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Registered number: 02963866
PTG Workholding Limited
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02963866
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,301 38,188
1,301 38,188
CURRENT ASSETS
Stocks 5 60,198 55,365
Debtors 6 307,688 337,594
Cash at bank and in hand 408,694 277,736
776,580 670,695
Creditors: Amounts Falling Due Within One Year 7 (203,407 ) (190,929 )
NET CURRENT ASSETS (LIABILITIES) 573,173 479,766
TOTAL ASSETS LESS CURRENT LIABILITIES 574,474 517,954
Creditors: Amounts Falling Due After More Than One Year 8 (14,167 ) (34,167 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (325 ) (7,256 )
NET ASSETS 559,982 476,531
CAPITAL AND RESERVES
Called up share capital 10 2 2
Capital redemption reserve 2 2
Profit and Loss Account 559,978 476,527
SHAREHOLDERS' FUNDS 559,982 476,531
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Page 2
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr D H Rowe
Director
18 November 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
PTG Workholding Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02963866 . The registered office is 6 Houndiscombe Road, Plymouth, Devon, PL4 6HH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
2.2. Turnover
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 and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Improvements 10% straight line
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
4. Tangible Assets
Land & Property
Improvements Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 5,700 20,577 49,870 15,659 91,806
Additions - - - 758 758
Disposals - - (49,870 ) - (49,870 )
As at 31 March 2024 5,700 20,577 - 16,417 42,694
Depreciation
As at 1 April 2023 5,700 20,577 12,468 14,873 53,618
Provided during the period - - - 243 243
Disposals - - (12,468 ) - (12,468 )
As at 31 March 2024 5,700 20,577 - 15,116 41,393
Net Book Value
As at 31 March 2024 - - - 1,301 1,301
As at 1 April 2023 - - 37,402 786 38,188
5. Stocks
2024 2023
£ £
Stock 60,198 55,365
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 110,165 273,451
Amounts owed by group undertakings 185,725 -
Other debtors 11,798 64,143
307,688 337,594
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 126,470 153,109
Bank loans and overdrafts 10,000 -
Other creditors 7,813 2,355
Taxation and social security 59,124 35,465
203,407 190,929
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 14,167 34,167
9. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 10,000 -
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 14,167 34,167
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
11. Other Commitments
The total of future minimum lease payments are as following:
2024 2023
£ £
Not later than one year 5,973 -
Later than one year and not later than five years 10,454 -
16,427 -
The amount of operating lease payments recognised as an expense during the year was £5,389 (2023 - Nil).
12. Controlling Parties
The ultimate parent undertaking is Applied Automation (Holdings) Limited (incorporated in England & Wales). Its registered office is 6 Houndiscombe Road, Plymouth, United Kingdom, PL4 6HH .
Applied Automation (Holdings) Limited prepare consolidated accounts that include the results of PTG Workholidng Limited. These consolidated accounts are available for public download from the Companies House website.
The company has no controlling party
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13. FRC's Ethical Standard - Provision Available for Small Entities
In common with other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
14. Audit Information
The auditors report on the account of PTG Workholding Limited for the year ended 31 March 2024 was unqualified
The auditor's report was signed by Richard Baker (Senior Statutory Auditor) for and on behalf of Houndiscombe Consultants Limited , Statutory Auditor
Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH
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