Accounts filed on 31-12-2017

P.E. SYSTEMS LIMITED - Company Information

02117413falsethe design and supply of products to battery related user markets2017-01-012017-12-31http://www.companieshouse.gov.uk/2016-12-31http://www.companieshouse.gov.uk/pt:PlantMachinery2016-12-31http://www.companieshouse.gov.uk/pt:ShareCapital2016-12-31http://www.companieshouse.gov.uk/cd:Director12017-01-012017-12-31http://www.companieshouse.gov.uk/pt:PlantMachinery2017-12-31http://www.companieshouse.gov.uk/pt:ShareCapital2017-12-31http://www.companieshouse.gov.uk/cd:Director22017-01-012017-12-31http://www.companieshouse.gov.uk/pt:FurnitureFittings2016-12-31http://www.companieshouse.gov.uk/pt:ToolsEquipment2016-12-31http://www.companieshouse.gov.uk/pt:FurnitureFittings2017-12-31http://www.companieshouse.gov.uk/pt:DevelopmentCostsCapitalisedDevelopmentExpenditure2016-12-31http://www.companieshouse.gov.uk/cd:OrdinaryShareClass12017-01-012017-12-31http://www.companieshouse.gov.uk/pt:MotorCars2016-12-31http://www.companieshouse.gov.uk/pt:ToolsEquipment2017-12-31http://www.companieshouse.gov.uk/pt:DevelopmentCostsCapitalisedDevelopmentExpenditure2017-12-31http://www.companieshouse.gov.uk/cd:RegisteredOffice2017-01-012017-12-31http://www.companieshouse.gov.uk/cd:OrdinaryShareClass22017-01-012017-12-31http://www.companieshouse.gov.uk/pt:MotorCars2017-12-31http://www.companieshouse.gov.uk/cd:OrdinaryShareClass32017-01-012017-12-31http://www.companieshouse.gov.uk/cd:AuditExemptWithAccountantsReport2017-01-012017-12-31http://www.companieshouse.gov.uk/cd:OrdinaryShareClass42017-01-012017-12-31http://www.companieshouse.gov.uk/pt:DevelopmentCostsCapitalisedDevelopmentExpenditure2017-01-012017-12-31http://www.companieshouse.gov.uk/cd:OrdinaryShareClass52017-01-012017-12-31http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2017-12-31http://www.companieshouse.gov.uk/pt:CurrentFinancialInstruments2016-12-31http://www.companieshouse.gov.uk/2017-01-012017-12-31http://www.companieshouse.gov.uk/2016-12-31http://www.companieshouse.gov.uk/cd:FRS1022017-01-012017-12-31http://www.companieshouse.gov.uk/2017-12-31http://www.companieshouse.gov.uk/cd:FullAccounts2017-01-012017-12-31http://www.companieshouse.gov.uk/pt:LandBuildings2016-12-31http://www.companieshouse.gov.uk/cd:PrivateLimitedCompanyLtd2017-01-012017-12-31http://www.companieshouse.gov.uk/pt:LandBuildings2017-12-31iso4217:GBPxbrli:sharesxbrli:pure


Registered number: 02117413






P.E. Systems Limited


ACCOUNTS

FOR THE YEAR ENDED 31/12/2017


P.E. Systems Limited


ACCOUNTS
FOR THE YEAR ENDED 31/12/2017





DIRECTORS
Mike Smith
June Smith



SECRETARY
June Smith


REGISTERED OFFICE
Unit 2 Hindley Green Business Park
Hindley Green
Wigan
Lancs
WN2 4TN


COMPANY DETAILS
Private company limited by shares registered in EW - England and Wales, registered number 02117413


ACCOUNTS
FOR THEYEARENDED31/12/2017



CONTENTS



		Page

Directors' Report		-

Statement Of Comprehensive Income		-

Balance Sheet		3

Notes To The Accounts		5


The following do not form part of the statutory financial statements:

Trading And Profit And Loss Account		-

Profit And Loss Account Summaries		-


BALANCE SHEET AT 31/12/2017

			2017		2016
	Notes		£		£

FIXED ASSETS
Intangible assets	2		248,516		207,543
Tangible assets	3		814,365		786,337
Investment Assets	4		25,000		25,000

