PIMORONI LTD

PIMORONI LTD

PIMORONI LTD - Company Information

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PIMORONI LTD

Company Registration Number:
07510759 (England and Wales)

Unaudited abridged accounts for the year ended 30 June 2017

Period of accounts

Start date: 01 July 2016

End date: 30 June 2017

PIMORONI LTD

Contents of the Financial Statements

for the Period Ended 30 June 2017

Balance sheet
Notes

PIMORONI LTD

Balance sheet

As at 30 June 2017


Notes
2017
2016


£
£
Fixed assets
Intangible assets: 3 20,000 108,228
Tangible assets: 4 66,634 87,367
Investments: 5 22,085
Total fixed assets: 108,719 195,595
Current assets
Stocks: 616,494 374,076
Debtors: 6 333,904 84,471
Cash at bank and in hand: 209,005 112,165
Total current assets: 1,159,403 570,712
Creditors: amounts falling due within one year: 7 (485,361) (116,356)
Net current assets (liabilities): 674,042 454,356
Total assets less current liabilities: 782,761 649,951
Creditors: amounts falling due after more than one year: 8 (272,705)
Provision for liabilities:   (13,057)
Total net assets (liabilities): 510,056 636,894
Capital and reserves
Called up share capital: 468 445
Share premium account: 338,593 177,371
Profit and loss account: 170,995 459,078
Shareholders funds: 510,056 636,894

The notes form part of these financial statements

PIMORONI LTD

Balance sheet statements

For the year ending 30 June 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 28 March 2018
and signed on behalf of the board by:

Name: MR J S WILLIAMSON
Status: Director

The notes form part of these financial statements

PIMORONI LTD

Notes to the Financial Statements

for the Period Ended 30 June 2017

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets and depreciation policy

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Short leasehold Straight line over 5 years Plant and machinery 25% on reducing balance Fixtures and fittings 25% on reducing balance Computer equipment 33% on reducing balance and 25% on reducing balance

Intangible fixed assets and amortisation policy

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Development costs are being amortised evenly over their estimated useful life of four years.

Other accounting policies

StocksStocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. TaxationTaxation 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 taxDeferred 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.

PIMORONI LTD

Notes to the Financial Statements

for the Period Ended 30 June 2017

2. Employees

2017 2016
Average number of employees during the period 30 30

PIMORONI LTD

Notes to the Financial Statements

for the Period Ended 30 June 2017

3. Intangible Assets

Total
Cost £
At 01 July 2016 111,364
Disposals (31,364)
At 30 June 2017 80,000
Amortisation
At 01 July 2016 3,136
Charge for year 60,000
On disposals (3,136)
At 30 June 2017 60,000
Net book value
At 30 June 2017 20,000
At 30 June 2016 108,228

PIMORONI LTD

Notes to the Financial Statements

for the Period Ended 30 June 2017

4. Tangible Assets

Total
Cost £
At 01 July 2016 172,611
Additions 44,500
Disposals (44,206)
At 30 June 2017 172,905
Depreciation
At 01 July 2016 85,244
Charge for year 34,828
On disposals (13,801)
At 30 June 2017 106,271
Net book value
At 30 June 2017 66,634
At 30 June 2016 87,367

PIMORONI LTD

Notes to the Financial Statements

for the Period Ended 30 June 2017

5. Fixed investments

During the year, fixed asset investments to the value of £22,085 were acquired.

PIMORONI LTD

Notes to the Financial Statements

for the Period Ended 30 June 2017

6. Debtors

At the year end, the company had trade debtors of £199,913 and other debtors of £133,911 (all due within one year).

PIMORONI LTD

Notes to the Financial Statements

for the Period Ended 30 June 2017

7. Creditors: amounts falling due within one year note

At the year end, the creditors due within one year were bank loans and overdrafts £44,963, finance leases £15,157, trade creditors £25,992, taxation and social security £53,170 and other creditors £346,079.

PIMORONI LTD

Notes to the Financial Statements

for the Period Ended 30 June 2017

8. Creditors: amounts falling due after more than one year note

At the year end, the creditors due after one year were bank loans £270,754 and finance leases £1,951.

PIMORONI LTD

Notes to the Financial Statements

for the Period Ended 30 June 2017

9. Loans to directors

Name of director receiving advance or credit: P G Beech
Description of the loan: Advance
£
Balance at 01 July 2016 0
Advances or credits made: 185
Advances or credits repaid: 0
Balance at 30 June 2017 185
Name of director receiving advance or credit: J S Williamson
Description of the loan: Advance
£
Balance at 01 July 2016 0
Advances or credits made: 185
Advances or credits repaid: 0
Balance at 30 June 2017 185

PIMORONI LTD

Notes to the Financial Statements

for the Period Ended 30 June 2017

10. Related party transactions

Name of the related party: Directors
Relationship:
Directors Fees
Description of the Transaction: During the year, the directors received fees of £112,575.
£
Balance at 01 July 2016 0
Balance at 30 June 2017 0
Name of the related party: Pi Swag Limited
Relationship:
A company controlled by two of the directors of the company
Description of the Transaction: During the year, £12,929 was recharged by the company to the related party.
£
Balance at 01 July 2016 0
Balance at 30 June 2017 5,338