PBT International Limited Filleted accounts for Companies House (small and micro)

PBT International Limited Filleted accounts for Companies House (small and micro)

P.B.T. INTERNATIONAL LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 01805267
PBT International Limited
Filleted Unaudited Financial Statements
30 June 2021
PBT International Limited
Statement of Financial Position
30 June 2021
2021
2020
Note
£
£
£
Fixed assets
Intangible assets
5
28,787
45,864
Tangible assets
6
1,363,432
1,369,392
Investments
7
1
–
------------
------------
1,392,220
1,415,256
Current assets
Stocks
37,366
62,869
Debtors
8
182,206
202,070
Cash at bank and in hand
401,984
318,034
---------
---------
621,556
582,973
Creditors: amounts falling due within one year
9
105,513
112,656
---------
---------
Net current assets
516,043
470,317
------------
------------
Total assets less current liabilities
1,908,263
1,885,573
Creditors: amounts falling due after more than one year
10
405,112
442,986
Provisions
Taxation including deferred tax
31,078
29,153
------------
------------
Net assets
1,472,073
1,413,434
------------
------------
Capital and reserves
Called up share capital
11
100
100
Revaluation reserve
781,578
781,578
Capital redemption reserve
10,000
10,000
Profit and loss account
680,395
621,756
------------
------------
Shareholders funds
1,472,073
1,413,434
------------
------------
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the financial year ended 30 June 2021, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies and the members have not required the company to obtain an audit of its accounts 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 the accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
PBT International Limited
Statement of Financial Position (continued)
30 June 2021
These financial statements were approved by the board of directors and authorised for issue on 28 February 2022 , and are signed on behalf of the board by:
Mr J P Thompson
Mr B Agar
Director
Director
Company registration number: 01805267
PBT International Limited
Notes to the Financial Statements
Year ended 30 June 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Haydon, Wells, Somerset, BA5 3EF. This is also the principal place of business.
2. Statement of compliance
These financial statements have been prepared in accordance with FRS 102 taking advantage of the disclosure exemptions of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date .
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Research and development expenditure is written off in the year in which it is incurred. Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged in line with the expected sales arising from the projects. All other development costs are written off in the year of expenditure.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development Expenditure
-
Over 6 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
Over 50 years (excluding Land)
Plant & Machinery
-
4 - 10 years
Motor Vehicles
-
Over 5 years
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the subsidiary arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Government grants
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2020: 21 ).
5. Intangible assets
Development costs
£
Cost
At 1 July 2020
137,491
Additions
5,417
---------
At 30 June 2021
142,908
---------
Amortisation
At 1 July 2020
91,627
Charge for the year
22,494
---------
At 30 June 2021
114,121
---------
Carrying amount
At 30 June 2021
28,787
---------
At 30 June 2020
45,864
---------
6. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2020
1,508,652
504,600
73,965
2,087,217
Additions
3,488
19,803
–
23,291
------------
---------
--------
------------
At 30 June 2021
1,512,140
524,403
73,965
2,110,508
------------
---------
--------
------------
Depreciation
At 1 July 2020
219,791
441,017
57,017
717,825
Charge for the year
17,974
10,627
650
29,251
------------
---------
--------
------------
At 30 June 2021
237,765
451,644
57,667
747,076
------------
---------
--------
------------
Carrying amount
At 30 June 2021
1,274,375
72,759
16,298
1,363,432
------------
---------
--------
------------
At 30 June 2020
1,288,861
63,583
16,948
1,369,392
------------
---------
--------
------------
Tangible assets held at valuation
The directors are of the opinion that at 30th June 2021 the value of the freehold property at Haydon is £1,274,375, as is reflected in these accounts. This is based on an original independent valuation of £1,304,181 carried out in 2019, with subsequent additions included at cost.
7. Investments
Shares in group undertakings
£
Cost
At 1 July 2020
–
Additions
1
----
At 30 June 2021
1
----
Impairment
At 1 July 2020 and 30 June 2021
–
----
Carrying amount
At 30 June 2021
1
----
At 30 June 2020
–
----
The company owns 100% of the capital of 3T Innova Ltd. That entity had a deficit on reserves of £1,111 at 30 June 2021 (2020 £0). The company had a loss of £1,112 in the year to 30 June 2021 (2020: £0).
3T Innova Ltd is registered in England under number 12925506.
Included in sales, is an amount of £6,168, that relates to purchases by 3T Innova Ltd. This amount was still outstanding at 30 June 2021.
Under the provision of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
8. Debtors
2021
2020
£
£
Trade debtors
121,447
135,575
Amounts owed by group undertakings and undertakings in which the company has a participating interest
611
–
Other debtors
60,148
66,495
---------
---------
182,206
202,070
---------
---------
9. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
37,566
36,912
Trade creditors
40,159
48,724
Other creditors
27,788
27,020
---------
---------
105,513
112,656
---------
---------
The bank loan is secured by legal charges over the freehold properties owned by the company. The bank loan is repayable by equal monthly instalments and bears interest at a rate of 2.25% over base rate with a floor of 3%.
10. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
405,112
442,986
---------
---------
The bank loan is repayable by equal monthly instalments and bears interest at a rate of 2.25% over base rate with a floor of 3%.
11. Called up share capital
Authorised share capital
2021
2020
No.
£
No.
£
Ordinary shares of £ 0.0001 each
1,000,000
100
1,000,000
100
------------
----
------------
----
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 0.0001 each
1,000,000
100
1,000,000
100
------------
----
------------
----