Registered number: SC209209 | ||||||||
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FOR THE YEAR ENDED 31 AUGUST 2018 | ||||||||
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Prepared By: | ||||||||
Lynn Cunningham Chartered Accountant | ||||||||
Chartered Accountant | ||||||||
G6, The Granary Business Centre | ||||||||
Coal Road | ||||||||
Cupar | ||||||||
Fife | ||||||||
KY15 5YQ |
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PPE Industrial Supplies Limited | ||||||||
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ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31 AUGUST 2018 | ||||||||
DIRECTORS | ||||||||
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SECRETARY | ||||||||
Anne Archibald | ||||||||
REGISTERED OFFICE | ||||||||
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COMPANY DETAILS | ||||||||
Private company limited by shares registered in SC - Scotland, registered number SC209209 | ||||||||
ACCOUNTANTS | ||||||||
Lynn Cunningham Chartered Accountant | ||||||||
Chartered Accountant | ||||||||
G6, The Granary Business Centre | ||||||||
Coal Road | ||||||||
Cupar | ||||||||
Fife | ||||||||
KY15 5YQ |
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PPE Industrial Supplies Limited | ||||||||
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ACCOUNTS | ||||||||
FOR THE YEAR ENDED 31 AUGUST 2018 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Accountants' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 4 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - |
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PPE Industrial Supplies Limited | ||||||||
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BALANCE SHEET AT
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2018 | 2017 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 3 |
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CURRENT ASSETS | ||||||||||
Stock |
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Debtors | 4 |
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Cash at bank and in hand |
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352,323 | 292,958 | |||||||||
CREDITORS: Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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155,063 | ||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS: Amounts falling due after more than one year | 6 | 10,823 | - | |||||||
PROVISIONS FOR LIABILITIES AND CHARGES |
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NET ASSETS |
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CAPITAL AND RESERVES | ||||||||||
Called up share capital | 7 |
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Profit and loss account | 237,388 | 187,266 | ||||||||
SHAREHOLDERS' FUNDS |
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Approved by the board on
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............................. | ||||||||||
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Director | ||||||||||
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PPE Industrial Supplies Limited | ||||||||
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NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 31 AUGUST 2018 | ||||||||||
1. ACCOUNTING POLICIES |
1a. General Information and Basis Of Accounting | ||||||||
The company is limited by shares and incorporated in Scotland. The address of the registered office is given in the company information on page 1 of these financial statements. The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £1. | ||||||||
The financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities, the Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. There were no material departures from that standard. | ||||||||
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise shown. |
1b. Tangible Fixed Assets and Depreciation | ||||||||
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Depreciation has been provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over their expected useful lives as follows: | ||||||||
Plant And Machinery | straight line 20 % | |||||||
Motor Cars | reducing balance 25 % |
1c. Stocks | ||||||||
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. | ||||||||
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
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PPE Industrial Supplies Limited | ||||||||
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1d. Leases | ||||||||
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors. | ||||||||
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis. |
1e. Taxation | ||||||||
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. | ||||||||
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. 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 expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. | ||||||||
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset. |
1f. Turnover | ||||||||
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Sale of goods Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
1g. Employee Benefits | ||||||||
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be payable in exchange for that service. | ||||||||
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. |
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PPE Industrial Supplies Limited | ||||||||
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2. EMPLOYEES | ||||||
2018 | 2017 | |||||
No. | No. | |||||
Average number of employees | 6 | 6 | ||||
3. TANGIBLE FIXED ASSETS | ||||
Plant and | ||||
Machinery Etc. | Total | |||
£ | £ | |||
Cost | ||||
At 1 September 2017 | 141,713 | 141,713 | ||
Additions | 41,227 | 41,227 | ||
Disposals | (35,620) | (35,620) | ||
At 31 August 2018 | 147,320 | 147,320 | ||
Depreciation | ||||
At 1 September 2017 | 107,486 | 107,486 | ||
Disposals | (20,592) | (20,592) | ||
For the year | 18,776 | 18,776 | ||
At 31 August 2018 | 105,670 | 105,670 | ||
Net Book Amounts | ||||
At 31 August 2018 | 41,650 | 41,650 | ||
At 31 August 2017 | 34,227 | 34,227 | ||
4. DEBTORS | 2018 | 2017 | ||||||
£ | £ | |||||||
Amounts falling due within one year: | ||||||||
Trade debtors | 172,174 | 142,785 | ||||||
Other debtors |
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PPE Industrial Supplies Limited | ||||||||
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5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2018 | 2017 | |||||||
£ | £ | |||||||
Trade creditors | 84,232 | 73,082 | ||||||
Taxation and social security | 51,140 | 51,586 | ||||||
Other creditors | 9,685 | 13,227 | ||||||
145,057 | 137,895 | |||||||
Hire purchase creditors totalling £6,397 (2017 - £10,356) are secured on the assets they finance. | ||||||||
6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2018 | 2017 | |||||||
£ | £ | |||||||
Other creditors | 10,823 | - | ||||||
10,823 | - | |||||||
Included in other creditors are: | ||||||||
Obligations under hire purchase | 10,823 | - | ||||||
Hire purchase creditors totalling £10,823 (2017 - nil) are secured on the assets they finance. | ||||||||
7. SHARE CAPITAL | 2018 | 2017 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
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100 | 100 | ||||||
100 | 100 | |||||||
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PPE Industrial Supplies Limited | ||||||||
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8. OTHER FINANCIAL COMMITMENTS | ||||||||
At 31 August 2018 the company was committed to making the following payments under non-cancellable operating leases: | ||||||||
2018 | 2017 | |||||||
£ | £ | |||||||
Operating leases | 21,680 | 36,585 | ||||||