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No description of principal activity
2023-04-01
Sage Accounts Production Advanced 2023 - FRS102_2021
32,961
32,961
xbrli:pure
xbrli:shares
iso4217:GBP
03952534
2023-04-01
2024-03-31
03952534
2024-03-31
03952534
2023-03-31
03952534
2022-04-01
2023-03-31
03952534
2023-03-31
03952534
2022-03-31
03952534
core:NetGoodwill
2023-04-01
2024-03-31
03952534
core:LandBuildings
core:LongLeaseholdAssets
2023-04-01
2024-03-31
03952534
core:PlantMachinery
2023-04-01
2024-03-31
03952534
core:FurnitureFittings
2023-04-01
2024-03-31
03952534
core:MotorVehicles
2023-04-01
2024-03-31
03952534
bus:LeadAgentIfApplicable
2023-04-01
2024-03-31
03952534
bus:Director1
2023-04-01
2024-03-31
03952534
bus:Director2
2023-04-01
2024-03-31
03952534
core:NetGoodwill
2024-03-31
03952534
core:LandBuildings
2023-03-31
03952534
core:PlantMachinery
2023-03-31
03952534
core:FurnitureFittings
2023-03-31
03952534
core:MotorVehicles
2023-03-31
03952534
core:LandBuildings
2024-03-31
03952534
core:PlantMachinery
2024-03-31
03952534
core:FurnitureFittings
2024-03-31
03952534
core:MotorVehicles
2024-03-31
03952534
core:WithinOneYear
2024-03-31
03952534
core:WithinOneYear
2023-03-31
03952534
core:AfterOneYear
2024-03-31
03952534
core:AfterOneYear
2023-03-31
03952534
core:ShareCapital
2024-03-31
03952534
core:ShareCapital
2023-03-31
03952534
core:RetainedEarningsAccumulatedLosses
2024-03-31
03952534
core:RetainedEarningsAccumulatedLosses
2023-03-31
03952534
core:BetweenOneFiveYears
2024-03-31
03952534
core:BetweenOneFiveYears
2023-03-31
03952534
core:PlantMachinery
2023-03-31
03952534
core:FurnitureFittings
2023-03-31
03952534
core:MotorVehicles
2023-03-31
03952534
core:LeasedAssetsHeldAsLessee
core:PlantMachinery
2024-03-31
03952534
core:LeasedAssetsHeldAsLessee
core:PlantMachinery
2023-03-31
03952534
bus:SmallEntities
2023-04-01
2024-03-31
03952534
bus:AuditExemptWithAccountantsReport
2023-04-01
2024-03-31
03952534
bus:FullAccounts
2023-04-01
2024-03-31
03952534
bus:SmallCompaniesRegimeForAccounts
2023-04-01
2024-03-31
03952534
bus:PrivateLimitedCompanyLtd
2023-04-01
2024-03-31
COMPANY REGISTRATION NUMBER:
03952534
Filleted Unaudited Financial Statements |
|
Year ended 31 March 2024
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 to 3 |
|
|
Notes to the financial statements |
4 to 9 |
|
|
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of
PEM Stainless Limited |
|
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PEM Stainless Limited for the year ended 31 March 2024, which comprise the statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of PEM Stainless Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of PEM Stainless Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PEM Stainless Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that PEM Stainless 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 PEM Stainless Limited. You consider that PEM Stainless 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 PEM Stainless 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.
HEBBLETHWAITES
Chartered Accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
16 August 2024
Statement of Financial Position |
|
31 March 2024
Fixed assets
Tangible assets |
6 |
44,125 |
49,326 |
|
|
|
|
Current assets
Stocks |
39,949 |
42,993 |
Debtors |
7 |
249,581 |
248,386 |
Cash at bank and in hand |
79,778 |
22,136 |
|
--------- |
--------- |
|
369,308 |
313,515 |
|
|
|
|
Creditors: amounts falling due within one year |
8 |
221,502 |
181,062 |
|
--------- |
--------- |
Net current assets |
147,806 |
132,453 |
|
--------- |
--------- |
Total assets less current liabilities |
191,931 |
181,779 |
|
|
|
|
Creditors: amounts falling due after more than one year |
9 |
11,667 |
21,667 |
|
|
|
|
Provisions
Taxation including deferred tax |
11,031 |
9,370 |
|
--------- |
--------- |
Net assets |
169,233 |
150,742 |
|
--------- |
--------- |
|
|
|
Statement of Financial Position (continued) |
|
31 March 2024
Capital and reserves
Called up share capital |
2 |
2 |
Profit and loss account |
169,231 |
150,740 |
|
--------- |
--------- |
Shareholders funds |
169,233 |
150,742 |
|
--------- |
--------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 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 financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
9 August 2024
, and are signed on behalf of the board by:
Mr N P May |
Mrs H J May |
Director |
Director |
|
|
Company registration number:
03952534
Notes to the Financial Statements |
|
Year ended 31 March 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 67 Julian Road, Roman Ridge Industrial Estate, Sheffield, South Yorkshire, S9 1FZ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of management, there are no areas of judgement or key sources of estimation uncertainty that have a significant effect on the financial statements, other than those highlighted below.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
Goodwill |
- |
5% straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Leasehold Property |
- |
33% straight line |
|
Plant and machinery |
- |
10% straight line |
|
Fixtures and fittings |
- |
10% straight line |
|
Motor vehicles |
- |
33% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
19
(2023:
19
).
