Registration number:
P L Fabrications Limited
for the Year Ended 31 July 2023
P L Fabrications Limited
(Registration number: 09138834)
Balance Sheet as at 31 July 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.
.........................................
Director
P L Fabrications Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023
Accounting policies |
Statutory information
P L Fabrications Limited is a private company, limited by shares, domiciled in England and Wales, company number 09138834. The registered office is at 26 Jackson Avenue, Westby, Blackpool, FY4 5QT.
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax shall be recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS102. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
P L Fabrications Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)
1 |
Accounting policies (continued) |
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% straight line |
Motor vehicles |
25% straight line |
Office equipment |
33% straight line |
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Leases
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
P L Fabrications Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)
Tangible assets |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 August 2022 |
|
|
|
|
At 31 July 2023 |
|
|
|
|
Depreciation |
||||
At 1 August 2022 |
|
|
|
|
Charge for the year |
|
|
- |
|
At 31 July 2023 |
|
|
|
|
Carrying amount |
||||
At 31 July 2023 |
|
|
- |
|
At 31 July 2022 |
|
|
- |
|
Debtors |
2023 |
2022 |
|
Trade debtors |
|
|
Prepayments |
5,200 |
10,356 |
|
|
P L Fabrications Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)
Creditors |
2023 |
2022 |
|
Due within one year |
||
Bank loan |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
Directors' current accounts |
|
|
Accruals |
9,075 |
6,526 |
|
|
|
Due after one year |
||
Bank loan |
|
|
Financial commitments, guarantees and contingencies |
Operating leases
As at the balance sheet date, the company had total commitments under non-cancellable operating leases over the remaining term of those leases of £