Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-3132023-01-01No description of principal activityfalse3The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrue 07459631 2023-01-01 2023-12-31 07459631 2022-01-01 2022-12-31 07459631 2023-12-31 07459631 2022-12-31 07459631 c:CompanySecretary1 2023-01-01 2023-12-31 07459631 c:Director1 2023-01-01 2023-12-31 07459631 c:RegisteredOffice 2023-01-01 2023-12-31 07459631 d:CurrentFinancialInstruments 2023-12-31 07459631 d:CurrentFinancialInstruments 2022-12-31 07459631 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07459631 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07459631 d:ShareCapital 2023-12-31 07459631 d:ShareCapital 2022-12-31 07459631 d:RetainedEarningsAccumulatedLosses 2023-12-31 07459631 d:RetainedEarningsAccumulatedLosses 2022-12-31 07459631 c:FRS102 2023-01-01 2023-12-31 07459631 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07459631 c:FullAccounts 2023-01-01 2023-12-31 07459631 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 07459631






 


 
PAGMAT UK LIMITED

FINANCIAL STATEMENTS
 
FOR THE YEAR ENDED
 31 DECEMBER 2023

 
PAGMAT UK LIMITED
 

COMPANY INFORMATION


DIRECTOR
N. Almis  




COMPANY SECRETARY
MCS Formations Limited



REGISTERED NUMBER
07459631



REGISTERED OFFICE
1st Floor Sackville House
143-149 Fenchurch Street

London

EC3M 6BN





 
PAGMAT UK LIMITED
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 5


 
PAGMAT UK LIMITED
REGISTERED NUMBER: 07459631

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

CURRENT ASSETS
  

Stocks
 4 
174,397
137,602

Debtors
 5 
1,154,310
783,472

Cash at bank
  
47,597
108,934

  
1,376,304
1,030,008

Creditors: amounts falling due within one year
 6 
(891,471)
(547,535)

  

NET ASSETS
  
484,833
482,473


CAPITAL AND RESERVES
  

Allotted, called up and fully paid share capital
  
250,000
250,000

Profit and loss account
  
234,833
232,473

EQUITY SHAREHOLDER'S FUNDS
  
484,833
482,473


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the Director's Report and the Statement of Income and Retained Earnings  in accordance with provisions applicable to companies subject to the small companies' regime, under section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 September 2024.




N. Almis
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
PAGMAT UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Pagmat UK Limited (registered number: 07459631), having its registered office at 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BN, is a private limited company incorporated in England and Wales.
The principal place of business is Ataturk Cad No: 150/2 Pasaport, 35210 Izmir, Turkey.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
2.2

Statement of Cash Flows

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to produce a Statement of Cash Flows on the grounds that it is a small company.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Income and Retained Earnings.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

Page 2

 
PAGMAT UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Cash at Bank

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.7

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. 

 
2.9

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction 

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Income and Retained Earnings except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.10

Taxation

Tax is recognised in the Statement of Income and Retained Earnings except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.

Page 3

 
PAGMAT UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
1
1



Staff
2
2

3
3


4.


Stocks

2023
2022
£
£

Finished goods and goods for resale
174,397
137,602


Page 4

 
PAGMAT UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£

Due within one year

Trade debtors
1,147,444
449,423

Other debtors
3,121
329,682

Prepayments and accrued income
3,745
4,367

1,154,310
783,472



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
833,737
500,919

Corporation tax
554
-

Other creditors
35,359
43,616

Accruals and deferred income
21,821
3,000

891,471
547,535



Page 5