2 false false false false false false false false false false true false false false false false false No description of principal activity 2022-10-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP SC164946 2022-10-01 2023-09-30 SC164946 2023-09-30 SC164946 2022-09-30 SC164946 2021-10-01 2022-09-30 SC164946 2022-09-30 SC164946 2021-09-30 SC164946 core:PlantMachinery 2022-10-01 2023-09-30 SC164946 core:FurnitureFittings 2022-10-01 2023-09-30 SC164946 core:MotorVehicles 2022-10-01 2023-09-30 SC164946 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 SC164946 bus:Director1 2022-10-01 2023-09-30 SC164946 core:PlantMachinery 2022-09-30 SC164946 core:FurnitureFittings 2022-09-30 SC164946 core:MotorVehicles 2022-09-30 SC164946 core:PlantMachinery 2023-09-30 SC164946 core:FurnitureFittings 2023-09-30 SC164946 core:MotorVehicles 2023-09-30 SC164946 core:WithinOneYear 2023-09-30 SC164946 core:WithinOneYear 2022-09-30 SC164946 core:AfterOneYear 2023-09-30 SC164946 core:AfterOneYear 2022-09-30 SC164946 core:UKTax 2022-10-01 2023-09-30 SC164946 core:UKTax 2021-10-01 2022-09-30 SC164946 core:ShareCapital 2023-09-30 SC164946 core:ShareCapital 2022-09-30 SC164946 core:RetainedEarningsAccumulatedLosses 2023-09-30 SC164946 core:RetainedEarningsAccumulatedLosses 2022-09-30 SC164946 core:BetweenOneFiveYears 2023-09-30 SC164946 core:AcceleratedTaxDepreciationDeferredTax 2023-09-30 SC164946 core:AcceleratedTaxDepreciationDeferredTax 2022-09-30 SC164946 core:PlantMachinery 2022-09-30 SC164946 core:FurnitureFittings 2022-09-30 SC164946 bus:SmallEntities 2022-10-01 2023-09-30 SC164946 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 SC164946 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 SC164946 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 SC164946 bus:FullAccounts 2022-10-01 2023-09-30 SC164946 bus:OrdinaryShareClass1 2023-09-30 SC164946 bus:OrdinaryShareClass1 2022-09-30 SC164946 core:AllAssociates 2022-10-01 2023-09-30
COMPANY REGISTRATION NUMBER: SC164946
PROTECTIVE SUPPLIES & SERVICES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 September 2023
PROTECTIVE SUPPLIES & SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
30 September 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
6
2,606
4,495
CURRENT ASSETS
Stocks
30,316
73,133
Debtors
7
703,772
439,516
Cash at bank and in hand
107,233
163,182
---------
---------
841,321
675,831
CREDITORS: amounts falling due within one year
8
309,493
287,710
---------
---------
NET CURRENT ASSETS
531,828
388,121
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
534,434
392,616
CREDITORS: amounts falling due after more than one year
9
110,366
184,644
PROVISIONS FOR LIABILITIES
Deferred tax
254
726
---------
---------
NET ASSETS
423,814
207,246
---------
---------
CAPITAL AND RESERVES
Called up share capital
11
100
100
Profit and loss account
423,714
207,146
---------
---------
SHAREHOLDERS FUNDS
423,814
207,246
---------
---------
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 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PROTECTIVE SUPPLIES & SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 3 September 2024 , and are signed on behalf of the board by:
Mr J C Hill Director
Company registration number: SC164946
PROTECTIVE SUPPLIES & SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director confirms that, after making appropriate enquiries, he has reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the company continues to adopt the going concern basis in preparing these financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
Corporation 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.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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.
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:
Plant and Machinery
-
10% straight line
Fixtures and Fittings
-
20% straight line
Motor Vehicles
-
25% 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
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 2 (2022: 2 ).
5. TAX ON PROFIT
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
61,513
24,973
Deferred tax:
Origination and reversal of timing differences
( 472)
( 529)
--------
--------
Tax on profit
61,041
24,444
--------
--------
6. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2022 and 30 September 2023
15,172
32,128
19,843
67,143
--------
--------
--------
--------
Depreciation
At 1 October 2022
11,380
31,425
19,843
62,648
Charge for the year
1,517
372
1,889
--------
--------
--------
--------
At 30 September 2023
12,897
31,797
19,843
64,537
--------
--------
--------
--------
Carrying amount
At 30 September 2023
2,275
331
2,606
--------
--------
--------
--------
At 30 September 2022
3,792
703
4,495
--------
--------
--------
--------
7. DEBTORS
2023
2022
£
£
Trade debtors
546,459
305,422
Amounts owed by associated companies
128,375
73,809
Other debtors
28,938
60,285
---------
---------
703,772
439,516
---------
---------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
74,594
67,456
Trade creditors
168,751
170,010
Corporation tax
61,513
24,973
Social security and other taxes
243
166
Pension Scheme
212
209
Other creditors
4,180
24,896
---------
---------
309,493
287,710
---------
---------
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
110,366
184,644
---------
---------
10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions for liabilities
254
726
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
254
726
----
----
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
12. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
18,112
13,261
Later than 1 year and not later than 5 years
6,636
--------
--------
24,748
13,261
--------
--------
13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
The company was under the control of the director throughout the current and previous period. During the period, there were a number transactions with the director and, at the period end, the director was due to pay the company £836 (2022 - the company was due to pay the director £5,212). The balance is included in Other debtors (2022 - Other creditors in the note on Creditors: Amounts falling due within one year). There is no interest charged by or to the director in relation to this balance. The company did not pay dividends in either the current year or the prior year.
14. RELATED PARTY TRANSACTIONS
The director and his wife are also directors and shareholders of Single Source Supplies Limited, which is therefore an associated company. During the period, the company supplied goods and services to Single Source Supplies Limited and Single Source Supplies Limited charged the company for management services. All transactions were on commercial terms. Following these transactions, at the period end, the company was due to receive £128,375 (2022 - £73,809) from Single Source Supplies Limited. There is no interest chargeable on this balance, which is repayable on demand.