Pinweld Ltd - Period Ending 2019-09-30

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Registration number: 10970841

Pinweld Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2019

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 Unaudited Financial Statements	5 to 11

Pinweld Ltd

Company Information

Directors

K C W Wiltshire

K A Chappell

Company secretary

Velocity Company Secretarial Services Limited

Registered office

c/o VWV LLP
Narrow Quay House
Narrow Quay
Bristol
BS1 4QA

Registered number

10970841

Accountants

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

Pinweld Ltd

(Registration number: 10970841)
Balance Sheet as at 30 September 2019

	Note	2019 £	2018 £
Fixed assets
Intangible assets	4	14,620	9,500
Current assets
Debtors	5	6,028	6,035
Cash at bank and in hand		28,605	17,542
		34,633	23,577
Creditors: Amounts falling due within one year	6	(30,693)	(2,213)
Net current assets		3,940	21,364
Net assets		18,560	30,864
Capital and reserves
Called up share capital		77	49
Share premium reserve		139,958	69,986
Profit and loss account		(121,475)	(39,171)
Total equity		18,560	30,864

Pinweld Ltd

(Registration number: 10970841)
Balance Sheet as at 30 September 2019

For the financial year ending 30 September 2019 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 year 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.

Approved and authorised for issue by the Board on 25 August 2020 and signed on its behalf by:

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

K C W Wiltshire
Director

Pinweld Ltd

Statement of Changes in Equity for the Year Ended 30 September 2019

	Share capital £	Share premium £	Profit and loss account £	Total £
At 1 October 2018	49	69,986	(39,171)	30,864
Loss for the year	-	-	(82,304)	(82,304)
Total comprehensive income	-	-	(82,304)	(82,304)
New share capital subscribed	28	69,972	-	70,000
At 30 September 2019	77	139,958	(121,475)	18,560

	Share capital £	Share premium £	Profit and loss account £	Total £
At 19 September 2017	35	-	-	35
Loss for the year	-	-	(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

Pinweld Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019

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:
c/o VWV LLP
Narrow Quay House
Narrow Quay
Bristol
BS1 4QA

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.

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.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The company's financial statements have been prepared on a going concern basis based on current and forecast work and projections and consider this more than adequate to meet the company's needs. The directors have considered a period of twelve months from the date of approval of the financial statements and have considered the uncertainty relating to the impact of the coronavirus pandemic and consider the company able to meet liabilities as they fall due.

Pinweld Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019

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


Patent	5% on cost

Research and development costs

Research and development costs are written off to profit or loss in the year incurred.

Cash and cash equivalents

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

Trade creditors

Trade creditors are recognised at the transaction price.

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.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

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

Pinweld Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019

Share based payments

The company has issued options over its unissued shares to employees and other parties. FRS 102
requires that the cost of equity-settled transactions is measured by reference to the fair value of the
equity instruments granted at the date at which they are granted and is recognised as an expense
over the vesting period, which ends on the date on which the relevant option holders become fully
entitled to the award. Fair value is determined using an appropriate pricing model.
At each balance sheet date before vesting, the cumulative expense is calculated, representing the
extent to which the vesting period has expired and taking into account management's best estimate
of the achievement or otherwise of non-market conditions and of the number of equity instruments
that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity.

As permitted by FRS102, these financial statements do not include any expense for those share options which were issued prior to the period in which FRS102 was adopted for the first time (i.e. prior to 1 January 2016).

No expense has been recognised in the year under review, on the grounds that the expense is immaterial.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2018 - 2).

Pinweld Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019

4	Intangible fixed assets

	Trademarks, patents and licenses £
Cost
At 1 October 2018	10,000
Additions acquired separately	5,620
At 30 September 2019	15,620
Amortisation
At 1 October 2018	500
Amortisation charge	500
At 30 September 2019	1,000
Carrying amount
At 30 September 2019	14,620
At 30 September 2018	9,500

Pinweld Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019

5	Debtors: amounts falling due within one year

	2019 £	2018 £
Other debtors	2,100	-
Prepayments	1,202	-
VAT	726	-
Directors' loan accounts	2,000	6,035
	6,028	6,035

Creditors

	2019 £	2018 £
Amounts falling due within one year
Trade creditors	11,859	-
Taxation and social security	-	863
Other creditors	2,150	-
Accruals	1,694	1,350
Directors' loan accounts	14,990	-
	30,693	2,213

7	Share capital

Allotted, called up shares

	30 September 2019		30 September 2018
	No.	£	No.	£
Ordinary of £0.01 each	7,700	77	4,900	49

New shares allotted

During the year 2,800 Ordinary shares having an aggregate nominal value of £28 were allotted for an aggregate consideration of £70,000.

Pinweld Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019

8	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2019 £	2018 £
	4,350	-

9	Related party transactions

Transactions with directors

2019	At 1 October 2018 £	Unpaid share capital £	Drawings £	Repayments £	Capital introduced £	At 30 September 2019 £

	(10)	-	-	-	15,000	14,990



	(6,025)	-	-	4,025	-	(2,000)

2018	At 19 September 2017 £	Unpaid share capital £	Drawings £	Repayments £	Capital introduced £	At 30 September 2018 £

	-	(10)	-	-	-	(10)



	-	(25)	(6,000)	-	-	(6,025)

Pinweld Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2019

10	Share-based payments

Approved

Scheme details and movements

The company has issued options over its unissued shares to employees and other parties. The options will vest in the event that the company is sold to a third party, or there is a similar exit event resulting in a change of control of the company. Vesting may also be conditional upon other criteria such as the option holder's continuing employment by the company and the achievement of certain
performance conditions.

The term of each option is 3 years from the date of grant.

The movements in the number of share options during the year were as follows:

	2019 Number
Granted during the period	5,500
Outstanding, end of period	5,500

The movements in the weighted average exercise price of share options during the year were as follows:

	2019 £
Granted during the period	25.00
Outstanding, end of period	25.00

The Black Scholes model has been used to calculate the share based payments expense. The model requires assumptions relating to, amongst other factors, the timing of an exit event, the number of options which are expected to vest, and the volatility in the company's share price.

No expense has been recognised in the year under review, on the grounds that the expense is immaterial.

11	Post balance sheet events

On 23 March 2020, 1,400 ordinary shares were issued for the total consideration of £70,000.