Company Registration No. 03623837 (England and Wales)
PNEUFORM MACHINES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 SEPTEMBER 2021
PAGES FOR FILING WITH REGISTRAR
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
PNEUFORM MACHINES LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
PNEUFORM MACHINES LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr T. Clark
Secretary
Mrs M. Williams
Company number
03623837
Registered office
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
Accountants
TC Group
The Granary
Hones Yard
1 Waverley Lane
Farnham
Surrey
GU9 8BB
PNEUFORM MACHINES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2021
30 September 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,344
2,682
Current assets
Stocks
3,000
3,420
Debtors
4
3,262
9,254
Cash at bank and in hand
5,261
128,282
11,523
140,956
Creditors: amounts falling due within one year
5
(6,661)
(5,496)
Net current assets
4,862
135,460
Total assets less current liabilities
6,206
138,142
Capital and reserves
Called up share capital
35,000
100,000
Revaluation reserve
6
1,250
2,500
Capital redemption reserve
65,000
Profit and loss reserves
(95,044)
35,642
Total equity
6,206
138,142
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
PNEUFORM MACHINES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2021
30 September 2021
- 3 -
For the financial period ended 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 21 December 2021
Mr T. Clark
Director
Company Registration No. 03623837
The notes on pages 4 to 8 form part of these financial statements
PNEUFORM MACHINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 4 -
1
Accounting policies
Company information
Pneuform Machines Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
The Granary, Hones Yard, 1 Waverley Lane, Farnham, Surrey, GU9 8BB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The director has assessed the impact of the COVID-19 pandemic and believes that they have taken sufficient steps and have adequate resources in place to continue trading for at least twelve months from the date that these financial statements are signed.
On the basis of this assessment the director considers that it is appropriate to prepare these financial statements on a going concern basis.
1.3
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax, after making adjustments for accrued and deferred income.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% straight line
Office equipment
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
PNEUFORM MACHINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Work in progress is valued at the lower of cost and net realisable value
, after making due allowance for obsolete and slow moving items.
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
PNEUFORM MACHINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including
creditors
that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.11
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
PNEUFORM MACHINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 7 -
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
2020
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery
Office equipment
Total
£
£
£
Cost
At 1 September 2020 and 30 September 2021
36,311
8,855
45,166
Depreciation and impairment
At 1 September 2020
33,629
8,855
42,484
Depreciation charged in the period
1,338
1,338
At 30 September 2021
34,967
8,855
43,822
Carrying amount
At 30 September 2021
1,344
1,344
At 31 August 2020
2,682
2,682
PNEUFORM MACHINES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 8 -
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
3,030
3,762
Corporation tax recoverable
3,945
Other debtors
232
1,547
3,262
9,254
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
3,381
1,435
Other creditors
2,695
2,695
Accruals and deferred income
585
1,366
6,661
5,496
6
Revaluation reserve
2021
2020
£
£
At beginning of period
2,500
3,750
Transfer to retained earnings
(1,250)
(1,250)
At end of period
1,250
2,500