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REGISTERED NUMBER: SC370897 (Scotland)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

PTS ELECTRONICS LTD

PTS ELECTRONICS LTD (REGISTERED NUMBER: SC370897)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PTS ELECTRONICS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: P Coyle
J F Fulton





SECRETARY: P Coyle





REGISTERED OFFICE: 69/71 Hamilton Road
Motherwell
ML1 3DG





BUSINESS ADDRESS: 18 Carron Place
East Kilbride
Glasgow
G75 0YL





REGISTERED NUMBER: SC370897 (Scotland)





ACCOUNTANTS: McDaid & Partners
Stanley House
69/71 Hamilton Road
Motherwell
Lanarkshire
ML1 3DG

PTS ELECTRONICS LTD (REGISTERED NUMBER: SC370897)

BALANCE SHEET
30 SEPTEMBER 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,854 11,648

CURRENT ASSETS
Stocks 6,000 6,000
Debtors 5 205,248 61,204
Cash at bank and in hand 58,602 66,185
269,850 133,389
CREDITORS
Amounts falling due within one year 6 197,591 101,425
NET CURRENT ASSETS 72,259 31,964
TOTAL ASSETS LESS CURRENT
LIABILITIES

79,113

43,612

PROVISIONS FOR LIABILITIES 40 871
NET ASSETS 79,073 42,741

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 78,073 41,741
SHAREHOLDERS' FUNDS 79,073 42,741

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 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.

PTS ELECTRONICS LTD (REGISTERED NUMBER: SC370897)

BALANCE SHEET - continued
30 SEPTEMBER 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2024 and were signed on its behalf by:




P Coyle - Director



J F Fulton - Director


PTS ELECTRONICS LTD (REGISTERED NUMBER: SC370897)

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

1. STATUTORY INFORMATION

PTS Electronics Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound 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 under the historical cost convention.

Turnover
Turnover is stated net of value added tax. Turnover from the sale and repair of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided to the extent that there is a right to consideration and is recorded at the value of the consideration due.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant & machinery - 25% on reducing balance
Fixtures & fittings - 15% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 33.33% on cost

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

PTS ELECTRONICS LTD (REGISTERED NUMBER: SC370897)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
Trade debtors
Trade debtors are amounts due from customers for goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade Creditors
Trade creditors are amounts due to suppliers for goods or services obtained in the ordinary course of business.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Cash
Cash and cash equivalents are basic financial assets and include cash on hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 9 ) .

PTS ELECTRONICS LTD (REGISTERED NUMBER: SC370897)

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

4. TANGIBLE FIXED ASSETS
Plant & Fixtures Motor Computer
machinery & fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2022
and 30 September 2023 32,100 14,348 15,446 1,337 63,231
DEPRECIATION
At 1 October 2022 30,507 10,628 9,111 1,337 51,583
Charge for year 399 558 3,837 - 4,794
At 30 September 2023 30,906 11,186 12,948 1,337 56,377
NET BOOK VALUE
At 30 September 2023 1,194 3,162 2,498 - 6,854
At 30 September 2022 1,593 3,720 6,335 - 11,648

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 203,748 59,704
Other debtors 1,500 1,500
205,248 61,204

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade creditors 104,495 52,864
Taxation and social security 82,163 39,362
Other creditors 10,933 9,199
197,591 101,425

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 September 2023 and 30 September 2022:

30.9.23 30.9.22
£    £   
J F Fulton and P Coyle
Balance outstanding at start of year 5,200 8,450
Amounts advanced 6,500 6,500
Amounts repaid (5,200 ) (9,750 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,500 5,200

The directors loan is interest free and repayable on demand.