PJ's Powder Coating Limited Company Accounts

PJ'S POWDER COATING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07880804

PJ's Powder Coating Limited

Filleted Unaudited Financial Statements

28 February 2017

PJ's Powder Coating Limited

Financial Statements

Year ended 28 February 2017

Contents	Page

Balance sheet	1

Notes to the financial statements	3

PJ's Powder Coating Limited

Balance Sheet

28 February 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	7		14,422	19,504

Current assets

Stocks		1,550	1,850
Debtors	8	11,471	41,027
Cash at bank and in hand		8,246	12,696
		--------	--------
		21,267	55,573

Creditors: amounts falling due within one year	9	49,705		57,505
		--------		--------
Net current liabilities			28,438	1,932
			--------	--------
Total assets less current liabilities			( 14,016)	17,572

Provisions

Taxation including deferred tax	2,090	3,381
	--------	--------
Net (liabilities)/assets	( 16,106)	14,191
	--------	--------

PJ's Powder Coating Limited

Balance Sheet (continued)

28 February 2017

	2017		2016
Note	£	£	£

Capital and reserves

Called up share capital	10	1,000	1,000
Profit and loss account		( 17,106)	13,191
		--------	--------
Members (deficit)/funds		( 16,106)	14,191
		--------	--------

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 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 profit and loss account has not been delivered.

For the year ending 28 February 2017 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 his 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 12 September 2017 , and are signed on behalf of the board by:

P J Harris
Director

Company registration number: 07880804

PJ's Powder Coating Limited

Notes to the Financial Statements

Year ended 28 February 2017

1. General information

The company is a private company limited by shares, incorporated in England and Wales. The address of the registered office is: 85 Church Road, Hove, East Sussex, BN3 2BB.

2. Statement of compliance

The financial statements have been prepared in compliance with the provision of FRS 102 Section 1A.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 13.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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.

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 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:

Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	20% reducing balance
Motor vehicles	-	25% reducing balance

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.

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 balance sheet 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 as a finance cost in profit or loss in the period it arises.

Going concern

The company meets its day to day working capital requirements through the continued support of the holding company and, on this basis, the director considers it appropriate to prepare the financial statements on a going concern basis. These financial statements do not include any adjustments that would result from this not being the case.

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. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year, including the director, amounted to 3 (2016: 3 ).

5. Tax on (loss)/profit

Major components of tax (income)/expense

	2017	2016
	£	£

Current tax:

UK current tax expense	–	5,591

Deferred tax:

Origination and reversal of timing differences	( 1,291)	1,045
	-------	-------
Tax on (loss)/profit	( 1,291)	6,636
	-------	-------

6. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2017	2016
	£	£
Equity dividends on ordinary B shares	16,750	16,250
	--------	--------

During the year, the company paid a dividend in breach of Section 830 of the Companies Act 2006, which requires that a company only makes a distribution out of profits available for that purpose. However, the distribution was made in good faith, as the director was unaware at that date that the company had made insufficient profit to pay the dividend, and therefore considers that there has been no breach of Section 847 of the Companies Act 2006.

7. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 Mar 2016 and 28 Feb 2017	28,835	75	9,950	38,860
	--------	----	-------	--------
Depreciation
At 1 March 2016	18,483	44	829	19,356
Charge for the year	2,588	6	2,488	5,082
	--------	----	-------	--------
At 28 February 2017	21,071	50	3,317	24,438
	--------	----	-------	--------
Carrying amount
At 28 February 2017	7,764	25	6,633	14,422
	--------	----	-------	--------
At 29 February 2016	10,352	31	9,121	19,504
	--------	----	-------	--------

8. Debtors

	2017	2016
	£	£
Trade debtors	10,854	40,426
Prepayments and accrued income	617	601
	--------	--------
	11,471	41,027
	--------	--------

9. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	3,674	3,761
Amounts owed to group undertakings	34,656	32,064
Accruals and deferred income	6,588	5,409
Corporation tax	–	5,591
Social security and other taxes	4,537	10,680
Other creditors	250	–
	--------	--------
	49,705	57,505
	--------	--------

10. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary A shares of £ 1 each	900	900	900	900
Ordinary B shares of £ 1 each	100	100	100	100
	-------	-------	-------	-------
	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

11. Related party transactions

Within creditors is £34,656 (2016 - £32,064) owed to the holding company. During the year, sales were made to the holding company of £34,424 (2016 - £47,402). Trade debtors includes £nil (2016 - £23,268) in respect of those sales.

12. Controlling party

The director considers P J Steel Construction Limited to be the ultimate holding company.

13. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2015.

No transitional adjustments were required in equity or profit or loss for the year.