Registered number
13068218
PJC Produce Ltd
Filleted Accounts
31 December 2021
PJC Produce Ltd
Registered number: 13068218
Balance Sheet
as at 31 December 2021
Notes 2021
£
Current assets
Debtors 3 15
Cash at bank and in hand 102
117
Creditors: amounts falling due within one year 4 (467)
Net current liabilities (350)
Net liabilities (350)
Capital and reserves
Called up share capital 100
Profit and loss account (450)
Shareholder's funds (350)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 John Codling
Director
Approved by the board on 1 September 2022
PJC Produce Ltd
Notes to the Accounts
for the period from 7 December 2020 to 31 December 2021
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 (as applied to small entities by section 1A of the standard).
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.
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2021
Number
Average number of persons employed by the company 0
3 Debtors 2021
£
Other debtors 15
4 Creditors: amounts falling due within one year 2021
£
Trade creditors 150
Director's account 17
Other creditors 300
467
5 Related party transactions
The balance of the directors loan at the period end was £17. Advances of £125 and repayments of £142 were made during the period. No amounts were written off. This loan is interest free and repayable on demand.
6 Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue to operate for the foreseeable future. Additionally not all events or conditions can be predicted with the event of the COVID 19 pandemic, which has brought with it additional unprecedented levels of uncertainty and the inability to assess fully, therefore, the impact of that on not only the company but also on the customers and suppliers it trades with. Budgets and cash flow projections compiled by the directors indicate that the company has sufficient reserves to continue to trade. The directors believe that support afforded, careful cashflow considerations and use of mitigating actions available, including furloughing of underutilitised staff, is sufficient upon which to adopt the going concern basis.
7 Other information
PJC Produce Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Sapphire Heights Courtyard
31 Tenby Street North
Birmingham
West Midlands
B1 3ES
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