Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-313false32022-01-01No description of principal activitytruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07459631 2022-01-01 2022-12-31 07459631 2021-01-01 2021-12-31 07459631 2022-12-31 07459631 2021-12-31 07459631 c:CompanySecretary1 2022-01-01 2022-12-31 07459631 c:Director1 2022-01-01 2022-12-31 07459631 c:RegisteredOffice 2022-01-01 2022-12-31 07459631 d:CurrentFinancialInstruments 2022-12-31 07459631 d:CurrentFinancialInstruments 2021-12-31 07459631 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07459631 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 07459631 d:ShareCapital 2022-12-31 07459631 d:ShareCapital 2021-12-31 07459631 d:RetainedEarningsAccumulatedLosses 2022-12-31 07459631 d:RetainedEarningsAccumulatedLosses 2021-12-31 07459631 c:FRS102 2022-01-01 2022-12-31 07459631 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 07459631 c:FullAccounts 2022-01-01 2022-12-31 07459631 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure
Registered number: 07459631






 


 
PAGMAT UK LIMITED

FINANCIAL STATEMENTS
 
FOR THE YEAR ENDED
 31 DECEMBER 2022

 
PAGMAT UK LIMITED
 

COMPANY INFORMATION


DIRECTOR
N. Almis  




COMPANY SECRETARY
MCS Formations Limited



REGISTERED NUMBER
07459631



REGISTERED OFFICE
1st Floor Sackville House
143-149 Fenchurch Street

London

EC3M 6BN





 
PAGMAT UK LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 5


 
PAGMAT UK LIMITED
REGISTERED NUMBER: 07459631

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

  

CURRENT ASSETS
  

Stocks
 4 
137,602
79,530

Debtors
 5 
783,472
447,398

Cash at bank
  
108,934
22,173

  
1,030,008
549,101

Creditors: amounts falling due within one year
 6 
(547,535)
(60,606)

  

NET ASSETS
  
482,473
488,495


CAPITAL AND RESERVES
  

Allotted, called up and fully paid share capital
  
250,000
250,000

Profit and loss account
  
232,473
238,495

EQUITY SHAREHOLDER'S FUNDS
  
482,473
488,495


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.

The Company's 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 Director's Report and the Statement of Income and Retained Earnings  in accordance with provisions applicable to companies subject to the small companies' regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 September 2023.




N. Almis
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
PAGMAT UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Pagmat UK Limited (registered number: 07459631), having its registered office at 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BN, is a private limited company incorporated in England and Wales.
The principal place of business is Ataturk Cad No: 150/2 Pasaport, 35210 Izmir, Turkey.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Statement of Cash Flows

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.

 
2.3

Going concern

At the Balance Sheet date of 31 December 2022 the company made a loss for the financial period of £6,022 and had net assets at that date of £482,473 with cash reserves of £108,934.
The Company has the support of its director and parent company the foreseeable future and for a period of at least 12 months from the date of signing these financial statements. On this basis the director deems it appropriate to prepare these financial statements on the going concern basis.

 
2.4

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

Page 2

 
PAGMAT UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

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 the Statement of Income and Retained Earnings.

 
2.6

Debtors

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

 
2.7

Cash at Bank

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. 

 
2.10

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 

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
PAGMAT UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.11

Taxation

Tax is recognised in the Statement of Income and Retained Earnings 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 corporation 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.

 
2.12

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 the Statement of Income and Retained Earnings 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.

 
2.13

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 the director, during the year was as follows:


        2022
        2021
            No.
            No.







Directors
1
1



Staff
2
2

3
3


4.


Stocks

2022
2021
£
£

Finished goods and goods for resale
137,602
79,530


Page 4

 
PAGMAT UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Debtors

2022
2021
£
£

Due within one year

Trade debtors
449,423
306,617

Other debtors
329,682
137,192

Prepayments and accrued income
4,367
3,589

783,472
447,398



6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
500,919
21,735

Corporation tax
-
27,446

Other creditors
43,616
8,295

Accruals and deferred income
3,000
3,130

547,535
60,606



Page 5