PFS (Helston) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04985845 (England and Wales)

PFS (Helston) Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2021

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr MHW Bywaters

Mrs R Bywaters

REGISTERED OFFICE:

Lakeside Offices

The Old Cattle Market

Coronation Park

Helston

Cornwall

TR13 0SR

REGISTERED NUMBER:

04985845 (England and Wales)

ACCOUNTANTS:

Atkins Ferrie Chartered Accountants

Lakeside Offices

The Old Cattle Market

Coronation Park

Helston

Cornwall

TR13 0SR

BANKERS:

Barclays Bank plc

Penzance Branch

Leicester

Leicestershire

LE87 2BB

FIXED ASSETS

Intangible assets

4

5,000

7,500

Tangible assets

5

62,304

81,247

67,304

88,747

CURRENT ASSETS

Stocks

125,069

118,739

Debtors

6

77,868

117,788

Cash at bank

138,719

89,211

341,656

325,738

CREDITORS

Amounts falling due within one year

7

120,596

89,242

NET CURRENT ASSETS

221,060

236,496

TOTAL ASSETS LESS CURRENT LIABILITIES

288,364

325,243

CREDITORS

Amounts falling due after more than one year

8

-

(45,000

)

PROVISIONS FOR LIABILITIES

(8,068

)

(11,426

)

NET ASSETS

280,296

268,817

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

280,196

268,717

SHAREHOLDERS' FUNDS

280,296

268,817

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 September 2022 and were signed on its behalf by:

Mr MHW Bywaters - Director

1.	STATUTORY INFORMATION

PFS (Helston) Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 2004, is being amortised evenly over its estimated useful life of twenty 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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures fittings & equipment

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

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.

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 6 (2020 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2021

and 31 December 2021

50,000

AMORTISATION

At 1 January 2021

42,500

Amortisation for year

2,500

At 31 December 2021

45,000

NET BOOK VALUE

At 31 December 2021

5,000

At 31 December 2020

7,500

5.	TANGIBLE FIXED ASSETS

Fixtures

fittings &

Motor

Computer

equipment

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2021

131,961

80,549

7,908

220,418

Disposals

(14,092

)

-

-

(14,092

)

At 31 December 2021

117,869

80,549

7,908

206,326

DEPRECIATION

At 1 January 2021

90,479

40,784

7,908

139,171

Charge for year

8,119

9,941

-

18,060

Eliminated on disposal

(13,209

)

-

-

(13,209

)

At 31 December 2021

85,389

50,725

7,908

144,022

NET BOOK VALUE

At 31 December 2021

32,480

29,824

-

62,304

At 31 December 2020

41,482

39,765

-

81,247

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

75,545

114,833

Other debtors

2,323

2,955

77,868

117,788

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

-

5,000

Trade creditors

26,803

30,355

Taxation and social security

29,215

36,056

Other creditors

64,578

17,831

120,596

89,242

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

-

45,000

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 (2020 £19,000) was paid to them by the company in the year.

At the year end there was a directors' current account balance of £58,969 (2020 £12,446) owing to Mr MHW and Mrs R Bywaters.

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 repaid 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 £nil.