Registered number
11898664
PSM Reid Masters Ltd
Filleted Accounts
30 April 2023
PSM Reid Masters Ltd
Registered number: 11898664
Balance Sheet
as at 30 April 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 279,923 326,567
Tangible assets 4 19,766 18,342
299,689 344,909
Current assets
Stocks 127,000 120,000
Debtors 5 145,617 117,817
Cash at bank and in hand 10,438 21,691
283,055 259,508
Creditors: amounts falling due within one year 6 (175,564) (167,047)
Net current assets 107,491 92,461
Total assets less current liabilities 407,180 437,370
Creditors: amounts falling due after more than one year 7 (323,330) (391,127)
Net assets 83,850 46,243
Capital and reserves
Called up share capital 102 102
Profit and loss account 83,748 46,141
Shareholders' funds 83,850 46,243
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.
Mr Peter Masters
Director
Approved by the board on 9 November 2023
PSM Reid Masters Ltd
Notes to the Accounts
for the year ended 30 April 2023
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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 25% reducing balance
Fixtures, fittings, tools and equipment 10% reducing balance
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 12
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2022 466,464
At 30 April 2023 466,464
Amortisation
At 1 May 2022 139,897
Provided during the year 46,644
At 30 April 2023 186,541
Net book value
At 30 April 2023 279,923
At 30 April 2022 326,567
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2022 27,209
Additions 5,255
At 30 April 2023 32,464
Depreciation
At 1 May 2022 8,867
Charge for the year 3,831
At 30 April 2023 12,698
Net book value
At 30 April 2023 19,766
At 30 April 2022 18,342
5 Debtors 2023 2022
£ £
Trade debtors 138,225 117,505
Other debtors 7,392 312
145,617 117,817
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 78,322 73,686
Taxation and social security costs 75,153 78,203
Other creditors 22,089 15,158
175,564 167,047
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 73,596 129,403
Other creditors 249,734 261,724
323,330 391,127
8 Related party transactions
At the period end the company owed £221,164 (2022: £238,329) to Mr D Reid director and £28,570 (2022: £23,395) to Mr P Masters Director. The loans are subject to 3% interest and repayable over one year.
9 Controlling party
The company is ultimately controlled by Mr David Reid and Mr Peter Masters, directors who together own 98% of the voting share capital.
10 Other information
PSM Reid Masters Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Tre-Ru House
The Leats
Truro
Cornwall
TR1 3AG
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