PCS Instruments Limited - Period Ending 2021-03-31
PCS Instruments Limited - Period Ending 2021-03-31
Company Registration Number:
PCS Instruments Limited
for the Year Ended 31 March 2021
PCS Instruments Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
PCS Instruments Limited
Company Information
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Directors |
Dr John Michael Hutchinson Dr John Clive Hamer |
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Registered office |
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Auditors |
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PCS Instruments Limited
Strategic Report for the Year Ended 31 March 2021
The directors present their strategic report for the year ended 31 March 2021.
Principal activity
The principal activity of the company is the design and manufacture of the equipment for measuring the tribological properties of fuels, lubricants, foods and cosmetics.
Fair review of the business
The company continues to invest in research and development, directed both to improving existing products and developing new ones.
Following the recent launch of a new product, the company anticipates launching more in the the coming year.
Turnover has decreased by 7.32% however gross profit margins have increased by 8.72%
Principal risks and uncertainties
The company has made progress in developing and positioning products for new markets. It is important that this work continues so that the company reduces its dependency on the fuels and lubricants sectors.
The company continues to sell products worldwide so the directors consider the downturn in any one geographical area would have limited impact.
Approved by the
.........................................
Director
PCS Instruments Limited
Directors' Report for the Year Ended 31 March 2021
The directors present their report and the financial statements for the year ended 31 March 2021.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company has made progress in developing and positioning products for new markets. It is important that this work continues so that the company reduces its dependency on fuels and lubricants sectors.
The company continues to sell products worldwide so the directors consider the downturn in any one geographical area would have limited impact.
Price risk, credit risk, liquidity risk and cash flow risk
Consideration has been given to the potential impact of currency fluctuations or the imposition of tariffs but the directors believe the specialist and exclusive nature of their products means the company is protected from them.
Future developments
The rapid development of electric vehicle technology poses many challenges for the lubricants industry. The company's products can be used to address many of these challenges and thus the directors feel that a widespread move to EVs would have a neutral or positive effect on the business.
Research and development
The company is actively engaged in Research and Development both on existing instruments and on new developments. The directors anticipate that this work will lead to products able to be targeted at new markets.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Reappointment of auditors
The auditors Just Audit & Assurance Ltd are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the
.........................................
Director
PCS Instruments Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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• |
select suitable accounting policies and apply them consistently; |
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• |
make judgements and accounting estimates that are reasonable and prudent; |
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• |
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PCS Instruments Limited
Independent Auditor's Report to the Members of PCS Instruments Limited
Opinion
We have audited the financial statements of PCS Instruments Limited (the 'company') for the year ended 31 March 2021, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2021 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
PCS Instruments Limited
Independent Auditor's Report to the Members of PCS Instruments Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
PCS Instruments Limited
Independent Auditor's Report to the Members of PCS Instruments Limited
Our assessment focused on key laws and regulations the company has to comply with and areas of the financial statements we assessed as being more susceptible to misstatement. These key laws and regulations included but were not limited to compliance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice and relevant tax legislation.
We are not responsible for preventing irregularities. Our approach to detect irregularities included, but was not limited to, the following:
• obtaining an understanding of the entity’s policies and procedures and how the entity has complied with these, through discussions and sample testing of controls;
• obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;
• an understanding of the entity’s risk assessment process, including the risk of fraud;
• designing our audit procedures to respond to our risk assessment; and
• performing audit work over the risk of management override of controls including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing estimates for bias.
Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
37 Market Square
Oxfordshire
OX28 6RE
PCS Instruments Limited
Profit and Loss Account for the Year Ended 31 March 2021
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Note |
2021 |
2020 |
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Turnover |
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|
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Cost of sales |
( |
( |
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|
Gross profit |
|
|
|
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Administrative expenses |
( |
( |
|
|
Other operating income |
- |
|
|
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Operating profit |
3,053,223 |
2,239,644 |
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|
Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
( |
|
|
|
(12,025) |
52,901 |
||
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
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Profit for the financial year |
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
PCS Instruments Limited
Statement of Comprehensive Income for the Year Ended 31 March 2021
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2021 |
2020 |
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Profit for the year |
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Total comprehensive income for the year |
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PCS Instruments Limited
(Registration number: 02112385)
Balance Sheet as at 31 March 2021
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Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investments |
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
2,115 |
2,115 |
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Capital redemption reserve |
235 |
235 |
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Profit and loss account |
15,184,562 |
14,429,215 |
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Shareholders' funds |
15,186,912 |
14,431,565 |
Approved and authorised by the
.........................................
Director
PCS Instruments Limited
Statement of Changes in Equity for the Year Ended 31 March 2021
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Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 April 2020 |
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Profit for the year |
- |
- |
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Total comprehensive income |
- |
- |
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Dividends |
- |
- |
( |
( |
|
At 31 March 2021 |
|
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 April 2019 |
|
|
|
|
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Profit for the year |
- |
- |
|
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Total comprehensive income |
- |
- |
|
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|
Dividends |
- |
- |
( |
( |
|
At 31 March 2020 |
|
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PCS Instruments Limited
Statement of Cash Flows for the Year Ended 31 March 2021
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Note |
2021 |
2020 |
|
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Cash flows from operating activities |
|||
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Profit for the year |
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|
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
|
|
|
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Loss on disposal of tangible assets |
|
- |
|
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Profit from disposals of investments |
- |
( |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
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||
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Working capital adjustments |
|||
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(Increase)/decrease in stocks |
( |
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Decrease in trade debtors |
|
|
|
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(Decrease)/increase in trade creditors |
( |
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
- |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Acquisition of intangible assets |
( |
( |
|
|
Proceeds from disposal of investments in joint ventures and associates |
- |
|
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 April |
|
|
|
|
Cash and cash equivalents at 31 March |
6,783,643 |
6,664,332 |
|
PCS Instruments Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
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, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
PCS Instruments Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold buildings |
3.33% per annum of cost |
|
Office equipment and furniture |
20% per annum of cost |
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Laboratory equipment |
10% per annum of cost |
|
Computer equipment |
33% per annum of cost |
|
Integral features |
10% per annum of cost |
|
Motor vehicles |
25% per annum of cost |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Intangible assets
Capitalised development costs, patents and trademarks are appraised each year by the directors and are amortised over their expected life once in production. The life expectancy of products is also reviewed annually. At the point the asset is no longer being commercially exploited the asset is deemed to have been disposed of at nil value.
Expenditure on securing patents for instrumentation devices is capitalised and when the patent is granted it is written off over the estimated commercial life of the product; this is estimated to be twenty years. Trademarks expenditure has the same accounting treatment but the amortisation will be over ten years,
PCS Instruments Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Development costs |
10% per annum of cost |
|
Patents |
5% per annum of cost |
|
Trademarks |
10% per annum of cost |
Investments
Investments are stated at cost.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
The directors review their debtors on a regular basis and provision is made for any doubtful debts accordingly.
