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Registered number: 02424442









PYRAMID ENGINEERING SERVICES COMPANY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
PYRAMID ENGINEERING SERVICES COMPANY LIMITED
REGISTERED NUMBER: 02424442

BALANCE SHEET
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
142,578
152,868

  
142,578
152,868

Current assets
  

Stocks
 5 
552,807
258,413

Debtors
 6 
514,700
659,373

Cash at bank and in hand
 7 
68,548
23,317

  
1,136,055
941,103

Creditors: amounts falling due within one year
 8 
(528,007)
(309,865)

Net current assets
  
 
 
608,048
 
 
631,238

Total assets less current liabilities
  
750,626
784,106

Creditors: amounts falling due after more than one year
 9 
-
(14,006)

Provisions for liabilities
  

Other provisions
 11 
(38,568)
(38,568)

Net assets
  
712,058
731,532


Capital and reserves
  

Called up share capital 
 12 
3,000
3,000

Profit and loss account
  
709,058
728,532

  
712,058
731,532


Page 1

 
PYRAMID ENGINEERING SERVICES COMPANY LIMITED
REGISTERED NUMBER: 02424442
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023

The directors consider 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The 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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




G J C Stead
Director

Date: 18 January 2024

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
PYRAMID ENGINEERING SERVICES COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Pyramid Engineering Services Company Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Jolly Farmers Wharf Thames Road, Crayford, Dartford, Kent, DA1 4QH. The company's principal activity is that of the design, manufacture and service of advanced technical equipment. 

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 Section 1A of 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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Sale of goods

Revenue 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 revenue 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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
PYRAMID ENGINEERING SERVICES COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.4

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

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 profit or loss 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.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following bases.


Short term leasehold property
-
over the term of the lease - 10 years
Plant & machinery
-
15%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures & fittings
-
25%
reducing balance
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
PYRAMID ENGINEERING SERVICES COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

Stocks and work in progress

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 profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.12

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 12 (2022 - 12).

Page 5

 
PYRAMID ENGINEERING SERVICES COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Tangible fixed assets





Short Leasehold Property
Plant & machinery
Total

£
£
£



Cost or valuation


At 1 October 2022
138,897
264,177
403,074


Additions
-
20,634
20,634


Disposals
-
(10,000)
(10,000)



At 30 September 2023

138,897
274,811
413,708



Depreciation


At 1 October 2022
45,142
205,064
250,206


Charge for the year on owned assets
13,889
14,266
28,155


Disposals
-
(7,231)
(7,231)



At 30 September 2023

59,031
212,099
271,130



Net book value



At 30 September 2023
79,866
62,712
142,578



At 30 September 2022
93,755
59,113
152,868


5.


Stocks

2023
2022
£
£

Raw materials and consumables
74,380
68,520

Work in progress
478,427
189,893

552,807
258,413


Page 6

 
PYRAMID ENGINEERING SERVICES COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Debtors


2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
441,654
617,226

441,654
617,226

Due within one year

Trade debtors
32,806
14,218

Other debtors
33,157
20,846

Prepayments and accrued income
7,083
7,083

514,700
659,373



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
68,548
23,317

68,548
23,317



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
12,992
19,995

Trade creditors
94,656
99,511

Other taxation and social security
11,060
9,826

Other creditors
400,106
173,633

Accruals and deferred income
9,193
6,900

528,007
309,865


The bank loan and overdraft are secured by way of a fixed and floating charge over the fixed assets and property of the company. 

Page 7

 
PYRAMID ENGINEERING SERVICES COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
-
14,006

-
14,006



10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
12,992
19,995

Amounts falling due 1-2 years

Bank loans
-
14,006

12,992
34,001



11.


Provisions





Dilapidation provision

£





At 1 October 2022
38,568



At 30 September 2023
38,568


12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



3,000 (2022 - 3,000) Ordinary shares of £1.00 each
3,000
3,000


Page 8

 
PYRAMID ENGINEERING SERVICES COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


13.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £1,874 (2022 - £1,858) were payable to the fund at the balance sheet date and are included in creditors.


14.


Ultimate parent undertaking

The ultimate parent undertaking is Stead (Holdings) Limited.

 
Page 9