Pinweld Ltd - Period Ending 2018-09-30

Registration number: 10970841

Pinweld Ltd

Annual Report and Unaudited Financial Statements

for the Period from 19 September 2017 to 30 September 2018

Pages for filing with Registrar

Pinweld Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 to 9

Pinweld Ltd

Company Information

Directors

K C W Wiltshire A C Pullen K A Chappell

Registered office

24 James Street West Bath BA1 2BT

Registered number

10970841

Accountants

Corrigan Accountants Limited The Tramshed 25 Lower Park Row Bristol BS1 5BN

Page 1

Pinweld Ltd

(Registration number: 10970841)
Balance Sheet as at 30 September 2018

	Note	2018 £
Fixed assets
Intangible assets	4	9,500
Current assets
Debtors	5	6,035
Cash at bank and in hand		17,542
		23,577
Creditors: Amounts falling due within one year	6	(2,213)
Net current assets		21,364
Net assets		30,864
Capital and reserves
Called up share capital		49
Share premium reserve		69,986
Profit and loss account		(39,171)
Total equity		30,864

For the financial period ending 30 September 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 accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 2

Pinweld Ltd

(Registration number: 10970841)
Balance Sheet as at 30 September 2018

Approved and authorised by the Board on 8 March 2019 and signed on its behalf by:
 

.........................................

K A Chappell

Director

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 3

Pinweld Ltd

Statement of Changes in Equity for the Period from 19 September 2017 to 30 September 2018

	Share capital £	Share premium £	Profit and loss account £	Total £
At 19 September 2017	35	-	-	35
Loss for the period	-	-	(39,171)	(39,171)
Total comprehensive income	-	-	(39,171)	(39,171)
New share capital subscribed	14	69,986	-	70,000
At 30 September 2018	49	69,986	(39,171)	30,864

The notes on pages 5 to 9 form an integral part of these financial statements.

Page 4

Pinweld Ltd

Notes to the Financial Statements for the Period from 19 September 2017 to 30 September 2018

1	Statutory information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
24 James Street West
Bath
BA1 2BT
United Kingdom

2	Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Disclosure of long or short period

These financial statements have been prepared for the period from the date of incorporation to 30 September 2018.

Intangible assets

Separately acquired trademarks, licences, and patents are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Patent	5% on cost

Page 5

Pinweld Ltd

Notes to the Financial Statements for the Period from 19 September 2017 to 30 September 2018

Impairment of non-financial assets

The company assesses at each reporting date whether an asset may be impaired. If any such indication exists the company estimates the recoverable amount of the asset. If it is not possible to estimate the recoverable amount of the individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount of an asset or cash-generating unit is the higher of its fair value less costs to sell and its value in use. If the recoverable amount is less than its carrying amount, the carrying amount of the asset is impaired and it is reduced to its recoverable amount through an impairment in profit and loss unless the asset is carried at a revalued amount where the impairment loss of a revalued asset is a revalued decrease.

An impairment loss recognised for all assets is reversed in a subsequent period if and only if the reasons for the impairment loss have ceased to apply.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Page 6

Pinweld Ltd

Notes to the Financial Statements for the Period from 19 September 2017 to 30 September 2018

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

Termination benefits are recognised immediately as an expenses when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

Page 7

Pinweld Ltd

Notes to the Financial Statements for the Period from 19 September 2017 to 30 September 2018

4	Intangible assets

	Trademarks, patents and licenses  £	Total £
Cost or valuation
Additions acquired separately	10,000	10,000
At 30 September 2018	10,000	10,000
Amortisation
Amortisation charge	500	500
At 30 September 2018	500	500
Carrying amount
At 30 September 2018	9,500	9,500

5	Debtors: amounts falling due within one year

	30 September 2018  £
Directors' loan accounts	6,035
	6,035

6	Creditors: amounts falling due within one year

	2018 £
Social security and other taxes	863
Other creditors	1,350
	2,213

Page 8

Pinweld Ltd

Notes to the Financial Statements for the Period from 19 September 2017 to 30 September 2018

7	Share capital

Allotted, called up and fully paid shares

	30 September 2018
	No.	£
Ordinary shares of £0.01 each	4,900	49.00

New shares allotted

During the period 1,400 Ordinary having an aggregate nominal value of £14 were allotted for an aggregate consideration of £70,000.

8	Related party transactions

Transactions with directors

2018	Unpaid share capital £	Drawings £	At 30 September 2018 £
K C W Wiltshire
	(10)	-	(10)
K A Chappell
	(25)	(6,000)	(6,025)

Page 9