ACCOUNTS - Final Accounts

Hire purchase and finance leases

Minimum lease payments under hire purchase fall due as follows:

PICKUP SYSTEMS LIMITED - Company Information

Caseware UK (AP4) 2014.0.91 2014.0.91 2017-03-312017-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetrueThe company's principal activity is manufacturing of transport equipment.false2016-04-01Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Sale of goods Revenue from the sale of goods is recognised when all of the following conditions are satisfied: the Company has transferred the significant risks and rewards of ownership to the buyer; the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the transaction; and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract at the end of the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably. 06431087 2016-04-01 2017-03-31 06431087 2015-04-01 2016-03-31 06431087 2017-03-31 06431087 2016-03-31 06431087 c:Director1 2016-04-01 2017-03-31 06431087 d:Buildings d:LongLeaseholdAssets 2016-04-01 2017-03-31 06431087 d:Buildings d:LongLeaseholdAssets 2017-03-31 06431087 d:Buildings d:LongLeaseholdAssets 2016-03-31 06431087 d:Buildings d:LongLeaseholdAssets d:RestatedAmount 2016-03-31 06431087 d:PlantMachinery 2016-04-01 2017-03-31 06431087 d:PlantMachinery 2017-03-31 06431087 d:PlantMachinery 2016-03-31 06431087 d:PlantMachinery d:OwnedOrFreeholdAssets 2016-04-01 2017-03-31 06431087 d:MotorVehicles 2016-04-01 2017-03-31 06431087 d:MotorVehicles 2017-03-31 06431087 d:MotorVehicles 2016-03-31 06431087 d:MotorVehicles d:OwnedOrFreeholdAssets 2016-04-01 2017-03-31 06431087 d:FurnitureFittings 2016-04-01 2017-03-31 06431087 d:FurnitureFittings 2017-03-31 06431087 d:FurnitureFittings 2016-03-31 06431087 d:FurnitureFittings d:OwnedOrFreeholdAssets 2016-04-01 2017-03-31 06431087 d:OfficeEquipment 2016-04-01 2017-03-31 06431087 d:OfficeEquipment 2017-03-31 06431087 d:OfficeEquipment 2016-03-31 06431087 d:OfficeEquipment d:OwnedOrFreeholdAssets 2016-04-01 2017-03-31 06431087 d:OwnedOrFreeholdAssets 2016-04-01 2017-03-31 06431087 d:CurrentFinancialInstruments 2017-03-31 06431087 d:CurrentFinancialInstruments 2016-03-31 06431087 d:Non-currentFinancialInstruments 2017-03-31 06431087 d:Non-currentFinancialInstruments 2016-03-31 06431087 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 06431087 d:CurrentFinancialInstruments d:WithinOneYear 2016-03-31 06431087 d:Non-currentFinancialInstruments d:AfterOneYear 2017-03-31 06431087 d:Non-currentFinancialInstruments d:AfterOneYear 2016-03-31 06431087 d:ShareCapital 2017-03-31 06431087 d:ShareCapital 2016-03-31 06431087 d:RetainedEarningsAccumulatedLosses 2017-03-31 06431087 d:RetainedEarningsAccumulatedLosses 2016-03-31 06431087 d:AcceleratedTaxDepreciationDeferredTax 2017-03-31 06431087 d:TaxLossesCarry-forwardsDeferredTax 2017-03-31 06431087 c:FRS102 2016-04-01 2017-03-31 06431087 c:AuditExempt-NoAccountantsReport 2016-04-01 2017-03-31 06431087 c:FullAccounts 2016-04-01 2017-03-31 06431087 c:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31 06431087 d:HirePurchaseContracts d:WithinOneYear 2017-03-31 06431087 d:HirePurchaseContracts d:WithinOneYear 2016-03-31 06431087 d:HirePurchaseContracts d:BetweenOneTwoYears 2017-03-31 06431087 d:HirePurchaseContracts d:BetweenOneTwoYears 2016-03-31 06431087 d:HirePurchaseContracts d:BetweenTwoFiveYears 2017-03-31 06431087 d:HirePurchaseContracts d:BetweenTwoFiveYears 2016-03-31 iso4217:GBP xbrli:pure

PM+M

ACCOUNTS COPYING CONTROL SHEET

Client name:PICKUP SYSTEMS LIMITED

Database reference:PIC056

Balance Sheet Date:31 MARCH 2017

Type of accounts:Full

Photocopy instructions:

	Bound	Bound	Unbound	Unbound
	with trading account	without trading account	with trading account	without trading account
Client	-	-	-	-
Companies House	-	-	-	-
Bankers	-	-	-	-
Inland Revenue	-	-	1	-
PMM Tax dept	-	-	1	-
Other	-	-	-	-
	-	-	2	-

