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REGISTERED NUMBER: 01162175 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

PROFESSIONAL POLISHING SERVICES
LIMITED

PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROFESSIONAL POLISHING SERVICES
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: P Davies
K L Davies
P T Davies
P Bashford
R Chinnock





SECRETARY: P T Davies





REGISTERED OFFICE: 18B Parkrose Industrial Estate
Middlemore Road
Smethwick
B66 2DZ





REGISTERED NUMBER: 01162175 (England and Wales)





ACCOUNTANTS: Prime
Chartered Accountants
Corner Oak
1 Homer Road
Solihull
B91 3QG

PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 843,848 919,236
843,848 919,236

CURRENT ASSETS
Stocks 51,589 52,355
Debtors 6 366,741 365,345
Cash at bank 38,367 2,155
456,697 419,855
CREDITORS
Amounts falling due within one year 7 420,884 381,851
NET CURRENT ASSETS 35,813 38,004
TOTAL ASSETS LESS CURRENT
LIABILITIES

879,661

957,240

CREDITORS
Amounts falling due after more than one
year

8

(152,076

)

(218,685

)

PROVISIONS FOR LIABILITIES (56,249 ) (56,356 )
NET ASSETS 671,336 682,199

CAPITAL AND RESERVES
Called up share capital 4,500 4,500
Retained earnings 666,836 677,699
SHAREHOLDERS' FUNDS 671,336 682,199

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 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 POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

BALANCE SHEET - continued
30 JUNE 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:




P Davies - Director



K L Davies - Director


PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Professional Polishing Services Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised.

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.

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.
Plant and machinery - 10% on cost
Fixtures and fittings - 20% on cost

The long leasehold property is not depreciated as in the opinion of the directors its value is at least equal to its cost and expenditure incurred on its upkeep will be adequate to maintain this position. This policy is contrary to the Companies Act 2006, but it is considered necessary by the directors in order to show a true and fair view.

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 Income Statement, 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.


PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 23 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 44,702
AMORTISATION
At 1 July 2023
and 30 June 2024 44,702
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1 July 2023 601,657 1,821,736 74,773 2,498,166
Additions - 580 - 580
At 30 June 2024 601,657 1,822,316 74,773 2,498,746
DEPRECIATION
At 1 July 2023 - 1,513,690 65,240 1,578,930
Charge for year - 72,725 3,243 75,968
At 30 June 2024 - 1,586,415 68,483 1,654,898
NET BOOK VALUE
At 30 June 2024 601,657 235,901 6,290 843,848
At 30 June 2023 601,657 308,046 9,533 919,236

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 July 2023
and 30 June 2024 271,302
DEPRECIATION
At 1 July 2023 120,066
Charge for year 27,130
At 30 June 2024 147,196
NET BOOK VALUE
At 30 June 2024 124,106
At 30 June 2023 151,236

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 351,486 325,120
Other debtors 15,255 40,225
366,741 365,345

PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 53,126 92,755
Hire purchase contracts (see note 9) 12,168 41,710
Trade creditors 147,654 151,044
Taxation and social security 95,183 66,803
Other creditors 112,753 29,539
420,884 381,851

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 150,289 204,730
Hire purchase contracts (see note 9) 1,787 13,955
152,076 218,685

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 5+ years - 23,893

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 12,168 41,710
Between one and five years 1,787 13,955
13,955 55,665

PROFESSIONAL POLISHING SERVICES
LIMITED (REGISTERED NUMBER: 01162175)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 18,670
Bank loans 203,415 278,815
Hire purchase contracts 13,955 55,665
217,370 353,150

Barclays Bank plc holds a guarantee and debenture dated 28 January 2006 over all assets of the company, a legal charge dated 12 April 2006 over the leasehold property and a debenture dated 23 July 2010 over all of the assets of the company.

Hire purchase liabilities are secured on the assets to which they relate.