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PGS INDUSTRIAL SILENCERS LTD

Unaudited Financial Statements

for the Year Ended 31st January 2023






PGS INDUSTRIAL SILENCERS LTD (REGISTERED NUMBER: 09407075)






Contents of the Financial Statements
for the year ended 31st January 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PGS INDUSTRIAL SILENCERS LTD

Company Information
for the year ended 31st January 2023







DIRECTOR: P Gladwell





REGISTERED OFFICE: 220 Brook Street
Birkenhead
Merseyside
CH41 3PF





REGISTERED NUMBER: 09407075 (England and Wales)






PGS INDUSTRIAL SILENCERS LTD (REGISTERED NUMBER: 09407075)

Balance Sheet
31st January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 33,202 42,095

CURRENT ASSETS
Stocks 238,000 190,000
Debtors 5 269,214 282,450
Cash at bank and in hand 630 2,223
507,844 474,673
CREDITORS
Amounts falling due within one year 6 432,643 364,159
NET CURRENT ASSETS 75,201 110,514
TOTAL ASSETS LESS CURRENT LIABILITIES 108,403 152,609

CREDITORS
Amounts falling due after more than one
year

7

(49,761

)

(39,413

)

PROVISIONS FOR LIABILITIES (5,716 ) (7,275 )
NET ASSETS 52,926 105,921

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 9 52,924 105,919
52,926 105,921

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st January 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

PGS INDUSTRIAL SILENCERS LTD (REGISTERED NUMBER: 09407075)

Balance Sheet - continued
31st January 2023


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 director and authorised for issue on 13th October 2023 and were signed by:





P Gladwell - Director


PGS INDUSTRIAL SILENCERS LTD (REGISTERED NUMBER: 09407075)

Notes to the Financial Statements
for the year ended 31st January 2023

1. STATUTORY INFORMATION

PGS Industrial Silencers Ltd 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. ACCOUNTING POLICIES

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

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made include:

The useful lives of plant and equipment which are estimated based on the period over which the assets are expected to be available for use. The estimated useful lives are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the relevant assets.

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.
Plant and machinery - 15% on reducing balance
Computer equipment - 25% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


PGS INDUSTRIAL SILENCERS LTD (REGISTERED NUMBER: 09407075)

Notes to the Financial Statements - continued
for the year ended 31st January 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 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Debtors
Short term debtors are measured at transition price, less any impairment. Loans are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Creditors
Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to/from related parties.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 12 ) .

PGS INDUSTRIAL SILENCERS LTD (REGISTERED NUMBER: 09407075)

Notes to the Financial Statements - continued
for the year ended 31st January 2023

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1st February 2022
and 31st January 2023 46,539 27,459 3,254 77,252
DEPRECIATION
At 1st February 2022 25,650 6,865 2,642 35,157
Charge for year 3,133 5,148 612 8,893
At 31st January 2023 28,783 12,013 3,254 44,050
NET BOOK VALUE
At 31st January 2023 17,756 15,446 - 33,202
At 31st January 2022 20,889 20,594 612 42,095

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st February 2022
and 31st January 2023 22,995
DEPRECIATION
At 1st February 2022 5,749
Charge for year 4,311
At 31st January 2023 10,060
NET BOOK VALUE
At 31st January 2023 12,935
At 31st January 2022 17,246

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 268,699 269,579
Other debtors 515 12,871
269,214 282,450

PGS INDUSTRIAL SILENCERS LTD (REGISTERED NUMBER: 09407075)

Notes to the Financial Statements - continued
for the year ended 31st January 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 32,016 4,667
Hire purchase contracts 7,785 7,498
Trade creditors 106,846 84,320
Taxation and social security 25,746 18,932
Other creditors 260,250 248,742
432,643 364,159

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 43,092 25,667
Hire purchase contracts 6,669 13,746
49,761 39,413

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bibby Financial Services Ltd - 241,954

By way of fixed and floating charge.

9. RESERVES
Retained
earnings
£   

At 1st February 2022 105,919
Deficit for the year (52,995 )
At 31st January 2023 52,924