Registered number
04595780
PBS (South Wales) Limited
Filleted Accounts
27 June 2023
PBS (South Wales) Limited
Registered number: 04595780
Balance Sheet
as at 27 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 20,000 20,000
Tangible assets 4 8,034 10,711
28,034 30,711
Current assets
Stocks 5,200 5,200
Debtors 5 112,113 175,333
117,313 180,533
Creditors: amounts falling due within one year 6 (80,918) (98,557)
Net current assets 36,395 81,976
Total assets less current liabilities 64,429 112,687
Creditors: amounts falling due after more than one year 7 (27,815) (38,464)
Net assets 36,614 74,223
Capital and reserves
Called up share capital 2 2
Profit and loss account 36,612 74,221
Shareholders' funds 36,614 74,223
The director is 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 director acknowledges his 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.
G Hillier
Director
Approved by the board on 9 April 2024
PBS (South Wales) Limited
Notes to the Accounts
for the year ended 27 June 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:
Equipment 25% reducing balance
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 28 June 2022 20,000
At 27 June 2023 20,000
Amortisation
At 27 June 2023 -
Net book value
At 27 June 2023 20,000
At 27 June 2022 20,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 28 June 2022 5,996 10,115 46,756 62,867
At 27 June 2023 5,996 10,115 46,756 62,867
Depreciation
At 28 June 2022 4,738 10,115 37,303 52,156
Charge for the year 314 - 2,363 2,677
At 27 June 2023 5,052 10,115 39,666 54,833
Net book value
At 27 June 2023 944 - 7,090 8,034
At 27 June 2022 1,258 - 9,453 10,711
5 Debtors 2023 2022
£ £
Trade debtors 112,113 145,333
Other debtors - 30,000
112,113 175,333
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 17,677 22,706
Trade creditors 20,016 9,020
Taxation and social security costs (6,012) 42,694
Other creditors 49,237 24,137
80,918 98,557
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 27,815 38,464
8 Other information
PBS (South Wales) Limited is a private company limited by shares and incorporated in England. Its registered office is:
Dingle Cottage
Maesglas Grove
Newport
South Wales
NP20 4DJ
PBS (South Wales) Limited 04595780 false 2022-06-28 2023-06-27 2023-06-27 VT Final Accounts April 2022 G Hillier No description of principal activity 04595780 2021-06-28 2022-06-27 04595780 core:WithinOneYear 2022-06-27 04595780 core:AfterOneYear 2022-06-27 04595780 core:ShareCapital 2022-06-27 04595780 core:RetainedEarningsAccumulatedLosses 2022-06-27 04595780 2022-06-28 2023-06-27 04595780 bus:PrivateLimitedCompanyLtd 2022-06-28 2023-06-27 04595780 bus:AuditExempt-NoAccountantsReport 2022-06-28 2023-06-27 04595780 bus:Director40 2022-06-28 2023-06-27 04595780 1 2022-06-28 2023-06-27 04595780 2 2022-06-28 2023-06-27 04595780 core:LandBuildings 2022-06-28 2023-06-27 04595780 core:PlantMachinery 2022-06-28 2023-06-27 04595780 core:Vehicles 2022-06-28 2023-06-27 04595780 countries:England 2022-06-28 2023-06-27 04595780 bus:FRS102 2022-06-28 2023-06-27 04595780 bus:FullAccounts 2022-06-28 2023-06-27 04595780 2023-06-27 04595780 core:WithinOneYear 2023-06-27 04595780 core:AfterOneYear 2023-06-27 04595780 core:ShareCapital 2023-06-27 04595780 core:RetainedEarningsAccumulatedLosses 2023-06-27 04595780 core:Goodwill 2023-06-27 04595780 core:LandBuildings 2023-06-27 04595780 core:PlantMachinery 2023-06-27 04595780 core:Vehicles 2023-06-27 04595780 2022-06-27 04595780 core:Goodwill 2022-06-27 04595780 core:LandBuildings 2022-06-27 04595780 core:PlantMachinery 2022-06-27 04595780 core:Vehicles 2022-06-27 iso4217:GBP xbrli:pure