PSP Incineration Limited Small abridged accounts

PSP INCINERATION LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of PSP Incineration Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 May 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 04404377

PSP Incineration Limited

Filleted Unaudited Abridged Financial Statements

31 May 2017

PSP Incineration Limited

Abridged Financial Statements

Year ended 31 May 2017

Contents	Page

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

PSP Incineration Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of PSP Incineration Limited

Year ended 31 May 2017

As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 May 2017, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

C J LEECH AND COMPANY Chartered accountant

88 Sheep Street Bicester Oxon OX26 6LP

27 February 2018

PSP Incineration Limited

Abridged Statement of Financial Position

31 May 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		8,814	10,047

Current assets

Debtors	23,118	10,891
Cash at bank and in hand	1	3,007
	--------	--------
	23,119	13,898

Creditors: amounts falling due within one year	38,867		19,430
	--------		--------
Net current liabilities		15,748	5,532
		--------	--------
Total assets less current liabilities		( 6,934)	4,515
		-------	-------
Net (liabilities)/assets		( 6,934)	4,515
		-------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 7,034)	4,415
	-------	-------
Shareholders (deficit)/funds	( 6,934)	4,515
	-------	-------

These abridged 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 abridged statement of income and retained earnings has not been delivered.

For the year ending 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

PSP Incineration Limited

Abridged Statement of Financial Position (continued)

31 May 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 27 February 2018 , and are signed on behalf of the board by:

T D Prosser

Director

Company registration number: 04404377

PSP Incineration Limited

Notes to the Abridged Financial Statements

Year ended 31 May 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 88 Sheep Street, Bicester, Oxon, OX26 6LP.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged 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 June 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. 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 provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Income tax

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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:

Fixtures & Fittings	-	15% straight line
Motor Vehicles	-	25% reducing balance
Office Equipment	-	20% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2016: 4 ).

5. Intangible assets

	£
Cost
At 1 June 2016 and 31 May 2017	28,000
	--------
Amortisation
At 1 June 2016 and 31 May 2017	28,000
	--------
Carrying amount
At 31 May 2017	–
	--------
At 31 May 2016	–
	--------

6. Tangible assets

	£
Cost
At 1 June 2016	33,312
Additions	1,988
	--------
At 31 May 2017	35,300
	--------
Depreciation
At 1 June 2016	23,265
Charge for the year	3,221
	--------
At 31 May 2017	26,486
	--------
Carrying amount
At 31 May 2017	8,814
	--------
At 31 May 2016	10,047
	--------

7. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
D V Prosser	( 87)	( 6,844)	( 6,931)
T D Prosser	–	( 10,574)	( 10,574)
	----	--------	--------
	( 87)	( 17,418)	( 17,505)
	----	--------	--------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
D V Prosser	–	( 87)	( 87)
T D Prosser	–	–	–
	----	----	----
	–	( 87)	( 87)
	----	----	----

8. Related party transactions

The company was under the control of Mr D V Prosser throughout the current and previous year. Mr D V Prosser is the managing director and majority shareholder.

9. Transition to FRS 102

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

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