Registration number:
P S Wholesale Limited
for the Year Ended 31 January 2024
Pages for filing with Registrar
P S Wholesale Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
P S Wholesale Limited
Company Information
Directors |
B Slater S Slater |
Registered office |
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Registered number |
05313621 |
Accountants |
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P S Wholesale Limited
(Registration number: 05313621)
Balance Sheet as at 31 January 2024
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2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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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:
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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
.........................................
Director
P S Wholesale Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
P S Wholesale Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Intangible fixed assets |
Goodwill |
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Cost |
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At 1 February 2023 |
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At 31 January 2024 |
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Amortisation |
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At 1 February 2023 |
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Amortisation charge |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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P S Wholesale Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Tangible fixed assets |
Plant and machinery |
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Cost |
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At 1 February 2023 |
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Additions |
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Disposals |
( |
At 31 January 2024 |
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Depreciation |
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At 1 February 2023 |
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Charge for the year |
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Eliminated on disposal |
( |
At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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Debtors: amounts falling due within one year |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by group undertakings |
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Prepayments |
573 |
- |
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Other debtors |
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- |
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P S Wholesale Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Creditors |
2024 |
2023 |
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Amounts falling due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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- |
Accruals |
2,800 |
2,000 |
Corporation tax |
133,742 |
100,310 |
Directors' loan accounts |
65,757 |
81,700 |
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The directors' loan accounts are interest free and unsecured. There is no fixed date for repayment.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
P S Wholesale Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Dividends |
2024 |
2023 |
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Dividend of £700 per each Ordinary share |
70,000 |
70,000 |
Related party transactions |
Summary of transactions with entities with joint control or significant interest