ACCOUNTS - Final Accounts preparation

PRODUCT INNOVATION (MANUFACTURING) LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2018-02-282018-02-28The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetruefalse2017-03-01 06471224 2017-03-01 2018-02-28 06471224 2016-03-01 2017-02-28 06471224 2018-02-28 06471224 2017-02-28 06471224 c:Director1 2017-03-01 2018-02-28 06471224 d:PlantMachinery 2017-03-01 2018-02-28 06471224 d:OtherPropertyPlantEquipment 2018-02-28 06471224 d:OtherPropertyPlantEquipment 2017-02-28 06471224 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2017-03-01 2018-02-28 06471224 d:CurrentFinancialInstruments 2018-02-28 06471224 d:CurrentFinancialInstruments 2017-02-28 06471224 c:OrdinaryShareClass1 2017-03-01 2018-02-28 06471224 c:OrdinaryShareClass1 2018-02-28 06471224 c:FRS102 2017-03-01 2018-02-28 06471224 c:AuditExempt-NoAccountantsReport 2017-03-01 2018-02-28 06471224 c:FullAccounts 2017-03-01 2018-02-28 06471224 c:PrivateLimitedCompanyLtd 2017-03-01 2018-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06471224

PRODUCT INNOVATION (MANUFACTURING) LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2018

PRODUCT INNOVATION (MANUFACTURING) LIMITED

REGISTERED NUMBER: 06471224

BALANCE SHEET

AS AT 28 FEBRUARY 2018

		2018		2017
Note		£		£


FIXED ASSETS
Tangible assets	4		4,875		5,734
CURRENT ASSETS
Stocks	5	3,065		-
Debtors: amounts falling due within one year	6	645		13
Cash at bank	7	59,536		71,204
		63,246		71,217
Creditors: amounts falling due within one year	8	(33,006)		(45,011)
NET CURRENT ASSETS			30,240		26,206
NET ASSETS			35,115		31,940

CAPITAL AND RESERVES
Called up share capital	9	1	1
Profit and loss account		35,114	31,939
		35,115	31,940

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 by:

Mr P A Frank

Director

Date: 5 June 2018

The notes on pages 2 to 6 form part of these financial statements.

Page 1

PRODUCT INNOVATION (MANUFACTURING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

1.	GENERAL INFORMATION

Product Innovation Manufacturing Limited is a private Company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is 6 High Street, Ely, Cambridgeshire, England, CB7 4JU.
The principal activity of the Company continued to be that of the manufacturing of new products.

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 accounting policies.

The financial statements are presented in sterling, which is the functional currency of the Company.

The following principal accounting policies have been applied:

2.2

TURNOVER

Turnover is recognised in respect of the manufacture of new products for the year to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

Page 2

PRODUCT INNOVATION (MANUFACTURING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

2.ACCOUNTING POLICIES (CONTINUED)

2.3

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery

15%

reducing balance

2.4

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.

2.5

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

2.6

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.

2.7

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument 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, and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

2.8

CREDITORS

Short term creditors are measured at the transaction price.

Page 3

PRODUCT INNOVATION (MANUFACTURING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

2.ACCOUNTING POLICIES (CONTINUED)

2.9

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

2.10

TAXATION

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 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.

EMPLOYEES

The average monthly number of employees, including directors, during the year was 2 (2017 - 2).

Page 4

PRODUCT INNOVATION (MANUFACTURING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

4.	TANGIBLE FIXED ASSETS

		Other fixed assets
		£
	COST
	At 1 March 2017	19,239
	At 28 February 2018	19,239
	DEPRECIATION
	At 1 March 2017	13,505
	Charge for the year on owned assets	859
	At 28 February 2018	14,364
	NET BOOK VALUE
	At 28 February 2018	4,875
	At 28 February 2017	5,734

5.	STOCKS
		2018	2017
		£	£

Finished goods and goods for resale	3,065	-
	3,065	-

DEBTORS

					2018	2017
					£	£


Trade debtors	-	13
Other debtors	645	-
	645	13

Page 5

PRODUCT INNOVATION (MANUFACTURING) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

7.	CASH AND CASH EQUIVALENTS
		2018	2017
		£	£

	Cash at bank	59,536	71,204

8.	CREDITORS: Amounts falling due within one year
		2018	2017
		£	£

Amounts owed to other participating interests	30,304	31,458
Corporation tax	949	1,399
Other creditors	253	10,654
Accruals and deferred income	1,500	1,500
	33,006	45,011

9.	SHARE CAPITAL
		2018	2017
		£	£

Allotted, called up and fully paid

1 Ordinary share of £1	1	1

10.	RELATED PARTY TRANSACTIONS
	During the year the Company operated loans with the director of the Company. The amount payable to the director of the Company at the year end was £254 (2017 - £10,654).These loans are interest free and repayable on demand.

Page 6