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Pambry Electronics Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2022

Registration number: 01049614

 

Pambry Electronics Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Pambry Electronics Limited

Company Information

Directors

Mrs Y P Bicknell

N R Bicknell

S K Bicknell

P Gostkiewicz

J B Ridout

Company secretary

Mrs Y P Bicknell

Registered office

Ashington House
Merley Park Road
Wimborne
Dorset
BH21 3DB

Bankers

Lloyds TSB Bank plc
101 High Street
Poole
Dorset
BH15 1AT

Accountants

PKF Francis Clark
Chartered Accountants
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

 

Pambry Electronics Limited

Balance Sheet

30 April 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

417,696

440,990

Current assets

 

Stocks

5

466,189

532,213

Debtors

6

487,046

429,239

Cash at bank and in hand

 

574,358

194,630

 

1,527,593

1,156,082

Creditors: Amounts falling due within one year

7

(451,764)

(492,264)

Net current assets

 

1,075,829

663,818

Total assets less current liabilities

 

1,493,525

1,104,808

Creditors: Amounts falling due after more than one year

7

(235,233)

(160,543)

Provisions for liabilities

(12,295)

(17,885)

Net assets

 

1,245,997

926,380

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,245,897

926,280

Shareholders' funds

 

1,245,997

926,380

 

Pambry Electronics Limited

Balance Sheet

30 April 2022

For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 September 2022 and signed on its behalf by:
 

.........................................
N R Bicknell
Director

 

Pambry Electronics Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2022

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Ashington House
Merley Park Road
Wimborne
Dorset
BH21 3DB

These financial statements were authorised for issue by the Board on 9 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Pambry Electronics Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2022

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance basis

Fixtures, fittings and equipment

15% reducing balance basis

Motor vehicles

20% reducing balance basis

Computer equipment

3 year straight line basis

Land and Buildings

50 years straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Pambry Electronics Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2022

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2021 - 24).

 

Pambry Electronics Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2022

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 May 2021

492,275

68,047

18,071

360,987

939,380

Additions

-

2,419

-

3,797

6,216

At 30 April 2022

492,275

70,466

18,071

364,784

945,596

Depreciation

At 1 May 2021

149,306

55,582

10,521

282,981

498,390

Charge for the year

11,422

3,481

2,508

12,099

29,510

At 30 April 2022

160,728

59,063

13,029

295,080

527,900

Carrying amount

At 30 April 2022

331,547

11,403

5,042

69,704

417,696

At 30 April 2021

342,969

12,465

7,550

78,006

440,990

5

Stocks

2022
£

2021
£

Other inventories

466,189

532,213

6

Debtors

Current

2022
£

2021
£

Trade debtors

450,086

374,297

Prepayments

1,336

2,954

Other debtors

35,624

51,988

 

487,046

429,239

 

Pambry Electronics Limited

Notes to the Unaudited Financial Statements

Year Ended 30 April 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
 £

2021
 £

Due within one year

 

Loans and borrowings

8

45,246

68,240

Trade creditors

 

275,206

260,252

Corporation tax

82,559

50,266

Social security and other taxes

 

26,807

16,148

Accrued expenses

 

18,691

14,375

Other creditors

 

3,255

82,983

 

451,764

492,264

Due after one year

 

Loans and borrowings

8

235,233

160,543

8

Loans and borrowings

Bank loans and mortgages totalling £280,479 (2021 - £228,783) are secured.

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £76,000 (2021 - £Nil).

10

Related party transactions

N R Bicknell

(Director)
At the year end Mr N R Bicknell owed the company £nil (2021 - £8,989).

Y P Bicknell

(Director)
At the year end Mrs Y P Bicknell owed the company £nil (2021 - £4,735).

S K Bicknell

(Director)
At the year end Mr S K Bicknell owed £nil to the company (2021 - £4,641 owed from the company).