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Registration number: 11830350

PTS Plant Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

PTS Plant Ltd

Contents

Company Information

1

Statement Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

PTS Plant Ltd

Company Information

Director

P J Saunders

Registered office

44-50 High Street
Rayleigh
Essex
SS6 7EA

Bankers

Lloyds Bank plc

Accountants

West-Webbe Consultancy
Chartered Certified Accountants
44-50 High Street
Rayleigh
Essex
SS6 7EA

 

PTS Plant Ltd

(Registration number: 11830350)
Statement Financial Position as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

36,003

48,069

Current assets

 

Stocks

5

83,930

91,863

Debtors

6

16,280

38,234

Cash at bank and in hand

 

367,315

243,941

 

467,525

374,038

Creditors: Amounts falling due within one year

7

(89,563)

(74,695)

Net current assets

 

377,962

299,343

Net assets

 

413,965

347,412

Capital and reserves

 

Called up share capital

8

3

3

Retained earnings

413,962

347,409

Shareholders' funds

 

413,965

347,412

 

PTS Plant Ltd

(Registration number: 11830350)
Statement Financial Position as at 28 February 2023

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 17 October 2023
 

...........................................................
P J Saunders
Director

 

PTS Plant Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
44-50 High Street
Rayleigh
Essex
SS6 7EA

These financial statements were authorised for issue by the director on 17 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

PTS Plant Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% on net book amount

Plant and machinery

25% on net book amount

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

PTS Plant Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

PTS Plant Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

68,051

18,575

86,626

At 28 February 2023

68,051

18,575

86,626

Depreciation

At 1 March 2022

32,344

6,213

38,557

Charge for the year

8,975

3,091

12,066

At 28 February 2023

41,319

9,304

50,623

Carrying amount

At 28 February 2023

26,732

9,271

36,003

At 28 February 2022

35,707

12,362

48,069

5

Stocks

2023
£

2022
£

Other inventories

83,930

91,863

6

Debtors

Current

2023
£

2022
£

Trade debtors

14,630

38,234

Other debtors

1,650

-

 

16,280

38,234

 

PTS Plant Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

-

580

Trade creditors

 

6,288

13,384

Taxation and social security

 

46,819

43,676

Accruals and deferred income

 

3,500

3,250

Other creditors

 

32,956

13,805

 

89,563

74,695

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

1

1

1

1

Ordinary B shares of £1 each

1

1

1

1

Ordinary C shares of £1 each

1

1

1

1

 

3

3

3

3

 

PTS Plant Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

580

10

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend Ordinary £1 A shares

 

9,000

 

13,000

Final dividend Ordinary £1 B shares

 

-

 

-

Final dividend Ordinary £1 C shares

 

39,000

 

35,000

   

48,000

 

48,000

11

Related party transactions

Transactions with the director

2023

At 1 March 2022
£

Advances to director
£

At 28 February 2023
£

P J Saunders

Loan account

(13,805)

(19,151)

(32,956)

       
     

 

2022

At 1 March 2021
£

Advances to director
£

At 28 February 2022
£

P J Saunders

Loan account

(4,077)

(9,728)

(13,805)

       
     

 

 

PTS Plant Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,077

8,810