Company Registration No. 09429463 (England and Wales)
PSRI 16 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
PAGES FOR FILING WITH REGISTRAR
PSRI 16 LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
PSRI 16 LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2019
28 February 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
908
1,788
Current assets
Debtors
5
8,198
450
Cash at bank and in hand
1,061
7,900
9,259
8,350
Creditors: amounts falling due within one year
6
(9,952)
(10,002)
Net current liabilities
(693)
(1,652)
Total assets less current liabilities
215
136
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
214
135
Total equity
215
136
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 28 February 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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 and signed by the director and authorised for issue on 21 October 2019
P Srikantharajah
Director
Company Registration No. 09429463
PSRI 16 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 2 -
1
Accounting policies
Company information
PSRI 16 Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
21 Audley Gardens, Seven Kings, London, IG3 9LB.
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:
Computers
33.3% Straight line basis
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
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2018 - 1).
PSRI 16 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2019
- 3 -
3
Tangible fixed assets
Computers
£
Cost
At 1 March 2018 and 28 February 2019
3,422
Depreciation and impairment
At 1 March 2018
1,634
Depreciation charged in the year
880
At 28 February 2019
2,514
Carrying amount
At 28 February 2019
908
At 28 February 2018
1,788
4
Directors' transactions
During the year, the company made advances to the director of £26,828 and the director repaid £18,630. At the year end, the balance owed by the director was £8,198 (2018: 450). This balance includes interest which was charged at 2.5%. This balance was fully repaid within 9 months of the year end. The transactions above are disclosed on an aggregated basis.
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
8,198
450
6
Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
7,402
8,752
Other creditors
2,550
1,250
9,952
10,002
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary Share of £1 each
1
1
1
1