PCM Systems Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02452375 (England and Wales)

PCM SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2022

Page

Balance Sheet

1

Notes to the Financial Statements

2

to

4

FIXED ASSETS

Tangible assets

4

3,069

7,744

Investments

5

12,800

-

15,869

7,744

CURRENT ASSETS

Stocks

3,264

3,256

Debtors

6

38,122

27,882

Cash at bank and in hand

153,232

120,779

194,618

151,917

CREDITORS

Amounts falling due within one year

7

62,099

42,313

NET CURRENT ASSETS

132,519

109,604

TOTAL ASSETS LESS CURRENT LIABILITIES

148,388

117,348

CAPITAL AND RESERVES

Called up share capital

8

10,000

10,000

Retained earnings

138,388

107,348

SHAREHOLDERS' FUNDS

148,388

117,348

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2022 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 23rd May 2023 and were signed on its behalf by:

M J Feeny - Director

1.	STATUTORY INFORMATION

PCM Systems Limited is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.

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 as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover

Turnover represents net invoiced sales of goods and services supplied in the year, excluding value added tax.

Revenue is recognised at the point in which goods are despatched and performance obligations under service arrangements are satisfied.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery - 25% on cost and 15% on cost.

Stocks

Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Investments

Investments are recognised initially at fair value which is normally transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit and loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2021 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st October 2021

26,570

Additions

774

Disposals

(8,777

)

At 30th September 2022

18,567

DEPRECIATION

At 1st October 2021

18,826

Charge for year

1,134

Eliminated on disposal

(4,462

)

At 30th September 2022

15,498

NET BOOK VALUE

At 30th September 2022

3,069

At 30th September 2021

7,744

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST OR VALUATION

Additions

184

Revaluations

966

Reclassification/transfer

11,650

At 30th September 2022

12,800

NET BOOK VALUE

At 30th September 2022

12,800

The historical cost of the investments at 30th September 2022 was £11,650.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

15,089

17,987

Amounts owed by group undertakings

19,382

5,065

Other debtors

3,651

4,830

38,122

27,882

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

10,183

8,233

Taxation and social security

19,983

17,943

Other creditors

31,933

16,137

62,099

42,313

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

10,000

Ordinary

£1

10,000

10,000