10
false
false
false
false
false
false
false
false
false
true
false
false
false
false
true
true
true
true
No description of principal activity
2022-08-01
Sage Accounts Production Advanced 2021 - FRS102_2021
194,999
194,998
1
1
xbrli:pure
xbrli:shares
iso4217:GBP
08584475
2022-08-01
2023-07-31
08584475
2023-07-31
08584475
2022-07-31
08584475
2021-08-01
2022-07-31
08584475
2022-07-31
08584475
core:NetGoodwill
2022-08-01
2023-07-31
08584475
core:LandBuildings
core:LongLeaseholdAssets
2022-08-01
2023-07-31
08584475
core:FurnitureFittings
2022-08-01
2023-07-31
08584475
bus:LeadAgentIfApplicable
2022-08-01
2023-07-31
08584475
bus:Director2
2022-08-01
2023-07-31
08584475
core:NetGoodwill
2023-07-31
08584475
core:LandBuildings
2022-07-31
08584475
core:FurnitureFittings
2022-07-31
08584475
core:LandBuildings
2023-07-31
08584475
core:FurnitureFittings
2023-07-31
08584475
core:LandBuildings
2022-08-01
2023-07-31
08584475
core:WithinOneYear
2023-07-31
08584475
core:WithinOneYear
2022-07-31
08584475
core:AfterOneYear
2023-07-31
08584475
core:AfterOneYear
2022-07-31
08584475
core:ShareCapital
2023-07-31
08584475
core:ShareCapital
2022-07-31
08584475
core:RetainedEarningsAccumulatedLosses
2023-07-31
08584475
core:RetainedEarningsAccumulatedLosses
2022-07-31
08584475
core:NetGoodwill
2022-07-31
08584475
core:LandBuildings
2022-07-31
08584475
core:FurnitureFittings
2022-07-31
08584475
bus:SmallEntities
2022-08-01
2023-07-31
08584475
bus:AuditExemptWithAccountantsReport
2022-08-01
2023-07-31
08584475
bus:FullAccounts
2022-08-01
2023-07-31
08584475
bus:SmallCompaniesRegimeForAccounts
2022-08-01
2023-07-31
08584475
bus:PrivateLimitedCompanyLtd
2022-08-01
2023-07-31
COMPANY REGISTRATION NUMBER:
08584475
Filleted Unaudited Financial Statements |
|
Year ended 31 July 2023
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
4 |
|
|
Chartered Certified Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
PTS OPTICAL LIMITED |
|
Year ended 31 July 2023
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 July 2023, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
VAGHELA & CO. (SERVICES) LTD.
Chartered Certified Accountants
P.O. Box 10901
Birmingham
B1 1ZQ
26 July 2024
Statement of Financial Position |
|
31 July 2023
Fixed assets
Intangible assets |
5 |
|
1 |
1 |
Tangible assets |
6 |
|
44,045 |
24,710 |
|
|
-------- |
-------- |
|
|
44,046 |
24,711 |
|
|
|
|
|
Current assets
Stocks |
51,080 |
|
48,411 |
Debtors |
7 |
15,110 |
|
5,654 |
Cash at bank and in hand |
68,691 |
|
129,061 |
|
--------- |
|
--------- |
|
134,881 |
|
183,126 |
|
|
|
|
|
Creditors: amounts falling due within one year |
8 |
35,467 |
|
75,092 |
|
--------- |
|
--------- |
Net current assets |
|
99,414 |
108,034 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
143,460 |
132,745 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
|
11,669 |
17,884 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
314 |
200 |
|
|
--------- |
--------- |
Net assets |
|
131,477 |
114,661 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
131,377 |
114,561 |
|
|
--------- |
--------- |
Shareholders funds |
|
131,477 |
114,661 |
|
|
--------- |
--------- |
|
|
|
|
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 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 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 financial statements
.
Statement of Financial Position (continued) |
|
31 July 2023
These financial statements were approved by the
board of directors
and authorised for issue on
26 July 2024
, and are signed on behalf of the board by:
Company registration number:
08584475
Notes to the 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 c/o Vaghela & Co (Services) Ltd, Studio 10, Clark's Courtyard, 145 Granville Street, Birmingham, West Midlands, B1 1SB, England.
2.
Statement of compliance
These 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, 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.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
20% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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 property |
- |
20% straight line |
|
Fixtures and Fittings |
- |
15% 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. 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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.
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
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
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 year amounted to
10
(2022:
9
).
5.
Intangible assets
|
Goodwill |
|
£ |
Cost |
|
At 1 August 2022 and 31 July 2023 |
194,999 |
|
--------- |
Amortisation |
|
At 1 August 2022 and 31 July 2023 |
194,998 |
|
--------- |
Carrying amount |
|
At 31 July 2023 |
1 |
|
--------- |
At 31 July 2022 |
1 |
|
--------- |
|
|
6.
Tangible assets
|
Land and buildings |
Fixtures and fittings |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 August 2022 |
5,626 |
98,964 |
104,590 |
Additions |
2,852 |
25,192 |
28,044 |
|
------- |
--------- |
--------- |
At 31 July 2023 |
8,478 |
124,156 |
132,634 |
|
------- |
--------- |
--------- |
Depreciation |
|
|
|
At 1 August 2022 |
5,625 |
74,255 |
79,880 |
Charge for the year |
570 |
8,139 |
8,709 |
|
------- |
--------- |
--------- |
At 31 July 2023 |
6,195 |
82,394 |
88,589 |
|
------- |
--------- |
--------- |
Carrying amount |
|
|
|
At 31 July 2023 |
2,283 |
41,762 |
44,045 |
|
------- |
--------- |
--------- |
At 31 July 2022 |
1 |
24,709 |
24,710 |
|
------- |
--------- |
--------- |
|
|
|
|
7.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
9,305 |
– |
Other debtors |
5,805 |
5,654 |
|
-------- |
------- |
|
15,110 |
5,654 |
|
-------- |
------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
6,908 |
16,640 |
Trade creditors |
– |
1,750 |
Corporation tax |
10,775 |
25,757 |
Social security and other taxes |
5,166 |
4,181 |
Other creditors |
12,618 |
26,764 |
|
-------- |
-------- |
|
35,467 |
75,092 |
|
-------- |
-------- |
|
|
|
9.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
11,669 |
17,884 |
|
-------- |
-------- |
|
|
|
10.
Directors' advances, credits and guarantees
At 31st July 2023, other creditors include the following amounts due to the directors. Mr P & Mrs T Sandhu £7,618 (2022 - £22,264) The loans are interest free and repayable on demand
11.
Related party transactions
The company is occupying and operating from 14 High street, Pershore, Worcestershire premises, which are owned by the directors. The company has agreed to pay rent of £25,200 per annum to the directors for use of their premises. The director, Mr P.S.Sandhu, received dividends amounting to £14,400 for the year under review. The director, Mrs T.K.Sandhu, received dividends amounting to £14,400 for the year under review.