PCM Systems Limited - Accounts to registrar (filleted) - small 18.2

PCM Systems Limited - Accounts to registrar (filleted) - small 18.2

PCM SYSTEMS LIMITED - Company Information

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REGISTERED NUMBER: 02452375 (England and Wales)





PCM Systems Limited

Unaudited Financial Statements

for the Year Ended 30 September 2021





Simon Hart FCCA
Hart Wright Accounting
Chartered Certified Accountants
24 Hall Drive
Sutton In Craven
Keighley
North Yorkshire
BD20 7NH








PCM Systems Limited (Registered number: 02452375)






Contents of the Financial Statements
for the year ended 30 September 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PCM Systems Limited

Company Information
for the year ended 30 September 2021







DIRECTORS: J H K Elvidge
M J Feeny





REGISTERED OFFICE: 1 Antler Complex
Bruntcliffe Way
Leeds
LS27 0JG





REGISTERED NUMBER: 02452375 (England and Wales)





ACCOUNTANTS: Simon Hart FCCA
Hart Wright Accounting
Chartered Certified Accountants
24 Hall Drive
Sutton In Craven
Keighley
North Yorkshire
BD20 7NH
Page 1
PCM Systems Limited (Registered number: 02452375)

Balance Sheet
30 September 2021

2021 2020
Notes £    £   
FIXED ASSETS
Tangible assets 4 7,744 2,483

CURRENT ASSETS
Stocks 3,256 3,191
Debtors 5 27,882 18,486
Cash at bank and in hand 120,779 150,547
151,917 172,224
CREDITORS
Amounts falling due within one year 6 (42,313 ) (67,984 )
NET CURRENT ASSETS 109,604 104,240
TOTAL ASSETS LESS CURRENT
LIABILITIES
117,348
106,723

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 107,348 96,723
SHAREHOLDERS' FUNDS 117,348 106,723

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors and authorised for issue on 2 February 2022 and were signed on its behalf by:





M J Feeny - Director


The notes form part of these financial statements

Page 2
PCM Systems Limited (Registered number: 02452375)

Notes to the Financial Statements
for the year ended 30 September 2021

1. STATUTORY INFORMATION

PCM Systems 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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
The turnover shown in the profit and loss represents amounts invoiced during the year, exclusive of Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 15% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Page 3 continued...
PCM Systems Limited (Registered number: 02452375)

Notes to the Financial Statements - continued
for the year ended 30 September 2021

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.

Group accounts
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by the small companies regime.

Covid-19
On 11th March 2020, the World Health Organisation officially declared COVID-19 as a pandemic.

The accounts have been prepared on a going concern basis although there are indicators of financial impact in relation to COVID-19. The directors have taken what are considered all the necessary measures to protect the business from this to limit any adverse impact.

Government grants
Government grants are recognised as other income once there is reasonable assurance that all conditions relating to the grant have been attained and that the grant will be received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2020 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2020 15,964
Additions 10,606
At 30 September 2021 26,570
DEPRECIATION
At 1 October 2020 13,481
Charge for year 5,345
At 30 September 2021 18,826
NET BOOK VALUE
At 30 September 2021 7,744
At 30 September 2020 2,483

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 17,987 16,385
Other debtors 9,895 2,101
27,882 18,486

Page 4 continued...
PCM Systems Limited (Registered number: 02452375)

Notes to the Financial Statements - continued
for the year ended 30 September 2021

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors 8,233 12,496
Taxation and social security 17,943 23,967
Other creditors 16,137 31,521
42,313 67,984

7. PENSION COMMITMENTS

Contributions totalling £1,350 (2020:£3,385) were payable to the fund at the balance sheet date and are included in other creditors.

Page 5