REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 3RD MAY 2022 TO 30TH APRIL 2023 |
FOR |
PEWTER SHEET COMPANY LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE PERIOD 3RD MAY 2022 TO 30TH APRIL 2023 |
FOR |
PEWTER SHEET COMPANY LIMITED |
PEWTER SHEET COMPANY LIMITED (REGISTERED NUMBER: 05734027) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 3RD MAY 2022 TO 30TH APRIL 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PEWTER SHEET COMPANY LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 3RD MAY 2022 TO 30TH APRIL 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
47 Calthorpe Road |
Edgbaston |
BIRMINGHAM |
B15 1TH |
BANKERS: |
35 College Street |
Rotherham |
South Yorkshire |
S65 1AF |
INCORPORATED: |
PEWTER SHEET COMPANY LIMITED (REGISTERED NUMBER: 05734027) |
ABRIDGED BALANCE SHEET |
30TH APRIL 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
PEWTER SHEET COMPANY LIMITED (REGISTERED NUMBER: 05734027) |
ABRIDGED BALANCE SHEET - continued |
30TH APRIL 2023 |
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 |
PEWTER SHEET COMPANY LIMITED (REGISTERED NUMBER: 05734027) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 3RD MAY 2022 TO 30TH APRIL 2023 |
1. | STATUTORY INFORMATION |
Pewter Sheet Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Plant and machinery - 15% reducing balance |
Motor vehicles - 25% reducing balance |
Fixtures and fittings - 25% reducing balance |
Stocks |
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from banks and loans from related parties. |
Taxation |
Taxation for the period 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. |
PEWTER SHEET COMPANY LIMITED (REGISTERED NUMBER: 05734027) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 3RD MAY 2022 TO 30TH APRIL 2023 |
2. | 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 period 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. |
Hire purchase and leasing commitments |
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. |
The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. |
Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining |
balance of the liability. |
Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. |
Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
PEWTER SHEET COMPANY LIMITED (REGISTERED NUMBER: 05734027) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 3RD MAY 2022 TO 30TH APRIL 2023 |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 3rd May 2022 |
Additions |
At 30th April 2023 |
DEPRECIATION |
At 3rd May 2022 |
Charge for period |
At 30th April 2023 |
NET BOOK VALUE |
At 30th April 2023 |
At 2nd May 2022 |
Cost or valuation at 30th April 2023 is represented by: |
Totals |
£ |
Valuation in 2017 | 18,964 |
Cost | 22,806 |
41,770 |
PEWTER SHEET COMPANY LIMITED (REGISTERED NUMBER: 05734027) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 3RD MAY 2022 TO 30TH APRIL 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Totals |
£ |
COST OR VALUATION |
At 3rd May 2022 | 15,495 |
Transfer to ownership | (15,495 | ) |
At 30th April 2023 | - |
DEPRECIATION |
At 3rd May 2022 | 11,620 |
Transfer to ownership | (11,620 | ) |
At 30th April 2023 | - |
NET BOOK VALUE |
At 30th April 2023 | - |
At 2nd May 2022 | 3,875 |
5. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bounce back loan |
Amounts falling due between one and two years: |
Bounce back loan | 10,162 |
Amounts falling due between two and five years: |
Bounce back loan |
PEWTER SHEET COMPANY LIMITED (REGISTERED NUMBER: 05734027) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 3RD MAY 2022 TO 30TH APRIL 2023 |
6. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
The total lease payments recognised as an expense during the year was £15,000 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
There is an all monies fixed and floating debenture given to the bank over all assets of the company. This is to cover any bank loan outstanding and overdraft facilities. |
8. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 3,461 | 3,931 |
PEWTER SHEET COMPANY LIMITED (REGISTERED NUMBER: 05734027) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 3RD MAY 2022 TO 30TH APRIL 2023 |
8. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 3rd May 2022 |
Movement during the year | (470 | ) |
Balance at 30th April 2023 |
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. |
Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | £1 | 7 | 7 |
Ordinary B | £1 | 1 | 1 |
Ordinary C | £1 | 1 | 1 |
Ordinary D | £1 | 1 | 1 |
10 | 10 |
10. | RESERVES |
Revaluation |
reserve |
£ |
At 3rd May 2022 |
Transfer excess depreciation |
on revaluation | (1,690 | ) |
Transfer additional deferred |
tax on revaluation | 2,812 |
At 30th April 2023 |