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Registration number: NI650419

Personal Engraving NI Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Personal Engraving NI Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 13

 

Personal Engraving NI Ltd

Company Information

Director

Mr Gavin Clarke

Registered office

35 Flagstaff Road
Cloughoge
Newry
Co. Down
BT35 8NR

Bankers

Danske Bank
Newry
58 Hill Street
Newry
BT34 1BD

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors and Tax Advisors
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

Personal Engraving NI Ltd

(Registration number: NI650419)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

32,624

20,236

Current assets

 

Stocks

5

20,000

10,000

Debtors

6

141,949

134,912

Cash at bank and in hand

 

3,473

16,590

 

165,422

161,502

Creditors: Amounts falling due within one year

7

(87,680)

(78,382)

Net current assets

 

77,742

83,120

Total assets less current liabilities

 

110,366

103,356

Creditors: Amounts falling due after more than one year

7

(83,423)

(85,905)

Provisions for liabilities

(6,198)

(3,845)

Net assets

 

20,745

13,606

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

20,744

13,605

Shareholders' funds

 

20,745

13,606

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 20 October 2023
 

 

Personal Engraving NI Ltd

(Registration number: NI650419)
Balance Sheet as at 31 January 2023

.........................................
Mr Gavin Clarke
Director

   
     
 

Personal Engraving NI Ltd

Statement of Changes in Equity for the Year Ended 31 January 2023

Share capital
£

Retained earnings
£

Total
£

At 1 February 2022

1

13,605

13,606

Profit for the year

-

10,639

10,639

Dividends

-

(3,500)

(3,500)

At 31 January 2023

1

20,744

20,745

Share capital
£

Retained earnings
£

Total
£

At 1 February 2021

1

6,664

6,665

Profit for the year

-

6,941

6,941

At 31 January 2022

1

13,605

13,606

 

Personal Engraving NI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
35 Flagstaff Road
Cloughoge
Newry
Co. Down
BT35 8NR

These financial statements were authorised for issue by the director on 20 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Personal Engraving NI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

20% Reducing balance basis

Plant & machinery

20% Reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Personal Engraving NI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Personal Engraving NI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

Personal Engraving NI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2022

3,500

36,943

40,443

Additions

-

20,544

20,544

At 31 January 2023

3,500

57,487

60,987

Depreciation

At 1 February 2022

2,066

18,141

20,207

Charge for the year

287

7,869

8,156

At 31 January 2023

2,353

26,010

28,363

Carrying amount

At 31 January 2023

1,147

31,477

32,624

At 31 January 2022

1,434

18,802

20,236

5

Stocks

2023
£

2022
£

Other inventories

20,000

10,000

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

42,646

32,314

Amounts owed by related parties

11

94,832

98,567

Prepayments

 

4,470

4,030

Other debtors

 

1

1

   

141,949

134,912

7

Creditors

Creditors: amounts falling due within one year

 

Personal Engraving NI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,095

9,851

Trade creditors

 

42,088

34,029

Taxation and social security

 

8,420

5,968

Accruals and deferred income

 

2,340

1,660

Other creditors

 

24,737

26,874

 

87,680

78,382

 

Personal Engraving NI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

83,423

85,905

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

82,292

80,310

Hire purchase contracts

1,131

5,595

83,423

85,905

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,632

5,632

Hire purchase contracts

4,463

4,219

10,095

9,851

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £3,500.00 (2022 - £Nil) per each Ordinary share

 

3,500

 

-

         

11

Related party transactions

 

Personal Engraving NI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Transactions with the director

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr Gavin Clarke

Directors loan repayable on demand

26,718

(21,283)

19,280

24,715

         
       

 

2022

At 1 February 2021
£

Advances to director
£

Repayments by director
£

At 31 January 2022
£

Mr Gavin Clarke

Directors loan repayable on demand

27,294

(13,400)

12,824

26,718

         
       

 

 

Personal Engraving NI Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

10,035

9,950

In respect of the highest paid director:

2023
£

2022
£

Remuneration

10,035

9,950

Dividends paid to the director

   

2023
£

 

2022
£

Mr Gavin Clarke

       

Dividend

 

3,500

 

-

         

Summary of transactions with other related parties

Clarke International Haulage Limited (Common director and Shareholder)
Intercompany loan - At the balance sheet date the amount due (to)/from Clarke International Haulage Limited was £72,832 (2022 £76,567)

KC Hire & Sons Ltd (Common director and Shareholder)
Expenses paid by Personal Engraving NI Ltd on behalf of KC Hire & Sons Ltd. At the balance sheet date the amount due (to)/from KC Hire & Sons Ltd was £22,000. (2022, £22,000)