Company Registration No. 05678074 (England and Wales)
PRODUCTION SUPPORT SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
PAGES FOR FILING WITH REGISTRAR
PRODUCTION SUPPORT SERVICES LIMITED
COMPANY INFORMATION
Directors
Mr C Sparkes
Miss A C Matthews
(Appointed 6 April 2018)
Company number
05678074
Registered office
Saxon Business Park
Hanbury Road
Stoke Prior
Bromsgrove
Worcestershire
B60 4AD
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Lloyds Bank Plc
4 The Cross
Worcester
Worcestershire
WR1 3PY
PRODUCTION SUPPORT SERVICES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
PRODUCTION SUPPORT SERVICES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PRODUCTION SUPPORT SERVICES LIMITED FOR THE YEAR ENDED 31 JANUARY 2019
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Production Support Services Limited for the year ended 31 January 2019 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of Production Support Services Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Production Support Services Limited
and state those matters that we have agreed to state to the Board of Directors of Production Support Services Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Production Support Services Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Production Support Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of Production Support Services Limited. You consider that Production Support Services Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Production Support Services Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
31 July 2019
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
PRODUCTION SUPPORT SERVICES LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2019
31 January 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,050,579
1,002,891
Current assets
Stocks
7,100
6,000
Debtors
4
716,970
423,549
Cash at bank and in hand
277,780
266,387
1,001,850
695,936
Creditors: amounts falling due within one year
5
(784,234)
(486,007)
Net current assets
217,616
209,929
Total assets less current liabilities
1,268,195
1,212,820
Creditors: amounts falling due after more than one year
6
(166,648)
(148,760)
Provisions for liabilities
8
(67,679)
(56,308)
Net assets
1,033,868
1,007,752
Capital and reserves
Called up share capital
9
100
100
Capital redemption reserve
1
1
Profit and loss reserves
1,033,767
1,007,651
Total equity
1,033,868
1,007,752
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PRODUCTION SUPPORT SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2019
31 January 2019
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 31 July 2019 and are signed on its behalf by:
Mr C Sparkes
Director
Company Registration No. 05678074
PRODUCTION SUPPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
- 4 -
1
Accounting policies
Company information
Production Support Services Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Saxon Business Park, Hanbury Road, Stoke Prior, Bromsgrove, Worcestershire, B60 4AD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to property
25% on reducing balance and 4% on cost
Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computer equipment
33% on cost
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
PRODUCTION SUPPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
1
Accounting policies
(Continued)
- 5 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2018 - 11).
PRODUCTION SUPPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
- 6 -
3
Tangible fixed assets
Improvements to property
Plant and equipment
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 February 2018
8,976
1,713,246
33,394
63,701
125,148
1,944,465
Additions
-
308,776
3,410
1,517
134,212
447,915
Disposals
-
-
-
-
(55,251)
(55,251)
At 31 January 2019
8,976
2,022,022
36,804
65,218
204,109
2,337,129
Depreciation and impairment
At 1 February 2018
3,203
814,435
18,341
47,143
58,451
941,573
Depreciation charged in the year
762
302,098
4,620
11,441
39,868
358,789
Eliminated in respect of disposals
-
-
-
-
(13,812)
(13,812)
At 31 January 2019
3,965
1,116,533
22,961
58,584
84,507
1,286,550
Carrying amount
At 31 January 2019
5,011
905,489
13,843
6,634
119,602
1,050,579
At 31 January 2018
5,773
898,810
15,053
16,558
66,697
1,002,891
PRODUCTION SUPPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
3
Tangible fixed assets
(Continued)
- 7 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2019
2018
£
£
Plant and equipment
206,357
207,257
Motor vehicles
100,659
58,321
Computer equipment
4,073
10,384
311,089
275,962
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
695,889
408,368
Corporation tax recoverable
1,425
1,425
Other debtors
19,656
13,756
716,970
423,549
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
115,664
78,087
Amounts owed to group undertakings
347,810
100,917
Corporation tax
59,922
97,271
Other taxation and social security
94,502
76,052
Other creditors
166,336
133,680
784,234
486,007
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
166,648
148,760
PRODUCTION SUPPORT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
- 8 -
7
Secured debts
The following secured debts are included within creditors:
2019
2018
£
£
Hire purchase contracts
286,494
260,226
Hire purchase contracts are secured against the assets to which they relate.
8
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
67,679
56,308
9
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary 'A' of £1 each
100
100
100
100
10
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
11
Control
Ultimate parent company
The ultimate parent company is PSS Group UK Ltd, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr C Sparkes, by virtue of his controlling interest in the ultimate parent company.