REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
PROCESS MANAGEMENT INTERNATIONAL LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
PROCESS MANAGEMENT INTERNATIONAL LIMITED |
PROCESS MANAGEMENT INTERNATIONAL LIMITED (REGISTERED NUMBER: 02541912) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
PROCESS MANAGEMENT INTERNATIONAL LIMITED |
COMPANY INFORMATION |
for the year ended 30 June 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
One Eastwood |
Harry Weston Road |
Binley Business Park |
Coventry |
CV3 2UB |
PROCESS MANAGEMENT INTERNATIONAL LIMITED (REGISTERED NUMBER: 02541912) |
BALANCE SHEET |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company. |
PROCESS MANAGEMENT INTERNATIONAL LIMITED (REGISTERED NUMBER: 02541912) |
BALANCE SHEET - continued |
30 June 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PROCESS MANAGEMENT INTERNATIONAL LIMITED (REGISTERED NUMBER: 02541912) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 June 2024 |
1. | STATUTORY INFORMATION |
Process Management International Limited 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. |
The presentational currency of the financial statements is British Pound Sterling (GBP) and the financial statements have been rounded to the nearest £. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is recognised when services are provided. |
Intangible assets |
Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. |
Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:- |
Computer software | - 20% straight line |
Tangible fixed assets |
Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes any direct expenditure incurred to bring the asset to its current location and condition necessary for the asset to work as intended by management. |
Repairs and maintenance costs are charged to the Statement of Comprehensive Income in the period in which they are incurred. |
Depreciation is calculated so as to write off the cost of tangible fixed assets by equal installments over their estimated useful lives as follows:- |
Plant and machinery - 25-33% straight line |
Fixtures and fittings - 25% straight line |
Motor vehicles - 20% reducing balance/25% straight line |
Any gains and losses on the disposal of tangible fixed assets are recognised in the Statement of Comprehensive Income in the year that the disposal takes place. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
PROCESS MANAGEMENT INTERNATIONAL LIMITED (REGISTERED NUMBER: 02541912) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2024 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
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. |
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. |
Development costs |
Expenditure on development of products is written off in the year in which it is incurred. |
Foreign currencies |
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful estimated lives. Those held under finance leases are depreciated over the estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to the profit and loss account as incurred. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PROCESS MANAGEMENT INTERNATIONAL LIMITED (REGISTERED NUMBER: 02541912) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2024 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 June 2024 |
DEPRECIATION |
At 1 July 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 July 2023 |
and 30 June 2024 |
NET BOOK VALUE |
At 30 June 2024 |
At 30 June 2023 |
The Company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Unit 6 Villiers Court, Meriden Business Park, Birmingham Road, Meriden, Warwickshire, CV5 9RN |
Nature of business: |
% |
Class of shares: | holding |
PROCESS MANAGEMENT INTERNATIONAL LIMITED (REGISTERED NUMBER: 02541912) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2024 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 10) |
Trade creditors |
Loans | - | 20,000 |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other creditors |
Directors' loan accounts | 56,729 | - |
Accruals and deferred income |
Amounts owing in respect of Hire Purchase agreements totalling £12,030 (2023: £13,110) which are |
secured against the assets acquired. |
Amounts owing in respect of the Company's Bank Loan totalling £nil (2023: £20,000) which are secured over the Company's assets. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other loans - 1-2 years | - | 40,000 |
Other loans - 2-5 years |
Hire purchase contracts (see note 10) |
Amounts owing in respect of Hire Purchase agreements totalling £46,299 (2023: £30,551) which are |
secured against the assets acquired. |
Amounts owing in respect of the Company's Bank Loan totalling £nil (2023: £58,333) which are secured over the Company's assets. |
PROCESS MANAGEMENT INTERNATIONAL LIMITED (REGISTERED NUMBER: 02541912) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 June 2024 |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
'A' cumulative preference | 10p | 45,607 | 45,607 |
'B' ordinary | 1p | 6,571 | 6,571 |
52,178 | 52,178 |
The 'A' cumulative shares have priority to any dividend payment out of profits to the holders of any other shares in the capital of the company. On a winding up, 'A' share holders have priority over holders of other shares to unpaid arrears of any accrued dividends and to repayment of their capital at par. At any general meeting each member is entitled to one vote per 'A' share held and to one hundred votes per 'B' share held. |
12. | 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. |
13. | ULTIMATE CONTROLLING PARTY |
The controlling party is The PMI & EG Group Limited. |