PBT International Limited Filleted accounts for Companies House (small and micro)

P.B.T. INTERNATIONAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01805267

PBT International Limited

Filleted Unaudited Financial Statements

30 June 2018

PBT International Limited

Statement of Financial Position

30 June 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	6	96,962	69,692
Tangible assets	7	1,364,629	1,309,388
		-----------	-----------
		1,461,591	1,379,080

Current assets

Stocks		168,161	127,691
Debtors	8	249,226	330,869
Cash at bank and in hand		51,081	142,532
		--------	--------
		468,468	601,092

Creditors: amounts falling due within one year	9	86,538		105,029
		--------		--------
Net current assets			381,930	496,063
			-----------	-----------
Total assets less current liabilities			1,843,521	1,875,143

Creditors: amounts falling due after more than one year	10		550,729	550,760

Provisions

Taxation including deferred tax	31,382	33,886
	-----------	-----------
Net assets	1,261,410	1,290,497
	-----------	-----------

Capital and reserves

Called up share capital	100	100
Revaluation reserve	781,578	754,578
Capital redemption reserve	10,000	10,000
Profit and loss account	469,732	525,819
	-----------	-----------
Shareholders funds	1,261,410	1,290,497
	-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

PBT International Limited

Statement of Financial Position (continued)

30 June 2018

For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 28 February 2019 , and are signed on behalf of the board by:

Mr J P Thompson	Mr B Agar
Director	Director

Company registration number: 01805267

PBT International Limited

Notes to the Financial Statements

Year ended 30 June 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Haydon, Wells, Somerset, BA5 3EF.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Research and development expenditure is written off in the year in which it is incurred. Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged in line with the expected sales arising from the projects. All other development costs are written off in the year of expenditure.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Development Expenditure	-	Over 6 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold Property	-	Over 50 years (excluding Land
Plant & Machinery	-	4 - 10 years
Motor Vehicles	-	Over 5 years

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Exceptional costs

Within cost of sales is a charge in the current year of £48,201 in connection with an exceptional write down in the carrying value of opening stocks. This is a one-off adjustment and is not expected to recur in the future. It is the directors' opinion that this charge should have been made in the prior year and thus the profit before tax reflected for this current year should have been £9,686 rather than the loss of £38,515 as reported.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 17 (2017: 17 ).

6. Intangible assets

	Development costs
	£
Cost
At 1 July 2017	83,863
Additions	47,266
	--------
At 30 June 2018	131,129
	--------
Amortisation
At 1 July 2017	14,171
Charge for the year	19,996
	--------
At 30 June 2018	34,167
	--------
Carrying amount
At 30 June 2018	96,962
	--------
At 30 June 2017	69,692
	--------

7. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost or valuation
At 1 July 2017	1,391,488	469,529	67,465	1,928,482
Additions	49,001	8,743	–	57,744
Revaluations	27,001	–	–	27,001
	-----------	--------	-------	-----------
At 30 June 2018	1,467,490	478,272	67,465	2,013,227
	-----------	--------	-------	-----------
Depreciation
At 1 July 2017	154,821	408,231	56,042	619,094
Charge for the year	18,634	10,870	–	29,504
	-----------	--------	-------	-----------
At 30 June 2018	173,455	419,101	56,042	648,598
	-----------	--------	-------	-----------
Carrying amount
At 30 June 2018	1,294,035	59,171	11,423	1,364,629
	-----------	--------	-------	-----------
At 30 June 2017	1,236,667	61,298	11,423	1,309,388
	-----------	--------	-------	-----------

Tangible assets held at valuation

The directors are of the opinion that at 30 June 2018 the value of the freehold property at Haydon is £1,294,035 and this valuation has been reflected in these accounts.

8. Debtors

	2018	2017
	£	£
Trade debtors	128,538	216,105
Other debtors	120,688	114,764
	--------	--------
	249,226	330,869
	--------	--------

9. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	–	34,987
Trade creditors	73,274	55,358
Social security and other taxes	6,990	2,161
Other creditors	6,274	12,523
	-------	--------
	86,538	105,029
	-------	--------

The bank loan and other creditors are secured by legal charges over the freehold properties owned by the company. The bank loan is repayable by equal monthly instalments and bears interest at a rate of 2.25% over base rate with a floor of 3%.

10. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	550,729	550,760
	--------	--------

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2017: £410,812) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

The bank loan is repayable by equal monthly instalments and bears interest at a rate of 2.25% over base rate with a floor of 3%.