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Registration number: 10135064

PIN CM Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

PIN CM Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

PIN CM Limited

Company Information

Directors

Ian Craig Nethaway

Tony Plato

Registered office

Highfield House The Ridge
Little Baddow
Chelmsford
Essex
CM3 4RX

Accountants

Field Sullivan Limited
Chartered Accountants
9 Hare & Billet Road
Blackheath
SE3 0RB

 

PIN CM Limited

(Registration number: 10135064)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

-

683

Current assets

 

Debtors

6

1,751,689

1,756,430

Cash at bank and in hand

 

23,770

73,380

 

1,775,459

1,829,810

Creditors: Amounts falling due within one year

7

(952,871)

(1,008,393)

Net current assets

 

822,588

821,417

Net assets

 

822,588

822,100

Capital and reserves

 

Called up share capital

8

8,100

8,100

Retained earnings

814,488

814,000

Shareholders' funds

 

822,588

822,100

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 

.........................................
Ian Craig Nethaway
Director

 

PIN CM Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Highfield House The Ridge
Little Baddow
Chelmsford
Essex
CM3 4RX

These financial statements were authorised for issue by the Board on 29 November 2024.

2

Accounting policies

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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Key sources of estimation uncertainty

Preparation of the financial statements requires management to make some judgements and estimates. Management have considered whether there are any such sources of estimation or accounting judgements in forming the financial statements and highlight the following areas. In identifying these areas, management have considered the size of the associated balance and the potential likelihood of changes due to macro-economic factors.

Maintenance provision
PIN CM Limited is required to repair any damages that may arise to their work until the end of their contract. A provision has been recognised for the present value of the estimated expenditure required to do these repairs. These costs have been recognised as part of the cost of sales. The carrying amount is £85,548 (2023 -£85,548).

 

PIN CM Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue included in creditors.

Other income is recognised as it accrues on a pro rata basis.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

straight line over three years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

PIN CM Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

274

370

 

PIN CM Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

2,045

2,045

At 31 March 2024

2,045

2,045

Depreciation

At 1 April 2023

1,364

1,364

Charge for the year

681

681

At 31 March 2024

2,045

2,045

Carrying amount

At 31 March 2024

-

-

At 31 March 2023

683

683

6

Debtors

2024
£

2023
£

Trade debtors

-

73

Prepayments

243

1,402

Other debtors

1,751,446

1,754,955

1,751,689

1,756,430

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

410

5,843

Amounts owed to directors

9

42,962

37,358

Taxation and social security

 

274

370

Accruals and deferred income

 

885,414

940,914

Other creditors

 

23,811

23,908

 

952,871

1,008,393

 

PIN CM Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

8,000

8,000

8,000

8,000

Ordinary 'B' shares of £0.01 each

10,000

100

10,000

100

18,000

8,100

18,000

8,100

9

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

24,000

24,000

Contributions paid to money purchase schemes

518

345

24,518

24,345

Summary of transactions with other related parties

Tony Plato (director and shareholder)
 
During the year Tony Plato withrew £nil (2023: £155,428) from the company. He charged the company interest of £2,802 (2023: £2,436). At the year end he was owed £21,481 (2023: £18,679).

Ian Nethaway (director and shareholder)

During the year Ian Nethaway withrew £nil (2023: £155,428) from the company. He charged the company interest of £2,802 (2023: £2,436). At the year end he was owed £21,481 (2023: £18,679).