Professional Fastener Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04542228 (England and Wales)

PROFESSIONAL FASTENER SERVICES LIMITED

Unaudited Financial Statements for the Year Ended 31 March 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Geddes

G Pearson

SECRETARY:

D Geddes

REGISTERED OFFICE:

61 Charlotte Street

St Pauls Square

Birmingham

West Midlands

B3 1PX

REGISTERED NUMBER:

04542228 (England and Wales)

ACCOUNTANTS:

Michael Dufty Partnership Limited

59-61 Charlotte Street

St Pauls Square

Birmingham

West Midlands

B3 1PX

FIXED ASSETS

Tangible assets

4

215,004

223,591

CURRENT ASSETS

Stocks

1,177,268

1,009,317

Debtors

5

844,507

788,034

Cash at bank

109,857

-

2,131,632

1,797,351

CREDITORS

Amounts falling due within one year

6

1,772,802

1,459,585

NET CURRENT ASSETS

358,830

337,766

TOTAL ASSETS LESS CURRENT LIABILITIES

573,834

561,357

CREDITORS

Amounts falling due after more than one year

7

270,796

258,534

NET ASSETS

303,038

302,823

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

302,838

302,623

SHAREHOLDERS' FUNDS

303,038

302,823

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 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 May 2021 and were signed on its behalf by:

G Pearson - Director

1.	STATUTORY INFORMATION

Professional Fastener Services 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.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

15% on cost

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 18 (2020 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

COST

At 1 April 2020

186,843

39,437

30,978

Additions

-

-

-

Reclassification/transfer

-

2,961

-

At 31 March 2021

186,843

42,398

30,978

DEPRECIATION

At 1 April 2020

-

33,270

29,923

Charge for year

-

1,046

1,399

Reclassification/transfer

-

4,756

(4,545

)

At 31 March 2021

-

39,072

26,777

NET BOOK VALUE

At 31 March 2021

186,843

3,326

4,201

At 31 March 2020

186,843

6,167

1,055

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2020

32,011

34,790

324,059

Additions

632

-

632

Reclassification/transfer

(2,961

)

-

-

At 31 March 2021

29,682

34,790

324,691

DEPRECIATION

At 1 April 2020

23,995

13,280

100,468

Charge for year

1,396

5,378

9,219

Reclassification/transfer

(211

)

-

-

At 31 March 2021

25,180

18,658

109,687

NET BOOK VALUE

At 31 March 2021

4,502

16,132

215,004

At 31 March 2020

8,016

21,510

223,591

The net book value of tangible fixed assets includes £ 12,636 (2020 - £ 17,187 ) in respect of assets held under hire purchase contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

739,452

671,273

Directors' loan accounts

81,112

100,121

Prepayments

23,943

16,640

844,507

788,034

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

591,385

532,394

BCRS loan

20,000

20,000

Hire purchase contracts

3,511

4,128

Trade creditors

194,065

218,630

Tax

16,151

26,651

Social security and other taxes

73,495

34,505

Other creditors

797

763

Factoring liability

576,073

496,095

Accrued expenses

297,325

126,419

1,772,802

1,459,585

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

14,667

14,666

BCRS loan 1-2 Years

29,716

78,333

Bank loans - 2-5 years

112,981

43,998

Bank loans more 5 yr by instal

103,780

108,988

Hire purchase contracts

9,652

12,549

270,796

258,534

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

103,780

108,988

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank overdraft

-

14,032

Bank loans

852,529

764,347

Hire purchase contracts

13,163

16,677

Factoring liability

576,073

496,095

BCRS Loan

78,333

98,333

1,520,098

1,389,484

The factoring liability is secured on the book debts of the company.

Hire purchase borrowings are secured on the assets to which the borrowing relates.

Bank borrowings are secured by a debenture on the assets of the company.

BCRS Loan is secured by a debenture on the assets of the company.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2021

2020

£

£

D Geddes

Balance outstanding at start of year

65,177

56,802

Amounts advanced

57,781

68,375

Amounts repaid

(73,994

)

(60,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

48,964

65,177

G Pearson

Balance outstanding at start of year

42,089

39,482

Amounts advanced

64,053

62,607

Amounts repaid

(73,994

)

(60,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

32,148

42,089