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Registered number: 08415481
Process Automation Support Limited
Unaudited Financial Statements
For The Year Ended 31 January 2025
Mayers
33 Mary Seacole Road
The Millfields
Plymouth
PL1 3JY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08415481
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 93,642 30,226
93,642 30,226
CURRENT ASSETS
Stocks 5 64,572 41,140
Debtors 6 72,384 183,641
Cash at bank and in hand 97,944 401
234,900 225,182
Creditors: Amounts Falling Due Within One Year 7 (198,184 ) (140,123 )
NET CURRENT ASSETS (LIABILITIES) 36,716 85,059
TOTAL ASSETS LESS CURRENT LIABILITIES 130,358 115,285
Creditors: Amounts Falling Due After More Than One Year 8 (27,784 ) (32,835 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (8,022 ) (5,743 )
NET ASSETS 94,552 76,707
CAPITAL AND RESERVES
Called up share capital 9 10 10
Profit and Loss Account 94,542 76,697
SHAREHOLDERS' FUNDS 94,552 76,707
Page 1
Page 2
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Cioffi
Director
26 March 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Process Automation Support Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08415481 . The registered office is 33 Mary Seacole Road, The Millfields, Plymouth, PL1 3JY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold over the lease term
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2024: 2)
3 2
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Motor Vehicles Total
£ £ £ £
Cost
As at 1 February 2024 - 25,520 30,599 56,119
Additions 61,555 1,015 11,542 74,112
As at 31 January 2025 61,555 26,535 42,141 130,231
Depreciation
As at 1 February 2024 - 18,243 7,650 25,893
Provided during the period - 2,073 8,623 10,696
As at 31 January 2025 - 20,316 16,273 36,589
Net Book Value
As at 31 January 2025 61,555 6,219 25,868 93,642
As at 1 February 2024 - 7,277 22,949 30,226
5. Stocks
2025 2024
£ £
Work in progress 64,572 41,140
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 72,384 183,641
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 67,684 -
Bank loans and overdrafts 25,109 30,364
Corporation tax 28,559 40,619
VAT 30,391 52,858
Credit card 1,001 -
Capital on Tap 41,614 15,002
Accrued expenses 1,365 1,280
Directors' loan accounts 2,461 -
198,184 140,123
Page 4
Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans 27,784 32,835
9. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 10 10
Page 5