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REGISTERED NUMBER: 04944500 (England and Wales)















Philtronics Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023






Philtronics Limited (Registered number: 04944500)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Philtronics Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: S Pritchard
A D M Pritchard





REGISTERED OFFICE: Unit 11
Hirwaun Industrial Estate
Hirwaun
Aberdare
Mid Glamorgan
CF44 9UP





REGISTERED NUMBER: 04944500 (England and Wales)





ACCOUNTANTS: O'Brien and Partners
Accountants & Business Advisors
Highdale House
7 Centre Court
Treforest Industrial Estate
Pontypridd
Rhondda Cynon Taff
CF37 5YR

Philtronics Limited (Registered number: 04944500)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 580,574 448,649

CURRENT ASSETS
Stocks 3,134,000 897,625
Debtors 5 1,562,824 2,443,411
Cash at bank and in hand 1,222,232 1,175,396
5,919,056 4,516,432
CREDITORS
Amounts falling due within one year 6 3,697,613 2,705,811
NET CURRENT ASSETS 2,221,443 1,810,621
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,802,017

2,259,270

PROVISIONS FOR LIABILITIES 73,915 47,152
NET ASSETS 2,728,102 2,212,118

CAPITAL AND RESERVES
Called up share capital 112 112
Retained earnings 2,727,990 2,212,006
SHAREHOLDERS' FUNDS 2,728,102 2,212,118

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

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

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 8 November 2023 and were signed on its behalf by:





S Pritchard - Director


Philtronics Limited (Registered number: 04944500)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Philtronics Limited 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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for the work performed to date to the total estimated contract costs

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 10% on cost
Computer equipment - 10% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Philtronics Limited (Registered number: 04944500)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


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.

Rentals paid under operating leases are charged to the profit and loss account as incurred.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 78 (2022 - 78 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2022 330,622 221,766 107,138
Additions 1,280 141,322 734
Disposals - (38,912 ) (32,400 )
At 31 March 2023 331,902 324,176 75,472
DEPRECIATION
At 1 April 2022 126,942 126,305 76,213
Charge for year 6,849 19,673 5,451
Eliminated on disposal - (31,293 ) (31,983 )
At 31 March 2023 133,791 114,685 49,681
NET BOOK VALUE
At 31 March 2023 198,111 209,491 25,791
At 31 March 2022 203,680 95,461 30,925

Philtronics Limited (Registered number: 04944500)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 92,200 133,795 885,521
Additions 52,190 14,925 210,451
Disposals (43,715 ) (28,106 ) (143,133 )
At 31 March 2023 100,675 120,614 952,839
DEPRECIATION
At 1 April 2022 35,048 72,364 436,872
Charge for year 9,278 10,881 52,132
Eliminated on disposal (26,175 ) (27,288 ) (116,739 )
At 31 March 2023 18,151 55,957 372,265
NET BOOK VALUE
At 31 March 2023 82,524 64,657 580,574
At 31 March 2022 57,152 61,431 448,649

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 1,247,070 1,219,461
Amounts owed by group undertakings 278,171 1,113,747
Other debtors 37,583 110,203
1,562,824 2,443,411

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 2,058,046 2,198,622
Amounts owed to group undertakings 298,131 -
Taxation and social security 949,656 156,611
Other creditors 391,780 350,578
3,697,613 2,705,811

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23 31.3.22
£    £   
S Pritchard
Balance outstanding at start of year 52,751 50,753
Amounts advanced 101,253 81,998
Amounts repaid (154,004 ) (80,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 52,751

Philtronics Limited (Registered number: 04944500)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

A D M Pritchard
Balance outstanding at start of year 34,006 31,926
Amounts advanced 101,240 82,080
Amounts repaid (135,246 ) (80,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 34,006

8. ULTIMATE CONTROLLING PARTY

The company's ultimate parent undertaking at the balance sheet date was JASPA Developments Limited, a company incorporated in the United Kingdom. The principal place of business is Unit 11 Hirwaun Industrial Estate, Hirwaun, Aberdare CF44 9UP.