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Company registration number: 04694438
(England and Wales)
PULTREX LIMITED
Filleted financial statements
for the year ended
31 December 2023
PULTREX LIMITED
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
PULTREX LIMITED
Directors and other information
Directors
Directors S M Stiff
B C A Butzmann (Resigned 21 December 2023)
F G Kirchner (Appointed 21 December 2023)
F O H Szimmat (Appointed 21 December 2023)
Company number 04694438
Registered office 18 - 20 Riverside Avenue West
Dale Hall Industrial Estate
Lawford
Manningtree, Essex
CO11 1UN
Business address 18 - 20 Riverside Avenue West
Dale Hall Industrial Estate
Lawford
Manningtree, Essex
CO11 1UN
Auditor Griffin Chapman
4 & 5 The Cedars
Apex 12
Old Ipswich Road, Colchester
Essex
CO7 7QR
PULTREX LIMITED
Directors responsibilities statement
Year ended 31 December 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PULTREX LIMITED
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 67,518 60,914
_______ _______
67,518 60,914
Current assets
Stocks 1,191,791 721,258
Debtors 7 817,059 806,077
Cash at bank and in hand 99,559 240,627
_______ _______
2,108,409 1,767,962
Creditors: amounts falling due
within one year 8 ( 2,171,943) ( 1,078,885)
_______ _______
Net current (liabilities)/assets ( 63,534) 689,077
_______ _______
Total assets less current liabilities 3,984 749,991
_______ _______
Net assets 3,984 749,991
_______ _______
Capital and reserves
Called up share capital 38,000 38,000
Profit and loss account ( 34,016) 711,991
_______ _______
Shareholders funds 3,984 749,991
_______ _______
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.
These financial statements were approved by the board of directors and authorised for issue on 24 October 2024 , and are signed on behalf of the board by:
S M Stiff
Director
Company registration number: 04694438
PULTREX LIMITED
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 18 - 20 Riverside Avenue West, Dale Hall Industrial Estate, Lawford, Manningtree, Essex, CO11 1UN.
The principal activity of the company continues to be that of equipment manufacturing and composite profile manufacturing .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Going concern
At the time of approving the financial statements the Directors are aware that the current liabilities now exceed the total assets of the company but with the continued support of the group they have a reasonable expectation that the company has adequate resources to continue existence for the foreseeable future and for a period of at least 12 months following approval of these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
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 the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
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:
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 are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Long leasehold property - straight line over life of the lease
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 20 (2022: 21 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 January 2023 and 31 December 2023 7,960 7,960
_______ _______
Amortisation
At 1 January 2023 and 31 December 2023 7,960 7,960
_______ _______
Carrying amount
At 31 December 2023 - -
_______ _______
At 31 December 2022 - -
_______ _______
6. Tangible assets
Long leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2023 20,511 718,381 738,892
Additions 21,375 14,806 36,181
_______ _______ _______
At 31 December 2023 41,886 733,187 775,073
_______ _______ _______
Depreciation
At 1 January 2023 18,852 659,126 677,978
Charge for the year 3,217 26,360 29,577
_______ _______ _______
At 31 December 2023 22,069 685,486 707,555
_______ _______ _______
Carrying amount
At 31 December 2023 19,817 47,701 67,518
_______ _______ _______
At 31 December 2022 1,659 59,255 60,914
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 678,097 782,252
Other debtors 138,962 23,825
_______ _______
817,059 806,077
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 247,268 332,172
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,341,573 582,147
Social security and other taxes 15,141 16,330
Other creditors 567,961 148,236
_______ _______
2,171,943 1,078,885
_______ _______
9. Summary audit opinion
The auditor's report dated 24 October 2024 was unqualified.
The senior statutory auditor was Daniel Aldworth for and on behalf of Griffin Chapman
10. Related party transactions
As a wholly owned subsidiary of KraussMaffei Technologies GMBH, the company has elected to take advantage of the exemptions from the requirements of FRS102 to disclose transactions with other members of that group headed by KraussMaffei Company Limited.
11. Controlling party
The directors consider the ultimate parent undertaking and controlling party to be Sinochem Holdings Corporation Ltd - a Chinese state owned enterprise under the supervision of State-owned Assets Supervision and Administration of the State Council.The immediate parent undertaking for which group financial statements are drawn up and of which the company is a member is KraussMaffei Technologies GMBH .Copies of the financial statements can be obtained from: KraussMaffei, Strasse 2,80997,Munich,Germany