P & S Maintenance Limited 31/03/2023 iXBRL

P & S Maintenance Limited 31/03/2023 iXBRL

P & S MAINTENANCE LIMITED - Company Information

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1 31/03/2023 2023-03-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 09328258 2022-04-01 2023-03-31 09328258 2023-03-31 09328258 2022-03-31 09328258 2021-04-01 2022-03-31 09328258 2022-03-31 09328258 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 09328258 core:MotorVehicles 2022-04-01 2023-03-31 09328258 bus:Director1 2022-04-01 2023-03-31 09328258 core:FurnitureFittingsToolsEquipment 2022-03-31 09328258 core:MotorVehicles 2022-03-31 09328258 core:FurnitureFittingsToolsEquipment 2023-03-31 09328258 core:MotorVehicles 2023-03-31 09328258 core:WithinOneYear 2023-03-31 09328258 core:WithinOneYear 2022-03-31 09328258 core:AfterOneYear 2023-03-31 09328258 core:AfterOneYear 2022-03-31 09328258 core:ShareCapital 2023-03-31 09328258 core:ShareCapital 2022-03-31 09328258 core:RetainedEarningsAccumulatedLosses 2023-03-31 09328258 core:RetainedEarningsAccumulatedLosses 2022-03-31 09328258 core:DeferredTaxation 2022-04-01 2023-03-31 09328258 core:FurnitureFittingsToolsEquipment 2022-03-31 09328258 core:MotorVehicles 2022-03-31 09328258 core:DeferredTaxation 2022-03-31 09328258 core:DeferredTaxation 2023-03-31 09328258 bus:SmallEntities 2022-04-01 2023-03-31 09328258 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 09328258 bus:FullAccounts 2022-04-01 2023-03-31 09328258 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09328258 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09328258 core:AllAssociates 2022-04-01 2023-03-31 09328258 1 2022-04-01 2023-03-31
Company registration number: 09328258
P & S Maintenance Limited
Unaudited filleted financial statements
31 March 2023
P & S Maintenance Limited
Contents
Statement of financial position
Notes to the financial statements
P & S Maintenance Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 6 10,292 7,480
_______ _______
10,292 7,480
Current assets
Stocks 350 -
Debtors 7 1,152 6,529
Cash at bank and in hand 2,891 10,203
_______ _______
4,393 16,732
Creditors: amounts falling due
within one year 8 ( 3,983) ( 6,770)
_______ _______
Net current assets 410 9,962
_______ _______
Total assets less current liabilities 10,702 17,442
Creditors: amounts falling due
after more than one year 9 ( 15,208) ( 15,833)
Provisions for liabilities 10 ( 1,100) ( 756)
_______ _______
Net (liabilities)/assets ( 5,606) 853
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 5,706) 753
_______ _______
Shareholders (deficit)/funds ( 5,606) 853
_______ _______
For the year ending 31 March 2023 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 year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 November 2023 , and are signed on behalf of the board by:
Mr Paul Mayer
Director
Company registration number: 09328258
P & S Maintenance Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Deansfield House, 98 Lancaster Road, Newcastle under Lyme, Staffordshire, ST5 1DS.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are 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:
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are 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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 2 ).
5. Profit before taxation
Profit before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 1,688 1,523
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2022 8,494 6,000 14,494
Additions 4,500 - 4,500
_______ _______ _______
At 31 March 2023 12,994 6,000 18,994
_______ _______ _______
Depreciation
At 1 April 2022 4,781 2,233 7,014
Charge for the year 746 942 1,688
_______ _______ _______
At 31 March 2023 5,527 3,175 8,702
_______ _______ _______
Carrying amount
At 31 March 2023 7,467 2,825 10,292
_______ _______ _______
At 31 March 2022 3,713 3,767 7,480
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 1,152 960
PAYE recoverable - 187
Director loan account - 5,382
_______ _______
1,152 6,529
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 2,500 5,000
Trade creditors 568 372
Corporation tax - 504
Social security and other taxes 730 894
Director loan account 185 -
_______ _______
3,983 6,770
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 15,208 15,833
_______ _______
10. Provisions
Deferred tax (note 11) Total
£ £
At 1 April 2022 756 756
Charges against provisions 344 344
_______ _______
At 31 March 2023 1,100 1,100
_______ _______
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 10) 1,100 756
_______ _______
12. Related party transactions
Mr Paul Mayer is a related party by virtue of his directorship of and shareholding in the company.During the year Mr Paul Mayer introduced net funds to the company amounting to £5,567 (2022 Withdrew : £5,800). As at the balance sheet date Mr Paul Mayer was owed by the company the sum of £185 (2022 - Owed to the company: £5,382). During the year the company paid equity dividends on ordinary shares to Mr Paul Mayer in the sum of £10,000. (2022 : £2,000).
13. Controlling party
Mr Paul Mayer is the ultimate controlling party by virtue of his shareholding in the company.
14. Going concern
As reflected within these Financial Statements the company has reported a trading profit for the year in the sum of £3,541 (2022: £2,423) and has a deficiency in net assets of £5,606 (2022 Net Assets : £853). Assuming the continuing financial support of the company's director, it is the Directors view that the company will continue in operational existence in the foreseeable future and will be able to meet its liabilities as they fall due.