|
Registered number: 02161998
PAM Health Limited (Formerly Computing Plus Limited)
Financial statements
Information for filing with the registrar
For the Year Ended 31 December 2020
|
|
PAM Health Limited (Formerly Computing Plus Limited)
Registered number: 02161998
Balance Sheet
As at 31 December 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
Net current (liabilities)/assets
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
J Murphy
|
|
|
|
|
|
|
The notes on pages 2 to 9 form part of these financial statements.
|
|
PAM Health Limited (Formerly Computing Plus Limited)
Notes to the Financial Statements
For the Year Ended 31 December 2020
PAM Health Limited (formerly Computing Plus Limited) is a private company limited by share capital incorporated in England & Wales, company number 02161998. The address of the registered office and the principal place of business is Holly House, 73-75 Sankey Street, Warrington, WA1 1SL. The principal activity of the business is the supply of a wide range of solutions for working arrangements with Display Screen Technology, and Ergonomic Workspace Solutions, as well as supplying Personal Protective Equipment and anti-bacterial products since the COVID-19 pandemic began.
2.Accounting policies
|
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.
The following principal accounting policies have been applied:
At 31 December 2020 the Company had net liabilities of £32,203 (2019: net assets of £3,585). The company has received assurances from its parent company that support will be provided such that it will be able to meet its debts as they fall due.
The COVID-19 pandemic is still ongoing, with the United Kingdom still in lockdown as of March 2021, however the Company has continued to trade positively, with increased margins.
Management have therefore prepared these financial statements on a going concern basis.
|
|
PAM Health Limited (Formerly Computing Plus Limited)
Notes to the Financial Statements
For the Year Ended 31 December 2020
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured.
Revenue is recognised in 2 ways. For website sales, upon purchase an invoice is raised and paid immediately. For scanning revenue and shipping, an invoice is raised upon completion documents being submitted, or goods being shipped to the customer.
Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful life is 2 years.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
|
|
PAM Health Limited (Formerly Computing Plus Limited)
Notes to the Financial Statements
For the Year Ended 31 December 2020
2.Accounting policies (continued)
|
|
|
Tangible fixed assets (continued)
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
|
|
PAM Health Limited (Formerly Computing Plus Limited)
Notes to the Financial Statements
For the Year Ended 31 December 2020
2.Accounting policies (continued)
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
|
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
|
|
The average monthly number of employees, including directors, during the year was 5 (2019 - 8).
|
|
|
PAM Health Limited (Formerly Computing Plus Limited)
Notes to the Financial Statements
For the Year Ended 31 December 2020
|
|
PAM Health Limited (Formerly Computing Plus Limited)
Notes to the Financial Statements
For the Year Ended 31 December 2020
|
|
PAM Health Limited (Formerly Computing Plus Limited)
Notes to the Financial Statements
For the Year Ended 31 December 2020
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
Amounts owed by joint ventures and associated undertakings
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAM Health Limited (Formerly Computing Plus Limited)
Notes to the Financial Statements
For the Year Ended 31 December 2020
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
100% of the share capital is owned by People Asset Management Group Limited, which is in turn a wholly owned subsidiary of PAM Occupational Health Solutions Limited. Mr J D Murphy is the ultimate controlling party, by virtue of his shareholding in PAM Occupational Health Solutions Limited.
The next most senior parent to produce consolidated accounts is PAM Occupational Health Solutions Limited.
The auditors' report on the financial statements for the year ended 31 December 2020 was unqualified.
The audit report was signed on 14 April 2021 by Anthony Woodings (Senior Statutory Auditor) on behalf of Hurst Accountants Limited.
|
