Registration number:
Productive Machines Limited
for the Year Ended 31 December 2023
Productive Machines Limited
(Registration number: 12227915)
Balance Sheet as at 31 December 2023
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2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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- |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets/(liabilities) |
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( |
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Total assets less current liabilities |
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( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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- |
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Profit and loss account |
( |
( |
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Shareholders' funds/(deficit) |
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( |
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:
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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.
.........................................
Director
Productive Machines Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Productive Machines Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Intangible assets |
Website |
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Cost |
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At 1 January 2023 |
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At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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Amortisation charge |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Tangible assets |
Furniture and fittings |
Plant and machinery |
Office equipment |
Total |
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Cost |
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Additions |
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At 31 December 2023 |
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Depreciation |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Productive Machines Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Creditors |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Directors loan account |
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19,756 |
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2023 |
2022 |
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Due after one year |
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Other borrowings |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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145.40 |
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145.40 |
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98.11 |
- |
- |
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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.