21 31/12/2022 2022-12-31 false false false false true false false false false false false false false true false false true false false false false true true false 2022-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04694438 2022-01-01 2022-12-31 04694438 2022-12-31 04694438 2021-12-31 04694438 2021-01-01 2021-12-31 04694438 2021-12-31 04694438 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 04694438 bus:RegisteredOffice 2022-01-01 2022-12-31 04694438 bus:LeadAgentIfApplicable 2022-01-01 2022-12-31 04694438 bus:Director1 2022-01-01 2022-12-31 04694438 bus:Director3 2022-01-01 2022-12-31 04694438 bus:Director8 2022-01-01 2022-12-31 04694438 bus:Director9 2022-01-01 2022-12-31 04694438 core:NetGoodwill 2022-12-31 04694438 core:LandBuildings core:LongLeaseholdAssets 2021-12-31 04694438 core:FurnitureFittingsToolsEquipment 2021-12-31 04694438 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 04694438 core:FurnitureFittingsToolsEquipment 2022-12-31 04694438 core:WithinOneYear 2022-12-31 04694438 core:WithinOneYear 2021-12-31 04694438 core:ShareCapital 2022-12-31 04694438 core:ShareCapital 2021-12-31 04694438 core:RetainedEarningsAccumulatedLosses 2022-12-31 04694438 core:RetainedEarningsAccumulatedLosses 2021-12-31 04694438 core:LandBuildings core:LongLeaseholdAssets 2022-01-01 2022-12-31 04694438 core:NetGoodwill 2021-12-31 04694438 core:LandBuildings core:LongLeaseholdAssets 2021-12-31 04694438 core:FurnitureFittingsToolsEquipment 2021-12-31 04694438 bus:SmallEntities 2022-01-01 2022-12-31 04694438 bus:Audited 2022-01-01 2022-12-31 04694438 bus:FullAccounts 2022-01-01 2022-12-31 04694438 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 04694438 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 04694438 core:EntityControlledByKeyManagementPersonnel1 2022-01-01 2022-12-31
Company registration number: 04694438
(England and Wales)
PULTREX LIMITED
Filleted financial statements
for the year ended
31 December 2022
PULTREX LIMITED
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
PULTREX LIMITED
Directors and other information
Directors F J Kegelmann (Resigned 1 August 2022)
S M Stiff
F G Obermaier (Resigned 30 November 2022)
B C A Butzmann
Company number 04694438
Registered office 18 - 20 Riverside Avenue West
Dale Hall Industrial Estate
Lawford
Manningtree, Essex
CO11 1UN
Business address 18 - 20 Riverside Avenue West
Dale Hall Industrial Estate
Lawford
Manningtree, Essex
CO11 1UN
Auditor Griffin Chapman
4 & 5 The Cedars
Apex 12
Old Ipswich Road, Colchester
Essex
CO7 7QR
PULTREX LIMITED
Directors responsibilities statement
Year ended 31 December 2022
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PULTREX LIMITED
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 60,914 76,501
_______ _______
60,914 76,501
Current assets
Stocks 721,258 1,012,568
Debtors 7 806,077 558,897
Cash at bank and in hand 240,627 163,437
_______ _______
1,767,962 1,734,902
Creditors: amounts falling due
within one year 8 ( 1,078,885) ( 1,193,951)
_______ _______
Net current assets 689,077 540,951
_______ _______
Total assets less current liabilities 749,991 617,452
_______ _______
Net assets 749,991 617,452
_______ _______
Capital and reserves
Called up share capital 38,000 38,000
Profit and loss account 711,991 579,452
_______ _______
Shareholders funds 749,991 617,452
_______ _______
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 income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 24 November 2023 , and are signed on behalf of the board by:
S M Stiff
Director
Company registration number: 04694438
PULTREX 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 England and Wales. The address of the registered office is 18 - 20 Riverside Avenue West, Dale Hall Industrial Estate, Lawford, Manningtree, Essex, CO11 1UN.
The principal activity of the company continues to be that of equipment manufacturing and composite profile manufacturing .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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:
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Long leasehold property - straight line over life of the lease
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 21 (2021: 25 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2022 and 31 December 2022 7,960 7,960
_______ _______
Amortisation
At 1 January 2022 and 31 December 2022 7,960 7,960
_______ _______
Carrying amount
At 31 December 2022 - -
_______ _______
At 31 December 2021 - -
_______ _______
6. Tangible assets
Long leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2022 20,511 704,601 725,112
Additions - 13,780 13,780
_______ _______ _______
At 31 December 2022 20,511 718,381 738,892
_______ _______ _______
Depreciation
At 1 January 2022 18,603 630,008 648,611
Charge for the year 249 29,118 29,367
_______ _______ _______
At 31 December 2022 18,852 659,126 677,978
_______ _______ _______
Carrying amount
At 31 December 2022 1,659 59,255 60,914
_______ _______ _______
At 31 December 2021 1,908 74,593 76,501
_______ _______ _______
7. Debtors
2022 2021
£ £
Trade debtors 782,252 471,808
Other debtors 23,825 87,089
_______ _______
806,077 558,897
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Trade creditors 332,172 304,859
Amounts owed to group undertakings and undertakings in which the company has a participating interest 582,147 106,053
Taxation and social security 16,330 18,495
Other creditors 148,236 764,544
_______ _______
1,078,885 1,193,951
_______ _______
9. Summary audit opinion
The auditor's report for the year dated 24 November 2023 was unqualified .
The senior statutory auditor was Daniel Aldworth for and on behalf of Griffin Chapman
10. Related party transactions
As a wholly owned subsidiary of KraussMaffei Technologies GMBH, the company has elected to take advantage of the exemptions from the requirements of FRS102 to disclose transactions with other members of that group headed by KraussMaffei Company Limited .
11. Controlling party
The directors consider the ultimate parent undertaking and controlling party to be Sinochem Holdings Corporation Ltd - a Chinese state owned enterprise under the supervision of State-owned Assets Supervision and Administration of the State Council.The immediate parent undertaking for which group financial statements are drawn up and of which the company is a member is KraussMaffei Technologies GMBH.Copies of the financial statements can be obtained from: KraussMaffei, Strasse 2,80997,Munich,Germany