P K Specialist Services Ltd Filleted accounts for Companies House (small and micro)

P K Specialist Services Ltd Filleted accounts for Companies House (small and micro)

P K SPECIALIST SERVICES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 13789296
P K Specialist Services Ltd
Filleted Unaudited Financial Statements
30 June 2022
P K Specialist Services Ltd
Financial Statements
Period from 8 December 2021 to 30 June 2022
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 4
P K Specialist Services Ltd
Statement of Financial Position
30 June 2022
30 Jun 22
Note
£
Fixed assets
Tangible assets
5
632
Current assets
Stocks
29,840
Debtors
6
16,129
Cash at bank and in hand
2
--------
45,971
Creditors: amounts falling due within one year
7
( 39,992)
--------
Net current assets
5,979
-------
Total assets less current liabilities
6,611
-------
Capital and reserves
Called up share capital
8
1
Profit and loss account
6,610
-------
Shareholders funds
6,611
-------
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 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 statement of comprehensive income has not been delivered.
For the period ending 30 June 2022 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 period in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 August 2023 , and are signed on behalf of the board by:
Mrs H Dyer
Director
Company registration number: 13789296
P K Specialist Services Ltd
Notes to the Financial Statements
Period from 8 December 2021 to 30 June 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 Hamilton House, Hamilton Terrace, Milford Haven, SA73 3JP, Pembrokeshire.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Revenue recognition
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. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Equipment
-
25% reducing balance
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Debt instruments are subsequently measured at amortised cost.
4. Tax on profit
Major components of tax expense
Period from
8 Dec 21 to
30 Jun 22
£
Current tax:
UK current tax expense
1,402
-------
Tax on profit
1,402
-------
5. Tangible assets
Equipment
£
Cost
At 8 December 2021
–
Additions
722
----
At 30 June 2022
722
----
Depreciation
At 8 December 2021
–
Charge for the period
90
----
At 30 June 2022
90
----
Carrying amount
At 30 June 2022
632
----
6. Debtors
30 Jun 22
£
Trade debtors
16,129
--------
Other debtors include an amount of £Nil (2022 - £Nil) falling due after more than one year.
7. Creditors: amounts falling due within one year
30 Jun 22
£
Trade creditors
6,292
Corporation tax
1,402
Social security and other taxes
5,419
Other creditors
26,879
--------
39,992
--------
8. Called up share capital
Issued, called up and fully paid
30 Jun 22
No.
£
Ordinary shares of £ 1 each
1
1
Ordinary A shares of £ 1 each
49
49
Ordinary B shares of £ 1 each
50
50
----
----
100
100
----
----
9. Related party transactions
The company was under the control of Mr M Griffiths throughout the current year and previous period by virtue of his 100% shareholding. During the year the company paid dividends totalling £63,000 (2022 - £Nil) to the shareholders.