Company Registration No. 01605025 (England and Wales)
PJS INDUSTRIAL SUPPLIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
PJS INDUSTRIAL SUPPLIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PJS INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 01605025)
BALANCE SHEET
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
189,876
451,910
Current assets
Stocks
67,772
68,393
Debtors
5
341,593
130,576
Cash at bank and in hand
217,611
208,689
626,976
407,658
Creditors: amounts falling due within one year
6
(123,954)
(171,301)
Net current assets
503,022
236,357
Total assets less current liabilities
692,898
688,267
Creditors: amounts falling due after more than one year
7
(74,238)
(78,732)
Provisions for liabilities
(7,201)
(4,483)
Net assets
611,459
605,052
Capital and reserves
Called up share capital
8
3
3
Profit and loss reserves
611,456
605,049
Total equity
611,459
605,052
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 December 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.
PJS INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 01605025)
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2019
31 December 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 17 March 2020 and are signed on its behalf by:
Mr J Huxtable
Director
PJS INDUSTRIAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 3 -
1
Accounting policies
Company information
PJS Industrial Supplies Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 10 Castleacres, Castle Road, Sittingbourne, Kent, ME10 3RZ.
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 £
1
.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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
.
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
Straight line over 50 years
Fixtures and fittings
20% on reducing balance
Motor vehicles
20% 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.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
PJS INDUSTRIAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 4 (2018 - 6).
3
Directors' remuneration and dividends
2019
2018
£
£
Remuneration paid to directors
38,816
36,472
Dividends paid to directors
120,400
90,000
4
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2019
440,000
140,515
55,758
636,273
Additions
-
1,882
-
1,882
Disposals
(260,000)
-
-
(260,000)
At 31 December 2019
180,000
142,397
55,758
378,155
Depreciation and impairment
At 1 January 2019
46,915
106,953
30,495
184,363
Depreciation charged in the year
2,174
7,089
5,053
14,316
Eliminated in respect of disposals
(10,400)
-
-
(10,400)
At 31 December 2019
38,689
114,042
35,548
188,279
Carrying amount
At 31 December 2019
141,311
28,355
20,210
189,876
At 31 December 2018
393,085
33,562
25,263
451,910
PJS INDUSTRIAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 5 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
96,026
130,576
Amounts owed by group undertakings
245,567
-
341,593
130,576
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans
9,894
9,894
Trade creditors
47,707
87,592
Taxation and social security
48,059
68,129
Other creditors
18,294
5,686
123,954
171,301
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
74,238
78,732
Creditors which fall due after five years are as follows:
2019
2018
£
£
Payable by instalments
34,661
39,155
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
3 Ordinary of £1 each
3
3