			1,087,881		1,018,880

CURRENT ASSETS
Stock		1,432,690		1,070,615
Debtors	6	1,134,355		1,250,084
Cash at bank and in hand		13,205		19,784
		2,580,250		2,340,483
CREDITORS: Amounts falling due within one year	7	2,408,334		1,676,513
NET CURRENT ASSETS			171,916		663,970
TOTAL ASSETS LESS CURRENT LIABILITIES			1,259,797		1,682,850


CREDITORS: Amounts falling due after more than one year	8		22,075		39,783


PROVISIONS FOR LIABILITIES AND CHARGES	10		144,896		112,276

NET ASSETS			1,092,826		1,530,791

CAPITAL AND RESERVES

Called up share capital	11		1,000		1,000
Revaluation reserve	1h,12		-		239,960
Other reserves	13		245,320		-
Profit and loss account			846,506		1,289,831
SHAREHOLDERS' FUNDS			1,092,826		1,530,791


BALANCE SHEET AT 31/12/2017

For the year ending 31/12/2017 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have decided not to deliver to the registrar a copy of the company's profit and loss account.

Approved by the board on 20/09/2018 and signed on their behalf by



.............................
June Smith
Director


NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31/12/2017

1. ACCOUNTING POLICIES




1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 .




1b. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Land And Buildings		straight line 2%
Plant and Machinery		straight line 25%
Fixtures and Fittings		straight line 25%
Equipment		straight line 25%
Motor Cars		straight line 25%




1c. Investment Properties

Investment properties are included in the financial statements at open market value. No depreciation is provided on such property in compliance with the Financial Reporting Standard for Smaller Entities. This departure from Companies Act requirements is necessary to show a true and fair view.




1d. Intangible Assets
Development expenditure is normally written off in the year of expenditure, however expenditure incurred on specific projects is capitalised when recoverability can be foreseen with reasonable certainty and is amortised in relation to sales from such projects.




1e. Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.




1f. Pension Costs
The company operates a defined contribution pension scheme. The pension charge represents the amounts payable by the company to the fund in respect of the year.




1g. Investments
Fixed asset investments are shown at cost less amounts written off.
Provisions are made for permanent fluctuations in value.




1h. Revaluation Reserve
Surpluses or deficits arising on the revaluation of individual fixed assets other than investment properties are credited or debited to a non-distributible reserve known as the revaluation reserve (see also note 12).
Revaluation deficits in excess of the amount of prior revaluation surpluses on the same asset are charged to the profit and loss account.




2. INTANGIBLE FIXED ASSETS

	Development
	Costs	Total
	£	£
Cost
At 01/01/2017	433,388	433,388
Additions	73,510	73,510
At 31/12/2017	506,898	506,898
Depreciation
At 01/01/2017	225,845	225,845
For the year	32,537	32,537
At 31/12/2017	258,382	258,382
Net Book Amounts
At 31/12/2017	248,516	248,516
At 31/12/2016	207,543	207,543




3. TANGIBLE FIXED ASSETS

	Land And	Plant and	Fixtures
	Buildings	Machinery	and Fittings	Equipment	Motor Cars	Total
	£	£	£	£	£	£
Cost
At 01/01/2017	449,036	307,464	220,914	123,470	163,028	1,263,912
Additions	-	59,981	62,043	3,719	-	125,743
Disposals	-	-	(994)	-	(58,655)	(59,649)
Transfers	(449,036)	-	-	-	-	(449,036)
At 31/12/2017	-	367,445	281,963	127,189	104,373	880,970
Depreciation
At 01/01/2017	29,396	233,774	42,149	92,189	80,067	477,575
Disposals	-	-	-	-	(51,908)	(51,908)
Transfers	(29,396)	-	-	-	-	(29,396)
For the year	-	33,213	22,465	14,495	25,161	95,334
At 31/12/2017	-	266,987	64,614	106,684	53,320	491,605
Net Book Amounts
At 31/12/2017	-	100,458	217,349	20,505	51,053	389,365
At 31/12/2016	419,640	73,690	178,765	31,281	82,961	786,337
Included within the net book value of £389,365 is £48,713 (2016: £72,022) relating to assets under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounts to £23,309 (2016: £13,745).




