P S Wholesale Limited 05313621 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of the importing, wholesaling and retailing of fancy and other goods. Digita Accounts Production Advanced 6.30.9574.0 true 05313621 2023-02-01 2024-01-31 05313621 2024-01-31 05313621 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-01-31 05313621 core:RetainedEarningsAccumulatedLosses 2024-01-31 05313621 core:ShareCapital 2024-01-31 05313621 core:CurrentFinancialInstruments 2024-01-31 05313621 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 05313621 core:Goodwill 2024-01-31 05313621 core:MoreThanFiveYears 2024-01-31 05313621 core:FurnitureFittingsToolsEquipment 2024-01-31 05313621 bus:SmallEntities 2023-02-01 2024-01-31 05313621 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 05313621 bus:FullAccounts 2023-02-01 2024-01-31 05313621 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 05313621 bus:RegisteredOffice 2023-02-01 2024-01-31 05313621 bus:Director3 2023-02-01 2024-01-31 05313621 bus:Director4 2023-02-01 2024-01-31 05313621 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-02-01 2024-01-31 05313621 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 05313621 core:Goodwill 2023-02-01 2024-01-31 05313621 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 05313621 core:OfficeEquipment 2023-02-01 2024-01-31 05313621 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-02-01 2024-01-31 05313621 countries:EnglandWales 2023-02-01 2024-01-31 05313621 core:Goodwill 2023-01-31 05313621 core:FurnitureFittingsToolsEquipment 2023-01-31 05313621 2022-02-01 2023-01-31 05313621 2023-01-31 05313621 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-01-31 05313621 core:RetainedEarningsAccumulatedLosses 2023-01-31 05313621 core:ShareCapital 2023-01-31 05313621 core:CurrentFinancialInstruments 2023-01-31 05313621 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 05313621 core:Goodwill 2023-01-31 05313621 core:MoreThanFiveYears 2023-01-31 05313621 core:FurnitureFittingsToolsEquipment 2023-01-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05313621

P S Wholesale Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

Pages for filing with Registrar

 

P S Wholesale Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

P S Wholesale Limited

Company Information

Directors

B Slater

S Slater

Registered office

69 Slade Road
Portishead
Bristol
BS20 6AP

Registered number

05313621

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

P S Wholesale Limited

(Registration number: 05313621)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

16,400

24,600

Tangible assets

5

7,265

9,947

 

23,665

34,547

Current assets

 

Stocks

700,000

778,964

Debtors

6

63,239

78,672

Cash at bank and in hand

 

1,230,728

761,643

 

1,993,967

1,619,279

Creditors: Amounts falling due within one year

7

(239,074)

(233,403)

Net current assets

 

1,754,893

1,385,876

Net assets

 

1,778,558

1,420,423

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

1,778,458

1,420,323

Total equity

 

1,778,558

1,420,423

 

P S Wholesale Limited

(Registration number: 05313621)
Balance Sheet as at 31 January 2024

For the financial year ending 31 January 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 28 August 2024 and signed on its behalf by:
 

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

S Slater
Director

 

P S Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

Statutory information

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

The address of its registered office is:
69 Slade Road
Portishead
Bristol
BS20 6AP
England

2

Accounting policies

Summary of significant accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

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

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 and it is probable that future economic benefits will flow to the entity.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

 

P S Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tax

The tax expense for the period comprises current 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.

Tangible fixed assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Plant and machinery

25% Reducing balance

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Goodwill

Over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost 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.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at cost.

 

P S Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

P S Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Intangible fixed assets

Goodwill
 £

Cost

At 1 February 2023

82,000

At 31 January 2024

82,000

Amortisation

At 1 February 2023

57,400

Amortisation charge

8,200

At 31 January 2024

65,600

Carrying amount

At 31 January 2024

16,400

At 31 January 2023

24,600

 

P S Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Tangible fixed assets

Plant and machinery
 £

Cost

At 1 February 2023

21,962

Additions

1,394

Disposals

(4,192)

At 31 January 2024

19,164

Depreciation

At 1 February 2023

12,015

Charge for the year

2,630

Eliminated on disposal

(2,746)

At 31 January 2024

11,899

Carrying amount

At 31 January 2024

7,265

At 31 January 2023

9,947

6

Debtors: amounts falling due within one year

Note

2024
£

2023
£

Trade debtors

 

34,211

65,172

Amounts owed by group undertakings

11

13,574

13,500

Prepayments

 

573

-

Other debtors

 

14,881

-

 

63,239

78,672

 

P S Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

2024
£

2023
£

Amounts falling due within one year

Trade creditors

2,918

7,615

Taxation and social security

18,976

41,778

Other creditors

14,881

-

Accruals

2,800

2,000

Corporation tax

133,742

100,310

Directors' loan accounts

65,757

81,700

239,074

233,403

The directors' loan accounts are interest free and unsecured. There is no fixed date for repayment.

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

P S Wholesale Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Later than five years

130,347

155,694

The amount of non-cancellable operating lease payments recognised as an expense during the year was £25,000 (2023 - £24,495).

10

Dividends

 

2024
£

2023
£

Dividend of £700 per each Ordinary share

70,000

70,000

     

11

Related party transactions

Summary of transactions with entities with joint control or significant interest

Benco Supplies Limited - under common control
 During the year the company received £10,698 (2023: £13,500) from Benco Supplies Limited in respect of management fees. The company received £16,866 (2023: £73,840) from Benco Supplies Limited in respect of the sale of goods. At the year end £13,574 (2023: £13,500) was outstanding.