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Registration number: SC348210

P L Mobility Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

P L Mobility Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

Accountants' Report

8

 

P L Mobility Ltd

Company Information

Director

Mr Robert Paul Lough

Company secretary

Mrs Yvonne Lough

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

Accountants

Yates Business Solutions Ltd.
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

P L Mobility Ltd

(Registration number: SC348210)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

200,637

215,288

Current assets

 

Stocks

5

28,381

27,253

Debtors

6

93,819

71,753

Cash at bank and in hand

 

207,286

117,896

 

329,486

216,902

Creditors: Amounts falling due within one year

7

(186,956)

(80,498)

Net current assets

 

142,530

136,404

Total assets less current liabilities

 

343,167

351,692

Provisions for liabilities

(26,607)

(27,605)

Net assets

 

316,560

324,087

Capital and reserves

 

Called up share capital

4

4

Retained earnings

316,556

324,083

Shareholders' funds

 

316,560

324,087

For the financial year ending 31 August 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 23 November 2023
 

.........................................
Mr Robert Paul Lough
Director

 

P L Mobility Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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 current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

P L Mobility Ltd

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% straight line

Plant and machinery

20% straight line

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including the director) during the year, was 10 (2022 - 9).

 

P L Mobility Ltd

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

4

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 September 2022

78,144

203,749

16,875

217,503

Additions

-

48,660

1,787

-

At 31 August 2023

78,144

252,409

18,662

217,503

Depreciation

At 1 September 2022

23,443

100,089

16,234

161,217

Charge for the year

7,815

38,080

882

18,321

At 31 August 2023

31,258

138,169

17,116

179,538

Carrying amount

At 31 August 2023

46,886

114,240

1,546

37,965

At 31 August 2022

54,701

103,660

641

56,286

Total
£

Cost or valuation

At 1 September 2022

516,271

Additions

50,447

At 31 August 2023

566,718

Depreciation

At 1 September 2022

300,983

Charge for the year

65,098

At 31 August 2023

366,081

Carrying amount

At 31 August 2023

200,637

At 31 August 2022

215,288

Included within the net book value of land and buildings above is £46,887 (2022 - £54,701) in respect of short leasehold land and buildings.
 

 

P L Mobility Ltd

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

5

Stocks

2023
£

2022
£

Work in progress

12,227

16,708

Other inventories

16,154

10,545

28,381

27,253

6

Debtors

Current

2023
£

2022
£

Trade debtors

24,558

36,088

Prepayments

14,520

5,665

Other debtors

54,741

30,000

 

93,819

71,753

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

72,297

13,594

Taxation and social security

23,685

20,750

Other creditors

90,974

46,154

186,956

80,498

8

Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
 

2023
 £

2022
 £

Within one year

-

10,368

-

10,368

 

P L Mobility Ltd

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

9

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2023
 £

2022
 £

Mr R P Lough

40,775

17,772

Mrs Y M D Lough

40,776

17,775

 

81,551

35,547

The maximum balance outstanding during the year amounted to £81,551.

The directors current accounts are repayable on demand.

Other debtors include an amount of £54,741 (2022: £30,000) which is owed from a related company, PLM Fabrications Ltd, in which Robert and Yvonne Lough were also directors.

The above loan is repayable on demand.

 

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
P L Mobility Ltd
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of P L Mobility Ltd for the year ended 31 August 2023 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of P L Mobility Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of P L Mobility Ltd and state those matters that we have agreed to state to the Board of Directors of P L Mobility Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P L Mobility Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that P L Mobility Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of P L Mobility Ltd. You consider that P L Mobility Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of P L Mobility Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Yates Business Solutions Ltd.
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

23 November 2023