REGISTERED NUMBER: 01162175 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 JUNE 2018

FOR

PROFESSIONAL POLISHING SERVICES

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

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 (England and Wales)

ACCOUNTANTS:

Prime

Chartered Accountants

Corner Oak

1 Homer Road

Solihull

B91 3QG

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.

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 2019 and were signed on its behalf by:

P Davies - Director

K L Davies - Director

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.

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

-

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

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

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 Davies and 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

)