Professional Polishing Services Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 01162175

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2016

FOR

PROFESSIONAL POLISHING SERVICES

LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

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

ACCOUNTANTS:

Prime

Chartered Accountants

Corner Oak

1 Homer Road

Solihull

B91 3QG

FIXED ASSETS

Intangible assets

2

-

Tangible assets

3

935,224

782,966

935,224

782,966

CURRENT ASSETS

Stocks

40,866

38,912

Debtors

350,003

313,798

Cash at bank

10,042

2,814

400,911

355,524

CREDITORS

Amounts falling due within one year

4

430,303

343,737

NET CURRENT (LIABILITIES)/ASSETS

(29,392

)

11,787

TOTAL ASSETS LESS CURRENT
LIABILITIES

905,832

794,753

CREDITORS

Amounts falling due after more than one
year

4

(298,826

)

(289,516

)

PROVISIONS FOR LIABILITIES

(49,079

)

(14,756

)

NET ASSETS

557,927

490,481

CAPITAL AND RESERVES

Called up share capital

5

4,500

Profit and loss account

553,427

485,981

SHAREHOLDERS' FUNDS

557,927

490,481

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 30 September 2016 and were signed on
its behalf by:

P Davies - Director

K L Davies - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

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

amortised.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

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 the profit and loss account over the relevant

period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they

relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

and 30 June 2016

44,702

AMORTISATION

At 1 July 2015

and 30 June 2016

44,702

NET BOOK VALUE

At 30 June 2016

-

At 30 June 2015

-

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

1,951,761

Additions

215,184

At 30 June 2016

2,166,945

DEPRECIATION

At 1 July 2015

1,168,795

Charge for year

62,926

At 30 June 2016

1,231,721

NET BOOK VALUE

At 30 June 2016

935,224

At 30 June 2015

782,966

4.

CREDITORS

Creditors include an amount of £ 469,317 (2015 - £ 374,611 ) for which security has been given.

They also include the following debts falling due in more than five years:

2016

2015

£

Repayable by instalments

-

15,962

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

4,500

Ordinary

£1

4,500

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2016 and

30 June 2015:

2016

2015

£

K L Davies

Balance outstanding at start of year

1,638

-

Amounts advanced

2,109

4,338

Amounts repaid

(2,700

)

(2,700

)

Balance outstanding at end of year

1,047

1,638