons
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

PBM Inspection Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15%/25% straight line basis
Office equipment	33 1/3% straight line basis
Motor vehicles	25% straight line basis

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

 Recognition and measurement
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit and loss.

 Impairment
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised in the profit or loss.

Financial assets are derecognised when a) the contractual rights to the cash flows from the asset expire or are settled, or b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

PBM Inspection Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2020 - 6).

4	Tangible assets

	Furniture, fittings and equipment  £	Office equipment £	Total £
Cost or valuation
At 1 September 2020	36,671	94,489	131,160
Additions	4,375	600	4,975
At 31 August 2021	41,046	95,089	136,135
Depreciation
At 1 September 2020	35,928	94,489	130,417
Charge for the year	1,400	200	1,600
At 31 August 2021	37,328	94,689	132,017
Carrying amount
At 31 August 2021	3,718	400	4,118
At 31 August 2020	743	-	743

5

Debtors

	2021 £	2020 £
Trade debtors	8,382	6,474
Amounts owed by related parties	11,154	-
Prepayments	500	1,512
	20,036	7,986

PBM Inspection Services Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

6

Creditors

Due within one year	2021 £	2020 £
Bank loans and overdrafts	32,000	-
Trade creditors	6,037	7,480
Amounts owed to related parties	-	2,834
Taxation and social security	6,861	9,059
Other creditors	15,087	13,402
Director's loan account	18,391	4,223
	78,376	36,998

No interest is charged on the director's loan account.

	2021 £	2020 £
Due after one year
Directors' loan account	20,000	25,000

No interest is charged on the director's loan account.

7	Going Concern

At the date of approving these accounts, the directors consider the company to be a going concern. The Covid19 pandemic caused the business to temporarily cease trading but the company has utilised the government support available and the directors continue to support the company.

The company continues to operate as a conference centre at Heath House and in May 2021 opened a new restaurant.

The company is now trading with positive reserves.