2023-02-012024-01-312024-01-31false05025882Process Parameters 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Process Parameters Limited

Registered Number
05025882
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

Process Parameters Limited
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

Gail Apperley
Jonathan Apperley

Company Secretary

Gail Apperley

Registered Address

Unit 4 City Limits
Danehill
Reading
RG6 4UP

Registered Number

05025882 (England and Wales)
Process Parameters Limited
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets337,85248,357
37,85248,357
Current assets
Stocks494,92895,484
Debtors5178,20889,619
Cash at bank and on hand66,351180,136
339,487365,239
Creditors amounts falling due within one year6(124,421)(138,695)
Net current assets (liabilities)215,066226,544
Total assets less current liabilities252,918274,901
Creditors amounts falling due after one year7(8,170)(17,930)
Net assets244,748256,971
Capital and reserves
Called up share capital22
Profit and loss account244,746256,969
Shareholders' funds244,748256,971
The financial statements were approved and authorised for issue by the Board of Directors on 26 September 2024, and are signed on its behalf by:
Jonathan Apperley
Director
Registered Company No. 05025882
Process Parameters Limited
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Land and buildings-10
Plant and machinery25-
Fixtures and fittings25-
Office Equipment33-
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year77
3.Tangible fixed assets

Land & buildings

Plant & machinery

Office Equipment

Total

££££
Cost or valuation
At 01 February 2337,87299,20464,423201,499
Additions-989-989
At 31 January 2437,872100,19364,423202,488
Depreciation and impairment
At 01 February 2316,81778,85557,470153,142
Charge for year3,7875,0972,61011,494
At 31 January 2420,60483,95260,080164,636
Net book value
At 31 January 2417,26816,2414,34337,852
At 31 January 2321,05520,3496,95348,357
4.Stocks

2024

2023

££
Finished goods94,92895,484
Total94,92895,484
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables149,47547,817
Other debtors19,80730,768
Prepayments and accrued income8,92611,034
Total178,20889,619
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables77,04156,828
Bank borrowings and overdrafts10,00010,000
Taxation and social security31,57142,265
Other creditors1,8921,383
Accrued liabilities and deferred income3,91728,219
Total124,421138,695
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts8,17017,930
Total8,17017,930
8.Operating lease commitments
At 31 January 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £15,626.
9.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
Jonathan Apperley15,3845206,0009,904
Gail Apperley15,3845196,0009,903
30,7681,03912,00019,807
Interest is charged on advances to directors at HMRC interest rates. Advances are repayable on demand.