Caseware UK (AP4) 2022.0.179 2022.0.179 2023-07-312023-07-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.No description of principal activity2022-08-01false55truetrue 3890652 2022-08-01 2023-07-31 3890652 2021-08-01 2022-07-31 3890652 2023-07-31 3890652 2022-07-31 3890652 2021-08-01 3890652 c:CompanySecretary1 2022-08-01 2023-07-31 3890652 c:Director1 2022-08-01 2023-07-31 3890652 c:RegisteredOffice 2022-08-01 2023-07-31 3890652 d:MotorVehicles 2022-08-01 2023-07-31 3890652 d:MotorVehicles 2023-07-31 3890652 d:MotorVehicles 2022-07-31 3890652 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 3890652 d:OfficeEquipment 2022-08-01 2023-07-31 3890652 d:OfficeEquipment 2023-07-31 3890652 d:OfficeEquipment 2022-07-31 3890652 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 3890652 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 3890652 d:CurrentFinancialInstruments 2023-07-31 3890652 d:CurrentFinancialInstruments 2022-07-31 3890652 d:CurrentFinancialInstruments 1 2023-07-31 3890652 d:CurrentFinancialInstruments 1 2022-07-31 3890652 d:Non-currentFinancialInstruments 2023-07-31 3890652 d:Non-currentFinancialInstruments 2022-07-31 3890652 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 3890652 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 3890652 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 3890652 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 3890652 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 3890652 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-07-31 3890652 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 3890652 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-07-31 3890652 d:ShareCapital 2023-07-31 3890652 d:ShareCapital 2021-08-01 2022-07-31 3890652 d:ShareCapital 2022-07-31 3890652 d:ShareCapital 2021-08-01 3890652 d:SharePremium 2023-07-31 3890652 d:SharePremium 2021-08-01 2022-07-31 3890652 d:SharePremium 2022-07-31 3890652 d:SharePremium 2021-08-01 3890652 d:CapitalRedemptionReserve 2023-07-31 3890652 d:CapitalRedemptionReserve 2022-07-31 3890652 d:CapitalRedemptionReserve 2021-08-01 3890652 d:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 3890652 d:RetainedEarningsAccumulatedLosses 2023-07-31 3890652 d:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 3890652 d:RetainedEarningsAccumulatedLosses 2022-07-31 3890652 d:RetainedEarningsAccumulatedLosses 2021-08-01 3890652 d:FinancialLiabilitiesAmortisedCost 2023-07-31 3890652 d:FinancialLiabilitiesAmortisedCost 2022-07-31 3890652 c:OrdinaryShareClass1 2022-08-01 2023-07-31 3890652 c:OrdinaryShareClass1 2023-07-31 3890652 c:OrdinaryShareClass1 2022-07-31 3890652 c:FRS102 2022-08-01 2023-07-31 3890652 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 3890652 c:FullAccounts 2022-08-01 2023-07-31 3890652 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 3890652 2 2022-08-01 2023-07-31 3890652 4 2022-08-01 2023-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 3890652









PMC MARKETING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023





 
PMC MARKETING LIMITED
 
 
COMPANY INFORMATION


Director
M K N Short 




Company secretary
T E Willis



Registered number
3890652



Registered office
Hearts of Oak House
Pembroke Road

Sevenoaks

Kent

TN13 1XR





 
PMC MARKETING LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Statement of changes in equity
 
3
Notes to the financial statements
 
4 - 13


 
PMC MARKETING LIMITED
REGISTERED NUMBER: 3890652

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,340
7,532

  
6,340
7,532

Current assets
  

Stocks
 5 
71,033
132,191

Debtors: amounts falling due within one year
 6 
2,944,182
5,426,562

Cash at bank and in hand
 7 
52,472
1,923

  
3,067,687
5,560,676

Creditors: amounts falling due within one year
 8 
(1,961,605)
(4,498,065)

Net current assets
  
 
 
1,106,082
 
 
1,062,611

Total assets less current liabilities
  
1,112,422
1,070,143

Creditors: amounts falling due after more than one year
 9 
(19,921)
(29,942)

  

Net assets
  
1,092,501
1,040,201


Capital and reserves
  

Called up share capital 
 12 
324,000
324,000

Share premium account
  
96,000
96,000

Capital redemption reserve
  
100,000
100,000

Profit and loss account
  
572,501
520,201

  
1,092,501
1,040,201


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

Page 1

 
PMC MARKETING LIMITED
REGISTERED NUMBER: 3890652
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





M K N Short
Director

Date: 3 November 2023

The notes on pages 4 to 13 form part of these financial statements.

