PJK Express Cutters Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06722442 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

PJK EXPRESS CUTTERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P J Knowles

REGISTERED OFFICE:

Bath House

6-8 Bath Street

Bristol

BS1 6HL

REGISTERED NUMBER:

06722442 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

Bath House

6-8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Tangible assets

4

182

244

CURRENT ASSETS

Debtors

5

19,099

31,033

Cash at bank and in hand

9,644

1,761

28,743

32,794

CREDITORS

Amounts falling due within one year

6

(28,504

)

(31,930

)

NET CURRENT ASSETS

239

864

TOTAL ASSETS LESS CURRENT LIABILITIES

421

1,108

PROVISIONS FOR LIABILITIES

-

(41

)

NET ASSETS

421

1,067

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

321

967

SHAREHOLDERS' FUNDS

421

1,067

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 and authorised for issue by the director and authorised for issue on 27 October 2021 and were signed by:

P J Knowles - Director

1.	COMPANY INFORMATION

PJK Express Cutters 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.

The company's principal activities and nature of its operations are those of manufacturing.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

Going concern

The financial statements have been prepared on a going concern basis. The director has a reasonable expectation that despite the adverse effects COVID-19 is having on both the company and the economy as a whole the company has adequate resources to continue in operational existence for the foreseeable future. On this basis, the director has concluded that they can continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures, fittings and equipment

-

25% on reducing balance

Government grants

Government grants received and receivable relate to Business Support Grants set up by the government in response to the COVID-19 pandemic.

Cash and cash equivalents

Cash and cash equivalents 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 current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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 payments discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

Plant and

and

machinery

equipment

Totals

£

£

£

COST

At 1 April 2020

and 31 March 2021

4,650

324

4,974

DEPRECIATION

At 1 April 2020

4,464

266

4,730

Charge for year

47

15

62

At 31 March 2021

4,511

281

4,792

NET BOOK VALUE

At 31 March 2021

139

43

182

At 31 March 2020

186

58

244

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

10,002

16,026

Other debtors

1,835

3,239

Directors' current accounts

5,647

9,966

Prepayments

1,615

1,802

19,099

31,033

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

2,670

3,975

Tax

19,225

24,992

VAT

3,309

1,485

Accruals and deferred income

3,300

1,478

28,504

31,930

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary

£1

100

100

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020:

2021

2020

£

£

P J Knowles

Balance outstanding at start of year

9,966

8,922

Amounts advanced

1,681

2,013

Amounts repaid

(6,000

)

(969

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

5,647

9,966

The loan is interest free and repayable on demand.