Precision Blast Systems Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08352428

Precision Blast Systems Limited

Unaudited Financial Statements for the Year Ended 31st January 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I M Simmonds

Mrs J L Simmonds

REGISTERED OFFICE:

New Manor House

Rudston

Driffield

East Yorkshire

YO25 4XB

REGISTERED NUMBER:

08352428

ACCOUNTANTS:

Smailes Goldie Limited

Chartered Accountants

Regent's Court

Princess Street

Hull

East Yorkshire

HU2 8BA

FIXED ASSETS

Tangible assets

4

25,482

34,945

Investments

5

1

1

25,483

34,946

CURRENT ASSETS

Stocks

64,505

64,312

Debtors

6

31,240

61,242

Cash at bank

185,378

117,119

281,123

242,673

CREDITORS

Amounts falling due within one year

7

131,261

90,795

NET CURRENT ASSETS

149,862

151,878

TOTAL ASSETS LESS CURRENT LIABILITIES

175,345

186,824

PROVISIONS FOR LIABILITIES

2,779

4,462

NET ASSETS

172,566

182,362

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

172,466

182,262

SHAREHOLDERS' FUNDS

172,566

182,362

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14th July 2021 and were signed on its behalf by:

I M Simmonds - Director

1.	STATUTORY INFORMATION

Precision Blast Systems Limited is a private company, limited by shares, registered in England & 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 net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sale of goods - Turnover from the sale of equipment is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Leasehold land and buildings - 2% on cost

Plant and machinery - 25% on cost

Motor vehicles - 25% on cost

Government grants

Government grants receivable have been accounted for under the accrual model. The Coronavirus Job Retention Scheme (CJRS) grant has been recognised as income on a systematic basis over the periods in which the entity has recognised the related costs for which the grant is intended to compensate.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate

Taxation

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Short

Plant and

Computer

leasehold

machinery

equipment

Totals

£

£

£

£

COST

At 1st February 2020

12,194

78,728

-

90,922

Additions

-

-

940

940

At 31st January 2021

12,194

78,728

940

91,862

DEPRECIATION

At 1st February 2020

731

55,246

-

55,977

Charge for year

609

9,687

107

10,403

At 31st January 2021

1,340

64,933

107

66,380

NET BOOK VALUE

At 31st January 2021

10,854

13,795

833

25,482

At 31st January 2020

11,463

23,482

-

34,945

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st February 2020

and 31st January 2021

1

NET BOOK VALUE

At 31st January 2021

1

At 31st January 2020

1

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

30,634

60,564

Other debtors

606

678

31,240

61,242

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

62,395

66,635

Amounts owed to group undertakings

1

1

Taxation and social security

28,275

17,904

Other creditors

40,590

6,255

131,261

90,795

8.	OTHER FINANCIAL COMMITMENTS

Total financial commitment, guarantees and contingencies which are not included in the balance sheet amount to £4,038 (2020 £12,478).