2022-08-012023-07-312023-07-31falseSC666756PPS - PRIME PARCEL SERVICES 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PPS - PRIME PARCEL SERVICES LTD

Registered Number
SC666756
(Scotland)

Unaudited Financial Statements for the Year ended
31 July 2023

PPS - PRIME PARCEL SERVICES LTD
Company Information
for the year from 1 August 2022 to 31 July 2023

Director

MUIR, Andrew Martin

Registered Address

20 Jura Gardens
Kilmarnock
KA3 1PA

Registered Number

SC666756 (Scotland)
PPS - PRIME PARCEL SERVICES LTD
Balance Sheet as at
31 July 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3646,548379,315
646,548379,315
Current assets
Debtors678,195250,245
Cash at bank and on hand310,462131,087
988,657381,332
Creditors amounts falling due within one year5(1,001,355)(600,599)
Net current assets (liabilities)(12,698)(219,267)
Total assets less current liabilities633,850160,048
Creditors amounts falling due after one year6(446,966)-
Net assets186,884160,048
Capital and reserves
Called up share capital1-
Profit and loss account186,883160,048
Shareholders' funds186,884160,048
The financial statements were approved and authorised for issue by the Director on 12 February 2024, and are signed on its behalf by:
MUIR, Andrew Martin
Director
Registered Company No. SC666756
PPS - PRIME PARCEL SERVICES LTD
Notes to the Financial Statements
for the year ended 31 July 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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).
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
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.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Land and buildings3
Vehicles5
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
2.Average number of employees

20232022
Average number of employees during the year338
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 August 22412,825
Additions381,319
Disposals(2,030)
At 31 July 23792,114
Depreciation and impairment
At 01 August 2233,510
Charge for year112,850
On disposals(794)
At 31 July 23145,566
Net book value
At 31 July 23646,548
At 31 July 22379,315
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables630,871175,005
Other debtors13,3758,267
Prepayments and accrued income33,94966,973
Total678,195250,245
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables392,594120,994
Taxation and social security241,45347,080
Finance lease and HP contracts176,577355,188
Other creditors-37,338
Accrued liabilities and deferred income190,73139,999
Total1,001,355600,599
6.Creditors: amounts due after one year

2023

2022

££
Other creditors446,966-
Total446,966-
7.Obligations under finance leases

2023

2022

££
Finance lease and HP contracts446,966-