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REGISTERED NUMBER: 06006515 (England and Wales)















Financial Statements for the Year Ended 30 November 2023

for

Professional Finishing Supplies Ltd

Professional Finishing Supplies Ltd (Registered number: 06006515)

Contents of the Financial Statements
for the Year Ended 30 November 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Professional Finishing Supplies Ltd

Company Information
for the Year Ended 30 November 2023







DIRECTORS: Mr D Goodeve
Mrs A Goodeve





SECRETARY: Mrs A Goodeve





REGISTERED OFFICE: Unit 5, Dollywaggon Way
South Rings
Bamber Bridge
Preston
Lancashire
PR5 6EW





REGISTERED NUMBER: 06006515 (England and Wales)





ACCOUNTANTS: Bennett Kirkhope Smith
Chartered Certified Accountants
Suites 5 & 6 The Printworks
Hey Road
Barrow
Clitheroe
Lancashire
BB7 9WB

Professional Finishing Supplies Ltd (Registered number: 06006515)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 577 1,566
Tangible assets 5 113,771 103,166
114,348 104,732

CURRENT ASSETS
Stocks 93,666 90,769
Debtors 6 98,302 97,419
Cash at bank and in hand 105,738 95,225
297,706 283,413
CREDITORS
Amounts falling due within one year 7 135,802 116,314
NET CURRENT ASSETS 161,904 167,099
TOTAL ASSETS LESS CURRENT
LIABILITIES

276,252

271,831

CREDITORS
Amounts falling due after more than one
year

8

(15,495

)

(28,806

)

PROVISIONS FOR LIABILITIES 11 (7,852 ) (4,237 )
NET ASSETS 252,905 238,788

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 252,805 238,688
SHAREHOLDERS' FUNDS 252,905 238,788

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Professional Finishing Supplies Ltd (Registered number: 06006515)

Balance Sheet - continued
30 November 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2024 and were signed on its behalf by:





Mr D Goodeve - Director


Professional Finishing Supplies Ltd (Registered number: 06006515)

Notes to the Financial Statements
for the Year Ended 30 November 2023


1. STATUTORY INFORMATION

Professional Finishing Supplies Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 4% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Professional Finishing Supplies Ltd (Registered number: 06006515)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement 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.

Compliance with accounting standards
The financial statements are prepared in accordance with applicable accounting standards.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Website
costs
£   
COST
At 1 December 2022
and 30 November 2023 4,945
AMORTISATION
At 1 December 2022 3,379
Amortisation for year 989
At 30 November 2023 4,368
NET BOOK VALUE
At 30 November 2023 577
At 30 November 2022 1,566

Professional Finishing Supplies Ltd (Registered number: 06006515)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 December 2022 100,945 18,031 19,659 8,549 147,184
Additions - 712 27,740 208 28,660
Disposals - - (19,659 ) - (19,659 )
At 30 November 2023 100,945 18,743 27,740 8,757 156,185
DEPRECIATION
At 1 December 2022 18,514 9,345 9,753 6,406 44,018
Charge for year 4,038 1,303 3,591 1,074 10,006
Eliminated on disposal - - (11,610 ) - (11,610 )
At 30 November 2023 22,552 10,648 1,734 7,480 42,414
NET BOOK VALUE
At 30 November 2023 78,393 8,095 26,006 1,277 113,771
At 30 November 2022 82,431 8,686 9,906 2,143 103,166

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 December 2022 19,659
Disposals (19,659 )
At 30 November 2023 -
DEPRECIATION
At 1 December 2022 9,753
Charge for year 1,857
Eliminated on disposal (11,610 )
At 30 November 2023 -
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 9,906

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 94,055 93,255
Prepayments 4,247 4,164
98,302 97,419

Professional Finishing Supplies Ltd (Registered number: 06006515)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 10,123 9,874
Hire purchase contracts (see note 9) - 4,117
Trade creditors 45,246 68,611
Corporation tax 25,100 17,470
Social security and other taxes 2,646 2,515
VAT 35,925 10,251
Directors' current accounts 14,262 1,096
Accrued expenses 2,500 2,380
135,802 116,314

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Bank loans - 2-5 years 15,495 25,619
Hire purchase contracts (see note 9) - 3,187
15,495 28,806

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
30.11.23 30.11.22
£    £   
Net obligations repayable:
Within one year - 4,117
Between one and five years - 3,187
- 7,304

Non-cancellable operating leases
30.11.23 30.11.22
£    £   
Within one year 6,184 2,082
Between one and five years 4,638 -
10,822 2,082

Professional Finishing Supplies Ltd (Registered number: 06006515)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


10. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Bank loans 25,618 35,493

Bounce Back Loan is guaranteed by the UK Government under the BBLS Guarantee.

11. PROVISIONS FOR LIABILITIES
30.11.23 30.11.22
£    £   
Deferred tax 7,852 4,237

Deferred
tax
£   
Balance at 1 December 2022 4,237
Charge to Statement of Income and Retained Earnings during year 3,615
Balance at 30 November 2023 7,852

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party for the year was considered to be Mr & Mrs Goodeve by virtue of their acting in concert and together they owned 100% of the shares.