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REGISTERED NUMBER: 04032385 (England and Wales)















PMBL Limited

Unaudited Financial Statements for the Year Ended 31 December 2021






PMBL Limited (Registered number: 04032385)

Contents of the Financial Statements
for the Year Ended 31 December 2021










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PMBL Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: PA Lackie
MK Berry





SECRETARY: MK Berry





REGISTERED OFFICE: 3 Southernhay West
Exeter
Devon
EX1 1JG





REGISTERED NUMBER: 04032385 (England and Wales)





ACCOUNTANTS: Haines Watts Accountants (Exeter) Limited
3 Southernhay West
Exeter
Devon
EX1 1JG

PMBL Limited (Registered number: 04032385)

Balance Sheet
31 December 2021

2021 2020
Notes £    £   
FIXED ASSETS
Tangible assets 5 297,934 313,308
Investments 6 194,721 194,721
492,655 508,029

CURRENT ASSETS
Stocks 234,978 274,010
Debtors 7 1,980,464 1,294,132
Cash at bank 2,284,804 2,024,202
4,500,246 3,592,344
CREDITORS
Amounts falling due within one year 8 (1,475,847 ) (1,006,405 )
NET CURRENT ASSETS 3,024,399 2,585,939
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,517,054

3,093,968

CREDITORS
Amounts falling due after more than one
year

9

-

(9,750

)

PROVISIONS FOR LIABILITIES 11 (1,101,775 ) (1,072,679 )
NET ASSETS 2,415,279 2,011,539

CAPITAL AND RESERVES
Called up share capital 950 950
Retained earnings 2,414,329 2,010,589
SHAREHOLDERS' FUNDS 2,415,279 2,011,539

PMBL Limited (Registered number: 04032385)

Balance Sheet - continued
31 December 2021


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 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 Board of Directors and authorised for issue on 14 September 2022 and were signed on its behalf by:





PA Lackie - Director


PMBL Limited (Registered number: 04032385)

Notes to the Financial Statements
for the Year Ended 31 December 2021


1. STATUTORY INFORMATION

PMBL Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.
Improvements to property - 25% reducing balance
Plant and machinery - 20% straight line
Motor vehicles - 25% reducing balance
Computer equipment - 20% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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 balance sheet date.


PMBL Limited (Registered number: 04032385)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the directors and some staff. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.

The company also provides pension benefits for senior employees, under the terms of the pension contracts entered into with the senior employees, fixed sums are provided for now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contracted amount.

Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined benefit scheme as the company's contributions are fixed until the point of retirement at which point any further contributions of annual increases cease. Further information can be found in note 7 to the financial statements.

Hire purchase and leasing
Rentals payable under operating leases are charged in the profit and loss as incurred.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease.

Assets held under hire purchase agreement are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital elements of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities and equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

PMBL Limited (Registered number: 04032385)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


3. ACCOUNTING POLICIES - continued

Fixed asset investments
A financial asset held as an equity instrument is recognised initially at the transaction price (including transaction costs).

At the end of each reporting period, unlisted equity investments are recorded at fair value, where appropriate, or at cost less impairment if their fair value cannot be reliably measured. Objective evidence of the impairment of financial assets is assessed at each period end and any impairment loss recognised in the profit or loss immediately. Impairment loss is calculated as the difference between the carrying amount of the instrument and the best estimate of the cash flows expected to be derived from the asset (including sales proceeds if sold) at the balance sheet date.


Investment income is recognised in the financial statements when the company becomes entitled to its share of profits from the fixed asset investment.

Trust
The company has created a trust whose beneficiaries will include employees of the company and their dependents. Assets held under this trust will be controlled by trustees who will be acting independently and entirely at their own discretion.

Where assets are held in the trust and these are considered by the company to be in respect of services already provided by employees to the company, the company will account for these as assets of the trust when payment is made to the trust. The value transferred will be charged in the company's profit and loss account for the year to which it relates.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2020 - 34 ) .

