Registered number
05991412
Phase Change Material Products Ltd
Accounts
For the year ended 31 December 2024
delivered to the Registrar of Companies under section 444 of the Companies Act 2006
Phase Change Material Products Ltd
Registered number: 05991412
Balance Sheet
As at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 5,592 123,706
Current assets
Stocks 104,027 205,619
Debtors 5 56,771 22,025
Cash at bank 1,231,979 572,272
1,392,777 799,916
Creditors: amounts falling due within one year 6 (577,931) (285,517)
Net current assets 814,846 514,399
Net assets 820,438 638,105
Capital and reserves
Share capital 7 100 100
Retained earnings 820,338 638,005
Shareholder's funds 820,438 638,105
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The company has taken the option not to deliver a profit and loss account to the Registrar of Companies.
Zafer M Ure
Director
Approved by the board on 25 March 2025
Phase Change Material Products Ltd
Notes to the Accounts
For the year ended 31 December 2024
1 Company information
The company is a private company limited by shares, incorporated in England and registered at 32 Mere View Industrial Estate, Yaxley, Peterborough, PE7 3HS.
2 Accounting policies
2.1 Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the Standard).
2.2 Going concern
The accounts have been prepared on the going concern basis. Based on a review of the company's forecasts for the following 2 years and the availability of financial resources the directors consider that the company will continue to be able to meet its liabilities as they fall due for at least 12 months from the date of their approval of these accounts.
2.3 Functional and presentation currency
The company's functional and presentation currency is Pound sterling ("£").
2.4 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 including grant income. Turnover from the sale of goods is recognised at the point of sale. Turnover from the rendering of services is recognised on completion of the service.
2.5 Tangible assets
Tangible assets in the category of equipment are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on the tangible assets in the category of equipment at rates calculated to write off the cost less estimated residual value of each asset evenly over its expected useful life, as follows:
Equipment over 4 years
Tangible assets in the category of freehold land and buildings are meaured initially at cost and subsequently using the revaluation model. Under the revaluation model, tangible assets in the category of land and buildings are measured at their fair value at the date of revaluation, less any subsequent accumulated depreciation and impairment. Fair value is ascertained by an open market valuation on freehold basis, conducted annually by the directors.
2.6 Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out method. Provision is made for damaged, obsolete and slow-moving stock where appropriate. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
2.7 Debtors
Short term debtors are measured at transaction price less any impairment losses for bad and doubtful debts. Longer term loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.8 Creditors
Short term creditors are measured at transaction price. Longer term loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.9 Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the accounts and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
2.10 Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount, in which case the impairment loss is a revaluation decrease.
2.11 Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2.12 Pension contributions
Contributions to defined contribution plans are expensed in the period to which they relate.
3 Employees 2024 2023
Number Number
Average number of persons employed 10 10
4 Tangible assets
Land and buildings Equipment Total
£ £ £
Cost
At 1 January 2024 112,885 263,612 376,497
Disposals (112,885) - (112,885)
At 31 December 2024 - 263,612 263,612
Depreciation
At 1 January 2024 - 252,791 252,791
Charge for the year - 5,229 5,229
At 31 December 2024 - 258,020 258,020
Net book value
At 31 December 2024 - 5,592 5,592
At 31 December 2023 112,885 10,821 123,706
Freehold land and buildings: 2024 2023
£ £
Historical cost - 112,885
Cumulative depreciation based on historical cost - -
- 112,885
5 Debtors 2024 2023
£ £
Trade debtors 48,280 21,875
Other debtors 8,491 150
56,771 22,025
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 357,683 106,325
Amounts owed to group undertakings 101,562 54,509
Taxation and social security 77,824 46,429
Other creditors 40,862 78,254
577,931 285,517
7 Share capital 2024 2023
£ £
Allotted, called up and fully paid:
100 Ordinary shares of £1 each 100 100
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