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REGISTERED NUMBER: SC166414















PR ELECTRONICS (UK) LIMITED

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023






PR ELECTRONICS (UK) LIMITED (REGISTERED NUMBER: SC166414)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2


PR ELECTRONICS (UK) LIMITED (REGISTERED NUMBER: SC166414)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 9,787 6,688

CURRENT ASSETS
Stocks 31,403 59,927
Debtors 5 878,985 501,000
Cash at bank and in hand 797,290 688,096
1,707,678 1,249,023
CREDITORS
Amounts falling due within one year 6 941,539 544,562
NET CURRENT ASSETS 766,139 704,461
TOTAL ASSETS LESS CURRENT
LIABILITIES

775,926

711,149

PROVISIONS FOR LIABILITIES 1,932 1,186
NET ASSETS 773,994 709,963

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings 763,994 699,963
773,994 709,963

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2024 and were signed on its behalf by:





K T Rasmussen - Director


PR ELECTRONICS (UK) LIMITED (REGISTERED NUMBER: SC166414)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

PR Electronics (UK) Limited is a private limited company, limited by shares, registered in Scotland. The address of the registered office is Caledonia House, 89 Seaward Street, Glasgow, Scotland, G41 1HJ.

The presentation currency of the financial statements is Sterling (£).

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 on the historical cost basis.

Going concern
The current and future position of the company, including its cash flows and liquidity, have been considered by the directors. Based on the above, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements

In addition, in the application of the company's accounting policies, the directors are required to make estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
Turnover, which includes freight charges, and excludes returns, discounts and value added tax represents the net invoiced value of goods and services supplied and is recognised when the goods are shipped or the services are supplied to customers.

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.
Plant and machinery etc - 20% straight line

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of tangible fixed assets
At each reporting date non-financial assets not carried at fair value, like plant and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the statement of income and retained earnings.

PR ELECTRONICS (UK) LIMITED (REGISTERED NUMBER: SC166414)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans from other third parties.

Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for
evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

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 Statement of Income and Retained Earnings.

Leasing commitments
Lease payments are recognised as an expense over the lease term on a straight-line basis.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

PR ELECTRONICS (UK) LIMITED (REGISTERED NUMBER: SC166414)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

2. ACCOUNTING POLICIES - continued

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.

Pensions
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Statement of Income and Retained Earnings in the period to which they relate.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as a part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 26,261
Additions 7,312
At 30 June 2023 33,573
DEPRECIATION
At 1 July 2022 19,573
Charge for year 4,213
At 30 June 2023 23,786
NET BOOK VALUE
At 30 June 2023 9,787
At 30 June 2022 6,688

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 829,442 454,431
Other debtors 49,543 46,569
878,985 501,000

PR ELECTRONICS (UK) LIMITED (REGISTERED NUMBER: SC166414)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 15,968 11,339
Amounts owed to group undertakings 669,826 366,932
Taxation and social security 227,176 140,789
Other creditors 28,569 25,502
941,539 544,562

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 82,403 106,410
Between one and five years 89,634 162,155
172,037 268,565

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark McRae, CA (Senior Statutory Auditor)
for and on behalf of Martin Aitken & Co Ltd

9. RELATED PARTY DISCLOSURES

The company is controlled by PR electronics A/S, a company incorporated in Denmark, which owns 100% of the company's shares. The registered office address of PR electronics A/S is Lerbakken 10, 8410 Ronde, Denmark.

The parent company is itself a subsidiary of KR electronics Holdings ApS, a company incorporated in Denmark, which is regarded as its ultimate holding company.

The parent undertaking which prepares group financial statements is PR electronics A/S.

The controlling party is Mr Kim Thomas Rasmussen.