Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3125No description of principal activity2023-04-01false24truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. SC171947 2023-04-01 2024-03-31 SC171947 2022-04-01 2023-03-31 SC171947 2024-03-31 SC171947 2023-03-31 SC171947 c:CompanySecretary1 2023-04-01 2024-03-31 SC171947 c:Director1 2023-04-01 2024-03-31 SC171947 c:Director2 2023-04-01 2024-03-31 SC171947 c:RegisteredOffice 2023-04-01 2024-03-31 SC171947 d:Buildings d:LongLeaseholdAssets 2023-04-01 2024-03-31 SC171947 d:Buildings d:LongLeaseholdAssets 2024-03-31 SC171947 d:Buildings d:LongLeaseholdAssets 2023-03-31 SC171947 d:PlantMachinery 2023-04-01 2024-03-31 SC171947 d:PlantMachinery 2024-03-31 SC171947 d:PlantMachinery 2023-03-31 SC171947 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC171947 d:MotorVehicles 2023-04-01 2024-03-31 SC171947 d:MotorVehicles 2024-03-31 SC171947 d:MotorVehicles 2023-03-31 SC171947 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC171947 d:FurnitureFittings 2023-04-01 2024-03-31 SC171947 d:FurnitureFittings 2024-03-31 SC171947 d:FurnitureFittings 2023-03-31 SC171947 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC171947 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 SC171947 d:CurrentFinancialInstruments 2024-03-31 SC171947 d:CurrentFinancialInstruments 2023-03-31 SC171947 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 SC171947 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 SC171947 d:ShareCapital 2024-03-31 SC171947 d:ShareCapital 2023-03-31 SC171947 d:RetainedEarningsAccumulatedLosses 2024-03-31 SC171947 d:RetainedEarningsAccumulatedLosses 2023-03-31 SC171947 c:OrdinaryShareClass1 2023-04-01 2024-03-31 SC171947 c:OrdinaryShareClass1 2024-03-31 SC171947 c:OrdinaryShareClass1 2023-03-31 SC171947 c:FRS102 2023-04-01 2024-03-31 SC171947 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 SC171947 c:FullAccounts 2023-04-01 2024-03-31 SC171947 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 SC171947 d:WithinOneYear 2024-03-31 SC171947 d:WithinOneYear 2023-03-31 SC171947 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: SC171947










P.E.M. (KIRKCALDY) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 
P.E.M. (KIRKCALDY) LIMITED
 

COMPANY INFORMATION


Directors
A Citro 
P N Maciocia 




Company secretary
Amodio Citro



Registered number
SC171947



Registered office
Pane E Vino
3 Hunter Street

Kirkcaldy

Fife

KY1 1ED




Accountants
EQ Accountants Limited
Chartered Accountants

Pentland House

Saltire Centre

Glenrothes

Fife

KY6 2AH





 
P.E.M. (KIRKCALDY) LIMITED
REGISTERED NUMBER:SC171947

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
47,891
57,165

  
47,891
57,165

Current assets
  

Stocks
  
9,000
9,000

Debtors: amounts falling due within one year
 5 
10,038
11,092

Cash at bank and in hand
  
36,783
48,202

  
55,821
68,294

Creditors: amounts falling due within one year
 6 
(58,265)
(52,840)

Net current (liabilities)/assets
  
 
 
(2,444)
 
 
15,454

Total assets less current liabilities
  
45,447
72,619

Provisions for liabilities
  

Deferred tax
  
(6,273)
(7,746)

  
 
 
(6,273)
 
 
(7,746)

Net assets
  
39,174
64,873


Capital and reserves
  

Called up share capital 
 8 
1,000
1,000

Profit and loss account
  
38,174
63,873

  
39,174
64,873


Page 1

 
P.E.M. (KIRKCALDY) LIMITED
REGISTERED NUMBER:SC171947

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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 income and retained earnings 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: 




P N Maciocia
Director

Date: 25 July 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
P.E.M. (KIRKCALDY) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The company is limited by shares and incorporated in Scotland; Registration Number SC171947. The registered office address is Pane E Vino, 3 Hunter Street, Kirkcaldy, KY1 1ED. 
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

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

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

Page 3

 
P.E.M. (KIRKCALDY) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.3

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, as follows.

Depreciation is provided on the following basis:

Leasehold property improvements
-
5% straight line
Plant and machinery
-
20% reducing balance
Motor vehicles
-
25% straight line
Fixtures and fittings
-
20% reducing balance

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.

 
2.4

Stocks

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 reporting 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.

 
2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.6

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 4

 
P.E.M. (KIRKCALDY) LIMITED
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 24 (2023 - 25).

Page 5

 
P.E.M. (KIRKCALDY) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Leasehold property improve-ments
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
168,975
81,697
25,395
29,038
305,105


Additions
-
3,569
-
-
3,569


Disposals
-
-
(3,750)
-
(3,750)



At 31 March 2024

168,975
85,266
21,645
29,038
304,924



Depreciation


At 1 April 2023
139,687
66,387
15,991
25,875
247,940


Charge for the year on owned assets
3,674
5,181
3,258
730
12,843


Disposals
-
-
(3,750)
-
(3,750)



At 31 March 2024

143,361
71,568
15,499
26,605
257,033



Net book value



At 31 March 2024
25,614
13,698
6,146
2,433
47,891



At 31 March 2023
29,288
15,310
9,404
3,163
57,165


5.


Debtors

2024
2023
£
£


Trade debtors
-
62

Other debtors
2,789
2,835

Prepayments and accrued income
7,249
8,195

10,038
11,092


Page 6

 
P.E.M. (KIRKCALDY) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,109
8,995

Other taxation and social security
27,335
34,874

Other creditors
25,674
5,929

Accruals and deferred income
4,147
3,042

58,265
52,840



7.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
31,200
31,200

31,200
31,200


8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



Page 7