Company registration number 07199049 (England and Wales)
PIRTSEMIT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
PIRTSEMIT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PIRTSEMIT LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investments
3
220,991
220,991
Current assets
Debtors
5
2,857,827
2,858,927
Cash at bank and in hand
349
349
2,858,176
2,859,276
Creditors: amounts falling due within one year
6
(617,116)
(519,991)
Net current assets
2,241,060
2,339,285
Total assets less current liabilities
2,462,051
2,560,276
Creditors: amounts falling due after more than one year
7
(321,699)
(321,699)
Net assets
2,140,352
2,238,577
Capital and reserves
Called up share capital
8,977
8,977
Share premium account
2,839,006
2,839,006
Profit and loss reserves
(707,631)
(609,406)
Total equity
2,140,352
2,238,577
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 December 2022 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.
PIRTSEMIT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 November 2023 and are signed on its behalf by:
Mr GT McGlynn
Director
Company registration number 07199049 (England and Wales)
PIRTSEMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Pirtsemit Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Friars Street, Sudbury, Suffolk, CO10 2AA.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.3
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.
1.4
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.
PIRTSEMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
5
5
3
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
220,991
220,991
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Timestrip UK Limited
England and Wales
Ordinary
100.00
Timestrip Technical Services Limited
Israel
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Timestrip UK Limited
(549,720)
(243,374)
Timestrip Technical Services Limited
633,107
96,232
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,857,827
2,858,927
It is anticipated to be unlikely that the amount due from group undertakings will be paid within one year.
PIRTSEMIT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,320
1,320
Other creditors
614,697
517,572
Accruals and deferred income
1,099
1,099
617,116
519,991
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Other creditors
321,699
321,699
8
Related party transactions
Included within debtors at the year end is a balance of £2,857,827 (2021: £2,858,927) owed by Timestrip UK Limited, a subsidiary of Pirtsemit Limited.
Whilst in the subsidiary Timestrip UK Limited liabilities exceeded assets by some £598,985 at the year end the directors have reviewed the position in connection with the loan of £2,857,827 to that company and do not believe any provision or adjustment for impairment is necessary. The directors have embarked upon a reorganisation and cost cutting exercise that they believe ultimately will lead to the company being more profitable and the subsidiary being able to settle the liability ultimately.
Included in other creditors is a loan balance of £99,792 due to Julie Spooner, a close relative of one of the directors. Interest accrued in connection with this loan totalled £156,460 of which £18,982 relates to this year.
9
Directors' transactions
During the period loans were provided to the company by the directors, the following balances were owed by the company and included with creditors at the year end:
Jonathan Adams £16,747
Dan Davies £66,205
Graham Platts £139,135
Interest accrued in connection with the above loans totalled £375,084 of which £51,170 relates to this year