IRIS Accounts Production v22.2.0.402 10472655 director 1.8.21 31.7.22 31.7.22 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure104726552021-07-31104726552022-07-31104726552021-08-012022-07-31104726552020-07-31104726552020-08-012021-07-31104726552021-07-3110472655ns16:EnglandWales2021-08-012022-07-3110472655ns15:PoundSterling2021-08-012022-07-3110472655ns11:Director12021-08-012022-07-3110472655ns11:PrivateLimitedCompanyLtd2021-08-012022-07-3110472655ns11:SmallEntities2021-08-012022-07-3110472655ns11:AuditExempt-NoAccountantsReport2021-08-012022-07-3110472655ns11:SmallCompaniesRegimeForDirectorsReport2021-08-012022-07-3110472655ns11:SmallCompaniesRegimeForAccounts2021-08-012022-07-3110472655ns11:FullAccounts2021-08-012022-07-311047265512021-08-012022-07-3110472655ns11:CompanySecretary12021-08-012022-07-3110472655ns11:RegisteredOffice2021-08-012022-07-3110472655ns6:CurrentFinancialInstruments2022-07-3110472655ns6:CurrentFinancialInstruments2021-07-3110472655ns6:Non-currentFinancialInstruments2022-07-3110472655ns6:Non-currentFinancialInstruments2021-07-3110472655ns6:ShareCapital2022-07-3110472655ns6:ShareCapital2021-07-3110472655ns6:RetainedEarningsAccumulatedLosses2022-07-3110472655ns6:RetainedEarningsAccumulatedLosses2021-07-3110472655ns6:IntangibleAssetsOtherThanGoodwill2021-08-012022-07-3110472655ns6:ComputerSoftware2021-08-012022-07-3110472655ns6:PlantMachinery2021-08-012022-07-3110472655ns6:FurnitureFittings2021-08-012022-07-3110472655ns6:MotorVehicles2021-08-012022-07-3110472655ns6:ComputerEquipment2021-08-012022-07-3110472655ns6:ComputerSoftware2022-07-3110472655ns6:PlantMachinery2021-07-3110472655ns6:FurnitureFittings2021-07-3110472655ns6:MotorVehicles2021-07-3110472655ns6:ComputerEquipment2021-07-3110472655ns6:PlantMachinery2022-07-3110472655ns6:FurnitureFittings2022-07-3110472655ns6:MotorVehicles2022-07-3110472655ns6:ComputerEquipment2022-07-3110472655ns6:PlantMachinery2021-07-3110472655ns6:FurnitureFittings2021-07-3110472655ns6:MotorVehicles2021-07-3110472655ns6:ComputerEquipment2021-07-3110472655ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2021-07-3110472655ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2021-08-012022-07-3110472655ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-07-3110472655ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2021-07-3110472655ns6:WithinOneYearns6:CurrentFinancialInstruments2022-07-3110472655ns6:WithinOneYearns6:CurrentFinancialInstruments2021-07-3110472655ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2022-07-3110472655ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2021-07-3110472655ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2022-07-3110472655ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2021-07-3110472655ns6:HirePurchaseContracts2022-07-3110472655ns6:HirePurchaseContracts2021-07-3110472655ns6:WithinOneYear2022-07-3110472655ns6:WithinOneYear2021-07-3110472655ns6:BetweenOneFiveYears2022-07-3110472655ns6:BetweenOneFiveYears2021-07-3110472655ns6:AllPeriods2022-07-3110472655ns6:AllPeriods2021-07-3110472655ns6:Secured2022-07-3110472655ns6:Secured2021-07-3110472655ns6:DeferredTaxation2021-07-3110472655ns6:DeferredTaxation2021-08-012022-07-3110472655ns6:DeferredTaxation2022-07-31
REGISTERED NUMBER: 10472655 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 July 2022

for

Pentagon Secure Products Limited

Pentagon Secure Products Limited (Registered number: 10472655)






Contents of the Financial Statements
for the year ended 31 July 2022




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Pentagon Secure Products Limited

