Company No: 07677286 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Mrs L Rees
	Mr P Rees

SECRETARY

Mrs L Rees

REGISTERED OFFICE	Leanne House
	6 Avon Close
	Weymouth
	DT4 9UX
	United Kingdom

COMPANY NUMBER

07677286 (England and Wales)

CHARTERED ACCOUNTANTS	Albert Goodman LLP
	Leanne House
	6 Avon Close
	Weymouth
	Dorset
	DT4 9UX

	Note	2021		2020
		£		£
Fixed assets
Tangible assets	3	43,764		45,246
		43,764		45,246
Current assets
Stocks	4	50,000		40,000
Debtors	5	251,369		253,077
Cash at bank and in hand		2,886		12,744
		304,255		305,821
Creditors
Amounts falling due within one year	6	( 500,953)		( 467,511)
Net current liabilities		(196,698)		(161,690)
Total assets less current liabilities		(152,934)		(116,444)
Creditors
Amounts falling due after more than one year	7	( 49,355)		( 66,700)
Net liabilities		( 202,289)		( 183,144)
Capital and reserves
Called-up share capital		100		100
Profit and loss account		( 202,389 )		( 183,244 )
Total shareholders' deficit		( 202,289)		( 183,144)

For the financial year ending 31 July 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of P & L Rees GRP Specialist Limited (registered number: 07677286) were approved and authorised for issue by the Board of Directors on 26 October 2022. They were signed on its behalf by:

Mrs L Rees Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

P & L Rees GRP Specialist Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises turnover 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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	10 years straight line
Plant and machinery	25 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, that are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

2. Employees

	2021		2020
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	17		17

3. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£
Cost
At 01 August 2020	29,525		39,658		23,333		1,389		93,905
Additions	2,917		5,390		0		0		8,307
At 31 July 2021	32,442		45,048		23,333		1,389		102,212
Accumulated depreciation
At 01 August 2020	5,906		33,256		8,513		984		48,659
Charge for the financial year	3,075		2,948		3,705		61		9,789
At 31 July 2021	8,981		36,204		12,218		1,045		58,448
Net book value
At 31 July 2021	23,461		8,844		11,115		344		43,764
At 31 July 2020	23,619		6,402		14,820		405		45,246

4. Stocks

	2021		2020
	£		£
Stocks	50,000		40,000

5. Debtors

	2021		2020
	£		£
Trade debtors	135,619		147,152
Other debtors	115,750		105,925
	251,369		253,077

6. Creditors: amounts falling due within one year

	2021		2020
	£		£
Bank loans (secured)	13,320		16,446
Trade creditors	97,121		75,711
Other taxation and social security	160,700		87,688
Obligations under finance leases and hire purchase contracts (secured)	4,011		4,011
Other creditors	225,801		283,655
	500,953		467,511

Creditors include hire purchase contracts which are secured against motor vehicles.

Creditors include a debenture which is secured against all assets of the company.

7. Creditors: amounts falling due after more than one year

	2021		2020
	£		£
Bank loans (secured)	42,169		55,503
Obligations under finance leases and hire purchase contracts (secured)	7,186		11,197
	49,355		66,700

Obligations under finance leases and hire purchase contracts are secured against motor vehicles
Bank loans are secured against all assets of the company.

8. Related party transactions

Transactions with the entity's directors

Advances

During the year the directors have provided an interest free loan to the company which is repayable on demand. At the balance sheet date the amount due to the directors was £140,297 (2020 £186,086) which is shown in other creditors.