PMG (Notts) Limited Filleted accounts for Companies House (small and micro)

PMG (Notts) Limited Filleted accounts for Companies House (small and micro)

PMG (NOTTS) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05882928
PMG (Notts) Limited
Filleted Unaudited Abridged Financial Statements
31 July 2022
PMG (Notts) Limited
Abridged Financial Statements
Year Ended 31 July 2022
Contents
Pages
Abridged statement of financial position
1 to 2
Notes to the abridged financial statements
3 to 5
PMG (Notts) Limited
Abridged Statement of Financial Position
31 July 2022
2022
2021
Note
£
£
Fixed Assets
Tangible assets
5
22,098
31,921
Current Assets
Stocks
993,527
905,047
Debtors
5,869
35,800
Cash at bank and in hand
258,497
183,658
------------
------------
1,257,893
1,124,505
Creditors: amounts falling due within one year
869,788
801,079
------------
------------
Net Current Assets
388,105
323,426
---------
---------
Total Assets Less Current Liabilities
410,203
355,347
Creditors: amounts falling due after more than one year
182,799
153,333
Provisions
Taxation including deferred tax
4,174
5,866
---------
---------
Net Assets
223,230
196,148
---------
---------
Capital and Reserves
Called up share capital
7
100
100
Profit and loss account
223,130
196,048
---------
---------
Shareholders Funds
223,230
196,148
---------
---------
These abridged 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 Section 1A of 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2022 in accordance with Section 444(2A) of the Companies Act 2006.
PMG (Notts) Limited
Abridged Statement of Financial Position (continued)
31 July 2022
These abridged financial statements were approved by the board of directors and authorised for issue on 25 April 2023 , and are signed on behalf of the board by:
Mr R Simpson
Mr R Bray
Director
Director
Company registration number: 05882928
PMG (Notts) Limited
Notes to the Abridged Financial Statements
Year Ended 31 July 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 26 Mansfield Road, Edwinstowe, Mansfield, Nottinghamshire, NG21 9NJ.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. All of the members have consented to the preparation of abridged accounts in accordance with Section 444(2A) of the Companies Act 2006 .
Revenue recognition
The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date .
Tangible assets
Tangible assets are initially recorded at cost, and 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:
Leasehold Improvements
-
20% Straight line
Fixtures, Fittings & Equipment
-
25% Reducing balance / 33% Straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date .
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 stock to its present location and condition.
Government grants
Government and local authority grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2021: 6 ).
5. Tangible assets
£
Cost
At 1 August 2021 and 31 July 2022
147,292
---------
Depreciation
At 1 August 2021
115,371
Charge for the year
9,823
---------
At 31 July 2022
125,194
---------
Carrying amount
At 31 July 2022
22,098
---------
At 31 July 2021
31,921
---------
6. Securitised liabilities
Included within creditors is £141,666 (2021: £95,833), which is secured by the retention of title to the vehicles the finance was used to purchase and guarantees given by the directors.
7. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
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