P3 MANAGEMENT SOLUTIONS LTD - Period Ending 2017-03-31

Registration number: 9420169

P3 MANAGEMENT SOLUTIONS LTD

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

AJM Financial Services Limited Chartered Accountants
The Maltings
East Tyndall Street
Cardiff
CF24 5EA

P3 MANAGEMENT SOLUTIONS LTD

Contents

Company Information	1
Accountants' Report	2
Statement of Comprehensive Income	3
Balance Sheet	4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 11

P3 MANAGEMENT SOLUTIONS LTD

Company Information

Director

Mr Adrian R Fletcher

Registered office

Dechreuad Newydd Graigwen Road Pontypridd Mid Glamorgan CF37 2HD

Accountants

AJM Financial Services Limited Chartered Accountants The Maltings East Tyndall Street Cardiff CF24 5EA

Page 1

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
P3 MANAGEMENT SOLUTIONS LTD
for the Year Ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of P3 MANAGEMENT SOLUTIONS LTD for the year ended 31 March 2017 as set out on pages 3 to 11 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 at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of P3 MANAGEMENT SOLUTIONS LTD, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of P3 MANAGEMENT SOLUTIONS LTD and state those matters that we have agreed to state to the Board of Directors of P3 MANAGEMENT SOLUTIONS LTD, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P3 MANAGEMENT SOLUTIONS LTD and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that P3 MANAGEMENT SOLUTIONS LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of P3 MANAGEMENT SOLUTIONS LTD. You consider that P3 MANAGEMENT SOLUTIONS 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 accounts of P3 MANAGEMENT SOLUTIONS 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 accounts.

......................................

AJM Financial Services Limited Chartered Accountants
The Maltings
East Tyndall Street
Cardiff
CF24 5EA

23 December 2017

Page 2

P3 MANAGEMENT SOLUTIONS LTD

Statement of Comprehensive Income for the Year Ended 31 March 2017

	Note	2017 £	2016 £
Profit for the year		77,124	84,126
Total comprehensive income for the year		77,124	84,126

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 3

P3 MANAGEMENT SOLUTIONS LTD

(Registration number: 9420169)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	1,986	1,284
Current assets
Debtors	5	15,701	13,201
Cash at bank and in hand		26,491	39,505
		42,192	52,706
Creditors: Amounts falling due within one year	6	(23,613)	(37,983)
Net current assets		18,579	14,723
Net assets		20,565	16,007
Capital and reserves
Called up share capital		1	1
Profit and loss account		20,564	16,006
Total equity		20,565	16,007

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 23 December 2017
 

.........................................

Mr Adrian R Fletcher

Director

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 4

P3 MANAGEMENT SOLUTIONS LTD

Statement of Changes in Equity for the Year Ended 31 March 2017

	Share capital £	Profit and loss account £	Total £
At 1 April 2016	1	16,006	16,007
Profit for the year	-	77,124	77,124
Total comprehensive income	-	77,124	77,124
Dividends	-	(72,566)	(72,566)
At 31 March 2017	1	20,564	20,565

	Share capital £	Profit and loss account £	Total £
At 1 April 2015	-	(120)	(120)
Profit for the year	-	84,126	84,126
Total comprehensive income	-	84,126	84,126
Dividends	-	(68,000)	(68,000)
New share capital subscribed	1	-	1
At 31 March 2016	1	16,006	16,007

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 5

P3 MANAGEMENT SOLUTIONS LTD

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in United Kingdom.

The address of its registered office is:
Dechreuad Newydd
Graigwen Road
Pontypridd
Mid Glamorgan
CF37 2HD
United Kingdom

These financial statements were authorised for issue by the director on 23 December 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	Straight line - 2 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 6

P3 MANAGEMENT SOLUTIONS LTD

Notes to the Financial Statements for the Year Ended 31 March 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

Page 7

P3 MANAGEMENT SOLUTIONS LTD

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2016	1,813	1,813
Additions	2,031	2,031
At 31 March 2017	3,844	3,844
Depreciation
At 1 April 2016	529	529
Charge for the year	1,329	1,329
At 31 March 2017	1,858	1,858
Carrying amount
At 31 March 2017	1,986	1,986
At 31 March 2016	1,284	1,284

5

Debtors

	2017 £	2016 £
Trade debtors	-	13,201
Other debtors	15,701	-
Total current trade and other debtors	15,701	13,201

6

Creditors

	Note	2017 £	2016 £
Due within one year
Taxation and social security		4,508	7,348
Other creditors		19,105	30,635
		23,613	37,983

7

Dividends

Final dividends paid

Page 8

P3 MANAGEMENT SOLUTIONS LTD

Notes to the Financial Statements for the Year Ended 31 March 2017

	2017 £	2016 £
Final dividend of £72,566 (2016 - £68,000) per each Ordinary share	72,566	68,000

8	Transition to FRS 102

Balance Sheet at 1 April 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Capital and reserves
Total equity		-	-	-	-

Page 9

P3 MANAGEMENT SOLUTIONS LTD

Notes to the Financial Statements for the Year Ended 31 March 2017

Balance Sheet at 31 March 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Capital and reserves
Total equity		-	-	-	-

Page 10

P3 MANAGEMENT SOLUTIONS LTD

Notes to the Financial Statements for the Year Ended 31 March 2017

Profit and Loss Account for the year ended 31 March 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Turnover		-	-	-	-
Operating profit/(loss)		-	-	-	-
Profit/(loss) before tax		-	-	-	-
Profit/(loss) for the financial year		-	-	-	-

Page 11