Company Registration No. SC447544 (Scotland)
POSSILPARK SHOTBLASTING & COATINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
PAGES FOR FILING WITH REGISTRAR
POSSILPARK SHOTBLASTING & COATINGS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
POSSILPARK SHOTBLASTING & COATINGS LTD
BALANCE SHEET
AS AT 31 JULY 2021
31 July 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
62,865
47,205
Current assets
Debtors
4
63,846
46,147
Cash at bank and in hand
120,502
67,263
184,348
113,410
Creditors: amounts falling due within one year
5
(159,001)
(104,723)
Net current assets
25,347
8,687
Total assets less current liabilities
88,212
55,892
Creditors: amounts falling due after more than one year
6
(23,728)
(29,117)
Provisions for liabilities
(6,994)
Net assets
57,490
26,775
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
57,390
26,675
Total equity
57,490
26,775
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 2021 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 & COATINGS LTD
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2021
31 July 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 June 2022 and are signed on its behalf by:
Mr A J G M C Lapsley
Director
Company Registration No. SC447544
POSSILPARK SHOTBLASTING & COATINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2021
- 3 -
1
Accounting policies
Company information
Possilpark Shotblasting & Coating Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office
is 73 Dunn Street, Glasgow, G40 3PE.
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
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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:
Freehold land and buildings
- nil
Plant and equipment
- 15% reducing balance
Fixtures and fittings
- 15% reducing balance
Computers
- 33% straight line
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
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
POSSILPARK SHOTBLASTING & COATINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
1
Accounting policies
(Continued)
- 4 -
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.
1.7
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
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
POSSILPARK SHOTBLASTING & COATINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 August 2020
26,055
26,270
1,641
416
54,382
Additions
20,221
20,221
At 31 July 2021
26,055
46,491
1,641
416
74,603
Depreciation and impairment
At 1 August 2020
6,585
455
137
7,177
Depreciation charged in the year
4,244
178
139
4,561
At 31 July 2021
10,829
633
276
11,738
Carrying amount
At 31 July 2021
26,055
35,662
1,008
140
62,865
At 31 July 2020
26,055
19,685
1,186
279
47,205
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
57,043
32,147
Other debtors
6,803
14,000
63,846
46,147
POSSILPARK SHOTBLASTING & COATINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
- 6 -
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
5,334
883
Trade creditors
11,410
7,911
Corporation tax
15,605
10,242
Other taxation and social security
2,143
Other creditors
126,652
83,544
159,001
104,723
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
23,728
29,117
7
Securities
Clyde Gateway Developments Limited holds a standard security over the site at Bernard Street in Glasgow
included within land and buildings.
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
9
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
2021
2020
Amounts due to related parties
£
£
Other related parties
124,778
24,944
The following amounts were outstanding at the reporting end date:
2021
2020
Amounts due from related parties
£
£
Key management personnel
-
14,000
Other information
POSSILPARK SHOTBLASTING & COATINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2021
9
Related party transactions
(Continued)
- 7 -
Amounts due to/from related parties are unsecured, interest free and have no fixed terms of repayment.