Company registration number 02386284 (England and Wales)
PYROCEL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PYROCEL LIMITED
COMPANY INFORMATION
Directors
Mr AJ Anderson
Mr JT Aitchison
Mr SC Rush
Secretary
Mr JT Aitchison
Company number
02386284
Registered office
Burnbank House
Balliol Business Park
Benton Lane
Newcastle-Upon-Tyne
Tyne and Wear
England
NE12 8EW
Accountants
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
PYROCEL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PYROCEL LIMITED
BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
7,298
10,123
Tangible assets
4
1,604,072
1,545,523
1,611,370
1,555,646
Current assets
Stocks
211,812
116,790
Debtors
5
1,756,460
1,607,613
Investments
6
7,237
7,237
Cash at bank and in hand
965,215
1,019,006
2,940,724
2,750,646
Creditors: amounts falling due within one year
7
(1,578,037)
(1,429,703)
Net current assets
1,362,687
1,320,943
Total assets less current liabilities
2,974,057
2,876,589
Creditors: amounts falling due after more than one year
8
(158,290)
(105,914)
Provisions for liabilities
(164,986)
(98,104)
Net assets
2,650,781
2,672,571
Capital and reserves
Called up share capital
3,000
3,000
Capital redemption reserve
2,000
2,000
Profit and loss reserves
2,645,781
2,667,571
Total equity
2,650,781
2,672,571
PYROCEL LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
31 March 2023
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account 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.

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.

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 1 November 2023 and are signed on its behalf by:
Mr AJ Anderson
Mr JT Aitchison
Director
Director
Company Registration No. 02386284
PYROCEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Pyrocel Limited is a private company limited by shares incorporated in England and Wales. The registered office is Burnbank House, Balliol Business Park, Benton Lane, Newcastle-Upon-Tyne, Tyne and Wear, England, NE12 8EW.

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 amounts 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.

 

Turnover on long-term contracts is recognised in relation to the stage of completion.

1.3
Intangible fixed assets other than goodwill
Software
25% straight line
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.

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:

Leasehold land and buildings
2% straight line
Leasehold improvements
2% straight line
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
Motor vehicles
25% on reducing balance
1.5
Impairment of fixed assets

Plant and equipment is reviewed for impairment if events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

PYROCEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation

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

 

Current or deferred taxation assets and liabilities are not discounted.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

1.8
Retirement benefits

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

1.9
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

 

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.

1.10
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
73
69
PYROCEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Intangible fixed assets
Software
£
Cost
At 1 April 2022 and 31 March 2023
11,300
Amortisation and impairment
At 1 April 2022
1,177
Amortisation charged for the year
2,825
At 31 March 2023
4,002
Carrying amount
At 31 March 2023
7,298
At 31 March 2022
10,123
4
Tangible fixed assets
Leasehold land and buildings
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
1,020,581
40,942
435,800
76,474
1,192,176
2,765,973
Additions
-
0
-
0
34,513
-
0
333,620
368,133
Disposals
-
0
-
0
(4,379)
-
0
(165,584)
(169,963)
At 31 March 2023
1,020,581
40,942
465,934
76,474
1,360,212
2,964,143
Depreciation and impairment
At 1 April 2022
174,201
3,807
366,928
60,526
614,988
1,220,450
Depreciation charged in the year
20,156
1,340
41,507
13,143
189,554
265,700
Eliminated in respect of disposals
-
0
-
0
(3,791)
-
0
(122,288)
(126,079)
At 31 March 2023
194,357
5,147
404,644
73,669
682,254
1,360,071
Carrying amount
At 31 March 2023
826,224
35,795
61,290
2,805
677,958
1,604,072
At 31 March 2022
846,380
37,135
68,872
15,948
577,188
1,545,523
PYROCEL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,588,533
1,459,656
Gross amounts owed by contract customers
14,109
11,784
Corporation tax recoverable
-
0
3,818
Other debtors
18,326
18,443
Prepayments and accrued income
135,492
113,912
1,756,460
1,607,613
6
Current asset investments
2023
2022
£
£
Other investments
7,237
7,237
7
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
149,684
127,300
Trade creditors
567,756
622,707
Corporation tax
68,773
62,596
Other taxation and social security
270,962
221,413
Other creditors
97,812
37,864
Accruals and deferred income
423,050
357,823
1,578,037
1,429,703
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
158,290
105,914

Hire purchase contracts included within creditors are secured against the assets in which they relate.

9
Related party transactions

Included in debtors due within one year is an amount of £1,706 (2022: £6,823) owed by the daughter of a company director. The loan is on an arms length basis.

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