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Registered number: 02370523
PRODUCTION TEST SYSTEMS LIMITED
Unaudited Financial Statements
For The Year Ended 30 June 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02370523
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 18,911 26,225
18,911 26,225
CURRENT ASSETS
Stocks 5 38,667 39,334
Debtors 6 198,739 295,604
Cash at bank and in hand 2,221,147 2,135,510
2,458,553 2,470,448
Creditors: Amounts Falling Due Within One Year 7 (233,141 ) (272,448 )
NET CURRENT ASSETS (LIABILITIES) 2,225,412 2,198,000
TOTAL ASSETS LESS CURRENT LIABILITIES 2,244,323 2,224,225
NET ASSETS 2,244,323 2,224,225
CAPITAL AND RESERVES
Called up share capital 8 1,000 1,000
Profit and Loss Account 2,243,323 2,223,225
SHAREHOLDERS' FUNDS 2,244,323 2,224,225
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr SIMON BOWKER- HEIGHES
Director
20/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
PRODUCTION TEST SYSTEMS LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 02370523 . The registered office is UNIT 1, MANOR COMMERCIAL CENTRE, COMMERCIAL ROAD, READING, BERKSHIRE , RG2 0QZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,
value added tax and other sales taxes.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 5% on cost
Plant & Machinery 25% on reducing balance
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 15% straight line
Computer Equipment 25% straight line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 6)
6 6
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 July 2023 122,703 29,476 46,800 11,326
As at 30 June 2024 122,703 29,476 46,800 11,326
Depreciation
As at 1 July 2023 122,653 29,476 22,045 11,326
Provided during the period 50 - 6,189 -
As at 30 June 2024 122,703 29,476 28,234 11,326
Net Book Value
As at 30 June 2024 - - 18,566 -
As at 1 July 2023 50 - 24,755 -
Computer Equipment Total
£ £
Cost
As at 1 July 2023 29,495 239,800
As at 30 June 2024 29,495 239,800
Depreciation
As at 1 July 2023 28,075 213,575
Provided during the period 1,075 7,314
As at 30 June 2024 29,150 220,889
Net Book Value
As at 30 June 2024 345 18,911
As at 1 July 2023 1,420 26,225
5. Stocks
2024 2023
£ £
Materials 38,667 39,334
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 192,768 291,169
Prepayments and accrued income 5,971 4,435
198,739 295,604
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 104,189 95,950
Corporation tax 46,173 65,624
Other taxes and social security 19,071 20,714
VAT 23,654 22,511
Accruals and deferred income 37,230 64,825
Directors' loan accounts 2,824 2,824
233,141 272,448
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
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