P I C Engineering Design Limited Company Accounts

P I C ENGINEERING DESIGN LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07508259

P I C ENGINEERING DESIGN LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 January 2017

P I C ENGINEERING DESIGN LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2017

Contents	Pages

Statement of financial position	1 to 2

Notes to the financial statements	3 to 6

P I C ENGINEERING DESIGN LIMITED

STATEMENT OF FINANCIAL POSITION

31 January 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		744	875

Current assets

Debtors	6	1,789	1,430
Cash at bank and in hand		20,831	20,114
		--------	--------
		22,620	21,544

Creditors: amounts falling due within one year	7	( 14,201)		( 15,399)
		--------		--------
Net current assets			8,419	6,145
			-------	-------
Total assets less current liabilities			9,163	7,020

Provisions

Taxation including deferred tax	( 149)	( 175)
	-------	-------
Net assets	9,014	6,845
	-------	-------

Capital and reserves

Called up share capital	2	2
Profit and loss account	9,012	6,843
	-------	-------
Members funds	9,014	6,845
	-------	-------

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 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 income and retained earnings has not been delivered.

For the year ending 31 January 2017 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 .

P I C ENGINEERING DESIGN LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 January 2017

These financial statements were approved by the board of directors and authorised for issue on 29 October 2017 , and are signed on behalf of the board by:

P Campbell

Director

Company registration number: 07508259

P I C ENGINEERING DESIGN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vernon Road, Stoke on Trent, ST4 2QY. The principal activity of the company during the year was that of engineering design.

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 the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. (i) Estimated useful lives and residual values of fixed assets Depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take into account estimated useful lives used by other companies operating in the sector and actual asset lives and residual values, as evidenced by disposals during the current and prior accounting periods.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the rendering of services is recognised by reference to the stage of completion at the balance sheet date; 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.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and 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:

	Reducing balance	-	15% reducing balance

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. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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

A financial asset or a financial liability is recognised only when the entity 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. 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2016: 2 ).

5. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 February 2016 and 31 January 2017	1,210	1,210
	-------	-------
Depreciation
At 1 February 2016	335	335
Charge for the year	131	131
	-------	-------
At 31 January 2017	466	466
	-------	-------
Carrying amount
At 31 January 2017	744	744
	-------	-------
At 31 January 2016	875	875
	-------	-------

6. Debtors

	2017	2016
	£	£
Trade debtors	1,404	1,052
Other debtors	385	378
	-------	-------
	1,789	1,430
	-------	-------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Corporation tax	8,196	9,448
Social security and other taxes	3,113	3,789
Other creditors	2,892	2,162
	--------	--------
	14,201	15,399
	--------	--------

8. Related party transactions

All transactions undertaken with the directors are deemed to be conducted under normal market conditions and/or are not material.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.

No transitional adjustments were required in equity or profit or loss for the year.