Registration number:
PLM Fabrications Ltd
for the Year Ended 31 August 2024
PLM Fabrications Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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Accountants' Report |
PLM Fabrications Ltd
Company Information
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Directors |
Mr Robert Paul Lough Mrs Yvonne Lough |
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Registered office |
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Accountants |
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PLM Fabrications Ltd
(Registration number: SC718218)
Balance Sheet as at 31 August 2024
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2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' deficit |
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For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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PLM Fabrications Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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General information |
The company is a private company limited by share capital, incorporated in Scotland.
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Accounting policies |
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
It is the opinion of the directors that there is reasonable expectation that the company has adequate resources to continue operations for the foreseeable future. For this reason the going concern basis has been adopted in preparing the financial statements for the period ended 31 August 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.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
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:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
25% on reducing balance |
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Office equipment |
33% on cost |
PLM Fabrications Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
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.
Financial instruments
Classification
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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Employees and Directors |
The average number of persons employed by the company (including directors) during the year, was
PLM Fabrications Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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Tangible assets |
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Plant and machinery |
Office equipment |
Total |
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Cost or valuation |
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At 1 September 2023 |
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At 31 August 2024 |
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Depreciation |
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At 1 September 2023 |
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Charge for the year |
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At 31 August 2024 |
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Carrying amount |
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At 31 August 2024 |
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At 31 August 2023 |
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Stocks |
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2023 |
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Other inventories |
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Debtors |
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Current |
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2023 |
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Trade debtors |
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Prepayments |
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Creditors |
Creditors: amounts falling due within one year
PLM Fabrications Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
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2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Related party transactions |
Creditors include the following amounts which are owed to individuals who were directors of the company during the year:
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Year ended 31 August 2024 |
1 January 2023 to 31 August 2023 |
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Mr R P Lough |
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1,068 |
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1,068 |
The maximum balance outstanding during the year amounted to £1,068.
The directors current accounts are repayable on demand.
Summary of transactions with other related parties
P L Mobility Limited
Included within other creditors is an intercompany loan of £54,741 (2023: £54,741) owed to P L Mobility Limited, a company which has the same directors as PLM Fabrications Ltd. The intercompany loan is repayable on demand.
Canalbank Properties Limited
Included within other creditors is an intercompany loan of £20,089 (2023: £50,089) owed to Canalbank Properties Limited, a company which has the same directors as PLM Fabrications Ltd. The intercompany loan is repayable on demand.
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
PLM Fabrications Ltd
for the Year Ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PLM Fabrications Ltd for the year ended 31 August 2024 as set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the Board of Directors of PLM Fabrications Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of PLM Fabrications Ltd and state those matters that we have agreed to state to the Board of Directors of PLM Fabrications Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PLM Fabrications Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that PLM Fabrications Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of PLM Fabrications Ltd. You consider that PLM Fabrications Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of PLM Fabrications Ltd. 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 accounts.
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Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX