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REGISTERED NUMBER: 06113489 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

PUMP SERVICE AND TECHNOLOGY UK LIMITED

PUMP SERVICE AND TECHNOLOGY UK LIMITED (REGISTERED NUMBER: 06113489)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PUMP SERVICE AND TECHNOLOGY UK LIMITED

COMPANY INFORMATION
for the Year Ended 28 February 2023







DIRECTOR: M Pennington





SECRETARY: M Pennington





REGISTERED OFFICE: The Pump House
393 Millfield Lane
Haydock
St Helens
Merseyside
WA11 9TD





REGISTERED NUMBER: 06113489 (England and Wales)





ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

PUMP SERVICE AND TECHNOLOGY UK LIMITED (REGISTERED NUMBER: 06113489)

STATEMENT OF FINANCIAL POSITION
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 69,967 93,290
69,967 93,290

CURRENT ASSETS
Stocks 56,000 41,000
Debtors 6 269,054 343,581
Cash at bank and in hand 27,445 33,629
352,499 418,210
CREDITORS
Amounts falling due within one year 7 280,421 251,071
NET CURRENT ASSETS 72,078 167,139
TOTAL ASSETS LESS CURRENT
LIABILITIES

142,045

260,429

CREDITORS
Amounts falling due after more than one
year

8

(41,021

)

(74,556

)

PROVISIONS FOR LIABILITIES 10 (3,300 ) (8,300 )
NET ASSETS 97,724 177,573

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 97,624 177,473
SHAREHOLDERS' FUNDS 97,724 177,573

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PUMP SERVICE AND TECHNOLOGY UK LIMITED (REGISTERED NUMBER: 06113489)

STATEMENT OF FINANCIAL POSITION - continued
28 February 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 November 2023 and were signed by:





M Pennington - Director


PUMP SERVICE AND TECHNOLOGY UK LIMITED (REGISTERED NUMBER: 06113489)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Pump Service and Technology Uk Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the sale of goods and services provided.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years. Goodwill has been fully amortised.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment.

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Government income
During the year, the company has claimed money from HMRC as part of the Government furlough scheme. This is recognised immediately the benefit becomes due.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell.

PUMP SERVICE AND TECHNOLOGY UK LIMITED (REGISTERED NUMBER: 06113489)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Short term employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

The company operates a defined contribution pension scheme. Contributions payable for the year are charged in the income statement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 19 ) .

PUMP SERVICE AND TECHNOLOGY UK LIMITED (REGISTERED NUMBER: 06113489)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2022 270,000
Disposals (270,000 )
At 28 February 2023 -
AMORTISATION
At 1 March 2022 270,000
Eliminated on disposal (270,000 )
At 28 February 2023 -
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2022
and 28 February 2023 145,827
DEPRECIATION
At 1 March 2022 52,537
Charge for year 23,323
At 28 February 2023 75,860
NET BOOK VALUE
At 28 February 2023 69,967
At 28 February 2022 93,290


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 264,672 325,690
Other debtors 4,382 17,891
269,054 343,581

The company has an invoice discounting arrangement against which trade debtors are assigned.

PUMP SERVICE AND TECHNOLOGY UK LIMITED (REGISTERED NUMBER: 06113489)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 11,194 11,194
Hire purchase contracts 24,233 31,435
Trade creditors 62,250 86,472
Taxation and social security 92,123 51,392
Other creditors 90,621 70,578
280,421 251,071

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 22,973 32,276
Hire purchase contracts 18,048 42,280
41,021 74,556

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 42,281 73,715
Invoice discounting 46,794 44,742
89,075 118,457

Hire purchase liabilities are secured on the assets concerned.

Bank overdraft and invoice discounting facilities are secured by way of a fixed and floating charge over the assets of the company.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 3,300 8,300

Deferred
tax
£   
Balance at 1 March 2022 8,300
Provided during year (5,000 )
Balance at 28 February 2023 3,300

11. OTHER FINANCIAL COMMITMENTS

The company has total operating lease commitments amounting to £49,284 (2022: £58,884).

PUMP SERVICE AND TECHNOLOGY UK LIMITED (REGISTERED NUMBER: 06113489)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

12. RELATED PARTY DISCLOSURES

During the year, total dividends of £36,000 (2022 - £46,000) were paid to the director .

During the year the director charged the company rent of £32,484 (2022: £32,484) in respect of premises occupied by the company.

Included in Other creditors is £266 (2022: £814) due to the director.