REGISTERED NUMBER: |
PMBL Limited |
Unaudited Financial Statements for the Year Ended 31 December 2021 |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
PMBL Limited (Registered number: 04032385) |
Balance Sheet - continued |
31 December 2021 |
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. |
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 |
PMBL Limited (Registered number: 04032385) |
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
PMBL Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
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 |
5. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and | Motor | Computer |
property | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2021 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
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 |
Disposals | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
PROVISIONS |
At 1 January 2021 |
and 31 December 2021 | 112,998 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
7. | DEBTORS |
2021 | 2020 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contract |
Other debtors |
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 |
Aggregate amounts |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Hire purchase contracts |
Payments on account |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2021 | 2020 |
£ | £ |
Hire purchase contracts |
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 |
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 |
Provided during year | ( |
) |
Balance at 31 December 2021 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |