Performance Materials Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09174053 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2018

FOR

PERFORMANCE MATERIALS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs L Van Der Zwan

M Van Der Zwan

P V Haines

REGISTERED OFFICE:

1 City Road East

Manchester

M15 4PN

REGISTERED NUMBER:

09174053 (England and Wales)

ACCOUNTANTS:

KAY JOHNSON GEE LLP

1 City Road East

Manchester

M15 4PN

FIXED ASSETS

Tangible assets

4

13,827

3,262

CURRENT ASSETS

Stocks

36,710

30,948

Debtors

5

78,350

16,876

Cash at bank and in hand

8,097

7,749

123,157

55,573

CREDITORS

Amounts falling due within one year

6

131,046

54,124

NET CURRENT (LIABILITIES)/ASSETS

(7,889

)

1,449

TOTAL ASSETS LESS CURRENT LIABILITIES

5,938

4,711

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

5,838

4,611

SHAREHOLDERS' FUNDS

5,938

4,711

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2018 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 Profit and Loss Account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors on 14th December 2018 and were signed on its behalf by:

M Van Der Zwan - Director

1.	STATUTORY INFORMATION

Performance Materials Limited is a private company limited by share capital, incorporated in England and

Wales, registration number 09174053. The address of the registered office is 1 City Road East, Manchester,

M15 4PN. The address of the principal place of business is New St Marks Works, St Marks Lane, Manchester,

M7 4FE.

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 stated net of VAT and trade discounts and is recognised when the significant risks and rewards are

considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the

goods are physically delivered to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated

impairment losses.

The company assesses at each reporting date whether tangible fixed assets are impaired.

Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their

estimated useful lives, using the following methods:

Plant and machinery

20% on cost

Computer equipment

33% on cost

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant

change since the last annual reporting date in the pattern by which the company expects to consume an asset's

future economic benefits.

Stocks

Stocks are recognised at the lower of cost and estimated selling price less costs to complete and sell. Cost is

based on the first-in first out basis and includes expenditure incurred in acquiring the stocks, production or

conversion costs and other costs in bringing them to their existing location and condition.

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual

arrangement, as financial assets, financial liabilities or equity instruments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

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 tax

Deferred 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.

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.

Trade and other debtors/creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade

and other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent

to initial recognition they are measured at amortised cost using the effective interest method, less any

impairment losses in the case of trade debtors.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2017 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1st June 2017

7,120

410

7,530

Additions

15,000

-

15,000

At 31st May 2018

22,120

410

22,530

DEPRECIATION

At 1st June 2017

3,869

399

4,268

Charge for year

4,424

11

4,435

At 31st May 2018

8,293

410

8,703

NET BOOK VALUE

At 31st May 2018

13,827

-

13,827

At 31st May 2017

3,251

11

3,262

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

62,055

15,933

Other debtors

16,295

943

78,350

16,876

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

109,333

24,007

Taxation and social security

1,147

1,095

Other creditors

20,566

29,022

131,046

54,124

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

40

Ordinary A

£1

40

40

30

Ordinary B

£1

30

30

30

Ordinary C

£1

30

30

100

100