PM Sampling Ltd 31/03/2023 iXBRL

PM Sampling Ltd 31/03/2023 iXBRL

PM SAMPLING LTD - Company Information

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14 31/03/2023 2023-03-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 10049935 2022-04-01 2023-03-31 10049935 2023-03-31 10049935 2022-03-31 10049935 2021-04-01 2022-03-31 10049935 2022-03-31 10049935 core:PlantMachinery 2022-04-01 2023-03-31 10049935 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 10049935 core:MotorVehicles 2022-04-01 2023-03-31 10049935 bus:RegisteredOffice 2022-04-01 2023-03-31 10049935 bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 10049935 bus:Director1 2022-04-01 2023-03-31 10049935 bus:Director2 2022-04-01 2023-03-31 10049935 core:IntangibleAssetsOtherThanGoodwill 2023-03-31 10049935 core:PlantMachinery 2022-03-31 10049935 core:FurnitureFittingsToolsEquipment 2022-03-31 10049935 core:MotorVehicles 2022-03-31 10049935 core:PlantMachinery 2023-03-31 10049935 core:FurnitureFittingsToolsEquipment 2023-03-31 10049935 core:MotorVehicles 2023-03-31 10049935 core:WithinOneYear 2023-03-31 10049935 core:WithinOneYear 2022-03-31 10049935 core:AfterOneYear 2023-03-31 10049935 core:AfterOneYear 2022-03-31 10049935 core:ShareCapital 2023-03-31 10049935 core:ShareCapital 2022-03-31 10049935 core:RetainedEarningsAccumulatedLosses 2023-03-31 10049935 core:RetainedEarningsAccumulatedLosses 2022-03-31 10049935 core:IntangibleAssetsOtherThanGoodwill 2022-04-01 2023-03-31 10049935 core:PlantMachinery 2022-03-31 10049935 core:FurnitureFittingsToolsEquipment 2022-03-31 10049935 core:MotorVehicles 2022-03-31 10049935 bus:SmallEntities 2022-04-01 2023-03-31 10049935 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10049935 bus:FullAccounts 2022-04-01 2023-03-31 10049935 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10049935 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
Company registration number: 10049935
PM Sampling Ltd
Unaudited filleted financial statements
31 March 2023
PM Sampling Ltd
Contents
Directors and other information
Accountant's report
Statement of financial position
Notes to the financial statements
PM Sampling Ltd
Directors and other information
Directors Mr Patrick Terence Malone
Mrs Claire Malone
Company number 10049935
Registered office 749a Ormskirk Road
Pemberton
Wigan
WN5 8AT
Business address 749a Ormskirk Road
Pemberton
Wigan
Greater Manchester
WN5 8AT
Accountant Practical Business Solutions (NW) Ltd
749a Ormskirk Road
Pemberton
Wigan
WN5 8AT
PM Sampling Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of PM Sampling Ltd
Year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of PM Sampling Ltd for the year ended 31 March 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Chartered Institute of Management Accountants , I am subject to its ethical and other professional requirements which are detailed at www.cimaglobal.com.
This report is made solely to the board of directors of PM Sampling Ltd, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of PM Sampling Ltd and state those matters that we have agreed to state to the board of directors of PM Sampling Ltd as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at www.cimaglobal.com. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than PM Sampling Ltd and its board of directors as a body for my work or for this report.
It is your duty to ensure that PM Sampling Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of PM Sampling Ltd. You consider that PM Sampling Ltd is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of PM Sampling Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Practical Business Solutions (NW) Ltd
Chartered Global Management Accountants
749a Ormskirk Road
Pemberton
Wigan
WN5 8AT
28 March 2024
PM Sampling Ltd
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 718 -
Tangible assets 6 354,615 405,860
_______ _______
355,333 405,860
Current assets
Stocks 101,586 -
Debtors 7 550,329 756,122
Cash at bank and in hand - 250
_______ _______
651,915 756,372
Creditors: amounts falling due
within one year 8 ( 573,562) ( 535,187)
_______ _______
Net current assets 78,353 221,185
_______ _______
Total assets less current liabilities 433,686 627,045
Creditors: amounts falling due
after more than one year 9 ( 162,467) ( 209,277)
Provisions for liabilities ( 67,377) ( 20,388)
_______ _______
Net assets 203,842 397,380
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account 203,840 397,378
_______ _______
Shareholders funds 203,842 397,380
_______ _______
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge 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 28 March 2024 , and are signed on behalf of the board by:
Mr Patrick Terence Malone
Director
Company registration number: 10049935
PM Sampling Ltd
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 749a Ormskirk Road, Pemberton, Wigan, WN5 8AT.
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.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
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 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % 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. 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 are 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 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. 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.
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 in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 14 (2022: 14 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 493,372 389,706
Social security costs 30,098 27,951
Other pension costs 25,779 7,619
_______ _______
549,249 425,276
_______ _______
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 April 2022 - -
Additions 783 783
_______ _______
At 31 March 2023 783 783
_______ _______
Amortisation
At 1 April 2022 - -
Charge for the year 65 65
_______ _______
At 31 March 2023 65 65
_______ _______
Carrying amount
At 31 March 2023 718 718
_______ _______
At 31 March 2022 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 380,076 1,928 212,221 594,225
Additions 55,110 1,624 - 56,734
_______ _______ _______ _______
At 31 March 2023 435,186 3,552 212,221 650,959
_______ _______ _______ _______
Depreciation
At 1 April 2022 118,551 1,073 68,740 188,364
Charge for the year 71,743 367 35,870 107,980
_______ _______ _______ _______
At 31 March 2023 190,294 1,440 104,610 296,344
_______ _______ _______ _______
Carrying amount
At 31 March 2023 244,892 2,112 107,611 354,615
_______ _______ _______ _______
At 31 March 2022 261,525 855 143,481 405,861
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 309,752 349,443
Amounts owed by group undertakings and undertakings in which the company has a participating interest 96,537 314,381
Other debtors 144,040 92,298
_______ _______
550,329 756,122
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 34,638 232,825
Trade creditors 11,130 25,500
Corporation tax 38,140 46,535
Social security and other taxes 222,013 203,060
Other creditors 267,641 27,267
_______ _______
573,562 535,187
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 20,321 33,233
Other creditors 142,146 176,044
_______ _______
162,467 209,277
_______ _______