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No description of principal activity
2022-08-19
Sage Accounts Production Advanced 2023 - FRS102_2023
33,478
33,478
8,370
8,370
25,108
99
99
xbrli:pure
xbrli:shares
iso4217:GBP
14305814
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14305814
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14305814
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2022-08-19
2023-08-31
14305814
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2023-08-31
14305814
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2022-08-19
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2023-08-31
14305814
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2023-08-31
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2023-08-31
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2023-08-31
COMPANY REGISTRATION NUMBER:
14305814
The Pembrokeshire Spray Company Ltd |
|
Filleted Unaudited Financial Statements |
|
The Pembrokeshire Spray Company Ltd |
|
Period from 19 August 2022 to 31 August 2023
Statement of financial position |
1 to 2 |
|
|
Notes to the financial statements |
3 to 7 |
|
|
The Pembrokeshire Spray Company Ltd |
|
Statement of Financial Position |
|
31 August 2023
Fixed assets
Current assets
Stocks |
14,438 |
Debtors |
7 |
49,606 |
Cash at bank and in hand |
2,418 |
|
-------- |
|
66,462 |
|
|
|
Creditors: amounts falling due within one year |
8 |
(
68,607) |
|
-------- |
Net current liabilities |
(
2,145) |
|
-------- |
Total assets less current liabilities |
22,963 |
|
|
|
Provisions |
9 |
(
99) |
|
-------- |
Net assets |
22,864 |
|
-------- |
|
|
|
Capital and reserves
Called up share capital |
11 |
90 |
Profit and loss account |
22,774 |
|
-------- |
Shareholders funds |
22,864 |
|
-------- |
|
|
|
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 statement of comprehensive income has not been delivered.
For the period ending 31 August 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 period 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
.
The Pembrokeshire Spray Company Ltd |
|
Statement of Financial Position (continued) |
|
31 August 2023
These financial statements were approved by the
board of directors
and authorised for issue on
10 April 2024
, and are signed on behalf of the board by:
Mr S D Bowen |
Mr T C J Headland |
Director |
Director |
|
|
Company registration number:
14305814
The Pembrokeshire Spray Company Ltd |
|
Notes to the Financial Statements |
|
Period from 19 August 2022 to 31 August 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 Little Fenton Farm, Crundale, Haverfordwest, Pembrokeshire, SA62 4PY, United Kingdom.
2.
Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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:
|
Plant and machinery |
- |
25% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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 statement of financial position 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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the period amounted to
2
.
5.
Tax on profit
Major components of tax expense
|
Period from |
|
19 Aug 22 to |
|
31 Aug 23 |
|
£ |
|
|
Current tax:
UK current tax expense |
6,621 |
|
|
Deferred tax:
Origination and reversal of timing differences |
99 |
|
------- |
Tax on profit |
6,720 |
|
------- |
|
|
6.
Tangible assets
|
Plant and machinery |
|
£ |
Cost |
|
At 19 August 2022 |
– |
Additions |
33,478 |
|
-------- |
At 31 August 2023 |
33,478 |
|
-------- |
Depreciation |
|
At 19 August 2022 |
– |
Charge for the period |
8,370 |
|
-------- |
At 31 August 2023 |
8,370 |
|
-------- |
Carrying amount |
|
At 31 August 2023 |
25,108 |
|
-------- |
|
|
7.
Debtors
|
31 Aug 23 |
|
£ |
Trade debtors |
41,662 |
Other debtors |
7,944 |
|
-------- |
|
49,606 |
|
-------- |
|
|
Other debtors include an amount of £nil falling due after more than one year.
8.
Creditors:
amounts falling due within one year
|
31 Aug 23 |
|
£ |
Trade creditors |
6,636 |
Corporation tax |
6,621 |
Social security and other taxes |
441 |
Other creditors |
54,909 |
|
-------- |
|
68,607 |
|
-------- |
|
|
9.
Provisions
|
Deferred tax (note 10) |
|
£ |
At 19 August 2022 |
– |
Additions |
99 |
|
---- |
At 31 August 2023 |
99 |
|
---- |
|
|
10.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
31 Aug 23 |
|
£ |
Included in provisions (note 9) |
99 |
|
---- |
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
31 Aug 23 |
|
£ |
Accelerated capital allowances |
99 |
|
---- |
|
|
11.
Called up share capital
Issued, called up and fully paid
|
31 Aug 23 |
|
No. |
£ |
Ordinary Class A shares of £ 1 each |
45 |
45 |
Ordinary Class B shares of £ 1 each |
45 |
45 |
|
---- |
---- |
|
90 |
90 |
|
---- |
---- |
|
|
|
Share movements
Ordinary Class A
At 19 August 2022 |
– |
– |
Issue of shares |
45 |
45 |
|
---- |
---- |
At 31 August 2023 |
|
45 |
|
---- |
---- |
|
|
|
Ordinary Class B
At 19 August 2022 |
– |
– |
Issue of shares |
45 |
45 |
|
---- |
---- |
At 31 August 2023 |
|
45 |
|
---- |
---- |
|
|
|
12.
Related party transactions
The company was under the control of
Mr S D Bowen
and Mr T C J Headland
throughout the current period. Mr S D Bowen
and Mr T C J Headland are the managing directors and joint shareholders. During the period the company paid dividends of £4,000 on 31 March 2023 and dividends of £2,000 on 31 August 2023 to the shareholders.