Pragmatic Design Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07129180 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

PRAGMATIC DESIGN SOLUTIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

K Puppala

REGISTERED OFFICE:

Techno Centre

Coventry University Technology Park

Puma Way

Coventry

West Midlands

CV1 2TT

REGISTERED NUMBER:

07129180 (England and Wales)

ACCOUNTANTS:

Accumen Business Consultancy Limited

Coventry University

Technology Park

Puma Way

Coventry

CV1 2TT

FIXED ASSETS

Tangible assets

4

6,071

768

Investments

5

40,000

-

46,071

768

CURRENT ASSETS

Debtors

6

664,128

850,375

Cash at bank

1,614,481

132,210

2,278,609

982,585

CREDITORS

Amounts falling due within one year

7

1,050,257

580,097

NET CURRENT ASSETS

1,228,352

402,488

TOTAL ASSETS LESS CURRENT LIABILITIES

1,274,423

403,256

CREDITORS

Amounts falling due after more than one year

8

437,500

-

NET ASSETS

836,923

403,256

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

836,921

403,254

SHAREHOLDERS' FUNDS

836,923

403,256

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 December 2021 and were signed by:

K Puppala - Director

1.	STATUTORY INFORMATION

Pragmatic Design Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 91 (2020 - 102 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2020

1,096

7,196

8,292

Additions

-

8,278

8,278

At 31 March 2021

1,096

15,474

16,570

DEPRECIATION

At 1 April 2020

801

6,723

7,524

Charge for year

44

2,931

2,975

At 31 March 2021

845

9,654

10,499

NET BOOK VALUE

At 31 March 2021

251

5,820

6,071

At 31 March 2020

295

473

768

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

40,000

At 31 March 2021

40,000

NET BOOK VALUE

At 31 March 2021

40,000

The company owns 80% of the issued share capital of Chartsign Limited, a company incorporated in England and Wales. The company has Ownership of shares 75% or more, Ownership of voting rights 75% or more and the right to appoint and remove directors of Chartsign Limited.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

560,822

850,375

Other debtors

103,306

-

664,128

850,375

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade creditors

588,651

167,169

Tax

82,036

42,763

Social security and other taxes

53,286

160,657

Wages control account

164,509

(7,018

)

VAT

144,115

196,748

Other creditors

14,540

18,808

Directors' current accounts

3,120

970

1,050,257

580,097

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans - 2-5 years

437,500

-

The company took a Coronavirus Business Interruption Loan through Santander during the year. The balance is recorded within creditors: amounts falling due after more than one year.

There is a charge on this loan registered with Companies House. The charge contains fixed charge(s), floating charge(s), and a negative pledge.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

2

Ordinary

£1

2

2

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020:

31.3.21

31.3.20

£

£

K Puppala

Balance outstanding at start of year

(970

)

(970

)

Amounts advanced

9,152

11,346

Amounts repaid

(11,302

)

(11,346

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(3,120

)

(970

)

11.	RELATED PARTY DISCLOSURES

The company owns 80% of the issued share capital of Chartsign Limited, a subsidiary undertaking.

The company has received £8,000 in the form of a dividend from this subsidiary during the year.