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REGISTERED NUMBER: 01162175 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

PROFESSIONAL POLISHING SERVICES
LIMITED

PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROFESSIONAL POLISHING SERVICES
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTORS: P Davies
K L Davies
P T Davies
P Bashford
R Chinnock





SECRETARY: P T Davies





REGISTERED OFFICE: 18B Parkrose Industrial Estate
Middlemore Road
Smethwick
B66 2DZ





REGISTERED NUMBER: 01162175 (England and Wales)





ACCOUNTANTS: Prime
Chartered Accountants
Corner Oak
1 Homer Road
Solihull
B91 3QG

PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 919,236 965,220
919,236 965,220

CURRENT ASSETS
Stocks 52,355 53,759
Debtors 6 365,345 344,272
Cash at bank 2,155 95,935
419,855 493,966
CREDITORS
Amounts falling due within one year 7 381,851 410,401
NET CURRENT ASSETS 38,004 83,565
TOTAL ASSETS LESS CURRENT
LIABILITIES

957,240

1,048,785

CREDITORS
Amounts falling due after more than one
year

8

(218,685

)

(306,566

)

PROVISIONS FOR LIABILITIES (56,356 ) (64,219 )
NET ASSETS 682,199 678,000

CAPITAL AND RESERVES
Called up share capital 4,500 4,500
Retained earnings 677,699 673,500
SHAREHOLDERS' FUNDS 682,199 678,000

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

BALANCE SHEET - continued
30 JUNE 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2023 and were signed on its behalf by:




P Davies - Director



K L Davies - Director


PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023


1. STATUTORY INFORMATION

Professional Polishing Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on cost
Fixtures and fittings - 20% on cost

The long leasehold property is not depreciated as in the opinion of the directors its value is at least equal to its cost and expenditure incurred on its upkeep will be adequate to maintain this position. This policy is contrary to the Companies Act 2006, but it is considered necessary by the directors in order to show a true and fair view.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2022 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 44,702
AMORTISATION
At 1 July 2022
and 30 June 2023 44,702
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1 July 2022 601,657 1,963,722 68,768 2,634,147
Additions - 24,085 6,005 30,090
Disposals - (166,071 ) - (166,071 )
At 30 June 2023 601,657 1,821,736 74,773 2,498,166
DEPRECIATION
At 1 July 2022 - 1,607,093 61,834 1,668,927
Charge for year - 72,668 3,406 76,074
Eliminated on disposal - (166,071 ) - (166,071 )
At 30 June 2023 - 1,513,690 65,240 1,578,930
NET BOOK VALUE
At 30 June 2023 601,657 308,046 9,533 919,236
At 30 June 2022 601,657 356,629 6,934 965,220

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 July 2022 714,678
Additions 5,775
Transfer to ownership (449,151 )
At 30 June 2023 271,302
DEPRECIATION
At 1 July 2022 444,129
Charge for year 56,183
Transfer to ownership (380,246 )
At 30 June 2023 120,066
NET BOOK VALUE
At 30 June 2023 151,236
At 30 June 2022 270,549

PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 325,120 338,334
Other debtors 40,225 5,938
365,345 344,272

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 92,755 48,706
Hire purchase contracts (see note 9) 41,710 37,869
Trade creditors 151,044 187,352
Taxation and social security 66,803 92,122
Other creditors 29,539 44,352
381,851 410,401

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 204,730 256,028
Hire purchase contracts (see note 9) 13,955 50,538
218,685 306,566

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 5+ years 23,893 71,956

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 41,710 37,869
Between one and five years 13,955 50,538
55,665 88,407

PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023


9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year - 2,825

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 18,670 -
Bank loans 278,815 304,734
Hire purchase contracts 55,665 88,407
353,150 393,141

Barclays Bank plc holds a guarantee and debenture dated 28 January 2006 over all assets of the company, a legal charge dated 12 April 2006 over the leasehold property and a debenture dated 23 July 2010 over all of the assets of the company.

Hire purchase liabilities are secured on the assets to which they relate.