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COMPANY REGISTRATION NUMBER: 01580637
Pinstructure Limited
Filleted Unaudited Financial Statements
For the year ended
31 January 2023
Pinstructure Limited
Financial Statements
Year ended 31 January 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Pinstructure Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
5
153,000
Tangible assets
6
281,448
294,840
Investments
7
600
600
---------
---------
435,048
295,440
Current assets
Stocks
1,396,563
901,048
Debtors
8
1,182,938
1,049,261
Cash at bank and in hand
324,690
903,350
------------
------------
2,904,191
2,853,659
Creditors: amounts falling due within one year
9
532,022
544,590
------------
------------
Net current assets
2,372,169
2,309,069
------------
------------
Total assets less current liabilities
2,807,217
2,604,509
Creditors: amounts falling due after more than one year
10
1,493
5,076
Provisions
Taxation including deferred tax
34,153
27,078
------------
------------
Net assets
2,771,571
2,572,355
------------
------------
Pinstructure Limited
Statement of Financial Position (continued)
31 January 2023
2023
2022
Note
£
£
£
£
Capital and reserves
Called up share capital
11
20,100
20,100
Profit and loss account
2,751,471
2,552,255
------------
------------
Shareholders funds
2,771,571
2,572,355
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 1 September 2023 , and are signed on behalf of the board by:
R G Tracey C L Neale
Director Director
Company registration number: 01580637
Pinstructure Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 50, Enfield Industrial Estate, Redditch, Worcs, B97 6DE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when goods are physically delivered to the customer.
Tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term.
Goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
All tangible fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Buildings
-
2% straight line
Leasehold Property
-
2% straight line or straight line over remaining period of lease
Plant & Equipment
-
15% reducing balance or 20% straight line
Motor Vehicles
-
25% reducing balance
Office Equipment
-
15% reducing balance or 20% straight line
Investment motor vehicles
Investment motor vehicles are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss. The directors who are not professionally qualified valuers, have considered the value of similar motor vehicles to ascertain the fair value of the investment motor vehicles.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into, either as financial assets, financial liabilities or equity interests. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 32 (2022: 29 ).
5. Intangible assets
Goodwill
£
Cost
At 1 Feb 2022
1,000
Additions
Acquisitions through business combinations
170,000
---------
At 31 Jan 2023
171,000
---------
Amortisation
At 1 Feb 2022
1,000
Charge for the year
17,000
---------
At 31 Jan 2023
18,000
---------
Carrying amount
At 31 Jan 2023
153,000
---------
At 31 Jan 2022
---------
6. Tangible assets
At 1 Feb 2022
Additions
At 31 Jan 2023
£
£
£
Cost
Freehold Land and Buildings
229,578
229,578
Leasehold Property
59,302
59,302
Plant & Equipment
425,657
425,657
Motor Vehicles
38,498
38,498
Office Equipment
104,926
23,147
128,073
Investment Motor Vehicles
9,000
9,000
---------
--------
---------
866,961
23,147
890,108
---------
--------
---------
At 1 Feb 2022
Charge for the year
At 31 Jan 2023
£
£
£
Depreciation
Freehold Land and Buildings
104,158
3,591
107,749
Leasehold Property
50,059
313
50,372
Plant & Equipment
314,757
21,711
336,468
Motor Vehicles
24,402
3,524
27,926
Office Equipment
78,745
7,400
86,145
---------
--------
---------
572,121
36,539
608,660
---------
--------
---------
At 31 Jan 2023
At 31 Jan 2022
£
£
Carrying amount
Freehold Land and Buildings
121,829
125,420
Leasehold Property
8,930
9,243
Plant & Equipment
89,189
110,900
Motor Vehicles
10,572
14,096
Office Equipment
41,928
26,181
Investment Motor Vehicles
9,000
9,000
---------
---------
281,448
294,840
---------
---------
Investment motor vehicles have been valued at the balance sheet date by the directors.
7. Investments
Unquoted Investments
£
Cost/Valuation
At 1 Feb 2022 and 31 Jan 2023
600
----
Impairment
At 1 Feb 2022 and 31 Jan 2023
----
Carrying amount
At 31 Jan 2023
600
----
At 31 Jan 2022
600
----
8. Debtors
2023
2022
£
£
Trade debtors
1,130,967
1,000,547
Other debtors
51,971
48,714
------------
------------
1,182,938
1,049,261
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
208,854
271,728
Social security and other taxes
285,360
245,280
Other creditors
37,808
27,582
---------
---------
532,022
544,590
---------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,493
5,076
-------
-------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
20,100
20,100
20,100
20,100
--------
--------
--------
--------
12. Other financial commitments
Total commitments under operating leases at the year-end totalled £ 237,489 (2022 - £ 291,965 ).
13. Directors' advances, credits and guarantees
With regard to the advances to directors, the balance at the start of the year was £ 560 . Further advances totalling £nil and repayments totalling £ 560 were made during the year and the balance at the year-end was £nil. The advances were made interest-free and are repayable on demand.