Professional Fastener Services Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04542228

PROFESSIONAL FASTENER SERVICES LIMITED

Unaudited Financial Statements for the Year Ended 31 March 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D Geddes

G Pearson

SECRETARY:

D Geddes

REGISTERED OFFICE:

61 Charlotte Street

St Pauls Square

Birmingham

West Midlands

B3 1PX

REGISTERED NUMBER:

04542228

ACCOUNTANTS:

Michael Dufty Partnership Limited

59-61 Charlotte Street

St Pauls Square

Birmingham

West Midlands

B3 1PX

FIXED ASSETS

Tangible assets

4

23,221

30,551

CURRENT ASSETS

Stocks

834,936

741,796

Debtors

5

745,691

639,419

Cash at bank and in hand

1,018

12,317

1,581,645

1,393,532

CREDITORS

Amounts falling due within one year

6

1,349,726

1,156,272

NET CURRENT ASSETS

231,919

237,260

TOTAL ASSETS LESS CURRENT LIABILITIES

255,140

267,811

CREDITORS

Amounts falling due after more than one year

7

32,938

46,347

NET ASSETS

222,202

221,464

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

222,002

221,264

SHAREHOLDERS' FUNDS

222,202

221,464

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 14 September 2017 and were signed on its behalf by:

G Pearson - Director

1.	STATUTORY INFORMATION

Professional Fastener Services Limited is a private company, limited by shares , registered in Not

specified/Other. 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.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on 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 Income Statement, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2016 - 0 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 April 2016

35,077

24,268

25,745

53,793

138,883

Additions

-

-

159

-

159

Reclassification/transfer

-

-

-

(18,999

)

(18,999

)

At 31 March 2017

35,077

24,268

25,904

34,794

120,043

DEPRECIATION

At 1 April 2016

30,955

22,263

17,536

37,578

108,332

Charge for year

423

1,637

1,375

4,054

7,489

Reclassification/transfer

-

-

-

(18,999

)

(18,999

)

At 31 March 2017

31,378

23,900

18,911

22,633

96,822

NET BOOK VALUE

At 31 March 2017

3,699

368

6,993

12,161

23,221

At 31 March 2016

4,122

2,005

8,209

16,215

30,551

The net book value of tangible fixed assets includes £ 11,144 (2016 - £ 9,436 ) in respect of assets held under

hire purchase contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

588,015

523,086

Directors' loan accounts

109,360

107,277

Prepayments

48,316

9,056

745,691

639,419

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

313,561

332,464

Hire purchase contracts

2,298

3,742

Trade creditors

444,480

323,527

Tax

45,109

36,166

Social security and other taxes

3,149

3,881

VAT

2,112

29,141

Other creditors

5,797

206

Factoring liability

517,834

417,155

Accrued expenses

15,386

9,990

1,349,726

1,156,272

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 1-2 years

9,375

9,375

BCRS Loan 1-2 Years

22,222

33,333

Hire purchase contracts

1,341

3,639

32,938

46,347

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

317,928

375,172

Hire purchase contracts

3,639

7,381

Factoring liability

517,834

417,155

BCRS Loan

34,722

50,000

874,123

849,708

The factoring liability is secured on the book debts of the company.

Hire purchase borrowings are secured on the assets to which the borrowing relates.

Bank borrowings are secured by a debenture on the assets of the company.

BCRS Loan is secured by a debenture on the assets of the company.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2017 and

31 March 2016:

2017

2016

£

£

D Geddes

Balance outstanding at start of year

65,311

47,428

Amounts advanced

64,093

77,883

Amounts repaid

(65,311

)

(60,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

64,093

65,311

G Pearson

Balance outstanding at start of year

41,966

21,856

Amounts advanced

45,266

80,110

Amounts repaid

(41,966

)

(60,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

45,266

41,966

10.	ULTIMATE CONTROLLING PARTY

The company has no ultimate controlling party as no one person owns more than 50% of the company's voting

shares.