ACCOUNTS - Final Accounts preparation

CASH AND CASH EQUIVALENTS

PRODUCT INNOVATION (MANUFACTURING) LIMITED - Company Information

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Registered number: 06471224

PRODUCT INNOVATION (MANUFACTURING) LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2021

PRODUCT INNOVATION (MANUFACTURING) LIMITED

REGISTERED NUMBER: 06471224

BALANCE SHEET

AS AT 28 FEBRUARY 2021

	28 February	29 February
	2021	2020
Note	£	£

Fixed assets
Tangible assets	4		2,994		3,521
			2,994		3,521
Current assets
Stocks		-		3,250
Debtors: amounts falling due within one year	5	10,111		13,801
Cash at bank and in hand	6	17,274		11,536
		27,385		28,587
Creditors: amounts falling due within one year	7	(1,500)		(1,500)
Net current assets			25,885		27,087
Total assets less current liabilities			28,879		30,608

Net assets			28,879		30,608

Capital and reserves
Called up share capital	8	1	1
Profit and loss account		28,878	30,607
		28,879	30,608

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PRODUCT INNOVATION (MANUFACTURING) LIMITED

REGISTERED NUMBER: 06471224

BALANCE SHEET (CONTINUED)

AS AT 28 FEBRUARY 2021

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 income and retained earnings 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:

Mr P A Frank

Director

Date: 14 June 2021

The notes on pages 3 to 6 form part of these financial statements.

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PRODUCT INNOVATION (MANUFACTURING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

1.	GENERAL INFORMATION

Product Innovation Manufacturing Limited is a private Comapany limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered Office is 6 High Street, Ely, Cambridgeshire, England, CB7 4JU.
The principal activity of the Company continued to be that of manufacturing new products.

2.ACCOUNTING POLICIES

2.1

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 following principal accounting policies have been applied:

2.2

GOING CONCERN

The financial statements have been prepared on a going concern basis. In reaching this conclusion
the directors have considered the effects of the Covid-19 pandemic and whether any adjustments are
required to the reported amounts in the financial statements. The directors consider that the
resources available to the company will be sufficient for it to be able to continue as a going concern.
The financial statements do not contain any adjustments that would be required if the company were
not able to continue as a going concern.

2.3

REVENUE

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 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.

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PRODUCT INNOVATION (MANUFACTURING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

2.ACCOUNTING POLICIES (CONTINUED)

2.4

TANGIBLE FIXED ASSETS

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery

15%

reducing balance

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.

2.5

STOCKS

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 first in, first out 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.

2.6

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

2.7

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.

2.8

CREDITORS

Short term creditors are measured at the transaction price.

2.9

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

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PRODUCT INNOVATION (MANUFACTURING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

EMPLOYEES

The average monthly number of employees, including directors, during the year was 2 (2020 - 2).

4.	TANGIBLE FIXED ASSETS

		Plant and machinery
		£
	COST
	At 1 March 2020	19,239
	At 28 February 2021	19,239
	Depreciation
	At 1 March 2020	15,718
	Charge for the year on owned assets	527
	At 28 February 2021	16,245
	Net book value
	At 28 February 2021	2,994
	At 29 February 2020	3,521

DEBTORS

					28 February	29 February
					2021	2020
					£	£


Trade debtors	-	9,569
Amounts owed by joint ventures and associated undertakings	10,111	4,232
	10,111	13,801

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PRODUCT INNOVATION (MANUFACTURING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2021

Cash at bank and in hand	17,274	11,536
	17,274	11,536

Accruals and deferred income	1,500	1,500
	1,500	1,500

Allotted, called up and fully paid

1 (2020 - 1) Ordinary share of £1.00	1	1

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