PDQ Computers Limited Small abridged accounts

PDQ COMPUTERS LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of PDQ Computers 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 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 3077313

PDQ Computers Limited

Unaudited Abridged Financial Statements

31 July 2017

PDQ Computers Limited

Abridged Financial Statements

Year ended 31 July 2017

Contents	Page

Director's report	1

Abridged statement of income and retained earnings	2

Abridged statement of financial position	3

Notes to the abridged financial statements	4

The following pages do not form part of the abridged financial statements

Detailed abridged income statement	9

Notes to the detailed abridged income statement	10

PDQ Computers Limited

Director's Report

Year ended 31 July 2017

The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 July 2017 .

Director

The director who served the company during the year was as follows:

Mr P A Notley

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 20 April 2018 and signed on behalf of the board by:

Mr P A Notley
Director

Registered office:

16 Radford Crescent

Billericay

Essex

CM12 0DG

PDQ Computers Limited

Abridged Statement of Income and Retained Earnings

Year ended 31 July 2017

	2017	2016
Note	£	£
Gross profit	1,093,065	931,524

Administrative expenses	1,357,377	963,534
	------------	---------
Operating loss	( 264,312)	( 32,010)

		------------	---------
Loss before taxation	5	( 264,312)	( 32,010)

Tax on loss	( 67)	–
	---------	--------
Loss for the financial year and total comprehensive income	( 264,245)	( 32,010)
	---------	--------

Retained earnings at the start of the year	862,689	894,699
	---------	---------
Retained earnings at the end of the year	598,444	862,689
	---------	---------

All the activities of the company are from continuing operations.

PDQ Computers Limited

Abridged Statement of Financial Position

31 July 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6		55,738	160,921

Current assets

Stocks	65,323	130,648
Debtors	605,518	699,604
Cash at bank and in hand	58,531	26,996
	---------	---------
	729,372	857,248

Creditors: amounts falling due within one year	185,666		154,480
	---------		---------
Net current assets		543,706	702,768
		---------	---------
Total assets less current liabilities		599,444	863,689
		---------	---------
Net assets		599,444	863,689
		---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Profit and loss account	598,444	862,689
	---------	---------
Members funds	599,444	863,689
	---------	---------

These abridged financial statements have been prepared 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'.

For the year ending 31 July 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 abridged 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 abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 20 April 2018 , and are signed on behalf of the board by:

Mr P A Notley
Director

Company registration number: 3077313

PDQ Computers Limited

Notes to the Abridged Financial Statements

Year ended 31 July 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 16 Radford Crescent, Billericay, Essex, CM12 0DG.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

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. 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Freehold property	-	10% straight line
Furniture and equipment	-	15% reducing balance
Motor vehicles	-	25% reducing balance

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 17 (2016: 16 ).

5. Profit before taxation

Loss before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	16,864	32,957
	--------	--------

6. Tangible assets

	£
Cost
At 1 August 2016	538,314
Disposals	( 320,919)
	---------
At 31 July 2017	217,395
	---------
Depreciation
At 1 August 2016	377,393
Charge for the year	16,864
Disposals	( 232,600)
	---------
At 31 July 2017	161,657
	---------
Carrying amount
At 31 July 2017	55,738
	---------
At 31 July 2016	160,921
	---------

7. Related party transactions

Mr P Notley has an overdrawn loan account at the year end of £42,000 (2016 £42,000). This was the maximum amount of the loan in the year which is repayable on demand. During the current and previous year the company made loans to the following; Sisu Boutiques Ltd £ nil (2016 £99,000), A Cleaner Company Ltd £2,000 (2016 £2,000) and Angel Products Ltd £221,536 (2016 £211,913) which were all under the control of Mr Notley. All of these loans are included within other debtors. The outstanding loan to Sisu Boutiques Ltd has been written off as a bad debt as the company is no longer trading. A loan was also made to Mr D. Notley of £41,778 (2016 £41,778). who is P Notley's brother and as a director until 24th May 2016.

8. Transition to FRS 102

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

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

PDQ Computers Limited

Management Information

Year ended 31 July 2017

The following pages do not form part of the abridged financial statements.

PDQ Computers Limited

Detailed Abridged Income Statement

Year ended 31 July 2017

	2017	2016
	£	£
Turnover	2,394,459	1,563,677

Cost of sales

Purchases	1,253,959	535,785
Subcontractor costs	47,435	96,368
	------------	---------
	1,301,394	632,153

	------------	---------
Gross profit	1,093,065	931,524

Overheads

Administrative expenses	1,357,377	963,534

	------------	---------
Operating loss	( 264,312)	( 32,010)

	------------	---------
Loss before taxation	(264,312)	(32,010)
	------------	---------

PDQ Computers Limited

Notes to the Detailed Abridged Income Statement

Year ended 31 July 2017

	2017	2016
	£	£

Administrative expenses

Directors salaries	40,000	30,833
Directors national insurance contributions	4,393	12,541
Wages and salaries	620,541	557,973
Employers national insurance contributions	71,960	55,005
Staff pension contributions	1,529	–
Rent rates and water	58,529	42,372
Insurance	13,227	13,726
Repairs and maintenance	16,525	13,524
Cleaning costs	4,595	9,054
Motor and travel expenses	131,600	136,301
Hire costs	649	565
Telephone	30,621	31,681
Subscriptions	591	1,105
Printing postage and stationery	1,928	2,723
Staff training	1,944	3,192
Sundry expenses	4,949	8,436
Advertising	3,573	1,205
Entertaining	2,145	2,594
Legal and professional fees	136,644	79
Accountancy fees	6,819	6,990
Depreciation of tangible assets	16,864	32,957
(Gain)/loss on disposal of tangible assets	88,319	–
Related loan written off	99,000	–
Bank charges	432	678
	------------	---------
	1,357,377	963,534
	------------	---------