P S Forwarding Co Limited Accounts

PS FORWARDING CO LIMITED - Company Information






P S Forwarding Co Limited
	Company No. 05487007
		Information for Filing with The Registrar
		31 December 2017

The Directors present their report and the accounts for the year ended 31 December 2017.

Principal activities
The principal activity of the company during the year under review was general freight forwarding, brokerage and consultancy services in connection with imports and export.




Directors

The Directors who served at any time during the year were as follows:

K. Beesley
P. Eaton


































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

P. Eaton
Company Secretary
04 July 2018

at	31 December 2017

Company No.		05487007	Notes	2017	2016
				£	£
Fixed assets

	Tangible assets		3	41,334	55,084

	Investments		4	-	400
				41,334	55,484
Current assets

	Debtors		5	843,800	753,371

	Cash at bank and in hand			338,616	581,677
				1,182,416	1,335,048
Creditors: Amount falling due within one year			6	(1,007,423)	(1,182,888)
Net current assets				174,993	152,160
Total assets less current liabilities				216,327	207,644




Net assets				216,327	207,644

Capital and reserves
	Called up share capital			2,000	2,000



	Profit and loss account		7	214,327	205,644

Total equity				216,327	207,644


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 December 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 04 July 2018

And signed on its behalf by:

P. Eaton
Director

for the year ended 31 December 2017

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The financial statements are presented in sterling which is the functional currency of the company rounded to the nearest £. The accounts have been prepared under the historical cost convention and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

33%% reducing balance

Motor vehicles

25%% reducing balance

Furniture, fittings and equipment

25%% reducing balance

Investments

Unlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

2	Employees
			2017	2016
			Number	Number
		The average number of persons employed during the year :	15	16

3	Tangible fixed assets
			Plant and machinery	Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£	£
		Cost or revaluation
		At 1 January 2017	43,280	76,908	28,807	148,995
		Additions	-	19,500	-	19,500


		Disposals	-	(41,835)	-	(41,835)
		At 31 December 2017	43,280	54,573	28,807	126,660
		Depreciation
		At 1 January 2017	35,318	37,250	21,343	93,911
		Charge for the year	2,627	10,134	1,866	14,627


		Disposals	-	(23,212)	-	(23,212)
		At 31 December 2017	37,945	24,172	23,209	85,326
		Net book values
		At 31 December 2017	5,335	30,401	5,598	41,334
		At 31 December 2016	7,962	39,658	7,464	55,084

4	Investments
			Investment in Subsidiaries	Total
			£	£
		Cost or valuation
		At 1 January 2017	23,014	23,014



		At 31 December 2017	23,014	23,014
		Provisions/Impairment
		At 1 January 2017	22,614	22,614
		Impairment loss	400	400


		At 31 December 2017	23,014	23,014
		Net book values
		At 31 December 2017	-	-
		At 31 December 2016	400	400

5	Debtors
			2017	2016
			£	£
		Trade debtors	794,870	692,129
		Amounts owed by group undertakings	196	-


		VAT recoverable	21,761	29,707

		Other debtors	-	1,301
		Prepayments and accrued income	26,973	30,234
			843,800	753,371

6	Creditors:
		amounts falling due within one year
			2017	2016
			£	£




		Trade creditors	773,973	1,003,671

		Corporation tax	8,655	7,615
		Other taxes and social security	18,389	44,271

		Other creditors	80,000	124,000
		Accruals and deferred income	126,406	3,331
			1,007,423	1,182,888

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

8	Commitments

		Capital commitments	2017	2016
			£	£


		Other financial commitments
			2017	2016
			£	£
		Total commitments under non-cancellable operating leases:	36,702	36,702

Related party disclosures

2017

2016

Transactions with related parties

Name of related party

MIES International Ltd

Description of relationship between the parties

A company in which P Eaton is a director.

Description of transaction and general amounts involved

The company made sales of £141,329 (2016 £136,580) to, and purchased goods totalling £44,097(2016 £37,606) from this company.

Amount due from/(to) the related party

95,275

(2,882)

Name of related party

PS Forwarding Group Ltd

Description of relationship between the parties

A company in which P Eaton is a director.

Description of transaction and general amounts involved

The company incurred administration charges totalling £84,000 (2016 £113,300) from this company.

Name of related party

PS Forwarding (2010) Ltd

Description of relationship between the parties

A company in which P Eaton is a director.

Description of transaction and general amounts involved

The company received dividends of £nil (2016 £14,501) from this company.

Amount due from/(to) the related party

301

Name of related party

Tame Park Logistics Ltd

Description of relationship between the parties

A company in which P Eaton is a director.

Amount due from/(to) the related party

196

Controlling party

Immediate controlling party

No single party controls the company.

Additional information

Its registered number is:

05487007

Its registered office is:

Unit B

Tame Park

Vanguard

Tamworth

B77 5DY

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