Company registration number 07397040 (England and Wales)
PILKINGTON'S MANUFACTURING LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
PILKINGTON'S MANUFACTURING LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
PILKINGTON'S MANUFACTURING LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
5
-
0
852
Tangible assets
6
20,482
30,779
20,482
31,631
Current assets
Stocks
6,105
6,114
Debtors
7
28,287
63,448
Cash at bank and in hand
68,121
57,475
102,513
127,037
Creditors: amounts falling due within one year
8
(279,024)
(448,562)
Net current liabilities
(176,511)
(321,525)
Total assets less current liabilities
(156,029)
(289,894)
Provisions for liabilities
2,480
-
0
Net liabilities
(153,549)
(289,894)
Capital and reserves
Called up share capital
2,500,100
2,500,100
Profit and loss reserves
(2,653,649)
(2,789,994)
Total equity
(153,549)
(289,894)

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

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 3 November 2023 and are signed on its behalf by:
A Suski
Director
Company Registration No. 07397040
PILKINGTON'S MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Pilkington's Manufacturing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 14, Guinness Road Trading Estate, Trafford Park, Manchester, M17 1SB.

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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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 dispatch 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.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

PILKINGTON'S MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.4
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:

Trademarks
10% straight line
1.5
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 improvements
33% straight line
Plant and equipment
10% - 33% straight line

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.

1.6
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.

 

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

PILKINGTON'S MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.7
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.

1.8
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.

1.9
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 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 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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. Amounts 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.

PILKINGTON'S MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
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 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
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.

1.13
Retirement benefits

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

1.14
Leases

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 except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

PILKINGTON'S MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Prior period adjustments

Included within the comparative figure for other creditors is a prior period adjustment relating to an under-accrual of rent in the profit and loss of periods prior to 2021. This adjustment of £6,184 has been adjusted against the retained earnings of the company in the comparative figures.

 

A review of the corporation tax provisions for both 2020 and 2021 resulted in the conclusion that corporation tax was payable in respect of those two periods. The corporation liability relating to 2020, 2021 and 2022 has been reflected in the 2022 balance sheet including any late payment interest that had accrued by the year end.

 

The corporation tax liability of £36,385 relating to 2021 has been adjusted in the prior year against the tax charge in the profit and loss and the corporation tax liability on the balance sheet. The corporation tax liability of £30,260 relating to 2020 has been adjusted in the prior year against retained earnings and the corporation tax liability on the balance sheet.

 

The above information is considered sufficient to give a true and fair understanding of the accounts and a full restatement of the prior period figures is not considered necessary.

 

The adjustment has had the following effect on the comparative figures.

 

Profit and loss

 

Tax on profit - (£36,385) (previously £nil)

 

Balance sheet

 

Creditors: amounts falling due within one year - £448,562 (previously £375.733)

 

Profit and loss reserves - (£2,789,994) (previously (£2,717,165))

 

Note 8

 

Other creditors - £33,652 (previously £27,468)

 

Taxation and social security - £68,185 (previously £1,540)

PILKINGTON'S MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
4
Employees

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

2022
2021
Number
Number
Total
3
3
5
Intangible fixed assets
Goodwill
Trademarks
Total
£
£
£
Cost
At 1 January 2022 and 31 December 2022
331,626
8,549
340,175
Amortisation and impairment
At 1 January 2022
331,626
7,697
339,323
Amortisation charged for the year
-
0
852
852
At 31 December 2022
331,626
8,549
340,175
Carrying amount
At 31 December 2022
-
0
-
0
-
0
At 31 December 2021
-
0
852
852
6
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2022 and 31 December 2022
30,643
37,873
68,516
Depreciation and impairment
At 1 January 2022
-
0
37,737
37,737
Depreciation charged in the year
10,214
83
10,297
At 31 December 2022
10,214
37,820
48,034
Carrying amount
At 31 December 2022
20,429
53
20,482
At 31 December 2021
30,643
136
30,779
PILKINGTON'S MANUFACTURING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 8 -
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
657
53,199
Other debtors
27,630
10,249
28,287
63,448
8
Creditors: amounts falling due within one year
2022
2021
as restated
£
£
Trade creditors
2,348
3,718
Amounts owed to group undertakings
141,344
343,007
Taxation and social security
113,207
68,185
Other creditors
22,125
33,652
279,024
448,562

 

 

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mark Bullock FCA
Statutory Auditor:
Murphy Salisbury Limited
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
69,641
101,635
2022-12-312022-01-01false03 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedAdrian SuskiIlja GorbatkowKamil LatosPiotr Mrowiecfalse073970402022-01-012022-12-31073970402022-12-31073970402021-12-3107397040core:NetGoodwill2022-12-3107397040core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3107397040core:NetGoodwill2021-12-3107397040core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2021-12-3107397040core:LandBuildings2022-12-3107397040core:OtherPropertyPlantEquipment2022-12-3107397040core:LandBuildings2021-12-3107397040core:OtherPropertyPlantEquipment2021-12-3107397040core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3107397040core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3107397040core:ShareCapital2022-12-3107397040core:ShareCapital2021-12-3107397040core:RetainedEarningsAccumulatedLosses2022-12-3107397040core:RetainedEarningsAccumulatedLosses2021-12-3107397040bus:Director12022-01-012022-12-3107397040core:Goodwill2022-01-012022-12-3107397040core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3107397040core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-01-012022-12-3107397040core:LeaseholdImprovements2022-01-012022-12-3107397040core:PlantMachinery2022-01-012022-12-31073970402021-01-012021-12-3107397040core:NetGoodwill2021-12-3107397040core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2021-12-31073970402021-12-3107397040core:NetGoodwill2022-01-012022-12-3107397040core:LandBuildings2021-12-3107397040core:OtherPropertyPlantEquipment2021-12-3107397040core:LandBuildings2022-01-012022-12-3107397040core:OtherPropertyPlantEquipment2022-01-012022-12-3107397040core:CurrentFinancialInstruments2022-12-3107397040core:CurrentFinancialInstruments2021-12-3107397040core:WithinOneYear2022-12-3107397040core:WithinOneYear2021-12-3107397040bus:PrivateLimitedCompanyLtd2022-01-012022-12-3107397040bus:SmallCompaniesRegimeForAccounts2022-01-012022-12-3107397040bus:FRS1022022-01-012022-12-3107397040bus:Audited2022-01-012022-12-3107397040bus:Director22022-01-012022-12-3107397040bus:Director32022-01-012022-12-3107397040bus:Director42022-01-012022-12-3107397040bus:FullAccounts2022-01-012022-12-31xbrli:purexbrli:sharesiso4217:GBP