Registered number
09830681
PMI Commercial Ltd
Filleted Accounts
31 October 2024
PMI Commercial Ltd
Registered number: 09830681
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 52,229 37,652
Current assets
Debtors 4 42,134 61,302
Cash at bank and in hand 20,059 39,057
62,193 100,359
Creditors: amounts falling due within one year 5 (63,251) (73,355)
Net current (liabilities)/assets (1,058) 27,004
Total assets less current liabilities 51,171 64,656
Provisions for liabilities (3,644) -
Net assets 47,527 64,656
Capital and reserves
Called up share capital 2 2
Profit and loss account 47,525 64,654
Shareholders' funds 47,527 64,656
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P. A. Young, Esq
Director
Approved by the board on 29 July 2025
PMI Commercial Ltd
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 services provided and related sale of goods and is recognised on the completion of work done.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2023 40,782 75,134 115,916
Additions 11,695 24,768 36,463
Disposals - (5,000) (5,000)
At 31 October 2024 52,477 94,902 147,379
Depreciation
At 1 November 2023 19,475 58,789 78,264
Charge for the year 8,760 13,126 21,886
On disposals - (5,000) (5,000)
At 31 October 2024 28,235 66,915 95,150
Net book value
At 31 October 2024 24,242 27,987 52,229
At 31 October 2023 21,307 16,345 37,652
4 Debtors 2024 2023
£ £
Trade debtors 42,134 61,302
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 933
Trade creditors 5,336 -
Taxation and social security costs 35,314 54,269
Other creditors 22,601 18,153
63,251 73,355
Included in creditors is £19,976 (2023: £15,653) owing to the directors. The loans are interest-free and there is no fixed date of repayment. The directors have confirmed that the loans will only be repaid as and when cash flow permits.
6 Controlling party
The company is controlled by the directors who own the entire share capital of the company equally.
7 Other information
PMI Commercial Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
Manor Way
Borehamwood
Hertfordshire
WD6 1QQ
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