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Registration number: 6497152

Powder Process Design Services Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Powder Process Design Services Ltd

Contents

Profit and Loss Account

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Powder Process Design Services Ltd

Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
£

2022
£

Turnover

 

2,286,832

942,561

Cost of sales

 

(1,860,401)

(710,049)

Gross profit

 

426,431

232,512

Administrative expenses

 

(117,418)

(102,752)

Operating profit

 

309,013

129,760

Other interest receivable and similar income

 

2,096

439

Profit before tax

311,109

130,199

Tax on profit

 

(59,535)

(25,164)

Profit for the financial year

 

251,574

105,035

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Powder Process Design Services Ltd

(Registration number: 6497152)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

109,454

64,040

Current assets

 

Stocks

5

127,684

173,434

Debtors

6

349,709

66,629

Cash at bank and in hand

 

252,126

211,789

 

729,519

451,852

Creditors: Amounts falling due within one year

7

(342,008)

(137,129)

Net current assets

 

387,511

314,723

Total assets less current liabilities

 

496,965

378,763

Provisions for liabilities

(20,796)

(12,168)

Net assets

 

476,169

366,595

Capital and reserves

 

Called up share capital

100

100

Retained earnings

476,069

366,495

Shareholders' funds

 

476,169

366,595

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 27 October 2023 and signed on its behalf by:
 

.........................................
Mr N D Thomas
Director

 

Powder Process Design Services Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Brooklands
Church Lane
Bramshall
Uttoxeter
Staffs
ST14 5BQ

These financial statements were authorised for issue by the Board on 27 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Powder Process Design Services Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% Reducing Balance

Fixture and fittings

25% Reducing Balance

Motor vehicles

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Powder Process Design Services Ltd

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 4).

 

Powder Process Design Services Ltd

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

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Total
£

Cost or valuation

At 1 April 2022

10,719

59,101

41,934

111,754

Additions

2,083

59,619

300

62,002

At 31 March 2023

12,802

118,720

42,234

173,756

Depreciation

At 1 April 2022

7,532

27,880

12,302

47,714

Charge for the year

1,026

11,075

4,487

16,588

At 31 March 2023

8,558

38,955

16,789

64,302

Carrying amount

At 31 March 2023

4,244

79,765

25,445

109,454

At 31 March 2022

3,187

31,221

29,632

64,040

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

127,684

173,434

6

Debtors

Current

2023
£

2022
£

Trade debtors

96,753

53,693

Prepayments

24,220

7,018

Other debtors

228,736

5,918

 

349,709

66,629

 

Powder Process Design Services Ltd

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

270,959

91,498

Taxation and social security

50,907

27,720

Accruals and deferred income

1,910

-

Other creditors

18,232

17,911

342,008

137,129

8

Related party transactions

Summary of transactions with other related parties

Included in other creditors is a directors loan account. No interest has been charged and no repayment date has been set. The amount owing to the directors at the balance sheet date was £17,048 (2022 £16,736).