Performance Materials Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 09174053 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2017

FOR

PERFORMANCE MATERIALS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs L Van Der Zwan

M Van Der Zwan

P V Haines

REGISTERED OFFICE:

1 City Road East

Manchester

M15 4PN

REGISTERED NUMBER:

09174053 (England and Wales)

ACCOUNTANTS:

KAY JOHNSON GEE LLP

1 City Road East

Manchester

M15 4PN

FIXED ASSETS

Tangible assets

4

3,262

4,823

CURRENT ASSETS

Stocks

30,948

29,209

Debtors

5

16,876

24,811

Cash at bank

7,749

4,120

55,573

58,140

CREDITORS

Amounts falling due within one year

6

54,124

52,923

NET CURRENT ASSETS

1,449

5,217

TOTAL ASSETS LESS CURRENT LIABILITIES

4,711

10,040

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

4,611

9,940

SHAREHOLDERS' FUNDS

4,711

10,040

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 14th December 2017 and were signed on its behalf by:

M Van Der Zwan - Director

1.	STATUTORY INFORMATION

Performance Materials Limited is a private company limited by share capital, incorporated in England and

Wales, registration number 09174053. The address of the registered office is 1 City Road East, Manchester,

M15 4PN. The address of the principal place of business is New St Marks Works, St Marks Lane, Manchester,

M7 4FE.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements,

estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from

other sources. The estimates and underlying assumptions are based on historical experience and other factors

that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimate is revised if the revision affects only that period, or in the

period of the revision and future periods if the revision affects both current and future period.

Turnover

Turnover represents amounts recognised by the group in respect of goods supplied, exclusive of Value Added

Tax and trade discounts.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated

impairment losses.

The company assesses at each reporting date whether tangible fixed assets are impaired.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their

estimated useful lives, using the following methods:

Plant and machinery

20% on cost

Computer equipment

33% on cost

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant

change since the last annual reporting date in the pattern by which the company expects to consume an asset's

future economic benefits.

Stocks

Stocks are recognised at the lower of cost and estimated selling price less costs to complete and sell. Cost is

based on the first-in first out basis and includes expenditure incurred in acquiring the stocks, production or

conversion costs and other costs in bringing them to their existing location and condition.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual

arrangement, as financial assets, financial liabilities or equity instruments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade

and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent

to initial recognition they are measured at amortised cost using the effective interest method, less any

impairment losses in the case of trade debtors.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1st June 2016

and 31st May 2017

7,120

410

7,530

DEPRECIATION

At 1st June 2016

2,445

262

2,707

Charge for year

1,424

137

1,561

At 31st May 2017

3,869

399

4,268

NET BOOK VALUE

At 31st May 2017

3,251

11

3,262

At 31st May 2016

4,675

148

4,823

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade debtors

15,933

23,666

Other debtors

943

1,145

16,876

24,811

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

£

£

Trade creditors

24,007

25,558

Taxation and social security

1,095

4,722

Other creditors

29,022

22,643

54,124

52,923

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.17

31.5.16

value:

£

£

40

Ordinary A

£1

40

40

30

Ordinary B

£1

30

30

30

Ordinary C

£1

30

30

100

100

8.	FIRST YEAR ADOPTION

This is the first year that the company has presented its results under FRS 102. The last financial statements

under UK GAAP were for the year ended 31st May 2016. The date of transition to FRS 102 was 1st June 2015.

There are no transitional adjustments arising from the first time adoption of FRS 102.