PU TECH LIMITED 28/02/2020 iXBRL

PU TECH LIMITED 28/02/2020 iXBRL

PU TECH LTD - Company Information

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Company registration number: 08893733
PU TECH LIMITED
Unaudited filleted financial statements
28 February 2020
PU TECH LIMITED
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
PU TECH LIMITED
Directors and other information
Directors Mrs Neelbasan Kaur
Mr Ranjodh Singh (Appointed 6 April 2019)
Company number 08893733
Registered office 216 Melton Road
Leicester
LE4 7PG
Business address 132 - 134 Melton Road
Leicester
LE4 5EE
Accountants SPK Shah & Co. Ltd
Chartered Accountants &
Tax Advisors
216 Melton Road
Leicester
LE4 7PG
Bankers Barclays Bank Plc
133 Belgrave Road
Leicester
LE4 6AS
PU TECH LIMITED
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of PU TECH LIMITED
Year ended 28 February 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PU TECH LIMITED for the year ended 28 February 2020 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of PU TECH LIMITED, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of PU TECH LIMITED and state those matters that we have agreed to state to the board of directors of PU TECH LIMITED as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PU TECH LIMITED and its board of directors as a body for our work or for this report.
It is your duty to ensure that PU TECH LIMITED has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PU TECH LIMITED. You consider that PU TECH LIMITED is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of PU TECH LIMITED. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
SPK Shah & Co. Ltd
Chartered Accountants &
Tax Advisors
216 Melton Road
Leicester
LE4 7PG
25 February 2021
PU TECH LIMITED
Statement of financial position
28 February 2020
2020 2019
Note £ £ £ £
Fixed assets
Tangible assets 5 6,016 7,463
_______ _______
6,016 7,463
Current assets
Stocks 271,581 239,815
Debtors 6 17,118 22,043
Cash at bank and in hand 50,072 63,656
_______ _______
338,771 325,514
Creditors: amounts falling due
within one year 7 ( 331,559) ( 242,006)
_______ _______
Net current assets 7,212 83,508
_______ _______
Total assets less current liabilities 13,228 90,971
_______ _______
Net assets 13,228 90,971
_______ _______
Capital and reserves
Called up share capital 2 1
Profit and loss account 13,226 90,970
_______ _______
Shareholders funds 13,228 90,971
_______ _______
For the year ending 28 February 2020 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of 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.
These financial statements were approved by the board of directors and authorised for issue on 25 February 2021 , and are signed on behalf of the board by:
Mr Ranjodh Singh
Director
Company registration number: 08893733
PU TECH LIMITED
Notes to the financial statements
Year ended 28 February 2020
1. General information
The company is a private company limited by shares, registered in Englan and Wales. The address of the registered office is 216 Melton Road, Leicester, LE4 7PG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2019: 8 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 March 2019 1,250 13,945 15,195
Additions - 2,069 2,069
_______ _______ _______
At 28 February 2020 1,250 16,014 17,264
_______ _______ _______
Depreciation
At 1 March 2019 469 7,263 7,732
Charge for the year 313 3,203 3,516
_______ _______ _______
At 28 February 2020 782 10,466 11,248
_______ _______ _______
Carrying amount
At 28 February 2020 468 5,548 6,016
_______ _______ _______
At 28 February 2019 781 6,682 7,463
_______ _______ _______
6. Debtors
2020 2019
£ £
Trade debtors 11,399 18,308
Other debtors 5,719 3,735
_______ _______
17,118 22,043
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 236,643 165,743
Corporation tax,social security and other taxes 2,381 21,538
Other creditors 92,535 54,725
_______ _______
331,559 242,006
_______ _______