PTM Investments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC242889 (Scotland)

PTM Investments Limited

Unaudited Financial Statements

for the Year Ended 31 January 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P T Melville

SECRETARY:

Mrs D Melville

REGISTERED OFFICE:

9 Ainslie Place

Edinburgh

Lothian

EH3 6AT

REGISTERED NUMBER:

SC242889 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

The Royal Bank of Scotland

43 Comely Bank

Edinburgh

EH4 1AF

FIXED ASSETS

Intangible assets

4

22,000

22,000

Tangible assets

5

-

-

22,000

22,000

CURRENT ASSETS

Debtors

6

625

861

Cash at bank

1,008

864

1,633

1,725

CREDITORS

Amounts falling due within one year

7

5,466

19,467

NET CURRENT LIABILITIES

(3,833

)

(17,742

)

TOTAL ASSETS LESS CURRENT LIABILITIES

18,167

4,258

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

18,067

4,158

SHAREHOLDERS' FUNDS

18,167

4,258

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 26 August 2019 and were signed by:

P T Melville - Director

1.	STATUTORY INFORMATION

PTM Investments Limited is a private company, limited by shares , registered in Scotland. 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 represents automobile and taxi hires, excluding Value Added Tax. Income is recognised

when received.

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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

25% on cost

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and

subsequently measured at their settlement value.

All loans with related parties are all repayable on demand.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, 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.

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.

Going concern

The financial statement have been prepared on the going concern principle which assumes that the

company will continue to trade in the foreseeable future. The director has indicated that he will

continue to support the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 February 2018

and 31 January 2019

22,000

NET BOOK VALUE

At 31 January 2019

22,000

At 31 January 2018

22,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2018

and 31 January 2019

36,695

DEPRECIATION

At 1 February 2018

and 31 January 2019

36,695

NET BOOK VALUE

At 31 January 2019

-

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 February 2018

36,695

Reclassification/transfer

(36,695

)

At 31 January 2019

-

DEPRECIATION

At 1 February 2018

36,695

Reclassification/transfer

(36,695

)

At 31 January 2019

-

NET BOOK VALUE

At 31 January 2019

-

At 31 January 2018

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

625

861

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

-

7,537

Taxation and social security

4,025

3,908

Other creditors

1,441

8,022

5,466

19,467

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase contracts

-

7,537

Bank loans and overdrafts are secured by a personal guarantee provided by the director, Mr P

Melville.

Hire purchase liabilities are secured on the assets concerned.