REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 July 2022 |
for |
Pentagon Secure Products Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors: amounts falling due within one year | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 14 |
Retained earnings |
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 |
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 |
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 |
3. | ACCOUNTING POLICIES |
Summary of significant accounting policies |
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. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
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 |
5. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
Additions |
At 31 July 2022 |
AMORTISATION |
Amortisation for year |
At 31 July 2022 |
NET BOOK VALUE |
At 31 July 2022 |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 August 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 July 2022 |
DEPRECIATION |
At 1 August 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 July 2022 |
NET BOOK VALUE |
At 31 July 2022 |
At 31 July 2021 |
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 |
Additions |
Transfer to ownership | (19,379 | ) |
At 31 July 2022 |
DEPRECIATION |
At 1 August 2021 |
Charge for year |
Transfer to ownership | (6,967 | ) |
At 31 July 2022 |
NET BOOK VALUE |
At 31 July 2022 |
At 31 July 2021 |
7. | STOCKS |
2022 | 2021 |
£ | £ |
Stocks |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 11) |
Trade creditors |
Taxation and social security |
Other creditors |
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 |
Hire purchase contracts (see note 11) |
Other creditors |
11. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank overdrafts |
Hire purchase contracts | 39,681 | 38,503 |
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 |
Credit to Income Statement during year | ( |
) |
Balance at 31 July 2022 |
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 |