Registered number
07687164
PJS Machinery Limited
Report and Unaudited Accounts
30 June 2018
LSGK Accountants Ltd
Accountants and Business Advisors
Fiscal House
19/21 Talbot Street
Leek
Staffordshire
ST13 5JT
Tel 01538 383374 Fax 08712221921
Email info@accountancy4growth.co.uk
Website www.lsgkaccountants.com
PJS Machinery Limited
Registered number: 07687164
Balance Sheet
as at 30 June 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 3 13,636 12,702
Current assets
Stocks 156,541 137,266
Debtors 4 13,458 7,406
Cash at bank and in hand 122,259 91,791
292,258 236,463
Creditors: amounts falling due within one year 5 (203,660) (165,897)
Net current assets 88,598 70,566
Total assets less current liabilities 102,234 83,268
Creditors: amounts falling due after more than one year 6 (73,544) (73,544)
Net assets 28,690 9,724
Capital and reserves
Called up share capital 100 100
Profit and loss account 28,590 9,624
Shareholders' funds 28,690 9,724
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Peter J Sims
Director
Approved by the board on 17 October 2018
PJS Machinery Limited
Notes to the Accounts
for the year ended 30 June 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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