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REGISTERED NUMBER: 02452375 (England and Wales)










PCM SYSTEMS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2023






PCM SYSTEMS LIMITED (REGISTERED NUMBER: 02452375)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023










Page

Balance Sheet 1

Notes to the Financial Statements 2 to 4


PCM SYSTEMS LIMITED (REGISTERED NUMBER: 02452375)

BALANCE SHEET
30TH SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,983 3,069
Investments 5 12,520 12,800
15,503 15,869

CURRENT ASSETS
Stocks 23,384 3,264
Debtors 6 68,356 38,122
Cash at bank and in hand 103,019 153,232
194,759 194,618
CREDITORS
Amounts falling due within one year 7 44,930 62,099
NET CURRENT ASSETS 149,829 132,519
TOTAL ASSETS LESS CURRENT LIABILITIES 165,332 148,388

CAPITAL AND RESERVES
Called up share capital 8 10,000 10,000
Retained earnings 155,332 138,388
SHAREHOLDERS' FUNDS 165,332 148,388

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21st February 2024 and were signed on its behalf by:





M J Feeny - Director


PCM SYSTEMS LIMITED (REGISTERED NUMBER: 02452375)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH SEPTEMBER 2023


1. STATUTORY INFORMATION

PCM Systems Limited is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.

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 as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents net invoiced sales of goods and services supplied in the year, excluding value added tax.

Revenue is recognised at the point in which goods are despatched and performance obligations under service arrangements are satisfied.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery - 25% on cost and 15% on cost.

Stocks
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

PCM SYSTEMS LIMITED (REGISTERED NUMBER: 02452375)

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


2. ACCOUNTING POLICIES - continued

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Investments
Investments are recognised initially at fair value which is normally transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit and loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st October 2022 18,567
Additions 1,133
Disposals (3,733 )
At 30th September 2023 15,967
DEPRECIATION
At 1st October 2022 15,498
Charge for year 1,190
Eliminated on disposal (3,704 )
At 30th September 2023 12,984
NET BOOK VALUE
At 30th September 2023 2,983
At 30th September 2022 3,069

PCM SYSTEMS LIMITED (REGISTERED NUMBER: 02452375)

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


5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1st October 2022 12,800
Additions 12,188
Disposals (13,721 )
Revaluations 1,253
At 30th September 2023 12,520
NET BOOK VALUE
At 30th September 2023 12,520
At 30th September 2022 12,800

The historical cost of the investments at 30th September 2023 was £12,125 (2022: £11,650).

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 21,044 15,089
Amounts owed by group undertakings 43,573 19,382
Other debtors 3,739 3,651
68,356 38,122

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 8,681 10,183
Taxation and social security 20,330 19,983
Other creditors 15,919 31,933
44,930 62,099

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000