Registered number
06642555
Postsaver Europe Limited
Filleted Accounts
31 March 2023
Postsaver Europe Limited
Registered number: 06642555
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 27,829 48,319
Current assets
Stocks 262,678 255,988
Debtors 4 520,160 766,797
Cash at bank and in hand 47,621 49,423
830,459 1,072,208
Creditors: amounts falling due within one year 5 (551,528) (586,823)
Net current assets 278,931 485,385
Net assets 306,760 533,704
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 305,760 532,704
Shareholders' funds 306,760 533,704
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.
R W George
Director
Approved by the board on 22 November 2023
Postsaver Europe Limited
Notes to the Accounts
for the year ended 31 March 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.
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 over 5 years
Motor vehicles over 5 years
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 117,885 36,340 154,225
At 31 March 2023 117,885 36,340 154,225
Depreciation
At 1 April 2022 84,102 21,804 105,906
Charge for the year 13,222 7,268 20,490
At 31 March 2023 97,324 29,072 126,396
Net book value
At 31 March 2023 20,561 7,268 27,829
At 31 March 2022 33,783 14,536 48,319
4 Debtors 2023 2022
£ £
Trade debtors 342,664 529,846
Amounts owed by group undertakings and undertakings in which the company has a participating interest 158,783 186,783
Other debtors 18,713 50,168
520,160 766,797
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 7,413 62,500
Trade creditors 399,535 245,313
Amounts owed to group undertakings and undertakings in which the company has a participating interest 80,471 45,210
Other creditors 64,109 233,800
551,528 586,823
6 Related party transactions
Other debtors iclude an amount due from Permacoat Limited, the company's ultimate holding undertaking, of £158,783 (2022 - £186,783). Other creditors include an amount due to Easy-Fill Limited, a fellow subsidiary of Permacoat Limited, of £80,471 (2022 - £45,210).
7 Controlling party
The ultimate controlling party is Permacoat Limited.
8 Other information
Postsaver Europe Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 11, The Hawthorns
Hawthorn Lane
Staunton
Glos.
GL19 3NY
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