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REGISTERED NUMBER: 06006515 (England and Wales)















Financial Statements for the Year Ended 30 November 2024

for

Professional Finishing Supplies Ltd

Professional Finishing Supplies Ltd (Registered number: 06006515)

Contents of the Financial Statements
for the Year Ended 30 November 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Professional Finishing Supplies Ltd

Company Information
for the Year Ended 30 November 2024







DIRECTORS: Mr D Goodeve
Mrs A Goodeve





SECRETARY: Mrs A Goodeve





REGISTERED OFFICE: Unit 5, Dollywaggon Way
South Rings
Bamber Bridge
Preston
Lancashire
PR5 6EW





REGISTERED NUMBER: 06006515 (England and Wales)





ACCOUNTANTS: Bennett Kirkhope Smith
Chartered Certified Accountants
Suites 5 & 6 The Printworks
Hey Road
Barrow
Clitheroe
Lancashire
BB7 9WB

Professional Finishing Supplies Ltd (Registered number: 06006515)

Balance Sheet
30 November 2024

30.11.24 30.11.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 577
Tangible assets 5 103,539 113,771
103,539 114,348

CURRENT ASSETS
Stocks 106,184 93,666
Debtors 6 136,937 98,302
Cash at bank and in hand 130,886 105,738
374,007 297,706
CREDITORS
Amounts falling due within one year 7 207,846 135,802
NET CURRENT ASSETS 166,161 161,904
TOTAL ASSETS LESS CURRENT
LIABILITIES

269,700

276,252

CREDITORS
Amounts falling due after more than one
year

8

(5,116

)

(15,495

)

PROVISIONS FOR LIABILITIES 11 (6,775 ) (7,852 )
NET ASSETS 257,809 252,905

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 257,709 252,805
SHAREHOLDERS' FUNDS 257,809 252,905

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 Finishing Supplies Ltd (Registered number: 06006515)

Balance Sheet - continued
30 November 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 Statement of Income and Retained Earnings has not been delivered.

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





Mr D Goodeve - Director


Professional Finishing Supplies Ltd (Registered number: 06006515)

Notes to the Financial Statements
for the Year Ended 30 November 2024


1. STATUTORY INFORMATION

Professional Finishing Supplies Ltd 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.

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.

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.

Website costs is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 4% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

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 Statement of Income and Retained Earnings, 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.

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.

Professional Finishing Supplies Ltd (Registered number: 06006515)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024


2. ACCOUNTING POLICIES - continued

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.

Compliance with accounting standards
The financial statements are prepared in accordance with applicable accounting standards.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Website
costs
£   
COST
At 1 December 2023
and 30 November 2024 4,945
AMORTISATION
At 1 December 2023 4,368
Amortisation for year 577
At 30 November 2024 4,945
NET BOOK VALUE
At 30 November 2024 -
At 30 November 2023 577

Professional Finishing Supplies Ltd (Registered number: 06006515)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 December 2023 100,945 18,743 27,740 8,757 156,185
Additions - 1,157 - 1,538 2,695
At 30 November 2024 100,945 19,900 27,740 10,295 158,880
DEPRECIATION
At 1 December 2023 22,552 10,648 1,734 7,480 42,414
Charge for year 4,038 1,257 6,502 1,130 12,927
At 30 November 2024 26,590 11,905 8,236 8,610 55,341
NET BOOK VALUE
At 30 November 2024 74,355 7,995 19,504 1,685 103,539
At 30 November 2023 78,393 8,095 26,006 1,277 113,771

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Trade debtors 132,672 94,055
Prepayments 4,265 4,247
136,937 98,302

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.24 30.11.23
£    £   
Bank loans and overdrafts 10,379 10,123
Trade creditors 93,229 45,246
Corporation tax 26,509 25,100
Social security and other taxes 2,625 2,646
VAT 55,810 35,925
Other creditors 1,526 -
Directors' current accounts 14,825 14,262
Accrued expenses 2,943 2,500
207,846 135,802

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.24 30.11.23
£    £   
Bank loans - 2-5 years 5,116 15,495

Professional Finishing Supplies Ltd (Registered number: 06006515)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2024


9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.11.24 30.11.23
£    £   
Within one year 4,638 6,184
Between one and five years - 4,638
4,638 10,822

10. SECURED DEBTS

The following secured debts are included within creditors:

30.11.24 30.11.23
£    £   
Bank loans 15,495 25,618

Bounce Back Loan is guaranteed by the UK Government under the BBLS Guarantee.

11. PROVISIONS FOR LIABILITIES
30.11.24 30.11.23
£    £   
Deferred tax 6,775 7,852

Deferred
tax
£   
Balance at 1 December 2023 7,852
Credit to Statement of Income and Retained Earnings during year (1,077 )
Balance at 30 November 2024 6,775

12. ULTIMATE CONTROLLING PARTY

The ultimate controlling party for the year was considered to be Mr & Mrs Goodeve by virtue of their acting in concert and together they owned 100% of the shares.