Page 2

 
PMC MARKETING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 August 2021
124,000
96,000
100,000
185,750
505,750



Profit for the year
-
-
-
334,451
334,451

Shares issued during the year
200,000
-
-
-
200,000



At 1 August 2022
324,000
96,000
100,000
520,201
1,040,201



Profit for the year
-
-
-
102,520
102,520

Dividends: Equity capital
-
-
-
(50,220)
(50,220)


At 31 July 2023
324,000
96,000
100,000
572,501
1,092,501


The notes on pages 4 to 13 form part of these financial statements.

Page 3

 
PMC MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


GENERAL INFORMATION

PMC Marketing Limited is incorporated in England and Wales and is a company limited by shares. Its principal operating location is Pantiles Chambers, High Street, Tunbridge Wells, Kent. The company's principal activity is the import, export and distribution of industrial chemicals.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared and presented in pounds Sterling. Values are rounded to the nearest £1. They present the information for this company alone.

The following principal accounting policies have been applied:

 
2.2

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 4

 
PMC MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

OPERATING LEASES: THE COMPANY AS LESSEE

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

 
2.5

LEASED ASSETS: THE COMPANY AS LESSEE

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 5

 
PMC MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

 
2.11

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.12

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
20% straight line
Office equipment
-
10 - 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
PMC MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.13

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.14

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable 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.

 
2.15

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

CREDITORS

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

 
2.17

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Page 7

 
PMC MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.17
FINANCIAL INSTRUMENTS (continued)


Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

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

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 8

 
PMC MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.17
FINANCIAL INSTRUMENTS (continued)

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.18

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).

Page 9

 
PMC MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

4.


TANGIBLE FIXED ASSETS





Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 August 2022
34,754
10,308
45,062



At 31 July 2023

34,754
10,308
45,062



Depreciation


At 1 August 2022
29,541
7,989
37,530


Charge for the year on owned assets
-
1,192
1,192



At 31 July 2023

29,541
9,181
38,722



Net book value



At 31 July 2023
5,213
1,127
6,340



At 31 July 2022
5,213
2,319
7,532


5.


STOCKS

2023
2022
£
£

Raw materials and consumables
71,033
132,191


Page 10

 
PMC MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

6.


DEBTORS

2023
2022
£
£


Trade debtors
2,899,001
5,384,254

Other debtors
6,994
2,720

Prepayments and accrued income
38,187
39,588

2,944,182
5,426,562


The company factors its trade debts under arrangements which give the factors recourse against any funds advanced by them to the company in respect of those debts. The amounts advanced are included within creditors.


7.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
52,472
1,923



8.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,021
9,766

Trade creditors
398,154
335,072

Corporation tax
26,415
58,436

Other taxation and social security
7,337
11,900

Proceeds of factored debts
1,499,179
4,010,743

Other creditors
973
23,997

Accruals and deferred income
19,526
48,151

1,961,605
4,498,065



9.


CREDITORS: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
19,921
29,942


Page 11

 
PMC MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

10.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,021
9,766

Amounts falling due 1-2 years

Bank loans
10,276
10,021

Amounts falling due 2-5 years

Bank loans
9,644
19,921


29,941
39,708



11.


FINANCIAL INSTRUMENTS

2023
2022
£
£



Financial liabilities


Financial liabilities measured at amortised cost
(1,529,121)
(4,050,451)


Financial liabilities measured at amortised cost comprise of the factored debt and the bank loan.

Page 12

 
PMC MARKETING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

12.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



324,000 (2022 - 324,000) Ordinary shares of £1.00 each
324,000
324,000



13.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £4,628 (2022 - £4,587) . Contributions totaling £973 (2022 - £987) were payable to the fund at the balance sheet date and are included in creditors.


14.


RELATED PARTY TRANSACTIONS

The table below shows the transactions and balances with related parties. 
Dividends are included below in amounts "paid to".  Remuneration is not included.
None of the balances below are secured or guaranteed. No impairment charge has been recognised. All are due to be settled by payment rather than some other form of consideration.

2023
2022
£
£

Paid to controlling parties
67,466
10,659
Owed to controlling parties
-
730
Owed by controlling parties
381
-

 
Page 13