Company Registration No. SC045833 (Scotland)
POSSILPARK SHOTBLASTING COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
PAGES FOR FILING WITH REGISTRAR
POSSILPARK SHOTBLASTING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
POSSILPARK SHOTBLASTING COMPANY LIMITED
BALANCE SHEET
AS AT
31 JULY 2019
31 July 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
28,400
37,772
Current assets
Stocks
53,100
57,990
Debtors
4
387,459
291,522
Cash at bank and in hand
42,565
147,143
483,124
496,655
Creditors: amounts falling due within one year
5
(154,665)
(176,322)
Net current assets
328,459
320,333
Total assets less current liabilities
356,859
358,105
Provisions for liabilities
(4,828)
(7,923)
Net assets
352,031
350,182
Capital and reserves
Called up share capital
7
5,000
5,000
Profit and loss reserves
347,031
345,182
Total equity
352,031
350,182
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 July 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.
POSSILPARK SHOTBLASTING COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JULY 2019
31 July 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 April 2020 and are signed on its behalf by:
Mr A C C Lapsley
Director
Company Registration No. SC045833
POSSILPARK SHOTBLASTING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
- 3 -
1
Accounting policies
Company information
Possilpark Shotblasting Company Limited is a
private
company
limited by shares
incorporated in Scotland.
The company's registered number and registered office address can be found on the Company Information page.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
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 goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
In respect of longer term contracts, turnover is recognised where the outcome of the contract can be reasonably foreseen.
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:
Leasehold land and buildings
- 10% on cost
Plant and equipment
- 25% on reducing balance
Fixtures and fittings
-25% on reducing balance
Computers
-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
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.5
Stocks
Stocks
and work in progress
are stated at the lower o
f cost and net realisable value, after making due allowance for obsolete and slow moving items.
POSSILPARK SHOTBLASTING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
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
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 20 (2018 - 22).
POSSILPARK SHOTBLASTING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 5 -
3
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 August 2018
74,783
99,330
15,859
8,541
198,513
Additions
-
-
-
232
232
At 31 July 2019
74,783
99,330
15,859
8,773
198,745
Depreciation and impairment
At 1 August 2018
73,553
63,264
15,636
8,288
160,741
Depreciation charged in the year
410
9,017
56
121
9,604
At 31 July 2019
73,963
72,281
15,692
8,409
170,345
Carrying amount
At 31 July 2019
820
27,049
167
364
28,400
At 31 July 2018
1,230
36,066
223
253
37,772
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
308,795
232,854
Other debtors
29,888
9,672
Prepayments and accrued income
48,776
48,996
387,459
291,522
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
93,417
118,956
Corporation tax
3,989
4
Other taxation and social security
30,473
35,322
Other creditors
3,233
9,899
Accruals and deferred income
23,553
12,141
154,665
176,322
6
Security
Clydesdale Bank
PLC hold a floating charge over all properties and assets of the company.
POSSILPARK SHOTBLASTING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 6 -
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
5,000 Ordinary shares of £1 each
5,000
5,000
8
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2019
2018
Amounts due to related parties
£
£
Key management personnel
1,578
1,385
Other related parties
-
7,464
2019
2018
Amounts due from related parties
£
£
Other related parties
17,544
-
Loans to/ from related parties are unsecured, interest free and have no fixed terms of repayment.
9
Directors' transactions
Directors loans are unsecured, interest free and have no fixed terms of repayment.
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr A J G M C Lapsley -
-
(540)
3,212
2,672
(540)
3,212
2,672