PMJ LIMITED 31/10/2022 iXBRL

PMJ LIMITED 31/10/2022 iXBRL

P M J LIMITED - Company Information

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1 31/10/2022 2022-10-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2021-11-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 05958157 2021-11-01 2022-10-31 05958157 2022-10-31 05958157 2021-10-31 05958157 2020-11-01 2021-10-31 05958157 2021-10-31 05958157 core:PlantMachinery 2021-11-01 2022-10-31 05958157 bus:Director1 2021-11-01 2022-10-31 05958157 core:PlantMachinery 2021-10-31 05958157 core:PlantMachinery 2022-10-31 05958157 core:WithinOneYear 2022-10-31 05958157 core:WithinOneYear 2021-10-31 05958157 core:ShareCapital 2022-10-31 05958157 core:ShareCapital 2021-10-31 05958157 core:RetainedEarningsAccumulatedLosses 2022-10-31 05958157 core:RetainedEarningsAccumulatedLosses 2021-10-31 05958157 core:DeferredTaxation 2021-11-01 2022-10-31 05958157 core:AcceleratedTaxDepreciationDeferredTax 2022-10-31 05958157 core:AcceleratedTaxDepreciationDeferredTax 2021-10-31 05958157 core:TaxLossesCarry-forwardsDeferredTax 2021-10-31 05958157 core:PlantMachinery 2021-10-31 05958157 core:DeferredTaxation 2021-10-31 05958157 core:DeferredTaxation 2022-10-31 05958157 bus:SmallEntities 2021-11-01 2022-10-31 05958157 bus:AuditExempt-NoAccountantsReport 2021-11-01 2022-10-31 05958157 bus:FullAccounts 2021-11-01 2022-10-31 05958157 bus:SmallCompaniesRegimeForAccounts 2021-11-01 2022-10-31 05958157 bus:PrivateLimitedCompanyLtd 2021-11-01 2022-10-31
Company registration number: 05958157
PMJ LIMITED
Unaudited filleted financial statements
31 October 2022
PMJ LIMITED
Contents
Statement of financial position
Notes to the financial statements
PMJ LIMITED
Statement of financial position
31 October 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 12,593 13,992
_______ _______
12,593 13,992
Current assets
Stocks 26,000 36,000
Debtors 6 26,839 16,773
Cash at bank and in hand 3,118 7,592
_______ _______
55,957 60,365
Creditors: amounts falling due
within one year 7 ( 18,570) ( 23,230)
_______ _______
Net current assets 37,387 37,135
_______ _______
Total assets less current liabilities 49,980 51,127
Provisions for liabilities 8 ( 2,037) ( 2,224)
_______ _______
Net assets 47,943 48,903
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 47,941 48,901
_______ _______
Shareholder funds 47,943 48,903
_______ _______
For the year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 22 June 2023 , and are signed on behalf of the board by:
Mr David Sykes
Director
Company registration number: 05958157
PMJ LIMITED
Notes to the financial statements
Year ended 31 October 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is P M J Limited, Unit 2, Springfield Mills, Kirkburton, Huddersfield, West Yorkshire, HD8 0PE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, '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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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.
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:
Plant and machinery - 10 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
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 stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2021: 1 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 November 2021 and 31 October 2022 55,026 55,026
_______ _______
Depreciation
At 1 November 2021 41,034 41,034
Charge for the year 1,399 1,399
_______ _______
At 31 October 2022 42,433 42,433
_______ _______
Carrying amount
At 31 October 2022 12,593 12,593
_______ _______
At 31 October 2021 13,992 13,992
_______ _______
6. Debtors
2022 2021
£ £
Trade debtors 26,639 13,091
Other debtors 200 3,682
_______ _______
26,839 16,773
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 10,018 4,586
Corporation tax 421 -
Social security and other taxes 1,819 1,382
Other creditors 6,312 17,262
_______ _______
18,570 23,230
_______ _______
8. Provisions
Deferred tax (note 9) Total
£ £
At 1 November 2021 2,224 2,224
Charges against provisions ( 187) ( 187)
_______ _______
At 31 October 2022 2,037 2,037
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2022 2021
£ £
Included in debtors (note 6) - 10
Included in provisions (note 8) ( 2,037) ( 2,224)
_______ _______
( 2,037) ( 2,214)
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2022 2021
£ £
Accelerated capital allowances ( 2,037) ( 2,224)
Unused tax losses - 10
_______ _______
(2,037) (2,214)
_______ _______