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COMPANY REGISTRATION NUMBER: 05353332
PFJ Services Limited
Filleted Unaudited Financial Statements
31 March 2023
PFJ Services Limited
Officers and Professional Advisers
The board of directors
C Black
S Levet
Registered office
3a The Wenta Business Centre
Colne Way
Watford
Herts
WD24 7ND
Accountants
Warners
Chartered Accountants
3a The Wenta Business Centre
Colne Way
Watford
WD24 7ND
PFJ Services Limited
Balance Sheet
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
32,700
43,246
Current assets
Debtors
6
104,932
85,311
Cash at bank and in hand
39,178
29,863
---------
---------
144,110
115,174
Creditors: amounts falling due within one year
7
37,230
31,134
---------
---------
Net current assets
106,880
84,040
---------
---------
Total assets less current liabilities
139,580
127,286
Provisions
Taxation including deferred tax
5,750
7,652
---------
---------
Net assets
133,830
119,634
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
133,828
119,632
---------
---------
Shareholders funds
133,830
119,634
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 October 2023 , and are signed on behalf of the board by:
C Black _______________ Director
Company registration number: 05353332
PFJ Services Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3a The Wenta Business Centre, Colne Way, Watford, Herts, WD24 7ND.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the amount earned for work carried out during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computers
-
30% straight line
Plant & machinery
-
25% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Computer equipment
Plant and machinery
Total
£
£
£
Cost
At 1 April 2022
1,146
124,918
126,064
Additions
300
300
-------
---------
---------
At 31 March 2023
1,146
125,218
126,364
-------
---------
---------
Depreciation
At 1 April 2022
1,145
81,673
82,818
Charge for the year
10,846
10,846
-------
---------
---------
At 31 March 2023
1,145
92,519
93,664
-------
---------
---------
Carrying amount
At 31 March 2023
1
32,699
32,700
-------
---------
---------
At 31 March 2022
1
43,245
43,246
-------
---------
---------
6. Debtors
2023
2022
£
£
Trade debtors
59,412
39,791
Other debtors
45,520
45,520
---------
--------
104,932
85,311
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,156
770
Accruals and deferred income
1,816
1,823
Corporation tax
7,225
7,216
Social security and other taxes
3,505
3,308
Obligations under finance leases and hire purchase contracts
3,477
Director loan accounts
23,048
14,540
Other creditors
480
--------
--------
37,230
31,134
--------
--------
8. Transactions with directors
During the year dividends of £8,500 (2022: £10,000) were paid to a director.