4. FiNANCIAL ASSETS

	Shares in group companies
	and participating interests	Total
	£	£
Cost
At 01/01/2017	50,002	50,002
At 31/12/2017	50,002	50,002
Amortisation
At 01/01/2017	25,002	25,002
At 31/12/2017	25,002	25,002
Net Book Amounts
At 31/12/2017	25,000	25,000
At 31/12/2016	25,000	25,000
The amounts written off the above investment relate to impairment losses. The company owns 100% of the issued share capital of Alpha Sheet Metal (North) Limited.
The company's voting rights in respect of the subsidiary are held in the same proportion as the company's share of the ordinary share capital of the subsidiary. The company is registered in England and Wales.
The aggregate capital and reserves of Alpha Sheet Metal (North) Ltd at 30 June 2017 were -£128,479 (2016: -£124,305), the (loss) (profit) for the financial year was £4,174 (2016: £51,918).




5. STOCK	2017	2016
	£	£
Stock comprises:

Stock	759,813	724,694
Work in progress	672,877	345,921
	1,432,690	1,070,615




6. DEBTORS	2017	2016
	£	£
Amounts falling due within one year
Trade debtors	932,850	978,859
UK corporation tax	28,697	-
Other debtors	33,617	29,085
Amounts due from group companies	64,939	236,128
Prepayments	74,252	4,951
Directors current account	-	1,061
	1,134,355	1,250,084




7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
	2017	2016
	£	£
UK corporation tax	-	86,679
VAT	171,350	212,579
Salaries and wages control	41,439	57,064
Directors current account	70	-
Hire purchase	17,708	26,015
Trade creditors	1,021,363	726,333
Other creditors	964,213	522,928
Accruals	192,191	44,915
	2,408,334	1,676,513

Within the other creditors is £964,213 (2016:£510,101) which are secured over the book debts of the company under a debt factoring arrangement. HP agreements are secured over the assets to which they relate.




8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
	2017	2016
	£	£
Hire purchase >1yr	22,075	39,783
	22,075	39,783




9. EMPLOYEES

	2017	2016
	No.	No.
Average number of employees	50	53




10. PROVISIONS FOR LIABILITIES	2017	2016
	£	£
Warranties	45,231	78,988
Deferred taxation	40,027	33,288
Other provisions	58,620	-
Other timing differences	1,018	-
	144,896	112,276


The provision relates to warranties to replace defective products sold during the prior year.




11. SHARE CAPITAL	2017	2016
	£	£
Allotted, issued and fully paid:
996 Class A shares of £1 each	996	996
1 Class B shares of £1 each	1	1
1 Class C shares of £1 each	1	1
1 Class 4 shares of £1 each	1	1
1 Class 5 shares of £1 each	1	1
	1,000	1,000

New shares issued during period:
Class B shares of £1 each		1
Class C shares of £1 each		1
Class 4 shares of £1 each		1
Class 5 shares of £1 each		1




12. REVALUATION RESERVE	2017	2016
	£	£
Revaluation reserve	-	239,960
	-	239,960




13. OTHER RESERVES	2017	2016
	£	£
Non-distributable reserve	245,320	-
	245,320	-

This reserve is used to record increases in the fair value of investment properties and decreases to the extent that such decreases relates to the same asset.




14. CONTROLLING PARTY
The company was under the control of its directors, who controlled the whole of the company's issued ordinary share capital throughtout the whole of the year and the previous year.




15. RELATED PARTY TRANSACTIONS
The company is related to its wholly owned subsidiary undertaking, Alpha Sheet Metal (North) Limited.
Included in debtors is £64,982 (2016:£44,825) owed by Alpha Sheet Metal (North) Limited.




16. POST BALANCE SHEET EVENTS
Country Lane Property and Land Advisers was dissolved on 29th May 2018, a company under common control by the same directors as PE Systems Limited. The outstanding balance owed by Country Lane of £541,928, was fully written off by 2017, with £91,928 being in this financial year.