Company registration number 01493537 (England and Wales)
P & P SAFETY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
P & P SAFETY LIMITED
COMPANY INFORMATION
Director
Mr N B Pammenter
Secretary
Mrs J A Pammenter
Company number
01493537
Registered office
131 New John Street
Birmingham
West Midlands
B6 4LD
Accountants
Jerroms GCN Limited
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
P & P SAFETY LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 7
P & P SAFETY LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF P & P SAFETY LIMITED
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P & P Safety Limited for the year ended 30 June 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the board of directors of P & P Safety Limited, as a body, in accordance with the terms of our engagement letter dated 8 August 2023. Our work has been undertaken solely to prepare for your approval the financial statements of P & P Safety Limited and state those matters that we have agreed to state to the board of directors of P & P Safety Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P & P Safety Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that P & P Safety Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of P & P Safety Limited. You consider that P & P Safety Limited 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 financial statements of P & P Safety Limited. 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 financial statements.

Jerroms GCN Limited
7 August 2024
Chartered Certified Accountants
West Point, Second Floor
Mucklow Office Park
Mucklow Hill
Halesowen
B62 8DY
P & P SAFETY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
61,211
57,690
Current assets
Stocks
4
324,846
284,594
Debtors
5
462,787
435,538
Cash at bank and in hand
85,544
69,069
873,177
789,201
Creditors: amounts falling due within one year
6
(332,722)
(235,247)
Net current assets
540,455
553,954
Total assets less current liabilities
601,666
611,644
Provisions for liabilities
(13,422)
(12,129)
Net assets
588,244
599,515
Capital and reserves
Called up share capital
8
6,250
6,250
Capital redemption reserve
9,750
9,750
Profit and loss reserves
572,244
583,515
Total equity
588,244
599,515

The notes on pages 4 to 7 form part of these financial statements.

P & P SAFETY LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 3 -

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 7 August 2024
Mr N B Pammenter
Director
Company Registration No. 01493537
P & P SAFETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information

P & P Safety Limited is a private company limited by shares incorporated in England and Wales. The registered office is 131 New John Street, Birmingham, West Midlands, B6 4LD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

1.3
Research and development expenditure

Expenditure on research and development is written off in the year in which it is incurred.

1.4
Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

 

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when the cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

 

Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives, on a reducing balance basis.

 

Depreciation is provided on the following basis:

 

    Plant and machinery        -        15%        reducing balance     

    Fixtures and fittings        -        20%        straight line    

 

 

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

 

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income statement.

P & P SAFETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.6
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current or deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

1.7
Employee benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

1.8
Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
25
25
P & P SAFETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2023
377,973
123,583
501,556
Additions
15,506
798
16,304
At 30 June 2024
393,479
124,381
517,860
Depreciation and impairment
At 1 July 2023
337,758
106,108
443,866
Depreciation charged in the year
7,622
5,161
12,783
At 30 June 2024
345,380
111,269
456,649
Carrying amount
At 30 June 2024
48,099
13,112
61,211
At 30 June 2023
40,215
17,475
57,690
4
Stocks
2024
2023
£
£
Stocks
324,846
284,594
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
384,892
367,259
Directors' accounts
42,670
45,193
Prepayments and accrued income
35,225
23,086
462,787
435,538
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
201,386
157,878
Corporation tax
43,828
12,243
Other taxation and social security
72,105
57,978
Other creditors
10,585
-
0
Accruals and deferred income
4,818
7,148
332,722
235,247
P & P SAFETY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
7
Deferred taxation
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
13,422
12,129
2024
Movements in the year:
£
Liability at 1 July 2023
12,129
Charge to profit or loss
1,293
Liability at 30 June 2024
13,422

A deferred tax provision has arisen as a result of accelerated capital allowances.

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
3,250
3,250
3,250
3,250
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Redeemable preference of £1 each
3,000
3,000
3,000
3,000
Preference shares classified as equity
3,000
3,000
Total equity share capital
6,250
6,250
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