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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 AUGUST 2017 |
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PRESSURE DESIGN & ENGINEERING LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 AUGUST 2017 |
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FOR |
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PRESSURE DESIGN & ENGINEERING LIMITED |
PRESSURE DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 01160560) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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PRESSURE DESIGN & ENGINEERING LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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12 Victoria Road |
Barnsley |
South Yorkshire |
S70 2BB |
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BANKERS: |
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Bank Street |
Mexborough |
Doncaster |
South Yorkshire |
S64 9QE |
PRESSURE DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 01160560) |
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BALANCE SHEET |
31 AUGUST 2017 |
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31.8.17 | 31.8.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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PRESSURE DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 01160560) |
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BALANCE SHEET - continued |
31 AUGUST 2017 |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and
387 of the Companies Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the
company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved for issue by the Board of Directors on
were signed on its behalf by: |
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PRESSURE DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 01160560) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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1. | STATUTORY INFORMATION |
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Pressure Design & Engineering Limited is a
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in England and Wales. The company's registered number and registered office address can |
be found on the Company Information page. |
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The financial statements are presented in sterling which is the functional currency of the |
company and rounded to the nearest pound. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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This is the first year that the company has presented its financial statements under |
Financial Reporting Standard 102 (FRS102) issued by the Financial Reporting Council. The |
last financial statements for the year ended 31 August 2016 were prepared under previous |
UK GAAP, and the transition date is therefore 1 September 2015. At the date of transition, |
some fixed assets were reclassified as investment property. |
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Significant judgements and estimates |
No judgements have been made in the process of applying the below accounting policies |
that have had the most significant effect on amounts recognised in the financial |
statements. |
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There are no key assumptions concerning the future and other key sources of estimation |
uncertainty at the reporting date that have a significant risk of causing material adjustment |
to the carrying amount of assets and liabilities within the next financial year. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, |
excluding discounts, rebates, value added tax and other sales taxes. |
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When the outcome of a transaction can be estimated reliably, turnover from management |
charges is recognised by reference to the stage of completion at the balance sheet date. |
PRESSURE DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 01160560) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Tangible fixed assets are stated at cost or valuation less accumulated depreciation. Cost |
includes costs directly attributable to making the asset capable of operating as intended. |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Investment property |
Investment property is initially recognised in the financial statements at historic cost. The |
fair value of the investment property, in the opinion of the directors, can not be measured |
reliably without undue cost or effort. |
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As such the investment property is accounted for using the cost model. |
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No depreciation has been charged on the investment property during the year as in the |
opinion of the directors any charges are likely to be immaterial. The continual maintenance |
and upkeep of the property is such that in the opinion of the directors the useful economic |
life is extended indefinitely. |
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Regular impairment reviews are undertaken by the directors. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income |
Statement, except to the extent that it relates to items recognised in other comprehensive |
income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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PRESSURE DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 01160560) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not |
reversed at the balance sheet date. |
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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. |
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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. |
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Consolidation |
In the opinion of the directors, the company and its subsidiary undertakings comprise a |
small group. The company has therefore taken advantage of the exemption provided by |
Section 398 of the Companies Act 2006 not to prepare group accounts. |
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Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the |
contractual arrangement, as either financial assets, financial liabilities or equity |
instruments. An equity instrument is any contract that evidences a residual interest in thee |
assets of the company after deducting all of its liabilities. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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PRESSURE DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 01160560) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2016 |
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Additions |
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At 31 August 2017 |
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DEPRECIATION |
At 1 September 2016 |
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Charge for year |
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At 31 August 2017 |
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NET BOOK VALUE |
At 31 August 2017 |
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At 31 August 2016 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 September 2016 |
and 31 August 2017 |
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NET BOOK VALUE |
At 31 August 2017 |
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At 31 August 2016 |
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PRESSURE DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 01160560) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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6. | INVESTMENT PROPERTY |
Total |
£ |
COST |
At 1 September 2016 |
and 31 August 2017 |
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DEPRECIATION |
At 1 September 2016 | 246,150 |
Charge for year | 11,723 |
At 31 August 2017 | 257,873 |
NET BOOK VALUE |
At 31 August 2017 |
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At 31 August 2016 |
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Investment property is initially recognised in the financial statements at historic cost. The |
fair value of the investment property, in the opinion of the directors, can not be measured |
reliably without undue cost or effort. |
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As such the investment property is accounted for using the cost model. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.17 | 31.8.16 |
£ | £ |
Amounts owed by group |
companies |
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VAT |
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PRESSURE DESIGN & ENGINEERING LIMITED (REGISTERED NUMBER: 01160560) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2017 |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.17 | 31.8.16 |
£ | £ |
Trade creditors |
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Corporation tax |
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Social security and other taxes |
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VAT | - | 5,400 |
Directors' loan accounts |
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Accruals and deferred income |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.17 | 31.8.16 |
value: | £ | £ |
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'A' Ordinary | £1 | 1,835 | 1,835 |
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'B' Ordinary | £1 | 950 | 950 |
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'C' Ordinary | £1 | 1,134 | 1,134 |
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'D' Ordinary | £1 | 950 | 950 |
1,133 | 'E' Ordinary | £1 | 1,133 | 1,133 |
6,002 | 6,002 |
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10. | RELATED PARTY DISCLOSURES |
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Entities over which the entity has control, joint control or significant influence |
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31.8.17 | 31.8.16 |
£ | £ |
Dividends received from related party | 305,400 | 380,400 |
Management charge received from related party | 110,500 | 108,000 |
Amounts due from related party | 228,200 | 182,400 |
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Directors |
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31.8.17 | 31.8.16 |
£ | £ |
Dividends paid to directors | 304,768 | 378,480 |