Company Registration No. 11558872 (England and Wales)
PJS TWO LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
PAGES FOR FILING WITH REGISTRAR
PJS TWO LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PJS TWO LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2020
30 September 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,310,281
1,484,696
Current assets
Stocks
55,621
45,721
Debtors
4
611,547
76,713
Cash at bank and in hand
64,418
180,126
731,586
302,560
Creditors: amounts falling due within one year
5
(2,289,952)
(1,966,965)
Net current liabilities
(1,558,366)
(1,664,405)
Total assets less current liabilities
(248,085)
(179,709)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(248,086)
(179,710)
Total equity
(248,085)
(179,709)
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 30 September 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.
The financial statements were approved by the board of directors and authorised for issue on 28 June 2021 and are signed on its behalf by:
Mr M G Street
Director
Company Registration No. 11558872
PJS TWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 2 -
1
Accounting policies
Company information
PJS Two Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Buildings & Yard Bunny Lane, Sherfield English, Romsey, Hampshire, United Kingdom, SO51 6FT.
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, 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 and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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
20 years straight line
Fixtures and fittings
10 - 40 years straight line
Motor vehicles
5 - 10 years straight line
Equipment
3 years straight line
Freehold land is not depreciated.
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
.
PJS TWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
1
Accounting policies
(Continued)
- 3 -
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
4
3
PJS TWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
- 4 -
3
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 October 2019
727,842
121,870
693,397
8,094
1,551,203
Additions
148,673
148,673
Disposals
(290,694)
(6,056)
(296,750)
At 30 September 2020
727,842
121,870
551,376
2,038
1,403,126
Depreciation and impairment
At 1 October 2019
4,167
3,234
57,476
1,630
66,507
Depreciation charged in the year
6,250
3,046
94,203
2,698
106,197
Eliminated in respect of disposals
(76,494)
(3,365)
(79,859)
At 30 September 2020
10,417
6,280
75,185
963
92,845
Carrying amount
At 30 September 2020
717,425
115,590
476,191
1,075
1,310,281
At 30 September 2019
723,675
118,636
635,921
6,464
1,484,696
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
42,266
17,969
Other debtors
546,917
13,163
Prepayments and accrued income
22,364
45,581
611,547
76,713
5
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
21,840
51,835
Amounts owed to group undertakings
1,810,430
1,460,430
Taxation and social security
1,154
Other creditors
456,528
454,700
2,289,952
1,966,965