5.
Intangible assets
|
Goodwill |
|
£ |
Cost |
|
At 1 April 2023 and 31 March 2024 |
32,961 |
|
-------- |
Amortisation |
|
At 1 April 2023 and 31 March 2024 |
32,961 |
|
-------- |
Carrying amount |
|
At 31 March 2024 |
– |
|
-------- |
At 31 March 2023 |
– |
|
-------- |
|
|
6.
Tangible assets
|
Land and buildings |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Total |
|
£ |
£ |
£ |
£ |
£ |
Cost |
|
|
|
|
|
At 1 April 2023 |
9,500 |
143,450 |
78,928 |
53,145 |
285,023 |
Additions |
– |
4,876 |
– |
– |
4,876 |
|
------- |
--------- |
-------- |
-------- |
--------- |
At 31 March 2024 |
9,500 |
148,326 |
78,928 |
53,145 |
289,899 |
|
------- |
--------- |
-------- |
-------- |
--------- |
Depreciation |
|
|
|
|
|
At 1 April 2023 |
9,500 |
105,509 |
70,102 |
50,586 |
235,697 |
Charge for the year |
– |
6,672 |
2,552 |
853 |
10,077 |
|
------- |
--------- |
-------- |
-------- |
--------- |
At 31 March 2024 |
9,500 |
112,181 |
72,654 |
51,439 |
245,774 |
|
------- |
--------- |
-------- |
-------- |
--------- |
Carrying amount |
|
|
|
|
|
At 31 March 2024 |
– |
36,145 |
6,274 |
1,706 |
44,125 |
|
------- |
--------- |
-------- |
-------- |
--------- |
At 31 March 2023 |
– |
37,941 |
8,826 |
2,559 |
49,326 |
|
------- |
--------- |
-------- |
-------- |
--------- |
|
|
|
|
|
|
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
|
Plant and machinery |
|
£ |
At 31 March 2024 |
5,400 |
|
------- |
At 31 March 2023 |
6,300 |
|
------- |
|
|
7.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
182,851 |
181,138 |
Other debtors |
66,730 |
67,248 |
|
--------- |
--------- |
|
249,581 |
248,386 |
|
--------- |
--------- |
|
|
|
8.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
48,502 |
10,000 |
Trade creditors |
64,668 |
83,866 |
Corporation tax |
27,130 |
5,177 |
Social security and other taxes |
40,115 |
36,396 |
Other creditors |
41,087 |
45,623 |
|
--------- |
--------- |
|
221,502 |
181,062 |
|
--------- |
--------- |
|
|
|
The company obtained a bounceback loan facility on 28 June 2020 for a principal sum of £50,000. A capital and interest repayment holiday was scheduled for the period of 12 months from this date. The above bank loans falling due within one year amounted to £10,000 (2023: £10,000).
9.
Creditors:
amounts falling due after more than one year
|
2024 |
2023 |
|
£ |
£ |
Bank loans and overdrafts |
11,667 |
21,667 |
|
-------- |
-------- |
|
|
|
The company obtained a bounceback loan facility on 28 June 2020 for a principal sum of £50,000. A capital and interest repayment holiday was scheduled for the period of 12 months from this date. The above bank loans falling due after more than one year amounted to £11,667 (2023: £21,667).
A fixed rate of 2.5% above base is applicable to the bounceback loan facility.
10.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2024 |
2023 |
|
£ |
£ |
Not later than 1 year |
50,000 |
50,000 |
Later than 1 year and not later than 5 years |
113 |
564 |
|
-------- |
-------- |
|
50,113 |
50,564 |
|
-------- |
-------- |
|
|
|
11.
Related party transactions
A loan account exists between the company and the director. At 31 March 2024 the company was indebted to
Mr N P May
in this regard, by the sum of £18,329 (2023: £18,175) and this is included within 'other creditors' above. There are no formal terms for repayment of this loan and interest is not being charged. The company is related to Mays Property Ltd by way of common directorship and shareholding. At the year end date, Mays Property Limited was indebted to PEM Stainless Limited
in the sum of £12,340 (2023: £22,146), by way of loan. The balance is free of interest and is included within 'other debtors' above.