Process and Plant Sales Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03109807 (England and Wales)

PROCESS AND PLANT SALES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

25,932

34,690

CURRENT ASSETS

Stocks

13,653

22,316

Debtors

5

419,864

584,874

Cash at bank

191,799

260,400

625,316

867,590

CREDITORS

Amounts falling due within one year

6

406,370

679,041

NET CURRENT ASSETS

218,946

188,549

TOTAL ASSETS LESS CURRENT LIABILITIES

244,878

223,239

CREDITORS

Amounts falling due after more than one year

7

(7,989

)

(17,028

)

PROVISIONS FOR LIABILITIES

(6,483

)

(6,591

)

NET ASSETS

230,406

199,620

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

230,306

199,520

SHAREHOLDERS' FUNDS

230,406

199,620

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 June 2023 and were signed on its behalf by:

Mr A W Baxter - Director

1.	STATUTORY INFORMATION

Process and Plant Sales Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

03109807

Registered office:

Unit 4

Dock Meadow Industrial Estate

Lanesfield Drive

Wolverhampton

West Midlands

WV4 6UD

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% 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 Statement of Income and Retained Earnings, 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.

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.

Hire purchase and leasing commitments

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2021 - 6 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 October 2021

and 30 September 2022

20,861

34,469

55,330

DEPRECIATION

At 1 October 2021

19,922

718

20,640

Charge for year

141

8,617

8,758

At 30 September 2022

20,063

9,335

29,398

NET BOOK VALUE

At 30 September 2022

798

25,134

25,932

At 30 September 2021

939

33,751

34,690

5.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Trade debtors

383,683

527,220

Other debtors

36,181

51,168

419,864

578,388

2022

2021

£

£

Amounts falling due after more than one year:

Other debtors

-

6,486

Aggregate amounts

419,864

584,874

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts

8,359

7,321

Trade creditors

265,949

506,831

Taxation and social security

28,617

22,513

Other creditors

103,445

142,376

406,370

679,041

Included in creditors is a balance of £8,359 (2021: £7,321) due under hire purchase contracts. This balance is secured by fixed charges on the assets concerned.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts

7,989

17,028

Included in creditors is a balance of £7,989 (2021: £17,028l) due under hire purchase contracts. This balance is secured by fixed charges on the assets concerned.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

100

Ordinary shares

£1

100

100

9.	DIRECTORS' TRANSACTIONS

Included in other debtors is a balance of £8,419 (2021: £9,209) due from one of the directors. The loan is unsecured and repayment is being made by instalments, inclusive of interest.