P & P Technology Limited - Period Ending 2017-03-31
P & P Technology Limited - Period Ending 2017-03-31
Registration number:
for the Year Ended
P & P Technology Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
P & P Technology Limited
(Registration number: 02600535)
Balance Sheet as at 31 March 2017
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2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
- |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 1 |
P & P Technology Limited
(Registration number: 02600535)
Balance Sheet as at 31 March 2017
For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
R Hallett
Director
Page 2 |
P & P Technology Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
There have been no changes to accounting policies following the transition to the Financial Reporting Standard 102 Section 1A.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
The company transitioned from previously extant UK GAAP to FRS 102 as at 1 April 2015.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Finance income and costs policy
The company uses an invoice discounting facility for the company debts and retains the benefits and related risks. Gross debts are shown within current assets and amounts received from via invoice discounting is included with current liabilities. Interest and charges are recognised in the profit and loss as they accrue.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Page 3 |
P & P Technology Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Improvements to property |
10-20% straight line |
Plant and machinery |
10-50% straight line |
Motor vehicles |
25-40% reducing balance |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 4 |
P & P Technology Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 5 |
P & P Technology Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Tangible assets |
Improvements to property |
Motor vehicles |
Other property, plant and equipment |
Total |
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Cost |
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At 1 April 2016 |
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Additions |
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Disposals |
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( |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
- |
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Eliminated on disposal |
- |
( |
( |
( |
At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Included within the net book value of tangible fixed assets is £19,596 (2016 £9,407) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £5,897 (2016 £5,066).
Stocks |
2017 |
2016 |
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Stock |
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Debtors |
Note |
2017 |
2016 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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- |
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Prepayments |
184,694 |
31,752 |
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Page 6 |
P & P Technology Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals |
46,354 |
46,637 |
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Due after one year |
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Loans and borrowings |
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The following liabilities disclosed under creditors falling due within one year are secured by the company: Other creditors £101,254 (2016: £173,811).
Loans and borrowings |
2017 |
2016 |
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Non-current loans and borrowings |
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Finance lease liabilities |
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Other borrowings |
- |
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2017 |
2016 |
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Current loans and borrowings |
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Finance lease liabilities |
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Other borrowings |
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- |
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Other borrowings
Finance lease agreements with a carrying amount of £15,728 (2016 - £5,071) is denominated in pounds with a nominal interest rate of 6.5%. The final instalment is due on 30 September 2019.
Lombard North Central PLC hold as security a fixed charge over the related asset for their loan included under other creditors.
Other loans are interest free and repayable on demand.
Page 7 |
P & P Technology Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
Other transactions with directors |
Included within creditors is £118 (2016 - £nil) owed to director G Steel in respect of expenses.
Summary of transactions with parent
Expenditure with and payables to related parties
2017 |
Parent |
Purchase of goods |
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Rendering of services |
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2016 |
Parent |
Purchase of goods |
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Rendering of services |
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Loans from related parties
2017 |
Parent |
At start of period |
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Repaid |
( |
At end of period |
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2016 |
Parent |
At start of period |
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Repaid |
( |
At end of period |
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Terms of loans from related parties
Page 8 |
P & P Technology Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Parent and ultimate parent undertaking |
The company's immediate parent is
Transition to FRS 102 |
Page 9 |