Company registration number 04679210 (England and Wales)
PD Components Ltd
Unaudited financial statements
For the year ended 31 March 2023
PD Components Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 7
PD Components Ltd
Statement of financial position
As at 31 March 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
26,564
29,297
Tangible assets
4
3,258
1,698
29,822
30,995
Current assets
Stocks
3,665
3,802
Debtors
5
2,530
18,298
Cash at bank and in hand
125,208
73,335
131,403
95,435
Creditors: amounts falling due within one year
6
(65,554)
(81,261)
Net current assets
65,849
14,174
Net assets
95,671
45,169
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
95,571
45,069
Total equity
95,671
45,169

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 2 October 2023 and are signed on its behalf by:
Mr G D Foskett
Director
Company Registration No. 04679210
PD Components Ltd
Notes to the financial statements
For the year ended 31 March 2023
- 2 -
1
Accounting policies
Company information

PD Components Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Glades, Festival Way, Festival Park, Stoke on Trent, Staffordshire, ST1 5SQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
33% on cost
Patents and Licences
5% on cost
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

PD Components Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% on cost
Fixtures and fittings
20% on cost
Computers
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

PD Components Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

PD Components Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
PD Components Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 6 -
3
Intangible fixed assets
Website
Patents and Licences
Total
£
£
£
Cost
At 1 April 2022
2,500
50,460
52,960
Disposals
-
0
(350)
(350)
At 31 March 2023
2,500
50,110
52,610
Amortisation and impairment
At 1 April 2022
2,500
21,163
23,663
Amortisation charged for the year
-
0
2,523
2,523
Disposals
-
0
(140)
(140)
At 31 March 2023
2,500
23,546
26,046
Carrying amount
At 31 March 2023
-
0
26,564
26,564
At 31 March 2022
-
0
29,297
29,297
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2022
25,097
129
14,801
40,027
Additions
-
0
-
0
2,156
2,156
Disposals
-
0
(129)
(3,133)
(3,262)
At 31 March 2023
25,097
-
0
13,824
38,921
Depreciation and impairment
At 1 April 2022
25,097
103
13,129
38,329
Depreciation charged in the year
-
0
26
486
512
Eliminated in respect of disposals
-
0
(129)
(3,049)
(3,178)
At 31 March 2023
25,097
-
0
10,566
35,663
Carrying amount
At 31 March 2023
-
0
-
0
3,258
3,258
At 31 March 2022
-
0
26
1,672
1,698
PD Components Ltd
Notes to the financial statements (continued)
For the year ended 31 March 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
0
6,146
Other debtors
2,530
12,152
2,530
18,298
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
1,972
Taxation and social security
23,927
14,942
Other creditors
41,627
64,347
65,554
81,261
2023-03-31 2022-04-01 false 02 October 2023 CCH Software CCH Accounts Production 2023.200 No description of principal activity Mr G D Foskett Mrs Maureen Foskett Mrs M Foskett 04679210 2022-04-01 2023-03-31 04679210 2023-03-31 04679210 2022-03-31 04679210 core:ComputerSoftware 2023-03-31 04679210 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 04679210 core:ComputerSoftware 2022-03-31 04679210 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 04679210 core:PlantMachinery 2023-03-31 04679210 core:FurnitureFittings 2023-03-31 04679210 core:ComputerEquipment 2023-03-31 04679210 core:PlantMachinery 2022-03-31 04679210 core:FurnitureFittings 2022-03-31 04679210 core:ComputerEquipment 2022-03-31 04679210 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04679210 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 04679210 core:CurrentFinancialInstruments 2023-03-31 04679210 core:CurrentFinancialInstruments 2022-03-31 04679210 core:ShareCapital 2023-03-31 04679210 core:ShareCapital 2022-03-31 04679210 core:RetainedEarningsAccumulatedLosses 2023-03-31 04679210 core:RetainedEarningsAccumulatedLosses 2022-03-31 04679210 bus:Director1 2022-04-01 2023-03-31 04679210 core:IntangibleAssetsOtherThanGoodwill 2022-04-01 2023-03-31 04679210 core:ComputerSoftware 2022-04-01 2023-03-31 04679210 core:PatentsTrademarksLicencesConcessionsSimilar 2022-04-01 2023-03-31 04679210 core:PlantMachinery 2022-04-01 2023-03-31 04679210 core:FurnitureFittings 2022-04-01 2023-03-31 04679210 core:ComputerEquipment 2022-04-01 2023-03-31 04679210 2021-04-01 2022-03-31 04679210 core:ComputerSoftware 2022-03-31 04679210 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 04679210 2022-03-31 04679210 core:PlantMachinery 2022-03-31 04679210 core:FurnitureFittings 2022-03-31 04679210 core:ComputerEquipment 2022-03-31 04679210 core:WithinOneYear 2023-03-31 04679210 core:WithinOneYear 2022-03-31 04679210 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04679210 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 04679210 bus:FRS102 2022-04-01 2023-03-31 04679210 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04679210 bus:Director2 2022-04-01 2023-03-31 04679210 bus:CompanySecretary1 2022-04-01 2023-03-31 04679210 bus:FullAccounts 2022-04-01 2023-03-31 xbrli:pure xbrli:shares iso4217:GBP