Prime Maintenance Solutions Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC388644

PRIME MAINTENANCE SOLUTIONS LTD.

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2019

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

89,664

56,517

CURRENT ASSETS

Stocks

17,064

15,572

Debtors

5

151,477

242,826

Cash at bank and in hand

416,842

285,411

585,383

543,809

CREDITORS

Amounts falling due within one year

6

134,054

133,497

NET CURRENT ASSETS

451,329

410,312

TOTAL ASSETS LESS CURRENT LIABILITIES

540,993

466,829

PROVISIONS FOR LIABILITIES

17,036

10,738

NET ASSETS

523,957

456,091

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

523,857

455,991

SHAREHOLDERS' FUNDS

523,957

456,091

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 May 2020 and were signed on its behalf by:

P A Boyce - Director

1.	STATUTORY INFORMATION

Prime Maintenance Solutions Ltd. is a private company, limited by shares, registered in Scotland. The company's

registered address is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.

The presentation currency of the financial statements is Sterling (£).

2.	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. There were no material departures from that standard.

Turnover

Turnover represents the invoice value of goods sold and services rendered, excluding value added tax. The

company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods

and services have been passed to the buyer.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its

significant accounting policies that would have the most significant effect on amounts that are recognised in the

financial statements.

The directors consider there are no such significant judgements.

Tangible fixed assets

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

Plant and machinery etc

-

50% on cost, 33% on reducing balance, 25% on reducing balance and 20% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each

reporting period. The effect of any change is accounted for prospectively.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are

reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of

possible impairment, the recoverable amount which is the higher in use and the fair value less cost to sell, is

estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of

the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and

loss.

Stock and work in progress

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable

value). In respect of work in progress, cost includes a relevant proportion of overheads according to stage of

completion.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable and loans to related parties

Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are

measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be

paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence

of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is

discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid

investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when

applicable, are shown within borrowings in current liabilities.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. 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.

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in

respect of all timing differences that have originated but not reversed at the balance sheet date. However,

deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that

there will be suitable taxable profits from which the future reversal of the underlying timing differences can be

deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in

the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted

at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is

presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the

transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Leasing commitments

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. The company also makes payments to the

personal pension plans of certain employees. Contributions payable to the personal pension plans are charged to

the profit and loss account in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a

result of a past event, it is probable that the company will be required to settle the obligation and the amount of

the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to

settle the obligation at the reporting date.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 11 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2018

104,674

Additions

49,479

At 31 August 2019

154,153

DEPRECIATION

At 1 September 2018

48,157

Charge for year

16,332

At 31 August 2019

64,489

NET BOOK VALUE

At 31 August 2019

89,664

At 31 August 2018

56,517

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

42,926

101,686

Other debtors

108,551

141,140

151,477

242,826

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

78,795

50,321

Taxation and social security

32,337

56,100

Other creditors

22,922

27,076

134,054

133,497

7.	FINANCIAL COMMITMENTS

The company has future operating lease commitments of £16,000 (2018: £24,000).

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2019 and

31 August 2018:

2019

2018

£

£

P A Boyce

Balance outstanding at start of year

112,264

63,687

Amounts advanced

7,079

209,038

Amounts repaid

(40,920

)

(160,461

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

78,423

112,264

The amount due carries no interest and there are no fixed terms of repayment.

9.	RELATED PARTY DISCLOSURES

The company was charged £6,000 (2018: £6,000) for rental of premises and other costs of £309 (2018: £288) by

The Rowanmoor Pensions SIPP of which P A Boyce is a beneficiary. The balance due by the company at the

year end to The Rowanmoor Pensions SIPP was £nil (2018: £9,396) and is included in other creditors.