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Unaudited Financial Statements for the Year Ended 31 March 2018 |
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PCICASE UK Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2018 |
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for |
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PCICASE UK Limited |
PCICASE UK Limited (Registered number: 06112874) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2018 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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PCICASE UK Limited |
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Company Information |
for the Year Ended 31 March 2018 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Grove House |
1 Grove Place |
Bedford |
Bedfordshire |
MK40 3JJ |
PCICASE UK Limited (Registered number: 06112874) |
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Statement of Financial Position |
31 March 2018 |
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31.3.18 | 31.3.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks | 7 |
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Debtors | 8 |
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Prepayments and accrued income |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 9 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his 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. |
PCICASE UK Limited (Registered number: 06112874) |
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Statement of Financial Position - continued |
31 March 2018 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the director on
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PCICASE UK Limited (Registered number: 06112874) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2018 |
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1. | STATUTORY INFORMATION |
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PCICASE UK Limited is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Whilst the company's current liabilities exceed its current assets by £221,025 the financial statements have been |
prepared on a going concern basis as the director has arranged continuing extended credit terms with a major |
supplier. The director is satisfied that this source of finance will ensure that the company will continue as a going |
concern for the foreseeable future. |
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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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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
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Intangible fixed assets |
Intangible fixed assets comprise of a customer database licence, which is being amortised at 50% per annum on |
cost in order to write off the asset over its estimated useful life. |
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Tangible fixed assets |
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Plant and machinery | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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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 statement of financial position date. |
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PCICASE UK Limited (Registered number: 06112874) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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3. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position 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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
statement of financial position 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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
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Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
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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. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2017 - 4 ). |
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5. | INTANGIBLE FIXED ASSETS |
Patents |
and |
licences |
£ |
COST |
At 1 April 2017 |
and 31 March 2018 |
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AMORTISATION |
At 1 April 2017 |
and 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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PCICASE UK Limited (Registered number: 06112874) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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6. | TANGIBLE FIXED ASSETS |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2017 |
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Additions |
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At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST |
At 1 April 2017 |
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Transfer to ownership | (13,595 | ) |
At 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Transfer to ownership | (5,978 | ) |
At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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7. | STOCKS |
31.3.18 | 31.3.17 |
£ | £ |
Stocks |
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PCICASE UK Limited (Registered number: 06112874) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2018 |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Trade debtors |
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Other debtors |
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Directors' current accounts | 6,644 | 151,337 |
Tax |
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VAT |
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Prepayments |
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9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.18 | 31.3.17 |
£ | £ |
Other loan | 80,000 | 80,000 |
Hire purchase contracts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 2,161 | - |
Other creditors |
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Accrued expenses |
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10. | OTHER FINANCIAL COMMITMENTS |
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The company's landlord holds a first legal charge over the company's rental deposit account as security for |
amounts payable under the terms of the company's lease. |
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Hire purchase liabilities are secured on the asset to which they relate. |
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The company has total commitments at the balance sheet date of £93,800 (2017: £140,700). |
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11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 March 2018 and |
31 March 2017: |
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31.3.18 | 31.3.17 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Included in creditors is a loan of £80,000 from Mrs H F Liu, the spouse of the director, and there is a formal |
right of set off between the two loan accounts. |