Company Registration No. 03020345 (England and Wales)
PILTEC LIMITED
(FORMERLY PILTEC RUBBER & PLASTICS LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
PILTEC LIMITED
(FORMERLY PILTEC RUBBER & PLASTICS LTD)
CONTENTS
Page
Company information
Directors' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
Accountants' report
9
PILTEC LIMITED
(FORMERLY PILTEC RUBBER & PLASTICS LTD)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 July 2024.
Principal activities
The principal activity of the company is that of importing plastics and rubber materials for processing, extruding and resale.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr Antonio Pileci
Mrs Caroline Pileci
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr Antonio Pileci
Director
28 January 2025
PILTEC LIMITED
(FORMERLY PILTEC RUBBER & PLASTICS LTD)
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
534,950
564,954
Investments
5
127,900
127,900
662,850
692,854
Current assets
Stocks
77,520
50,000
Debtors
6
129,964
169,851
Cash at bank and in hand
3,185
11,303
210,669
231,154
Creditors: amounts falling due within one year
7
(290,065)
(282,053)
Net current liabilities
(79,396)
(50,899)
Total assets less current liabilities
583,454
641,955
Creditors: amounts falling due after more than one year
8
(36,996)
(62,278)
Provisions for liabilities
(94,233)
(120,751)
Net assets
452,225
458,926
Capital and reserves
Called up share capital
20,000
20,000
Profit and loss reserves
432,225
438,926
Total equity
452,225
458,926
PILTEC LIMITED
(FORMERLY PILTEC RUBBER & PLASTICS LTD)
BALANCE SHEET (CONTINUED)
- 3 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
Mr Antonio Pileci
Director
Company registration number 03020345 (England and Wales)
PILTEC LIMITED
(FORMERLY PILTEC RUBBER & PLASTICS LTD)
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2024
31 July 2024
- 4 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
Piltec Limited is a private company limited by shares incorporated in England and Wales. The registered office is Celixir House, Stratford Business & Technology Park, Innovation Way, Banbury Road, Stratford-upon-Avon, Warwickshire, United Kingdom, CV37 7GZ.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
2.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
PILTEC LIMITED
(FORMERLY PILTEC RUBBER & PLASTICS LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2
Accounting policies
(Continued)
- 5 -
2.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
10 years
Plant and machinery
8% reducing balance
Fixtures, fittings & equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
2.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
2.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
PILTEC LIMITED
(FORMERLY PILTEC RUBBER & PLASTICS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
2
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred taxation is provided at appropriate rates on all timing differences using the liability method only to the extent that, in the opinion of the there is a reasonable probability that a liability or asset will crystallise in the foreseeable future.
2.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
PILTEC LIMITED
(FORMERLY PILTEC RUBBER & PLASTICS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
7
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2023
17,988
1,116,748
1,134,736
Additions
2,305
2,305
Disposals
(11,667)
(11,667)
At 31 July 2024
17,988
1,107,386
1,125,374
Depreciation and impairment
At 1 August 2023
6,804
562,978
569,782
Depreciation charged in the year
1,398
25,402
26,800
Eliminated in respect of disposals
(6,158)
(6,158)
At 31 July 2024
8,202
582,222
590,424
Carrying amount
At 31 July 2024
9,786
525,164
534,950
At 31 July 2023
11,184
553,770
564,954
5
Fixed asset investments
2024
2023
£
£
Other investments other than loans
127,900
127,900
PILTEC LIMITED
(FORMERLY PILTEC RUBBER & PLASTICS LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 8 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
59,112
99,662
Other debtors
70,852
70,189
129,964
169,851
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
108,182
113,415
Trade creditors
32,088
49,087
Taxation and social security
16,332
8,090
Other creditors
133,463
111,461
290,065
282,053
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
36,996
62,278
PILTEC LIMITED
(FORMERLY PILTEC RUBBER & PLASTICS LTD)
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PILTEC LIMITED FOR THE YEAR ENDED 31 JULY 2024
- 9 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Piltec Limited for the year ended 31 July 2024 set out on pages 2 to 8 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Piltec Limited, as a body, in accordance with the terms of our engagement letter dated 6 April 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Piltec Limited and state those matters that we have agreed to state to the board of directors of Piltec Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Piltec Limited and its board of directors as a body, for our work or for this report.
You have acknowledged on the balance sheet as at 31 July 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Piltec Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
TC Group
28 January 2025
Celixir House
Stratford Business & Technology Park
Innovation Way, Banbury Road
Stratford-upon-Avon
Warwickshire
United Kingdom
CV37 7GZ
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