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2021 225,815 321,171 136,217 10,497 693,700
Additions - 24,158 66,380 9,731 100,269
Disposals (38,693 ) (107,667 ) (65,611 ) - (211,971 )
At 31 December 2021 187,122 237,662 136,986 20,228 581,998
DEPRECIATION
At 1 January 2021 95,538 234,824 49,575 455 380,392
Charge for year 31,275 21,855 24,421 3,618 81,169
Eliminated on disposal (33,517 ) (106,048 ) (37,932 ) - (177,497 )
At 31 December 2021 93,296 150,631 36,064 4,073 284,064
NET BOOK VALUE
At 31 December 2021 93,826 87,031 100,922 16,155 297,934
At 31 December 2020 130,277 86,347 86,642 10,042 313,308

PMBL Limited (Registered number: 04032385)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


5. 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 January 2021 135,811
Disposals (65,611 )
At 31 December 2021 70,200
DEPRECIATION
At 1 January 2021 49,112
Charge for year 14,705
Eliminated on disposal (37,932 )
At 31 December 2021 25,885
NET BOOK VALUE
At 31 December 2021 44,315
At 31 December 2020 86,699

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2021
and 31 December 2021 307,719
PROVISIONS
At 1 January 2021
and 31 December 2021 112,998
NET BOOK VALUE
At 31 December 2021 194,721
At 31 December 2020 194,721

7. DEBTORS
2021 2020
£    £   
Amounts falling due within one year:
Trade debtors 419,145 353,436
Amounts owed by group undertakings 479,850 376,523
Amounts recoverable on contract 112,489 -
Other debtors 899,563 564,173
1,911,047 1,294,132

PMBL Limited (Registered number: 04032385)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


7. DEBTORS - continued
2021 2020
£    £   
Amounts falling due after more than one year:
Other debtors 69,417 -

Aggregate amounts 1,980,464 1,294,132

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Hire purchase contracts 9,750 16,288
Payments on account 366,509 431,086
Trade creditors 420,358 196,247
Taxation and social security 402,630 220,738
Other creditors 276,600 142,046
1,475,847 1,006,405

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Hire purchase contracts - 9,750

10. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Hire purchase contracts 9,750 26,038

Hire purchase liabilities are secured over the asset to which the liability relates.

There is a debenture deed in place dated 14 March 2017 for all monies owed to Lloyds Bank PLC.

There are deeds of security assignment dated 30 September 2009, 30 March 2010, 30 June 2011, and 30 September 2011 for all monies owed to Ingenious Resources Limited.

11. PROVISIONS FOR LIABILITIES
2021 2020
£    £   
Deferred tax
Accelerated capital allowances 30,775 31,217

PMBL Limited (Registered number: 04032385)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


2021 2020
£    £   
Other provisions
Warranty provisions 571,000 541,462
Retirement benefits 500,000 500,000
1,071,000 1,041,462

Aggregate amounts 1,101,775 1,072,679

Warranty
Deferred & Retirement
tax Benefit
£    £   
Balance at 1 January 2021 31,217 1,041,461
Provided during year (442 ) -
Balance at 31 December 2021 30,775 1,041,461

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

2021 2020
£    £   
MK Berry
Balance outstanding at start of year 204,915 126,860
Amounts advanced 167,778 257,454
Amounts repaid - (179,399 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 372,693 204,915

PA Lackie
Balance outstanding at start of year 255,843 177,014
Amounts advanced - 258,253
Amounts repaid (22,797 ) (179,424 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 233,046 255,843

Interest is charged on the loans at the rate set by HM Revenue and Customs.

PMBL Limited (Registered number: 04032385)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021


13. RELATED PARTY DISCLOSURES

Included within debtors is a loan with a related party of £479,850 (2020 £376,522). The loan is interest free and repayable on demand.

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2021 2020
£    £   
Aggregate compensation 237,000 500,000

14. ULTIMATE PARENT ENTITY

The company is controlled by PMBL Holdings LImited, a company registered in England and Wales.

The registered office and principal place of business is:

3 Southernhay West
Exeter
EX1 1JG

Group accounts are not prepared by PMBL Holdings Limited.