Production Services Ireland Ltd - Period Ending 2015-01-31

Registration number: NI071448

Production Services Ireland Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 January 2015
 

Hamilton Morris Waugh Limited
Chartered Accountants
34 Dufferin Avenue
Bangor
County Down
BT20 3AA

Production Services Ireland Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Production Services Ireland Ltd
for the Year Ended 31 January 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Production Services Ireland Ltd for the year ended 31 January 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Production Services Ireland Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Production Services Ireland Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Production Services Ireland Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Production Services Ireland Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Production Services Ireland Ltd. You consider that Production Services Ireland Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Production Services Ireland Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hamilton Morris Waugh Limited
Chartered Accountants
34 Dufferin Avenue
Bangor
County Down
BT20 3AA

12 October 2015

Page 1

Production Services Ireland Ltd
(Registration number: NI071448)
Abbreviated Balance Sheet at 31 January 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets					527,083			277,411
Current assets
Stocks					49,296			32,329
Debtors					248,778			309,850
Cash at bank and in hand					130,256			103,800
					428,330			445,979
Creditors: Amounts falling due within one year					(287,231)			(339,407)
Net current assets					141,099			106,572
Total assets less current liabilities					668,182			383,983
Creditors: Amounts falling due after more than one year					(351,368)			(165,838)
Net assets					316,814			218,145
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					316,714			218,045
Shareholders' funds					316,814			218,145

For the year ending 31 January 2015 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 12 October 2015 and signed on its behalf by:

.........................................
Mr Brian Reilly
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Production Services Ireland Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 January 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant & machinery	20% straight line
Fixtures, fittings and equipment	20% straight line
Motor vehicles	20% straight line

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 3

Production Services Ireland Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 January 2015
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 February 2014		391,632			391,632
Additions		347,587			347,587
At 31 January 2015		739,219			739,219
Depreciation
At 1 February 2014		114,221			114,221
Charge for the year		97,915			97,915
At 31 January 2015		212,136			212,136
Net book value
At 31 January 2015		527,083			527,083
At 31 January 2014		277,411			277,411

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary £1 shares of £1 each		100			100			100			100

4

Control

The company is controlled by EQBI Ltd.

Page 4