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Registered Number: 02038655
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 July 2023

for

POTATO MANUFACTURING SCIENCE LIMITED

Directors Michael Swann
Elisabeth Swann
Alexander Swann
Michelle Swann
Registered Number 02038655
Registered Office Whyncrest Bridlington Road
Hunmanby
Filey
North Yorkshire
YO14 9RS
Accountants J W Smith & Co Ltd - Bridlington
Eaglehurst
12 Quay Road
Bridlington
East Yorkshire
YO15 2AD
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 756,491    756,096 
756,491    756,096 
Current assets      
Debtors 4 3,438,464    3,370,498 
Cash at bank and in hand 90,834    124,263 
3,529,298    3,494,761 
Creditors: amount falling due within one year 5 (655,981)   (604,065)
Net current assets 2,873,317    2,890,696 
 
Total assets less current liabilities 3,629,808    3,646,792 
Provisions for liabilities 6 (117)   (117)
Net assets 3,629,691    3,646,675 
 

Capital and reserves
     
Called up share capital 2    2 
Profit and loss account 3,629,689    3,646,673 
Shareholder's funds 3,629,691    3,646,675 
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 11 April 2024 and were signed on its behalf by:


-------------------------------
Michael Swann
Director
2
General Information
Potato Manufacturing Science Limited is a private company, limited by shares, registered in England and Wales, registration number 02038655, registration address Whyncrest Bridlington Road , Hunmanby , Filey, North Yorkshire, YO14 9RS.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and Buildings 0% Straight Line
Fixtures and Fittings 10% Straight Line
Computer Equipment 25% Straight Line
Plant and Machinery 10% Straight Line
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 5 (2022 : 5).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Fixtures and Fittings   Computer Equipment   Plant and Machinery   Total
  £   £   £   £   £
At 01 August 2022 745,861    13,346    12,832    33,429    805,468 
Additions     687      687 
Disposals        
At 31 July 2023 745,861    13,346    13,519    33,429    806,155 
Depreciation
At 01 August 2022   13,346    2,598    33,428    49,372 
Charge for year     292      292 
On disposals        
At 31 July 2023   13,346    2,890    33,428    49,664 
Net book values
Closing balance as at 31 July 2023 745,861      10,629    1    756,491 
Opening balance as at 01 August 2022 745,861      10,234    1    756,096 

The net book value of Plant and Machinery includes £ 1 (2022 £1) in respect of assets leased under finance leases or hire purchase contracts.

4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 140,600    103,198 
Other Debtors 3,267,300    3,267,300 
Corporation Tax 30,564   
3,438,464    3,370,498 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 370,520    356,815 
PAYE & Social Security 1,783    1,813 
Accrued Expenses 3,750    3,750 
Other Creditors 42,126    41,563 
Directors' Current Accounts 234,706    198,235 
VAT 3,096    1,889 
655,981    604,065 

6.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 117    117 
Charged to Profit & Loss  
117    117 

3