Pyrotect Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03640421 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2017

for

Pyrotect Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D J Harris

R J Morgan

Mrs M J Mee

C Goodison

SECRETARY:

S Goodison

REGISTERED OFFICE:

Unit F1

Tom Bill Way

Ashby de la Zouch

Leicestershire

LE65 2UY

REGISTERED NUMBER:

03640421 (England and Wales)

ACCOUNTANTS:

Clayton & Brewill

Chartered Accountants

Cawley House

149-155 Canal Street

Nottingham

Nottinghamshire

NG1 7HR

FIXED ASSETS

Property, plant and equipment

4

115,095

126,593

CURRENT ASSETS

Inventories

5

106,041

69,142

Debtors

6

3,374,457

3,602,631

Cash at bank and in hand

2,650,048

1,374,975

6,130,546

5,046,748

CREDITORS

Amounts falling due within one year

7

1,154,100

1,973,980

NET CURRENT ASSETS

4,976,446

3,072,768

TOTAL ASSETS LESS CURRENT LIABILITIES

5,091,541

3,199,361

CREDITORS

Amounts falling due after more than one year

8

-

(382,560

)

PROVISIONS FOR LIABILITIES

(14,702

)

(42,575

)

NET ASSETS

5,076,839

2,774,226

CAPITAL AND RESERVES

Called up share capital

5,301

5,301

Share premium

19,609

19,609

Other reserves

300

300

Retained earnings

5,051,629

2,749,016

SHAREHOLDERS' FUNDS

5,076,839

2,774,226

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 28 September 2018 and were signed on its behalf by:

C Goodison - Director

1.	STATUTORY INFORMATION

Pyrotect 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

Revenue 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.

Freehold property

-

2% of cost or valuation

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Inventories and work in progress are valued at the lower of cost and net realisable value, after

making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and

handling costs in bringing inventories to their present location and condition.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance

sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives.

Those held under finance leases are depreciated over their estimated useful lives or the lease

term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

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.

Payments in respect of other post-retirement benefits 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 28 (2016 - 25 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2017

-

23,899

37,032

196,669

257,600

Additions

18,521

4,358

3,020

-

25,899

Disposals

-

-

-

(13,098

)

(13,098

)

At 31 December 2017

18,521

28,257

40,052

183,571

270,401

DEPRECIATION

At 1 January 2017

-

15,453

22,640

92,914

131,007

Charge for year

741

3,210

4,405

24,896

33,252

Eliminated on disposal

-

-

-

(8,953

)

(8,953

)

At 31 December 2017

741

18,663

27,045

108,857

155,306

NET BOOK VALUE

At 31 December 2017

17,780

9,594

13,007

74,714

115,095

At 31 December 2016

-

8,446

14,392

103,755

126,593

5.	INVENTORIES

2017

2016

£

£

Stocks

40,352

47,284

Work-in-progress

65,689

21,858

106,041

69,142

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,850,657

1,986,126

Amounts owed by group undertakings

1,435,405

1,531,354

Directors' current accounts

40,260

46,380

Prepayments

48,135

38,771

3,374,457

3,602,631

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

-

496,323

Trade creditors

489,438

493,104

Tax

57,898

441,941

Social security and other taxes

53,527

44,502

VAT

183,900

327,754

Other creditors

6,314

1,101

Directors' current accounts

-

266

Accrued expenses

363,023

168,989

1,154,100

1,973,980

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 1-2 years

-

382,560

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

-

878,883

The company's loan is secured over all freehold/leasehold property.

A debenture is outstanding all monies due or to become due on any account to David Harris,

created 11 November 2016. The fixed charge is over all freehold/leasehold property and any

proceeds of sale thereof and floating charge on all property and assets.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended

31 December 2017 and 31 December 2016:

2017

2016

£

£

C Goodison

Balance outstanding at start of year

46,500

19,500

Amounts advanced

-

33,000

Amounts repaid

(6,240

)

(6,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

40,260

46,500

11.	RELATED PARTY DISCLOSURES

During the year the company made a loan of £1,621,354 to Pyrotect Holdings Limited (2016: £nil)

and paid management charges for recharged expenses and costs of £2,000,000 (2016 £500,000).

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Pyrotect Holdings Limited.