PRODUCTION SERVICES ASSOCIATION
COMPANY LIMITED BY GUARANTEE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
Company Registration No. 03274567 (England and Wales)
PRODUCTION SERVICES ASSOCIATION
COMPANY LIMITED BY GUARANTEE
COMPANY INFORMATION
Directors
S Banks
K Wood
Committee of Management
K Wood
S Banks
D Bigg
T Rees
S James
Resigned 25th February 2019
S Milne
Resigned 25th February 2019
G Cooper-Burrows
Resigned 25th February 2019
L Madden
M Clowes
J McEvoy
D Keighley
C Parry-Jones
B Morgan
R Sangwell
N Highcroft
Apppointed 25th February 2019
J Nott
Apppointed 25th February 2019
L Halpin
Apppointed 25th February 2019
R Smith
Apppointed 25th February 2019
Secretary
A Lenthall
Company number
03274567
Registered office
Waterloo Place
Watson Square
Stockport
Cheshire
SK1 3AZ
Accountants
DSG
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
Business address
Waterloo Place
Watson Square
Stockport
Cheshire
SK1 3AZ
PRODUCTION SERVICES ASSOCIATION
COMPANY LIMITED BY GUARANTEE
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
PRODUCTION SERVICES ASSOCIATION
COMPANY LIMITED BY GUARANTEE
BALANCE SHEET
AS AT
31 OCTOBER 2019
31 October 2019
- 1 -
2019
2018
Notes
£
£
£
£
Current assets
Debtors
2
27,835
47,152
Cash at bank and in hand
106,546
75,812
134,381
122,964
Creditors: amounts falling due within one year
3
(31,339)
(29,049)
Net current assets
103,042
93,915
Reserves
Income and expenditure account
103,042
93,915
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.
true
For the financial year ended 31 October 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.
The financial statements were approved by the board of directors and authorised for issue on 20 January 2020 and are signed on its behalf by:
S Banks
Director
Company Registration No. 03274567
PRODUCTION SERVICES ASSOCIATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2019
- 2 -
1
Accounting policies
Company information
Production Services Association is a
private
company
limited by guarantee
incorporated in England and Wales.
The registered office is
Waterloo Place, Watson Square, Stockport, Cheshire, SK1 3AZ.
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
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Expenses include VAT where applicable as the company cannot reclaim it.
1.3
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.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
PRODUCTION SERVICES ASSOCIATION
COMPANY LIMITED BY GUARANTEE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2019
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.5
Taxation
The company has obtained exemption from the Revenue Commissioners in respect of corporation tax, it being a company not carrying on a business for the purposes of making a profit. DIRT tax is payable on any interest income received in excess of £32.
2
Debtors
2019
2018
Amounts falling due within one year:
£
£
Service charges due
25,529
45,335
Other debtors
2,306
1,817
27,835
47,152
3
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
27,533
23,138
Corporation tax
2,142
3,555
Other taxation and social security
814
1,506
Other creditors
850
850
31,339
29,049
4
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
5
Related party transactions