9 false false false false false false false false false false true false false false false false false No description of principal activity 2022-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 05882928 2022-08-01 2023-07-31 05882928 2023-07-31 05882928 2022-07-31 05882928 2021-08-01 2022-07-31 05882928 2022-07-31 05882928 2021-07-31 05882928 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 05882928 bus:Director1 2022-08-01 2023-07-31 05882928 bus:Director2 2022-08-01 2023-07-31 05882928 core:WithinOneYear 2023-07-31 05882928 core:WithinOneYear 2022-07-31 05882928 core:AfterOneYear 2023-07-31 05882928 core:AfterOneYear 2022-07-31 05882928 core:ShareCapital 2023-07-31 05882928 core:ShareCapital 2022-07-31 05882928 core:RetainedEarningsAccumulatedLosses 2023-07-31 05882928 core:RetainedEarningsAccumulatedLosses 2022-07-31 05882928 bus:SmallEntities 2022-08-01 2023-07-31 05882928 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 05882928 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 05882928 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 05882928 bus:AbridgedAccounts 2022-08-01 2023-07-31 05882928 bus:OrdinaryShareClass1 2023-07-31 05882928 bus:OrdinaryShareClass1 2022-07-31 05882928 core:LandBuildings core:LongLeaseholdAssets 2022-08-01 2023-07-31 05882928 core:FurnitureFittings 2022-08-01 2023-07-31
COMPANY REGISTRATION NUMBER: 05882928
PMG (Notts) Limited
Filleted Unaudited Abridged Financial Statements
31 July 2023
PMG (Notts) Limited
Abridged Financial Statements
Year Ended 31 July 2023
Contents
Pages
Abridged statement of financial position
1 to 2
Notes to the abridged financial statements
3 to 5
PMG (Notts) Limited
Abridged Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed Assets
Tangible assets
5
25,635
22,098
Current Assets
Stocks
1,109,124
993,527
Debtors
49,900
5,869
Cash at bank and in hand
250,621
258,497
------------
------------
1,409,645
1,257,893
Creditors: amounts falling due within one year
1,060,513
869,788
------------
------------
Net Current Assets
349,132
388,105
---------
---------
Total Assets Less Current Liabilities
374,767
410,203
Creditors: amounts falling due after more than one year
151,772
182,799
Provisions
Taxation including deferred tax
5,768
4,174
---------
---------
Net Assets
217,227
223,230
---------
---------
Capital and Reserves
Called up share capital
7
100
100
Profit and loss account
217,127
223,130
---------
---------
Shareholders Funds
217,227
223,230
---------
---------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 abridged financial statements for the year 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 abridged financial statements .
PMG (Notts) Limited
Abridged Statement of Financial Position (continued)
31 July 2023
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 17 April 2024 , and are signed on behalf of the board by:
Mr R Simpson
Mr R Bray
Director
Director
Company registration number: 05882928
PMG (Notts) Limited
Notes to the Abridged Financial Statements
Year Ended 31 July 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 26 Mansfield Road, Edwinstowe, Mansfield, Nottinghamshire, NG21 9NJ.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. All of the members have consented to the preparation of abridged accounts in accordance with Section 444(2A) of the Companies Act 2006.
Revenue recognition
The turnover shown in the profit and loss account represents amounts earned during the year, exclusive of Value Added Tax.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Leasehold Improvements
-
20% Straight line
Fixtures, Fittings & Equipment
-
25% Reducing balance / 33% Straight line
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.
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.
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 6 ).
5. Tangible assets
£
Cost
At 1 August 2022
147,292
Additions
11,381
---------
At 31 July 2023
158,673
---------
Depreciation
At 1 August 2022
125,194
Charge for the year
7,844
---------
At 31 July 2023
133,038
---------
Carrying amount
At 31 July 2023
25,635
---------
At 31 July 2022
22,098
---------
6. Securitised liabilities
Included within creditors is £280,070 (2022: £141,666), which is secured by the retention of title to the vehicles the finance was used to purchase and guarantees given by the directors.
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----