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REGISTERED NUMBER: 12320875 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Presto Engineering Group Uk Ltd

Presto Engineering Group Uk Ltd (Registered number: 12320875)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Presto Engineering Group Uk Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: M Villemain





SECRETARY: Pramex International Ltd





REGISTERED OFFICE: 8th Floor South
11 Old Jewry
London
EC2R 8DU





REGISTERED NUMBER: 12320875 (England and Wales)





AUDITORS: HW Associates Limited
Chartered Accountants
Portmill House
Portmill Lane
Hitchin
Herts
SG5 1DJ

Presto Engineering Group Uk Ltd (Registered number: 12320875)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 37,529 49,700

CURRENT ASSETS
Debtors 5 250,892 260,869
Cash at bank 80,928 45,104
331,820 305,973
CREDITORS
Amounts falling due within one year 6 186,524 234,740
NET CURRENT ASSETS 145,296 71,233
TOTAL ASSETS LESS CURRENT
LIABILITIES

182,825

120,933

CAPITAL AND RESERVES
Called up share capital 7 5,000 5,000
Retained earnings 177,825 115,933
SHAREHOLDERS' FUNDS 182,825 120,933

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 September 2024 and were signed by:





M Villemain - Director


Presto Engineering Group Uk Ltd (Registered number: 12320875)

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

1. STATUTORY INFORMATION

Presto Engineering Group Uk Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial Statements are prepared in sterling, which in the functional currency of the company. Monetary amount is their financial Statements are rounded to the nearer £.

Turnover
Revenue is recognised to the extent that is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue represents income paid in return for designing and producing ASIC development and semi conductor services.

Going Concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continue to adopt the going concern basis of accounting in preparing the financial statements.

Goodwill
Goodwill, being the amount paid in connection with acquisition of a business's assets in 2020.
The depreciation is provided at the following annual rate in order to write off the goodwill over its estimated useful life.
Goodwill : 14%

There has not been indicators of impairment.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Presto Engineering Group Uk Ltd (Registered number: 12320875)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Presto Engineering Group Uk Ltd (Registered number: 12320875)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2022 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 85,200
AMORTISATION
At 1 January 2023 35,500
Amortisation for year 12,171
At 31 December 2023 47,671
NET BOOK VALUE
At 31 December 2023 37,529
At 31 December 2022 49,700

Presto Engineering Group Uk Ltd (Registered number: 12320875)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Amounts owed by group undertakings 242,168 249,623
VAT 670 4,576
Accrued income and prepayments 8,054 6,670
250,892 260,869

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 601 9,253
Amounts owed to group undertakings 85,200 85,200
Corporation Tax 2,922 32,912
Social security and other taxes 16,608 16,168
Other creditors 53,250 3,450
Accruals 27,943 87,757
186,524 234,740

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
5,000 Ordinary £1 5,000 5,000

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mark Hjertzen (Senior Statutory Auditor)
for and on behalf of HW Associates Limited

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

10. ULTIMATE CONTROLLING PARTY

The company's immediate and ultimate controlling parent company is Presto Engineering Group SAS, a company incorporated in France, whose registered address is Rue de la Carriere de Bachasson Arteparc, Bachasson CS 20029 13590, Meyreuil, France.