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Registration number: 12227915

Productive Machines Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Productive Machines Limited

(Registration number: 12227915)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

3

1,079

1,942

Tangible assets

4

40,238

-

 

41,317

1,942

Current assets

 

Stocks

6,445

-

Debtors

5

195,358

42,014

Cash at bank and in hand

 

821,193

31,229

 

1,022,996

73,243

Creditors: Amounts falling due within one year

6

(232,243)

(179,861)

Net current assets/(liabilities)

 

790,753

(106,618)

Total assets less current liabilities

 

832,070

(104,676)

Creditors: Amounts falling due after more than one year

6

(53,582)

(50,470)

Net assets/(liabilities)

 

778,488

(155,146)

Capital and reserves

 

Called up share capital

7

243

145

Share premium reserve

1,507,806

-

Profit and loss account

(729,561)

(155,291)

Shareholders' funds/(deficit)

 

778,488

(155,146)

 

Productive Machines Limited

(Registration number: 12227915)

Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 14 August 2024 and signed on its behalf by:
 

.........................................

Dr E Ozturk
Director

 

Productive Machines Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

Accounting policies

Statutory information

Productive Machines Limited is a private company, limited by shares, domiciled in England and Wales, company number 12227915. The registered office is at Advanced Manufacturing Park Technology Centre, Brunel Way, Catcliffe, Rotherham, S60 5WG.

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Going concern

After due consideration of all relevant factors the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods
and provision of services in the ordinary course of the company’s activities. Turnover is shown net of
sales/value added tax, returns, rebates and discounts. Revenue is recognised at the point of service delivery.

Tax

The current income 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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

 

Productive Machines Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

1

Accounting policies (continued)

Asset class

Depreciation method and rate

Furniture and fittings

33% straight line

Office equipment

20% straight line

Plant and machinery

33% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

33% straight line

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 2).

 

Productive Machines Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

3

Intangible assets

Website
 £

Cost

At 1 January 2023

2,590

At 31 December 2023

2,590

Amortisation

At 1 January 2023

648

Amortisation charge

863

At 31 December 2023

1,511

Carrying amount

At 31 December 2023

1,079

At 31 December 2022

1,942

4

Tangible assets

Furniture and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost

Additions

22,312

21,522

4,914

48,748

At 31 December 2023

22,312

21,522

4,914

48,748

Depreciation

Charge for the year

4,388

3,591

531

8,510

At 31 December 2023

4,388

3,591

531

8,510

Carrying amount

At 31 December 2023

17,924

17,931

4,383

40,238

5

Debtors

2023
£

2022
£

Trade debtors

14,750

1,800

Prepayments and accrued income

102,516

1,697

Other debtors

78,092

38,517

 

195,358

42,014

 

Productive Machines Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Creditors

2023
£

2022
£

Due within one year

Trade creditors

15,913

16,136

Taxation and social security

17,349

3,037

Accruals and deferred income

96,747

28,027

Other creditors

102,234

112,905

Directors loan account

-

19,756

232,243

179,861

2023
£

2022
£

Due after one year

Other borrowings

53,582

50,470

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.00001 (2022 - £0.01000) each

14,540,000

145.40

14,540

145.40

Preferred shares of £0.00001 (2022 - £0) each

9,811,491

98.11

-

-

 

24,351,491

243.51

14,540

145.40

During the year the company subdivided the ordinary shares from £0.01 to £0.00001.

During the year the company issued a total of 9,811,491 preferred shares of £0.00001 each for the sum of £1,507,905 in order to increase the capital base of the company.