Professional Polishing Services Limited - Accounts to registrar (filleted) - small 18.2

Professional Polishing Services Limited - Accounts to registrar (filleted) - small 18.2


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REGISTERED NUMBER: 01162175(England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 JUNE 2018

FOR

PROFESSIONAL POLISHING SERVICES
LIMITED

PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROFESSIONAL POLISHING SERVICES
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2018







DIRECTORS: P Davies
K L Davies
P T Davies





SECRETARY: P T Davies





REGISTERED OFFICE: 18B Parkrose Industrial Estate
Middlemore Road
Smethwick
B66 2DZ





REGISTERED NUMBER: 01162175(England and Wales)





ACCOUNTANTS: Prime
Chartered Accountants
Corner Oak
1 Homer Road
Solihull
B91 3QG

PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

BALANCE SHEET
30 JUNE 2018

2018 2017
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 905,778 959,212
905,778 959,212

CURRENT ASSETS
Stocks 42,567 38,802
Debtors 5 312,039 301,679
Cash at bank 115,474 43
470,080 340,524
CREDITORS
Amounts falling due within one year 6 325,372 440,933
NET CURRENT ASSETS/(LIABILITIES) 144,708 (100,409 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,050,486

858,803

CREDITORS
Amounts falling due after more than one
year

7

(383,645

)

(221,017

)

PROVISIONS FOR LIABILITIES (46,519 ) (57,051 )
NET ASSETS 620,322 580,735

CAPITAL AND RESERVES
Called up share capital 4,500 4,500
Retained earnings 615,822 576,235
SHAREHOLDERS' FUNDS 620,322 580,735

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 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.

PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

BALANCE SHEET - continued
30 JUNE 2018


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 19 March 2019and were signed on its
behalf by:




P Davies- Director



K L Davies- Director


PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018


1. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,
rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business has been fully
amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured
at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on cost
Fixtures and fittings - 20% on cost

The long leasehold property is not depreciated as in the opinion of the directors its value is at least
equal to its cost and expenditure incurred on its upkeep will be adequate to maintain this position. This
policy is contrary to the Companies Act 2006, but it is considered necessary by the directors in order to
show a true and fair view.

Stocks
Stocks 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.

PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2018


1. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.
Those held under hire purchase contracts are depreciated over their estimated useful lives. Those
held under finance leases are depreciated over their estimated useful lives or the lease term,
whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The
capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the
period of the lease.

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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23(2017 - 23) .

3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2017
and 30 June 2018 44,702
AMORTISATION
At 1 July 2017
and 30 June 2018 44,702
NET BOOK VALUE
At 30 June 2018 -
At 30 June 2017 -

PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2018


4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1 July 2017 601,657 1,591,661 56,793 2,250,111
Additions - - 950 950
At 30 June 2018 601,657 1,591,661 57,743 2,251,061
DEPRECIATION
At 1 July 2017 - 1,238,228 52,671 1,290,899
Charge for year - 52,749 1,635 54,384
At 30 June 2018 - 1,290,977 54,306 1,345,283
NET BOOK VALUE
At 30 June 2018 601,657 300,684 3,437 905,778
At 30 June 2017 601,657 353,433 4,122 959,212

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 July 2017
and 30 June 2018 438,868
DEPRECIATION
At 1 July 2017 133,094
Charge for year 43,887
At 30 June 2018 176,981
NET BOOK VALUE
At 30 June 2018 261,887
At 30 June 2017 305,774

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Trade debtors 296,722 295,384
Other debtors 15,317 6,295
312,039 301,679

PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2018


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2018 2017
£    £   
Bank loans and overdrafts 46,895 116,261
Hire purchase contracts (see note 8) 49,021 61,474
Trade creditors 131,491 172,357
Taxation and social security 85,140 74,744
Other creditors 12,825 16,097
325,372 440,933

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2018 2017
£    £   
Bank loans 336,704 125,025
Hire purchase contracts (see note 8) 46,941 95,992
383,645 221,017

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 5+ years 149,124 -

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase
contracts
2018 2017
£    £   
Net obligations repayable:
Within one year 49,021 61,474
Between one and five years 46,941 95,992
95,962 157,466

Non-cancellable
operating leases
2018 2017
£    £   
Within one year 21,992 22,113
Between one and five years 35,526 56,114
57,518 78,227

PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2018


9. SECURED DEBTS

The following secured debts are included within creditors:

2018 2017
£    £   
Bank overdraft - 45,223
Bank loans 383,599 196,063
Hire purchase contracts 95,962 157,466
479,561 398,752

Barclays Bank plc holds a guarantee and debenture dated 28 January 2006 over all assets of the
company, a legal charge dated 12 April 2006 over the leasehold property and a debenture dated 23
July 2010 over all of the assets of the company.

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 June 2018 and
30 June 2017:

2018 2017
£    £   
P Daviesand P T Davies
Balance outstanding at start of year (4,967 ) 6,174
Amounts advanced 35,807 17,959
Amounts repaid (23,100 ) (29,100 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 7,740 (4,967 )