PG LOCKSMITHS LTD - Accounts to registrar - small 16.3

REGISTERED NUMBER: 08359783 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2017

FOR

PG LOCKSMITHS LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

6

DIRECTORS:

P J Gilbert

E A Gilbert

REGISTERED OFFICE:

1 Tape Street

Cheadle

Stoke On Trent

Staffordshire

ST10 1BB

REGISTERED NUMBER:

08359783 (England and Wales)

ACCOUNTANTS:

Curtis Accountants Ltd

1 Tape Street

Cheadle

Stoke On Trent

Staffordshire

ST10 1BB

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

9,300

12,000

9,300

12,000

CURRENT ASSETS

Inventories

6

1,000

1,000

Debtors

7

21,908

22,692

Cash at bank

19,742

14,853

42,650

38,545

CREDITORS

Amounts falling due within one year

8

31,136

33,137

NET CURRENT ASSETS

11,514

5,408

TOTAL ASSETS LESS CURRENT LIABILITIES

20,814

17,408

PROVISIONS FOR LIABILITIES

1,860

2,400

NET ASSETS

18,954

15,008

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

18,952

15,006

SHAREHOLDERS' FUNDS

18,954

15,008

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 28 February 2017 and were signed on its behalf by:

E A Gilbert - Director

1.	STATUTORY INFORMATION

PG LOCKSMITHS LTD is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The financial statements have been prepared on a going concern basis which assumes that the Company will

continue in operational existence for the foreseeable future.

Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Franchise fee are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Franchise

fee

£

COST

At 1 February 2016

and 31 January 2017

10,125

AMORTISATION

At 1 February 2016

and 31 January 2017

10,125

NET BOOK VALUE

At 31 January 2017

-

At 31 January 2016

-

5.	PROPERTY, PLANT AND EQUIPMENT

Motor

Equipment

vehicles

Totals

£

£

£

COST

At 1 February 2016

233

15,530

15,763

Additions

420

-

420

At 31 January 2017

653

15,530

16,183

DEPRECIATION

At 1 February 2016

233

3,530

3,763

Charge for year

120

3,000

3,120

At 31 January 2017

353

6,530

6,883

NET BOOK VALUE

At 31 January 2017

300

9,000

9,300

At 31 January 2016

-

12,000

12,000

6.	INVENTORIES

2017

2016

£

£

Stocks

1,000

1,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

5,596

4,081

Directors' current accounts

11,112

15,094

Debtors and Prepayments

5,200

3,517

21,908

22,692

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

13,267

17,247

Hire purchase contracts

7,943

11,755

Tax

4,777

-

Social security and other taxes

-

2,695

VAT

3,709

-

Creditors and Accruals

1,440

1,440

31,136

33,137

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Statement of Financial Position. Readers are cautioned that the Statement of

Comprehensive Income and certain other primary statements and the Report of the Directors are not required to

be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of PG LOCKSMITHS LTD for the year ended 31 January 2017 which comprise the Statement of

Comprehensive Income, Statement of Financial Position, and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of PG LOCKSMITHS LTD, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PG LOCKSMITHS LTD and state those matters that we have agreed to state to the Board of Directors of PG LOCKSMITHS LTD, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PG LOCKSMITHS LTD Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that PG LOCKSMITHS LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PG LOCKSMITHS LTD. You consider that PG LOCKSMITHS 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 financial statements of PG LOCKSMITHS 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 financial statements.

Curtis Accountants Ltd

1 Tape Street

Cheadle

Stoke On Trent

Staffordshire

ST10 1BB

28 February 2017