Potteries Power Transmission Limited Filleted accounts for Companies House (small and micro)
Potteries Power Transmission Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
01189386
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FINANCIAL STATEMENTS |
YEAR ENDED 31 OCTOBER 2017
Contents |
Pages |
Statement of financial position |
1 to 2 |
Notes to the financial statements |
3 to 9 |
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STATEMENT OF FINANCIAL POSITION |
2017 |
2016 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
5 |
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Investments |
6 |
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Current assets
Stocks |
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Debtors |
7 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
8 |
(
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(
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
9 |
(
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(
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Net assets |
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(
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Capital and reserves
Called up share capital |
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Revaluation reserve |
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Non-distributable profit and loss account |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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STATEMENT OF FINANCIAL POSITION (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
31 July 2018
, and are signed on behalf of the board by:
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Director |
Company registration number:
01189386
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NOTES TO THE FINANCIAL STATEMENTS |
YEAR ENDED 31 OCTOBER 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 Vernon Road, Stoke on Trent, Staffordshire, ST4 4QY.
The principal activity of the company during the year continued to be wholesale engineering and bearing merchants.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.
Judgements and key sources of estimation uncertainty
Revenue recognition
Corporation tax
Operating leases
Tangible assets
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 land and buildings |
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Plant and equipment |
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Motor vehicle |
- |
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Investments
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
Stocks
Finance leases and hire purchase contracts
Government grants
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
5
(2016:
6
).
5.
Tangible assets
Land and buildings |
Plant and machinery |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
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Cost |
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At 1 November 2016 and 31 October 2017 |
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Depreciation |
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At 1 November 2016 |
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Charge for the year |
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At 31 October 2017 |
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Carrying amount |
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At 31 October 2017 |
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At 31 October 2016 |
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Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property |
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£ |
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At 31 October 2017 |
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Aggregate cost |
105,725 |
Aggregate depreciation |
(27,162) |
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Carrying value |
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At 31 October 2016 |
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Aggregate cost |
105,725 |
Aggregate depreciation |
(25,284) |
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Carrying value |
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6.
Investments
Other investments other than loans |
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£ |
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Cost |
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At 1 November 2016 |
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Revaluations |
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At 31 October 2017 |
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Impairment |
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At 1 November 2016 and 31 October 2017 |
– |
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Carrying amount |
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At 31 October 2017 |
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At 31 October 2016 |
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Fixed asset investments are made up of 922 Standard Life shares at an original cost of £2,015.
7.
Debtors
2017 |
2016 |
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£ |
£ |
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Trade debtors |
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Prepayments and accrued income |
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Directors loan account |
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Amounts owed by connected companies |
– |
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Other debtors |
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8.
Creditors:
amounts falling due within one year
2017 |
2016 |
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£ |
£ |
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Bank loans and overdrafts |
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– |
Trade creditors |
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Accruals and deferred income |
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Corporation tax |
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Social security and other taxes |
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Obligations under finance leases and hire purchase contracts |
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RBS factoring |
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Amounts owed to connected companies |
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– |
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9.
Creditors:
amounts falling due after more than one year
2017 |
2016 |
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£ |
£ |
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Bank loans and overdrafts |
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– |
Other creditors |
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10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2017 |
2016 |
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£ |
£ |
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Not later than 1 year |
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Later than 1 year and not later than 5 years |
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11.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2017 |
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Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
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£ |
£ |
£ |
£ |
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(
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2016 |
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Balance brought forward |
Advances/ (credits) to the directors |
Amounts repaid |
Balance outstanding |
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£ |
£ |
£ |
£ |
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(
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12.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.
Reconciliation of equity
1 November 2015 |
31 October 2016 |
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As previously stated |
Effect of transition |
FRS 102 (as restated) |
As previously stated |
Effect of transition |
FRS 102 (as restated) |
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£ |
£ |
£ |
£ |
£ |
£ |
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Fixed assets |
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– |
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– |
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Current assets |
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– |
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– |
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Creditors: amounts falling due within one year |
(
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– |
(
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(
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– |
(
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--------- |
---- |
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Net current assets |
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– |
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– |
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--------- |
---- |
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Total assets less current liabilities |
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– |
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– |
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Creditors: amounts falling due after more than one year |
(
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– |
(
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(
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– |
(
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--------- |
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Net assets |
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– |
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– |
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--------- |
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--------- |
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Capital and reserves |
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– |
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– |
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--------- |
---- |
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