PECM Systems Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07748911 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2019

FOR

PECM SYSTEMS LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J S Duffield

REGISTERED OFFICE:

36-40 Doncaster Road

Barnsley

South Yorkshire

S70 1TL

REGISTERED NUMBER:

07748911 (England and Wales)

ACCOUNTANTS:

Seaman Herbert & Co

36 - 40 Doncaster Road

Barnsley

South Yorkshire

S70 1TL

FIXED ASSETS

Tangible assets

4

300,707

296,585

CURRENT ASSETS

Stocks

5

24,466

17,027

Debtors

6

148,605

11,038

Cash at bank

229,729

165,017

402,800

193,082

CREDITORS

Amounts falling due within one year

7

329,702

109,390

NET CURRENT ASSETS

73,098

83,692

TOTAL ASSETS LESS CURRENT LIABILITIES

373,805

380,277

CREDITORS

Amounts falling due after more than one year

8

(21,419

)

(19,529

)

PROVISIONS FOR LIABILITIES

(53,739

)

(56,351

)

NET ASSETS

298,647

304,397

CAPITAL AND RESERVES

Called up share capital

100

100

Revaluation reserve

9

276,749

274,285

Retained earnings

21,798

30,012

SHAREHOLDERS' FUNDS

298,647

304,397

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 June 2020 and were signed by:

J S Duffield - Director

1.	STATUTORY INFORMATION

PECM Systems 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.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

5% on cost

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

33% on cost

Stocks

Stock of materials is valued at the lower of cost and net realisable value.

Long term contracts

Work in Progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Long term contracts are those extending in excess of twelve months and any of a shorter duration which are

material to the activity of the period. Attributable profit is recognised, once the outcome of a long term contract

can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs

as contract activity progresses. Immediate provision is made for all foreseeable losses if a contract is assessed as

unprofitable.

Long term contract balances represent costs incurred on specific contracts, net of amounts transferred to cost of

sales in respect of work recorded as turnover, less all foreseeable losses and payments on account not matched

with turnover.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 September 2018

345,000

141

4,600

4,534

354,275

Additions

4,595

-

19,250

1,707

25,552

At 31 August 2019

349,595

141

23,850

6,241

379,827

DEPRECIATION

At 1 September 2018

51,750

71

3,535

2,334

57,690

Charge for year

17,563

7

2,459

1,401

21,430

At 31 August 2019

69,313

78

5,994

3,735

79,120

NET BOOK VALUE

At 31 August 2019

280,282

63

17,856

2,506

300,707

At 31 August 2018

293,250

70

1,065

2,200

296,585

5.

STOCKS

2019

2018

£

£

Stocks

8,000

9,383

Work-in-progress

16,466

7,644

24,466

17,027

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

94,725

704

Other debtors

10,565

-

Tax

-

6,974

VAT

21,861

-

Prepayments and accrued income

20,795

2,983

Prepayments

659

377

148,605

11,038

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

6,000

6,000

Hire purchase contracts

4,653

-

Trade creditors

189,172

22,453

Tax

13,466

9,548

Social security and other taxes

1,788

863

VAT

-

899

Directors' current accounts

11,651

14,247

Accrued expenses

102,972

55,380

329,702

109,390

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans - 1-2 years

6,000

6,000

Bank loans - 2-5 years

8,190

13,529

Hire purchase contracts

7,229

-

21,419

19,529

9.

RESERVES

Revaluation

reserve

£

At 1 September 2018

274,285

Deferred tax adjustment

2,464

At 31 August 2019

276,749

10.	RELATED PARTY DISCLOSURES

During the year the company loaned monies to the sum of £3050 to Global ECM Limited, of which Mr JS

Duffield is a director..

11.	ULTIMATE CONTROLLING PARTY

The controlling party is J S Duffield.