Company Information
for the year ended 31 July 2022







DIRECTOR: S J Williams





SECRETARY: Mrs A Longshaw





REGISTERED OFFICE: Suite 1.06/1.07 Dragons Wharf
Dragons Lane
Sandbach
Cheshire
CW11 3PA





REGISTERED NUMBER: 10472655 (England and Wales)





ACCOUNTANTS: Banks Sheridan
Datum House
Electra Way
Crewe
Cheshire
CW1 6ZF

Pentagon Secure Products Limited (Registered number: 10472655)

Statement of Financial Position
31 July 2022

2022 2021
Notes £    £   
FIXED ASSETS
Intangible assets 5 893 -
Tangible assets 6 77,848 72,890
78,741 72,890

CURRENT ASSETS
Stocks 7 864,620 366,951
Debtors: amounts falling due within one year 8 751,646 447,241
Cash at bank and in hand 43,194 11,568
1,659,460 825,760
CREDITORS
Amounts falling due within one year 9 (1,295,782 ) (490,707 )
NET CURRENT ASSETS 363,678 335,053
TOTAL ASSETS LESS CURRENT
LIABILITIES

442,419

407,943

CREDITORS
Amounts falling due after more than one
year

10

(93,027

)

(223,112

)

PROVISIONS FOR LIABILITIES 13 (4,509 ) (5,429 )
NET ASSETS 344,883 179,402

CAPITAL AND RESERVES
Called up share capital 14 43,001 13,001
Retained earnings 301,882 166,401
344,883 179,402

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Pentagon Secure Products Limited (Registered number: 10472655)

Statement of Financial Position - continued
31 July 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 September 2022 and were signed by:





S J Williams - Director


Pentagon Secure Products Limited (Registered number: 10472655)

Notes to the Financial Statements
for the year ended 31 July 2022

1. STATUTORY INFORMATION

Pentagon Secure Products Limited ('The Company') is primarily engaged in the sale of industrial secure packaging accessories.

The company is a private company limited by shares and is incorporated in England and Wales. The address of the principal place of business and of the registered office is 1.06/1.07 Dragons Wharf, Dragons Lane, Sandbach, Cheshire, CW11 3PA. The registered number can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Summary of significant accounting policies
The financial statements have been prepared under the historical cost convention.

The principle accounting policies applied in the preparation of these financial statements are set out below.

These policies have been consistently applied to all years presented, unless otherwise stated.

Basis of preparation
The financial statements are prepared on the going concern basis under the historical cost convention and comply with the United Kingdom Accounting Standards and Companies Act 2006.

Going concern
No material uncertainties that may cast doubt about the ability of the company to continue as a going concern have been identified by the director.

Therefore the director considers it appropriate to prepare the financial statements on the going concern basis.

Turnover
Revenue (described as turnover) is the value of goods (net of VAT) provided to customers during the year. Revenue is recognised on the date goods are despatched.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

The depreciation rate on plant and machinery has been amended to more accurately reflect the estimated useful lives.

Pentagon Secure Products Limited (Registered number: 10472655)

Notes to the Financial Statements - continued
for the year ended 31 July 2022

3. ACCOUNTING POLICIES - continued

Government grants
Government grants are recognised on an accruals basis.

Capital based government grants are credited to the income statement over the estimated useful economic lives of the assets to which they relate. The deferred element of grant received are separately disclosed within creditors.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Cost includes all costs of purchase and also other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out basis.

An impairment loss is recognised for damaged, discontinued and slow-moving stock where appropriate.

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 end of the financial year.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the end of the financial year.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Pentagon Secure Products Limited (Registered number: 10472655)

Notes to the Financial Statements - continued
for the year ended 31 July 2022

3. ACCOUNTING POLICIES - continued

Impairment of assets
Assets not measured at fair value are reviewed for any indications that the asset may be impaired at each statement of financial position date. If such indications exists the recoverable amount of the asset or the assets cash generating unit is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Any losses arising from impairment are recognised in the Statement of Comprehensive Income under the appropriate heading.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2021 - 6 ) .

5. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
Additions 1,191
At 31 July 2022 1,191
AMORTISATION
Amortisation for year 298
At 31 July 2022 298
NET BOOK VALUE
At 31 July 2022 893

6. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 August 2021 19,853 904 62,379 12,953 96,089
Additions - 393 35,290 2,657 38,340
Disposals - - (19,379 ) - (19,379 )
At 31 July 2022 19,853 1,297 78,290 15,610 115,050
DEPRECIATION
At 1 August 2021 6,141 471 9,860 6,727 23,199
Charge for year 2,285 207 16,033 2,445 20,970
Eliminated on disposal - - (6,967 ) - (6,967 )
At 31 July 2022 8,426 678 18,926 9,172 37,202
NET BOOK VALUE
At 31 July 2022 11,427 619 59,364 6,438 77,848
At 31 July 2021 13,712 433 52,519 6,226 72,890

Pentagon Secure Products Limited (Registered number: 10472655)

Notes to the Financial Statements - continued
for the year ended 31 July 2022

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 August 2021 52,638
Additions 19,933
Transfer to ownership (19,379 )
At 31 July 2022 53,192
DEPRECIATION
At 1 August 2021 7,120
Charge for year 10,443
Transfer to ownership (6,967 )
At 31 July 2022 10,596
NET BOOK VALUE
At 31 July 2022 42,596
At 31 July 2021 45,518

7. STOCKS
2022 2021
£    £   
Stocks 864,620 366,951

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 711,005 381,364
Other debtors 40,641 65,877
751,646 447,241

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 338,345 80,614
Hire purchase contracts (see note 11) 6,185 5,547
Trade creditors 754,267 330,770
Taxation and social security 156,271 56,003
Other creditors 40,714 17,773
1,295,782 490,707

Pentagon Secure Products Limited (Registered number: 10472655)

Notes to the Financial Statements - continued
for the year ended 31 July 2022

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 28,333 38,333
Hire purchase contracts (see note 11) 33,496 32,956
Other creditors 31,198 151,823
93,027 223,112

11. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2022 2021
£    £   
Net obligations repayable:
Within one year 6,185 5,547
Between one and five years 33,496 32,956
39,681 38,503

Non-cancellable operating leases
2022 2021
£    £   
Within one year 12,284 23,771
Between one and five years 22,365 6,830
34,649 30,601

12. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank overdrafts 328,345 70,614
Hire purchase contracts 39,681 38,503
368,026 109,117

The invoice financing facility shown as bank overdraft is secured by a specific charge over the company's debtors.

The hire purchase contracts are secured over the assets to which they relate.

13. PROVISIONS FOR LIABILITIES
2022 2021
£    £   
Deferred tax 4,509 5,429

Pentagon Secure Products Limited (Registered number: 10472655)

Notes to the Financial Statements - continued
for the year ended 31 July 2022

13. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 August 2021 5,429
Credit to Income Statement during year (920 )
Balance at 31 July 2022 4,509

14. CALLED UP SHARE CAPITAL

During the year 3,000,000 Ordinary share of 1p were issued for cash of £30,000.

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 July 2022 an amount of £36,765 (2021: £159,994) is owed to the directors and is included within creditors: amounts falling due within one year and creditors: amounts falling due after more than one year.

During the year interest of £7,805 (2021: £10,375) has been incurred by the company in respect of the director's loan. At 31 July 2022 an amount of £246 (2021: £494) remains unpaid and is included with accruals: amounts falling due within one year.

16. RELATED PARTY DISCLOSURES

At 31 July 2022 there was an amount of £21,157 (2021: £nil) outstanding to a person connected to the director and this is included within other creditors: amounts falling due within one year.

During the year interest payable of £1,167 (2021: £nil) has been incurred by the company in respect of the above amount. At 31 July 2022 an amount of £74 (2021: £nil) remains unpaid and is included with accruals: amounts falling due within one year