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REGISTERED NUMBER: 07911018 (England and Wales)










Unaudited Financial Statements for the Year Ended 31 March 2024

for

PTS (TQM) LIMITED

PTS (TQM) LIMITED (REGISTERED NUMBER: 07911018)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

PTS (TQM) LIMITED

Company Information
for the Year Ended 31 March 2024







DIRECTORS: E J Roe
S M Baldwin





REGISTERED OFFICE: Verulam Road
Common Road Industrial Estate
Stafford
Staffordshire
ST16 3EA





REGISTERED NUMBER: 07911018 (England and Wales)





ACCOUNTANTS: CHEADLES
Chartered Accountants
Telegraph House
59 Wolverhampton Road
Stafford
Staffordshire
ST17 4AW

PTS (TQM) LIMITED (REGISTERED NUMBER: 07911018)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 199,788 38,284
199,788 38,284

CURRENT ASSETS
Stocks 2,500 2,500
Debtors 6 465,522 366,938
Cash at bank and in hand 32,845 31,489
500,867 400,927
CREDITORS
Amounts falling due within one year 7 568,169 371,688
NET CURRENT (LIABILITIES)/ASSETS (67,302 ) 29,239
TOTAL ASSETS LESS CURRENT
LIABILITIES

132,486

67,523

CREDITORS
Amounts falling due after more than one year 8 (72,922 ) (27,080 )

PROVISIONS FOR LIABILITIES (37,959 ) -
NET ASSETS 21,605 40,443

CAPITAL AND RESERVES
Called up share capital 400 400
Retained earnings 21,205 40,043
SHAREHOLDERS' FUNDS 21,605 40,443

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 (TQM) LIMITED (REGISTERED NUMBER: 07911018)

Balance Sheet - continued
31 March 2024


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 7 August 2024 and were signed on its behalf by:




E J Roe - Director



S M Baldwin - Director


PTS (TQM) LIMITED (REGISTERED NUMBER: 07911018)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

PTS (TQM) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.

These include:

The provision for bad debts
After consideration by the directors, all debtors on the customer ledger are deemed collectable. Any such balances deemed doubtful are either written off or provided for accordingly.

Work in Progress
The directors have considered work in progress at the balance sheet date, and deemed any work done but not invoiced as at 31 March 2022 to be classed as work in progress and provided for accordingly.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

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.

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.


PTS (TQM) LIMITED (REGISTERED NUMBER: 07911018)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued
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 23 (2023 - 28 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 40,000
AMORTISATION
At 1 April 2023
and 31 March 2024 40,000
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor
property machinery vehicles Totals
£    £    £    £   
COST
At 1 April 2023 - - 42,700 42,700
Additions 88,552 1,512 96,994 187,058
At 31 March 2024 88,552 1,512 139,694 229,758
DEPRECIATION
At 1 April 2023 - - 4,416 4,416
Charge for year 1,331 378 23,845 25,554
At 31 March 2024 1,331 378 28,261 29,970
NET BOOK VALUE
At 31 March 2024 87,221 1,134 111,433 199,788
At 31 March 2023 - - 38,284 38,284

PTS (TQM) LIMITED (REGISTERED NUMBER: 07911018)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 350,681 238,704
Amounts owed by participating interests - 19,000
Other debtors 114,841 109,234
465,522 366,938

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 32,515 7,747
Trade creditors 41,108 39,226
Amounts owed to participating interests 150,519 40,746
Taxation and social security 99,098 98,443
Other creditors 244,929 185,526
568,169 371,688

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Hire purchase contracts 72,922 27,080

9. RELATED PARTY DISCLOSURES

At the balance sheet date, PTS (TQM) Limited owed £142,519 (2023: £40,746) to PTS Group Holdings Limited.

Service charges of £29,000 (2023: £40,500) were also charged from Professional Testing Services, a partnership in which Mr E Roe and Mrs S Baldwin have an interest.

At the balance sheet date, PTS (TQM) Limited owed £8,000 (2023: £19,000 owed from) to PTS (NDT) Limited.

Rent of £42,000 (2023: £42,000) was paid to the PTS Pension Fund, in which the directors have the benefit.

10. ULTIMATE CONTROLLING PARTY

The company is controlled by the 'A' shareholders, being Mr Edward Roe and Mr Steven Baldwin.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
PTS (TQM) Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PTS (TQM) Limited for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of PTS (TQM) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PTS (TQM) Limited and state those matters that we have agreed to state to the Board of Directors of PTS (TQM) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PTS (TQM) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that PTS (TQM) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PTS (TQM) Limited. You consider that PTS (TQM) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of PTS (TQM) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






CHEADLES
Chartered Accountants
Telegraph House
59 Wolverhampton Road
Stafford
Staffordshire
ST17 4AW


7 August 2024