Company Registration No. 01605025 (England and Wales)
PJS INDUSTRIAL SUPPLIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
PJS INDUSTRIAL SUPPLIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PJS INDUSTRIAL SUPPLIES LIMITED (REGISTERED NUMBER: 01605025)
BALANCE SHEET
AS AT
31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
37,179
189,876
Current assets
Stocks
65,739
67,772
Debtors
4
453,679
341,593
Cash at bank and in hand
329,952
217,611
849,370
626,976
Creditors: amounts falling due within one year
5
(118,842)
(123,954)
Net current assets
730,528
503,022
Total assets less current liabilities
767,707
692,898
Creditors: amounts falling due after more than one year
6
(69,743)
(74,238)
Provisions for liabilities
(7,188)
(7,201)
Net assets
690,776
611,459
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
690,773
611,456
Total equity
690,776
611,459
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 2020 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 2020
31 December 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 July 2021 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 2020
- 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. 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 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 cost and replacement 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 2020
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.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
4
4
PJS INDUSTRIAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2020
180,000
142,397
55,758
378,155
Additions
825
825
Disposals
(180,000)
(180,000)
At 31 December 2020
143,222
55,758
198,980
Depreciation and impairment
At 1 January 2020
38,689
114,042
35,548
188,279
Depreciation charged in the year
7,158
5,053
12,211
Eliminated in respect of disposals
(38,689)
(38,689)
At 31 December 2020
121,200
40,601
161,801
Carrying amount
At 31 December 2020
22,022
15,157
37,179
At 31 December 2019
141,311
28,355
20,210
189,876
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
71,805
96,026
Amounts owed by group undertakings
381,874
245,567
453,679
341,593
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans
9,894
9,894
Trade creditors
43,268
47,707
Taxation and social security
50,277
48,059
Other creditors
15,403
18,294
118,842
123,954
PJS INDUSTRIAL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
69,743
74,238
Creditors which fall due after five years are as follows:
2020
2019
£
£
Payable by instalments
30,167
34,661