Performance Materials Limited - Accounts to registrar (filleted) - small 22.3
Performance Materials Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2022 |
| FOR |
| PERFORMANCE MATERIALS LIMITED |
| PERFORMANCE MATERIALS LIMITED (REGISTERED NUMBER: 09174053) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31st May 2022 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| PERFORMANCE MATERIALS LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31st May 2022 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 1 City Road East |
| Manchester |
| M15 4PN |
| PERFORMANCE MATERIALS LIMITED (REGISTERED NUMBER: 09174053) |
| STATEMENT OF FINANCIAL POSITION |
| 31st May 2022 |
| 2022 | 2021 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 8 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| PERFORMANCE MATERIALS LIMITED (REGISTERED NUMBER: 09174053) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31st May 2022 |
| In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| PERFORMANCE MATERIALS LIMITED (REGISTERED NUMBER: 09174053) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31st May 2022 |
| 1. | STATUTORY INFORMATION |
| Performance Materials Limited is a private company limited by share capital, incorporated in England and Wales, registration number 09174053. The address of the registered office is 1 City Road East, Manchester, M15 4PN. The address of the principal place of business is New St Marks Works, St Marks Lane, Manchester, M7 4FE. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents sales to external customers at invoiced amounts less value added tax or local taxes on sales. Revenue is recognised when goods are shipped to the customer. |
| Turnover principally consists of proceeds from the manufacture of metal structures and parts of structures. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
| Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods: |
| Plant and machinery | 20% on cost |
| Computer equipment | 33% on cost |
| At each balance sheet date, the Company reviews the carrying amounts of its fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
| Stocks |
| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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 statement of financial position date. |
| PERFORMANCE MATERIALS LIMITED (REGISTERED NUMBER: 09174053) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31st May 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Trade and other debtors |
| Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
| Trade and other creditors |
| Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
| Cash and cash equivalents |
| Cash and cash equivalents are represented by cash at bank and in hand. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and | Computer |
| machinery | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1st June 2021 |
| and 31st May 2022 |
| DEPRECIATION |
| At 1st June 2021 |
| Charge for year |
| At 31st May 2022 |
| NET BOOK VALUE |
| At 31st May 2022 |
| At 31st May 2021 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Amounts owed by participating interests | 29,803 | - |
| Other debtors |
| PERFORMANCE MATERIALS LIMITED (REGISTERED NUMBER: 09174053) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31st May 2022 |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Amounts owed to participating interests | - | 16,943 |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| 8. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2022 | 2021 |
| value: | £ | £ |
| Ordinary A | £1.00 | 40 | 40 |
| Ordinary B | £1.00 | 30 | 30 |
| Ordinary C | £1.00 | 30 | 30 |
| 100 | 100 |