Company Registration No. 04332844 (England and Wales)
PORTABLE MACHINING SERVICES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
LB GROUP
The Octagon Suite E2
2nd Floor Middleborough
Colchester
Essex
CO1 1TG
PORTABLE MACHINING SERVICES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
PORTABLE MACHINING SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
289,415
283,633
Current assets
Stocks
6,879
4,503
Debtors
4
115,768
85,531
Cash at bank and in hand
27,906
34,757
150,553
124,791
Creditors: amounts falling due within one year
5
(216,146)
(179,086)
Net current liabilities
(65,593)
(54,295)
Total assets less current liabilities
223,822
229,338
Creditors: amounts falling due after more than one year
6
(136,389)
(159,758)
Provisions for liabilities
(14,751)
(12,130)
Net assets
72,682
57,450
Capital and reserves
Called up share capital
12
12
Profit and loss reserves
72,670
57,438
Total equity
72,682
57,450

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 31 January 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.

PORTABLE MACHINING SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 3 October 2024 and are signed on its behalf by:
Mr D Peck
Director
Company registration number 04332844 (England and Wales)
PORTABLE MACHINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Portable Machining Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is School Farm Buildings, School Road Langham, Colchester, Essex, CO4 5PB.

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.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% Reducing Balance
Plant and machinery
15% Reducing Balance
Fixtures and fittings
20% Reducing Balance
Motor vehicles
15% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

PORTABLE MACHINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PORTABLE MACHINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

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

2024
2023
Number
Number
Total
6
7
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 February 2023
244,806
170,732
415,538
Additions
-
0
29,517
29,517
Disposals
-
0
(24,783)
(24,783)
At 31 January 2024
244,806
175,466
420,272
Depreciation and impairment
At 1 February 2023
9,694
122,211
131,905
Depreciation charged in the year
4,702
10,662
15,364
Eliminated in respect of disposals
-
0
(16,412)
(16,412)
At 31 January 2024
14,396
116,461
130,857
Carrying amount
At 31 January 2024
230,410
59,005
289,415
At 31 January 2023
235,112
48,521
283,633
PORTABLE MACHINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
115,215
85,531
Other debtors
553
-
0
115,768
85,531
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
141,229
108,279
Trade creditors
16,282
15,300
Corporation tax
20,197
20,504
Other taxation and social security
17,641
17,184
Other creditors
20,797
17,819
216,146
179,086

Fixed and floating charges are held dated 21 December 2015 in favour of Lloyds Bank Commercial Finance Limited over all the property or undertaking of the company.

 

Fixed and floating charges are held dated 11 May 2015 in favour of Lloyds Bank PLC over Land and buildings on south side of school road Langham, Colchester, Essex.

 

Fixed and floating charges are held dated 21 March 2015 in favour of Lloyds Bank PLC over all the property or undertaking of the company.

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
121,220
150,342
Other creditors
15,169
9,416
136,389
159,758

Fixed and floating charges are held dated 21 December 2015 in favour of Lloyds Bank Commercial Finance Limited over all the property or undertaking of the company.

 

Fixed and floating charges are held dated 11 May 2015 in favour of Lloyds Bank PLC over Land and buildings on south side of school road Langham, Colchester, Essex.

 

Fixed and floating charges are held dated 21 March 2015 in favour of Lloyds Bank PLC over all the property or undertaking of the company.

PORTABLE MACHINING SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
7
Parent company

The parent company of Portable Machining Services Limited is PMS Works Limited, a company incorporated in England and Wales.

8
Parent Company

 

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