44 false false false false false false false false false true false false false false false false No description of principal activity 2022-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 8,815 7,937 878 8,815 878 xbrli:pure xbrli:shares iso4217:GBP NI045158 2022-01-01 2022-12-31 NI045158 2022-12-31 NI045158 2021-12-31 NI045158 2021-01-01 2021-12-31 NI045158 2021-12-31 NI045158 core:PatentsTrademarksLicencesConcessionsSimilar 2022-01-01 2022-12-31 NI045158 core:LandBuildings core:LongLeaseholdAssets 2022-01-01 2022-12-31 NI045158 core:PlantMachinery 2022-01-01 2022-12-31 NI045158 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 NI045158 core:MotorVehicles 2022-01-01 2022-12-31 NI045158 bus:Director1 2022-01-01 2022-12-31 NI045158 bus:Director2 2022-01-01 2022-12-31 NI045158 core:PatentsTrademarksLicencesConcessionsSimilar 2021-12-31 NI045158 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 NI045158 core:LandBuildings core:LongLeaseholdAssets 2021-12-31 NI045158 core:PlantMachinery 2021-12-31 NI045158 core:FurnitureFittingsToolsEquipment 2021-12-31 NI045158 core:MotorVehicles 2021-12-31 NI045158 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 NI045158 core:PlantMachinery 2022-12-31 NI045158 core:FurnitureFittingsToolsEquipment 2022-12-31 NI045158 core:MotorVehicles 2022-12-31 NI045158 core:WithinOneYear 2022-12-31 NI045158 core:WithinOneYear 2021-12-31 NI045158 core:AfterOneYear 2022-12-31 NI045158 core:AfterOneYear 2021-12-31 NI045158 core:ShareCapital 2022-12-31 NI045158 core:ShareCapital 2021-12-31 NI045158 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI045158 core:RetainedEarningsAccumulatedLosses 2021-12-31 NI045158 core:PatentsTrademarksLicencesConcessionsSimilar 2021-12-31 NI045158 core:LandBuildings core:LongLeaseholdAssets 2021-12-31 NI045158 core:PlantMachinery 2021-12-31 NI045158 core:FurnitureFittingsToolsEquipment 2021-12-31 NI045158 core:MotorVehicles 2021-12-31 NI045158 bus:SmallEntities 2022-01-01 2022-12-31 NI045158 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 NI045158 bus:FullAccounts 2022-01-01 2022-12-31 NI045158 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 NI045158 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 NI045158 core:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 NI045158 core:OtherPropertyPlantEquipment 2021-12-31 NI045158 core:OtherPropertyPlantEquipment 2022-12-31
COMPANY REGISTRATION NUMBER: NI045158
PI Communication Limited
Filleted Unaudited Financial Statements
31 December 2022
PI Communication Limited
Statement of Financial Position
31 December 2022
2022
2021
Note
£
£
Fixed assets
Intangible assets
5
878
Tangible assets
6
839,076
747,508
---------
---------
839,076
748,386
Current assets
Debtors
7
748,604
232,350
Cash at bank and in hand
2,039,216
2,007,299
------------
------------
2,787,820
2,239,649
Creditors: amounts falling due within one year
8
410,314
310,099
------------
------------
Net current assets
2,377,506
1,929,550
------------
------------
Total assets less current liabilities
3,216,582
2,677,936
Creditors: amounts falling due after more than one year
9
47,403
58,659
Provisions
Taxation including deferred tax
47,563
19,480
------------
------------
Net assets
3,121,616
2,599,797
------------
------------
Capital and reserves
Called up share capital
2
2
Profit and loss account
3,121,614
2,599,795
------------
------------
Shareholders funds
3,121,616
2,599,797
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2022 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PI Communication Limited
Statement of Financial Position (continued)
31 December 2022
These financial statements were approved by the board of directors and authorised for issue on 11 September 2023 , and are signed on behalf of the board by:
Mr C J O'Brien
Mrs N O'Brien
Director
Director
Company registration number: NI045158
PI Communication Limited
Notes to the Financial Statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is The Watch House, 2-4 Finaghy Road North, Belfast, BT10 0JA, Northern Ireland.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied to all years presented unless otherwise stated. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets. The presentation currency is £ sterling.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents & Trademarks
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land & Buildings
-
2% straight line
Plant & machinery
-
25% straight line
Fixtures & Fititngs
-
25% straight line
Motor vehicles
-
25% straight line
Web Development
-
33% straight line
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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 accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 44 (2021: 42 ).
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 January 2022 and 31 December 2022
8,815
-------
Amortisation
At 1 January 2022
7,937
Charge for the year
878
-------
At 31 December 2022
8,815
-------
Carrying amount
At 31 December 2022
-------
At 31 December 2021
878
-------
6. Tangible assets
Freehold Property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Web Development
Total
£
£
£
£
£
£
Cost
At 1 Jan 2022
693,813
791,638
163,830
170,915
10,590
1,830,786
Additions
2,950
154,159
3,646
45,520
206,275
Disposals
( 9,217)
( 22,180)
( 31,397)
---------
---------
---------
---------
--------
------------
At 31 Dec 2022
696,763
936,580
167,476
194,255
10,590
2,005,664
---------
---------
---------
---------
--------
------------
Depreciation
At 1 Jan 2022
54,255
751,618
146,682
120,133
10,590
1,083,278
Charge for the year
13,941
57,677
8,686
29,794
110,098
Disposals
( 4,608)
( 22,180)
( 26,788)
---------
---------
---------
---------
--------
------------
At 31 Dec 2022
68,196
804,687
155,368
127,747
10,590
1,166,588
---------
---------
---------
---------
--------
------------
Carrying amount
At 31 Dec 2022
628,567
131,893
12,108
66,508
839,076
---------
---------
---------
---------
--------
------------
At 31 Dec 2021
639,558
40,020
17,148
50,782
747,508
---------
---------
---------
---------
--------
------------
7. Debtors
2022
2021
£
£
Trade debtors
459,312
167,289
Other debtors
289,292
65,061
---------
---------
748,604
232,350
---------
---------
8. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
25,397
22,979
Trade creditors
55,362
26,472
Corporation tax
37,078
25,431
Social security and other taxes
126,021
117,082
Other creditors
360
360
Other creditors
166,096
117,775
---------
---------
410,314
310,099
---------
---------
9. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
47,403
58,659
--------
--------
10. Directors' advances, credits and guarantees
There were no advances, credits or guarantees given by the company on behalf of it's directors during the financial year ended 31 December 2022 (£2,351 2021).