Company Registration No. 08300460 (England and Wales)
Petersfield Service Centre Limited
Unaudited accounts
for the year ended 31 March 2021
Petersfield Service Centre Limited
Unaudited accounts
Contents
Petersfield Service Centre Limited
Company Information
for the year ended 31 March 2021
Directors
Mr D E Gearey
Mr D J Marsh
Mr M W Gearey
Mr E P Gearey
Company Number
08300460 (England and Wales)
Registered Office
School Master's House
College Street
Petersfield
GU31 4AG
England
Accountants
Newnham & Son Ltd
School Master's House
39 College Street
Petersfield
Hampshire
GU31 4AG
Petersfield Service Centre Limited
Statement of financial position
as at 31 March 2021
Tangible assets
18,391
18,292
Cash at bank and in hand
130,729
49,329
Creditors: amounts falling due within one year
(78,921)
(54,710)
Net current assets/(liabilities)
102,243
(1,733)
Total assets less current liabilities
120,634
16,559
Creditors: amounts falling due after more than one year
(53,875)
(4,007)
Provisions for liabilities
Called up share capital
100
100
Profit and loss account
62,198
11,688
Shareholders' funds
62,298
11,788
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 12 July 2021 and were signed on its behalf by
Mr M W Gearey
Director
Company Registration No. 08300460
Petersfield Service Centre Limited
Notes to the Accounts
for the year ended 31 March 2021
Petersfield Service Centre Limited is a private company, limited by shares, registered in England and Wales, registration number 08300460. The registered office is School Master's House, College Street, Petersfield, GU31 4AG, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
over 3 years
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Petersfield Service Centre Limited
Notes to the Accounts
for the year ended 31 March 2021
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2020
16,837
15,958
7,725
1,661
42,181
Additions
5,188
-
-
-
5,188
At 31 March 2021
22,025
15,958
7,725
1,661
47,369
At 1 April 2020
8,701
6,982
6,837
1,369
23,889
Charge for the year
2,623
2,244
222
-
5,089
At 31 March 2021
11,324
9,226
7,059
1,369
28,978
At 31 March 2021
10,701
6,732
666
292
18,391
At 31 March 2020
8,136
8,976
888
292
18,292
5
Debtors: amounts falling due within one year
2021
2020
Trade debtors
12,391
1,119
Accrued income and prepayments
6,518
1,029
Petersfield Service Centre Limited
Notes to the Accounts
for the year ended 31 March 2021
6
Creditors: amounts falling due within one year
2021
2020
Obligations under finance leases and hire purchase contracts
4,382
6,507
Trade creditors
26,999
18,818
Taxes and social security
43,606
21,529
Other creditors
1,934
1,305
Loans from directors
-
3,699
7
Creditors: amounts falling due after more than one year
2021
2020
Obligations under finance leases and hire purchase contracts
-
4,007
8
Transactions with related parties
Dividends totalling £63,767 (2020 - £64,080) were paid to directors and their families during the year.
9
Average number of employees
During the year the average number of employees was 6 (2020: 6).
