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Financial Statements for the Year Ended 30th September 2020 |
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Pharos Gear Technology Limited |
REGISTERED NUMBER:
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Financial Statements for the Year Ended 30th September 2020 |
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for |
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Pharos Gear Technology Limited |
Pharos Gear Technology Limited (Registered number: 05067973) |
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Contents of the Financial Statements |
for the Year Ended 30th September 2020 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Pharos Gear Technology Limited |
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Company Information |
for the Year Ended 30th September 2020 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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(Statutory Auditor) |
Thorneloe House |
25 Barbourne Road |
Worcester |
WR1 1RU |
Pharos Gear Technology Limited (Registered number: 05067973) |
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Abridged Balance Sheet |
30th September 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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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 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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 and authorised for issue on
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Pharos Gear Technology Limited (Registered number: 05067973) |
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Notes to the Financial Statements |
for the Year Ended 30th September 2020 |
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1. | STATUTORY INFORMATION |
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Pharos Gear Technology Limited is a
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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RELATED PARTY EXEMPTION |
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. |
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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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Turnover from the provision of services is recognised by reference to the stage of completion. |
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TANGIBLE FIXED ASSETS |
Tangible fixed assets are initially measured at cost, net of depreciation and any impairment losses: |
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Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis: |
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Plant and machinery | - | 10% on cost |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of an asset, and is credited or charged to the profit or loss. |
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FINANCIAL INSTRUMENTS |
Financial instruments are recognised when the company becomes party to contractual provisions of the instrument. |
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Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Basic Financial Assets |
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. |
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Basic Financial Liabilities |
Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction. |
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Pharos Gear Technology Limited (Registered number: 05067973) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2020 |
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2. | ACCOUNTING POLICIES - continued |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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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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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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. |
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PENSION COSTS |
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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OPERATING LEASES |
Rents paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
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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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4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st October 2019 |
and 30th September 2020 |
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DEPRECIATION |
At 1st October 2019 |
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Charge for year |
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At 30th September 2020 |
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NET BOOK VALUE |
At 30th September 2020 |
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At 30th September 2019 |
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Pharos Gear Technology Limited (Registered number: 05067973) |
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Notes to the Financial Statements - continued |
for the Year Ended 30th September 2020 |
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5. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year |
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Between one and five years |
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6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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7. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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The ultimate holding company is Apted Holdings Limited, with the immediate holding company being Pharos Group Limited. |
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The registered office address is Keytec 7 Business Park, 26-28 Kempton Road, Pershore, Worcestershire, WR10 2TA. |
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8. | CROSS GUARANTEE |
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There is a cross guarantee by the company's bankers between the company, its parent undertaking and its fellow subsidiaries. The group has an agreed overdraft facility in place at the year end up to £800,000 gross. (2019 - £6,500,000 gross and £2,000,000 net) |
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The guarantee us secured by way of fixed and floating charges over all assets and undertakings of the company. |
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Import guarantee and import standby credits in respect of HM Customs & Excise, related to the VAT group registration are in place at the year end amounting to £40,000 (2019 - £40,000) |