REGISTERED NUMBER: |
PMT (GB) LIMITED |
Audited Financial Statements for the Year Ended 31 October 2024 |
REGISTERED NUMBER: |
PMT (GB) LIMITED |
Audited Financial Statements for the Year Ended 31 October 2024 |
PMT (GB) LIMITED (REGISTERED NUMBER: 04243188) |
Contents of the Financial Statements |
for the year ended 31 October 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 6 |
PMT (GB) LIMITED |
Company Information |
for the year ended 31 October 2024 |
Director: |
Secretary: |
Registered office: |
Registered number: |
Auditors: |
Statutory Auditor |
CUBO Birmingham |
4th Floor |
Two Chamberlain Square |
Birmingham |
West Midlands |
B3 3AX |
PMT (GB) LIMITED (REGISTERED NUMBER: 04243188) |
Balance Sheet |
31 October 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks | 5 |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 10 |
Net assets |
Capital and reserves |
Called up share capital | 11 |
Retained earnings |
Shareholders' funds |
The financial statements were approved by the director and authorised for issue on |
PMT (GB) LIMITED (REGISTERED NUMBER: 04243188) |
Notes to the Financial Statements |
for the year ended 31 October 2024 |
1. | Statutory information |
PMT (GB) Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
PMT (GB) Limited is a private company limited by shares incorporated and domiciled in the United Kingdom and registered in England and Wales. |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Going concern |
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. |
Turnover |
Turnover is recognised to the extent that it is probably that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. |
Rendering of services |
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- the amount of turnover can be measured reliably; |
- it is probable that the company will receive the consideration due under the contract; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Demo instruments | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
PMT (GB) LIMITED (REGISTERED NUMBER: 04243188) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2024 |
2. | Accounting policies - continued |
Foreign currencies |
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Operating lease commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Financial assets |
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, 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. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the profit or loss. |
There are no assets which are initially measured at fair value. |
Financial liabilities |
Basic financial liabilities, including trade and other creditors and bank loans, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
3. | Employees and directors |
The average number of employees during the year was |
PMT (GB) LIMITED (REGISTERED NUMBER: 04243188) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2024 |
4. | Tangible fixed assets |
Fixtures |
Plant and | and | Demo | Computer |
machinery | fittings | instruments | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 November 2023 |
Additions |
At 31 October 2024 |
Depreciation |
At 1 November 2023 |
Charge for year |
At 31 October 2024 |
Net book value |
At 31 October 2024 |
At 31 October 2023 |
5. | Stocks |
2024 | 2023 |
£ | £ |
Stocks |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 29,317 | 19,419 |
Deferred income | 104,758 | 62,308 |
Accrued expenses |
8. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
PMT (GB) LIMITED (REGISTERED NUMBER: 04243188) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2024 |
9. | Secured debts |
HSBC UK holds a debenture including a fixed charged over all present freehold and leasehold property, first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future dated March 2002. |
10. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 3,205 | 2,053 |
Deferred |
tax |
£ |
Balance at 1 November 2023 |
Accelerated capital allowances | 1,152 |
Balance at 31 October 2024 |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 50,000 | 50,000 |
12. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
13. | Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
14. | Ultimate controlling party |
There is no ultimate controlling party, no one individual controls the ultimate parent company Jessen Beteiligungen GmbH & Co.KG. |