Police Resources International Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03494223 (England and Wales)

Police Resources International Limited

Unaudited Financial Statements for the Year Ended 30 April 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D A Gollop

N B Pitts

REGISTERED OFFICE:

1 Fair Oak Court

Clyst Honiton

Exeter

Devon

EX5 2BB

REGISTERED NUMBER:

03494223 (England and Wales)

ACCOUNTANTS:

Haines Watts Exeter LLP

3 Southernhay West

Exeter

Devon

EX1 1JG

FIXED ASSETS

Tangible assets

4

436,384

362,488

CURRENT ASSETS

Stocks

1,510,944

386,923

Debtors

5

1,587,512

904,059

Cash at bank and in hand

12,037

276,296

3,110,493

1,567,278

CREDITORS

Amounts falling due within one year

6

(1,859,179

)

(298,798

)

NET CURRENT ASSETS

1,251,314

1,268,480

TOTAL ASSETS LESS CURRENT LIABILITIES

1,687,698

1,630,968

CREDITORS

Amounts falling due after more than one year

7

(162,596

)

(180,050

)

NET ASSETS

1,525,102

1,450,918

CAPITAL AND RESERVES

Called up share capital

1,250

1,250

Share premium

16,000

16,000

Freehold Property Revaluation

Reserve

9

230,659

145,992

Retained earnings

1,277,193

1,287,676

SHAREHOLDERS' FUNDS

1,525,102

1,450,918

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 16 January 2018 and were signed on its behalf by:

D A Gollop - Director

1.	STATUTORY INFORMATION

Police Resources International 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 as modified by the revaluation of certain assets.

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.

Freehold property

-

2% straight line

Fixtures, fittings & equipment

-

25% reducing balance

Motor vehicles

-

25% reducing balance

Land and buildings are initially recognised at cost. Freehold land is subsequently carried at the

revalued amount less accumulated impairment losses. Buildings and leasehold land are subsequently

carried at the revalued amounts less accumulated depreciation and accumulated impairment losses.

Land and buildings are revalued by independent professional valuers whenever their carrying

amounts are likely to differ materially from their revalued amounts. When an asset is revalued, any

accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount

of the asset. The net amount is then restated to the revalued amount of the asset.

Increases in carrying amounts arising from revaluation are recognised in the freehold property

revaluation reserve, unless they offset previous decreases in the carrying amounts of the same

asset, in which case they are recognised in profit or loss. Decreases in carrying amounts that offset

previous increases of the same asset are recognised against the freehold property revaluation

reserve. All other decreases in carrying amounts are recognised as a loss in the the statement of

comprehensive income.

The property fair value of £420,000 was determined by the directors by reference to reports procured

from an independent, qualified valuer who uses current market prices for comparable property,

adjusted for any differences in nature, location and condition.

Stocks

Stocks and work in progress 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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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.

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 9 .

4.	TANGIBLE FIXED ASSETS

Fixtures,

Freehold

fittings

Motor

property

& equipment

vehicles

Totals

£

£

£

£

COST OR VALUATION

At 1 May 2016

400,000

98,198

50,771

548,969

Additions

-

572

-

572

Revaluations

20,000

-

-

20,000

At 30 April 2017

420,000

98,770

50,771

569,541

DEPRECIATION

At 1 May 2016

58,667

88,369

39,445

186,481

Charge for year

6,000

2,512

2,831

11,343

Revaluation adjustments

(64,667

)

-

-

(64,667

)

At 30 April 2017

-

90,881

42,276

133,157

NET BOOK VALUE

At 30 April 2017

420,000

7,889

8,495

436,384

At 30 April 2016

341,333

9,829

11,326

362,488

Cost or valuation at 30 April 2017 is represented by:

Fixtures,

Freehold

fittings

Motor

property

& equipment

vehicles

Totals

£

£

£

£

Valuation in 2007

111,416

-

-

111,416

Valuation in 2017

20,000

-

-

20,000

Cost

288,584

98,770

50,771

438,125

420,000

98,770

50,771

569,541

If the freehold property had not been revalued they would have been included at the following

historical cost:

2017

2016

£

£

Cost

288,584

288,584

Aggregate depreciation

82,673

76,901

The freehold land and building were valued on an open market basis basis on 6 March 2017 by

Robert Simpson FRICS .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

804,528

93,167

Other debtors

782,984

810,892

1,587,512

904,059

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

885,622

15,000

Trade creditors

530,519

225,613

Taxation and social security

54,620

56,609

Other creditors

388,418

1,576

1,859,179

298,798

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans

162,596

180,050

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

102,596

120,050

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdraft

870,622

-

Bank loans

177,596

195,050

1,048,218

195,050

The bank loans are secured by fixed and floating charges over assets of the company.

9.

RESERVES

Freehold

Property

Revaluation

Reserve

£

At 1 May 2016

145,992

Revaluation

84,667

At 30 April 2017

230,659

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2017 and

30 April 2016:

2017

2016

£

£

D A Gollop

Balance outstanding at start of year

278,959

20,643

Amounts advanced

54,245

374,422

Amounts repaid

(55,150

)

(116,106

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

278,054

278,959

During the year interest of £8,067, at 3% until 5 April 2017 and 2.5% thereafter, was charged on the

overdrawn directors loan account.

11.	FIRST YEAR ADOPTION

The company has applied FRS 102 from 1 May 2015. There were no changes to accounting policies

or adjustments to comparative figures as a result of the transition to FRS 102.