REGISTERED NUMBER:06431087

PICKUP SYSTEMS LIMITED

UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

PM+M Solutions for Business LLP

Chartered Accountants

Greenbank Technology Park

Challenge Way

Blackburn

Lancashire

BB1 5QB

PAGE 1


PICKUP SYSTEMS LIMITED REGISTERED NUMBER:06431087

BALANCE SHEET

AS AT 31 MARCH 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	4		281,934		227,884
			281,934		227,884
Current assets
Stocks	5	525,000		420,202
Debtors: amounts falling due within one year	6	1,136,071		229,343
Cash at bank and in hand	7	77,005		140,307
		1,738,076		789,852
Creditors: amounts falling due within one year	8	(1,297,569)		(395,942)
Net current assets			440,507		393,910
Total assets less current liabilities			722,441		621,794
Creditors: amounts falling due after more than one year	9		(168,449)		(117,094)

Net assets			553,992		504,700

Capital and reserves
Called up share capital	4	4
Profit and loss account	553,988	504,696
	553,992	504,700

PAGE 2


PICKUP SYSTEMS LIMITED REGISTERED NUMBER:06431087

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2017

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 October 2017.

J McGauley

Director

The notes on pages 3 to 10 form part of these financial statements.

PAGE 3


PICKUP SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

1.	General information

Pickup Systems Limited, registered number 06431087 is a private company limited by shares and incorporated in England and Wales. Company number 06431087. Registered from Greenbank Technology Park, Challenge Way, Blackburn, Lancashire, BB1 5QB.
The company's functional and presentational currency is GBP.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's's accounting policies.

The following principal accounting policies have been applied:

2.2

Going concern

The accounts have been prepared on a going concern basis. The directors are confident that the company has sufficient resources to meet its liabilities.

2.3

Going concern

The accounts have been prepared on a going concern basis. The directors are confident that the company has sufficient resources to meet its liabilities.

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

·the Company has transferred the significant risks and rewards of ownership to the buyer;

·the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

·the amount of revenue can be measured reliably;

·it is probable that the Company will receive the consideration due under the transaction; and

·the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

PAGE 4


PICKUP SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.4

Revenue (continued)

·the amount of revenue can be measured reliably;

·it is probable that the Company will receive the consideration due under the contract;

·the stage of completion of the contract at the end of the reporting period can be measured reliably; and

·the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property	-	10%	Straight line
Plant and machinery	-	15%	Straight line
Motor vehicles	-	20%	Straight line
Fixtures and fittings	-	20%	Straight line
Office equipment	-	25%	Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

PAGE 5


PICKUP SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

2.10

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.11

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2.13

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2015 to continue to be charged over the period to the first market rent review rather than the term of the lease.

2.14

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

PAGE 6


PICKUP SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

2.Accounting policies (continued)

2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

·The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

·Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 24 (2016 - 24).

PAGE 7


PICKUP SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

4.	Tangible fixed assets

	Long-term leasehold property	Plant and machinery	Motor vehicles	Fixtures and fittings	Office equipment	Total
	£	£	£	£	£	£
Cost or valuation
At 1 April 2016	64,403	133,864	113,098	4,917	20,424	336,706
Additions	18,299	20,000	86,931	-	2,805	128,035
Disposals	-	-	(17,798)	-	-	(17,798)
At 31 March 2017	82,702	153,864	182,231	4,917	23,229	446,943
Depreciation
At 1 April 2016	10,302	73,204	13,596	1,388	10,332	108,822
Charge for the year on owned assets	6,496	17,299	27,553	984	4,745	57,077
Disposals	-	-	(890)	-	-	(890)
At 31 March 2017	16,798	90,503	40,259	2,372	15,077	165,009
Net book value
At 31 March 2017	65,904	63,361	141,972	2,545	8,152	281,934
At 31 March 2016	54,101	60,660	99,502	3,529	10,092	227,884

PAGE 8


PICKUP SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

5.	Stocks
		2017	2016
		£	£

Work in progress	525,000	420,202
	525,000	420,202

Debtors

					2017	2016
					£	£


Trade debtors	979,229	90,075
Other debtors	72,549	20,265
Prepayments and accrued income	10,370	48,918
Deferred taxation	73,923	70,085
	1,136,071	229,343

7.	Cash and cash equivalents
		2017	2016
		£	£

Cash at bank and in hand	77,005	140,307
	77,005	140,307

8.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Trade creditors	508,590	282,076
Other taxation and social security	147,450	29,513
Obligations under finance lease and hire purchase contracts	30,512	30,636
Other creditors	18,829	9,933
Accruals and deferred income	592,188	43,784
	1,297,569	395,942

PAGE 9


PICKUP SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

9.	Creditors: Amounts falling due after more than one year
		2017	2016
		£	£

Net obligations under finance leases and hire purchase contracts	168,449	117,094
	168,449	117,094

Secured loans

Net obligations under finance leases and hire purchase contracts amounting to £168,449 (2016 - £117,094) are secured on the fixed tangible assets being acquired.

Within one year	30,512	30,636
Between 1-2 years	51,516	29,996
Between 2-5 years	116,933	87,098
	198,961	147,730

11.	Deferred taxation

		2017
		£

	At beginning of year	70,085
	Charged to profit or loss	3,838
	At end of year	73,923

	The deferred tax asset is made up as follows:
					2017
					£

	Accelerated capital allowances	(17,758)
	Tax losses carried forward	91,681
		73,923

PAGE 10


PICKUP SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

12.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.