Photronix Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03423874 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2017

for

Photronix Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Miss E G Greenfield

A K Millard

SECRETARY:

REGISTERED OFFICE:

Unit D4, Dominion Way

Rustington

Littlehampton

West Sussex

BN16 3HQ

REGISTERED NUMBER:

03423874 (England and Wales)

FIXED ASSETS

Tangible assets

4

109,909

105,831

CURRENT ASSETS

Stocks

127,316

63,000

Debtors

5

714,064

538,090

Cash at bank

194,743

192,205

1,036,123

793,295

CREDITORS

Amounts falling due within one year

6

865,921

790,934

NET CURRENT ASSETS

170,202

2,361

TOTAL ASSETS LESS CURRENT LIABILITIES

280,111

108,192

CREDITORS

Amounts falling due after more than one year

7

16,660

21,732

NET ASSETS

263,451

86,460

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

263,351

86,360

SHAREHOLDERS' FUNDS

263,451

86,460

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 by the Board of Directors on 10 April 2018 and were signed on its behalf by:

A K Millard - Director

1.	STATUTORY INFORMATION

Photronix Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

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.

Turnover

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

in accordance with the property

Plant and machinery etc

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 balance sheet date.

Deferred tax

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

sheet 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 September 2016

156,168

83,138

239,306

Additions

-

24,269

24,269

At 31 August 2017

156,168

107,407

263,575

DEPRECIATION

At 1 September 2016

67,994

65,481

133,475

Charge for year

7,809

12,382

20,191

At 31 August 2017

75,803

77,863

153,666

NET BOOK VALUE

At 31 August 2017

80,365

29,544

109,909

At 31 August 2016

88,174

17,657

105,831

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Trade debtors

703,117

533,479

Other debtors

10,947

4,611

714,064

538,090

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Bank loans and overdrafts

383,842

372,948

Trade creditors

381,678

315,504

Taxation and social security

96,136

63,132

Other creditors

4,265

39,350

865,921

790,934

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.17

31.8.16

£

£

Bank loans

16,660

21,732

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.17

31.8.16

£

£

Bank overdrafts

378,325

367,521

Bank loans

22,177

27,159

400,502

394,680

9.	OTHER FINANCIAL COMMITMENTS

The total financial commitments at the financial year end were £13,824 (2016: £13,824).

10.	TRANSITION TO FRS 102

These financial statements for the year ended 31st August 2017 are the first financial statements that comply with

FRS102 Section 1A. The date of transition is 1st September 2015.

No restatement of the comparative figures or consequential changes in accounting policies were required as a

result of the adoption of the new reporting regime.