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Registration number: 07598599

Purchasing Advisory Service Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

Pages for filing with Registrar

 

Purchasing Advisory Service Ltd

Contents


 

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Purchasing Advisory Service Ltd

Company Information


 

Director

Mr J E Blackburn

Registered office

Thomas House, Meadowcroft Business Park
Pope Lane
Whitestake
Preston
PR4 4AZ

 

Purchasing Advisory Service Ltd

(Registration number: 07598599)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

5,250

5,250

Cash at bank and in hand

 

3,442

7,710

 

8,692

12,960

Creditors: Amounts falling due within one year

5

(15,709)

(12,773)

Net (liabilities)/assets

 

(7,017)

187

Capital and reserves

 

Called up share capital

8

8

Retained earnings

(7,025)

179

Shareholders' (deficit)/funds

 

(7,017)

187

 

Purchasing Advisory Service Ltd

(Registration number: 07598599)
Balance Sheet as at 31 July 2023 (continued)

For the financial 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.

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 Profit and Loss Account.

Approved and authorised by the director on 19 April 2024
 

.........................................
Mr J E Blackburn
Director

 

Purchasing Advisory Service Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
Thomas House, Meadowcroft Business Park
Pope Lane
Whitestake
Preston
PR4 4AZ

The principal place of business is:
167 Temple Road
Bolton
BL1 8DN

These financial statements were authorised for issue by the director on 19 April 2024.

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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A for small entities and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared under the historical cost convention, except for modification to a fair value basis for certain fixed assets, as specified in the accounting policies below.

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis despite the fact that liabilities exceed assets. The creditors of the company have given an undertaking to support the company until it returns to a net assets position. For this reason, it is considered appropriate to prepare the accounts on a going concern basis.

 

Purchasing Advisory Service Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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 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.

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.

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.

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.

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.

 

Purchasing Advisory Service Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

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.

Financial instruments

Classification
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company’s statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

3

Staff numbers

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

4

Debtors

2023
£

2022
£

Other debtors

5,250

5,250

5,250

5,250

 

Purchasing Advisory Service Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023 (continued)

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

-

11,366

Accruals and deferred income

792

792

Other creditors

14,917

615

15,709

12,773