PS Applications Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03548777 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st July 2017

for

PS APPLICATIONS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

DIRECTORS:

P E Shipway

Mrs D M Simpson-Shipway

SECRETARY:

Mrs D M Simpson-Shipway

REGISTERED OFFICE:

Unit 4

The Metro Centre

Bridge End Road

Orpington

Kent

BR5 2BE

REGISTERED NUMBER:

03548777 (England and Wales)

ACCOUNTANTS:

Simpson Wreford & Partners

Chartered Accountants

Suffolk House

George Street

Croydon

Surrey

CR0 0YN

FIXED ASSETS

Tangible assets

4

16,365

21,829

CURRENT ASSETS

Stocks

13,826

10,000

Debtors

5

235,023

91,992

Cash at bank

12,219

53,688

261,068

155,680

CREDITORS

Amounts falling due within one year

6

176,576

106,829

NET CURRENT ASSETS

84,492

48,851

TOTAL ASSETS LESS CURRENT LIABILITIES

100,857

70,680

CREDITORS

Amounts falling due after more than one year

7

(10,621

)

(14,776

)

PROVISIONS FOR LIABILITIES

(3,115

)

(4,372

)

NET ASSETS

87,121

51,532

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

87,021

51,432

SHAREHOLDERS' FUNDS

87,121

51,532

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 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 30th October 2017 and were signed on its behalf by:

P E Shipway - Director

Mrs D M Simpson-Shipway - Director

1.	STATUTORY INFORMATION

PS Applications Limited 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.

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

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

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 3 .

4.	TANGIBLE FIXED ASSETS

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1st August 2016

and 31st July 2017

7,690

28,528

36,218

DEPRECIATION

At 1st August 2016

7,257

7,132

14,389

Charge for year

115

5,349

5,464

At 31st July 2017

7,372

12,481

19,853

NET BOOK VALUE

At 31st July 2017

318

16,047

16,365

At 31st July 2016

433

21,396

21,829

Fixed assets, included in the above, which are held under finance leases are as follows:

Motor

vehicles

£

COST

At 1st August 2016

and 31st July 2017

28,528

DEPRECIATION

At 1st August 2016

7,132

Charge for year

5,349

At 31st July 2017

12,481

NET BOOK VALUE

At 31st July 2017

16,047

At 31st July 2016

21,396

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Trade debtors

48,461

91,892

Other debtors

100

100

Prepayments and accrued income

186,462

-

235,023

91,992

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Finance leases

4,905

5,652

Trade creditors

41,722

33,756

Tax

37,382

22,324

Social security and other taxes

6,566

4,748

VAT

31,141

15,289

Directors' current accounts

10,260

460

Accruals and deferred income

44,600

24,600

176,576

106,829

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.17

31.7.16

£

£

Finance leases

10,621

14,776

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P E Shipway.

The following reproduces the text of the report prepared for the directors 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 PS Applications Limited for the year ended 31st July 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 PS Applications Limited, 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 PS Applications Limited and state those matters that we have agreed to state to the Board of Directors of PS Applications Limited, 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 PS Applications Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that PS Applications Limited 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 PS Applications Limited. You consider that PS Applications Limited 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 PS Applications Limited. 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.

Simpson Wreford & Partners

Chartered Accountants

Suffolk House

George Street

Croydon

Surrey

CR0 0YN

30th October 2017