P & S Maintenance Limited 31/03/2021 iXBRL

P & S Maintenance Limited 31/03/2021 iXBRL

P & S MAINTENANCE LIMITED - Company Information

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Company registration number: 09328258
P & S Maintenance Limited
Unaudited filleted financial statements
31 March 2021
P & S Maintenance Limited
Contents
Statement of financial position
Notes to the financial statements
P & S Maintenance Limited
Statement of financial position
31 March 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 6 5,002 3,792
_______ _______
5,002 3,792
Current assets
Stocks 400 300
Debtors 7 1,680 2,065
Cash at bank and in hand 22,160 3,485
_______ _______
24,240 5,850
Creditors: amounts falling due
within one year 8 ( 6,978) ( 6,401)
_______ _______
Net current assets/(liabilities) 17,262 ( 551)
_______ _______
Total assets less current liabilities 22,264 3,241
Creditors: amounts falling due
after more than one year 9 ( 20,834) -
Provisions for liabilities 10 ( 1,000) ( 291)
_______ _______
Net assets 430 2,950
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 330 2,850
_______ _______
Shareholders funds 430 2,950
_______ _______
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 November 2021 , and are signed on behalf of the board by:
Mr Paul Mayer
Director
Company registration number: 09328258
P & S Maintenance Limited
Notes to the financial statements
Year ended 31 March 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Deansfield House, 98 Lancaster Road, Newcastle under Lyme, Staffordshire, ST5 1DS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2020: 3 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2021 2020
£ £
Depreciation of tangible assets 1,288 998
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2020 5,994 2,000 7,994
Additions 2,500 - 2,500
_______ _______ _______
At 31 March 2021 8,494 2,000 10,494
_______ _______ _______
Depreciation
At 1 April 2020 2,678 1,525 4,203
Charge for the year 1,170 119 1,289
_______ _______ _______
At 31 March 2021 3,848 1,644 5,492
_______ _______ _______
Carrying amount
At 31 March 2021 4,646 356 5,002
_______ _______ _______
At 31 March 2020 3,316 475 3,791
_______ _______ _______
7. Debtors
2021 2020
£ £
Trade debtors 1,680 1,344
CIS receivable - 721
_______ _______
1,680 2,065
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 4,167 -
Trade creditors 372 -
Corporation tax 504 2,479
Social security and other taxes 1,517 3,131
Director loan account 418 791
_______ _______
6,978 6,401
_______ _______
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 20,834 -
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £833 (2020: £Nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 April 2020 291 291
Charges against provisions 709 709
_______ _______
At 31 March 2021 1,000 1,000
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2021 2020
£ £
Included in provisions (note 10) 1,000 291
_______ _______
12. Related party transactions
Mr Paul Mayer is a related party by virtue of his directorship of and shareholding in the company. During the year Mr Mayer introduced net funds to the company amounting to £1,627 (2020 : £259). As at the balance sheet date the company owed Mr Mayer £418 (2020 £791). The loan was unsecured with no specific repayment terms.During the year the company paid equity dividends on ordinary shares to Mr Paul Mayer in the sum of £6,500 (2020 : £12,000).
13. Controlling party
Mr Paul Mayer is the ultimate controlling party by virtue of his shareholding in the company.
14. Current year material event
The director has considered the impact of the COVID-19 crisis on the business operations and the impact on the financial performance of the company. The company has successfully received £25, 000 from its principle bankers under the Government Coronavirus bounce back loan scheme. Together with taking advantage of the government Job retention scheme applications for the appropariate staff members. As a result of the above, the director believes that the company is well placed to manage its business risks successfully despite the uncertain economic outlook.