Stocks
Stocks are stated at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as paid.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
PCS Instruments Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
|
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2021 |
2020 |
|
|
Sale of goods and services |
|
|
The analysis of the company's turnover for the year by market is as follows:
|
2021 |
2020 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2021 |
2020 |
|
|
Miscellaneous other operating income |
- |
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2021 |
2020 |
|
|
Amortisation expense |
|
|
|
Depreciation expense |
|
|
|
Research and development cost |
|
|
|
Pension costs |
131,066 |
120,414 |
|
Loss on disposal of property, plant and equipment |
|
- |
|
(Gain) loss from disposal of investments |
- |
(199,750) |
PCS Instruments Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
|
Other interest receivable and similar income |
|
2021 |
2020 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
- |
|
|
|
|
|
Interest payable and similar expenses |
|
2021 |
2020 |
|
|
Interest expense on other finance liabilities |
|
|
|
Foreign exchange (gains) / losses |
|
( |
|
|
( |
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2021 |
2020 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2021 |
2020 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
Research and development |
|
|
|
Sales, marketing and distribution |
|
|
|
|
|
PCS Instruments Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2021 |
2020 |
|
|
Remuneration |
|
|
In respect of the highest paid director:
|
2021 |
2020 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2021 |
2020 |
|
|
Audit of the financial statements |
|
|
PCS Instruments Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
|
Taxation |
Tax charged/(credited) in the income statement
|
2021 |
2020 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
- |
|
143,721 |
33,179 |
|
|
Foreign tax |
|
- |
|
Total current income tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2020 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2021 |
2020 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Decrease from effect of tax incentives |
( |
( |
|
Increase in UK and foreign current tax from adjustment for prior periods |
|
- |
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Tax decrease from effect of adjustment in research and development tax credit |
( |
( |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2021 |
Liability |
|
Origination and reversal of timing differences |
|
|
2020 |
Liability |
|
Origination and reversal of timing differences |
|
PCS Instruments Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
|
Intangible assets |
|
Patents |
Trademarks |
Development costs |
Total |
|
|
Cost or valuation |
||||
|
At 1 April 2020 |
|
|
|
|
|
Additions |
|
|
|
|
|
At 31 March 2021 |
|
|
|
|
|
Amortisation |
||||
|
At 1 April 2020 |
|
|
|
|
|
Amortisation charge |
|
|
|
|
|
At 31 March 2021 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 March 2021 |
|
|
|
|
|
At 31 March 2020 |
|
|
|
|
The aggregate amount of research and development expenditure recognised as an expense during the period is £
PCS Instruments Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
|
Tangible assets |
|
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
|
Cost or valuation |
|||||
|
At 1 April 2020 |
|
|
- |
|
|
|
Additions |
- |
|
|
|
|
|
Disposals |
- |
( |
- |
( |
( |
|
At 31 March 2021 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 April 2020 |
|
|
- |
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
( |
|
At 31 March 2021 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 March 2021 |
|
|
|
|
|
|
At 31 March 2020 |
|
|
- |
|
|
Included within the net book value of land and buildings above is £913,827 (2020 - £942,171) in respect of freehold land and buildings.
PCS Instruments Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
|
Investments |
|
2021 |
2020 |
|
|
Investments in associates |
|
|
|
Associates |
£ |
|
Cost |
|
|
At 1 April 2020 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 31 March 2021 |
|
|
At 31 March 2020 |
|
In the opinion of the directors the unlisted fixed asset investment is valued at approximately £75,000 (2020 - £120,000).
|
Stocks |
|
2021 |
2020 |
|
|
Finished goods and goods for resale |
|
|
|
Debtors |
|
2021 |
2020 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Total current trade and other debtors |
|
|
|
Cash and cash equivalents |
|
2021 |
2020 |
|
|
Cash at bank |
|
|
PCS Instruments Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
|
Creditors |
|
Note |
2021 |
2020 |
|
|
Due within one year |
|||
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other payables |
|
|
|
|
Accrued expenses |
|
|
|
|
Income tax liability |
176,126 |
32,155 |
|
|
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 April 2020 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 March 2021 |
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2021 |
2020 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
2,115.00 |
|
2,115.00 |
|
Dividends |
|
2021 |
2020 |
|||
|
£ |
£ |
|||
|
Interim dividend of £ |
2,005,020 |
2,499,930 |
||
PCS Instruments Limited
Notes to the Financial Statements for the Year Ended 31 March 2021
|
Related party transactions |
Summary of transactions with all associates
Powertrib Ltd
There is no involvement in the day to day running of the business. Sales to and purchases from the companies are at arms length.
Powertrib North America Inc ceased trading in 2015 but retains a presence in the USA.
Goods were sold to Powertrib Ltd during the year amounting to £16,532 (2020 - £4,568).
As at 31 March 2021 there were no balances outstanding between the companies.