Company registration number:
08096688
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UNAUDITED
FINANCIAL STATEMENTS
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FOR THE YEAR ENDED
30 JUNE 2019
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PSI AIR COMPRESSORS AND BLOWERS LIMITED
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PSI AIR COMPRESSORS AND BLOWERS LIMITED
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COMPANY INFORMATION
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PSI AIR COMPRESSORS AND BLOWERS LIMITED
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CONTENTS
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Statement of Financial Position
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Notes to the Financial Statements
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PSI AIR COMPRESSORS AND BLOWERS LIMITED
REGISTERED NUMBER:
08096688
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STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
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.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
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PSI AIR COMPRESSORS AND BLOWERS LIMITED
REGISTERED NUMBER:
08096688
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STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
30 JUNE 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 3 to 7 form part of these financial statements.
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PSI AIR COMPRESSORS AND BLOWERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
PSI Air Compressors and Blowers Limited is a private company limited by shares incorporated in England and Wales. The address of the principal place of business is Unit 2, 3 Priestly Way, Crawley, West Sussex, RH10 9NT.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
Revenue is generated from the distribution of air compressors and blower parts as well as the sale and
maintenance of machinery. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.
Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
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PSI AIR COMPRESSORS AND BLOWERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2.
Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the most appropriate basis.
Depreciation is provided on the following basis:
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Long-term leasehold property
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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The average monthly number of employees, including directors, during the year was
14
(2018 -
14
)
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PSI AIR COMPRESSORS AND BLOWERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019
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Charge for the year on owned assets
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PSI AIR COMPRESSORS AND BLOWERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Creditors: Amounts falling due after more than one year
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Net obligations under finance leases and hire purchase contracts
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Secured loans
The company has in place a mortgage debenture dated 19 October 2017 secured on all company assets in favour of Close Brothers Limited. At the balance sheet date £167,501 (2018: £75,253) was owed to Close Brothers Limited.
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PSI AIR COMPRESSORS AND BLOWERS LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
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Commitments under operating leases
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At 30 June 2019 the company had future minimum lease payments under non-cancellable operating leases as follows:
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Total minimum operating lease commitments
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