REGISTERED NUMBER: 00521530 (England and Wales)

Unaudited Financial Statements

for the Year Ended

30 September 2017

for

Premier Guillotine Systems Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P N Borsos

P H Kennedy

SECRETARY:

Mrs A Borsos

REGISTERED OFFICE:

Fairweather Green Works

(Rear of 900 Thornton Road)

Bradford

BD8 0JG

REGISTERED NUMBER:

00521530 (England and Wales)

FIXED ASSETS

Tangible assets

4

33,784

38,388

CURRENT ASSETS

Stocks

121,096

125,499

Debtors

5

113,918

58,865

Cash in hand

533

156

235,547

184,520

CREDITORS

Amounts falling due within one year

6

186,340

139,178

NET CURRENT ASSETS

49,207

45,342

TOTAL ASSETS LESS CURRENT LIABILITIES

82,991

83,730

PROVISIONS FOR LIABILITIES

2,574

4,101

NET ASSETS

80,417

79,629

CAPITAL AND RESERVES

Called up share capital

8

3,450

3,450

Capital redemption reserve

2,400

2,400

Retained earnings

74,567

73,779

SHAREHOLDERS' FUNDS

80,417

79,629

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 21 December 2017 and were signed on its behalf by:

P H Kennedy - Director

P N Borsos - Director

1.	STATUTORY INFORMATION

Premier Guillotine Systems Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102

"The Financial Reporting Standard applicable in UK and Republic of Ireland" and the Companies Act

2006 as applicable to companies subject to the small companies regime. The disclosure requirements

of section 1A of FRS 102 have been applied other than where additional disclosure is required to show

a true and fair view.

The financial statements have been prepared under the historical cost convention.

This is the first year in which the financial statements have been prepared under FRS 102. Refer to

note 9 below for an explanation of the transition.

The functional and presentational currency of the company is considered to be pounds sterling.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and

rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is

recognised on delivery. Turnover from the supply of services represents the value of services provided

under contracts to the extent that there is a right to consideration and is recorded at the fair value of

the consideration received or receivable. Where a contract has only been partially completed at the

balance sheet date turnover represents the fair value of the service provided to date based on the

stage of completion of the contract activity at the balance sheet date. Where payments are received

from customers in advance of services provided, the amounts are recorded as deferred income and

included as part of creditors due within one year.

Tangible fixed assets

Tangible fixed assets are stated at purchase cost, net of depreciation.

Depreciation is provided on all tangible assets at rates calculated to write off the cost less estimated

residual value of each asset over its expected useful life as follows:

Land and buildings

- 2% on reducing balance

Plant and machinery

- 15% on reducing balance

Fixtures and fittings

- 15% on reducing balance

Motor vehicles

- 25% on reducing balance

Computer equipment

- 25% on reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an

asset after deducting estimated costs of disposal, if the asset were already at an age and in the

condition expected at the end of its estimated useful life.

The gain or loss arising on the disposal of an asset is determined on the difference between the sale

proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent

to the net realisable value. Cost includes materials, direct labour and an attributable proportion of

manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in,

first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Taxation

Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered)

using the tax rates and laws that have been enacted or substantively enacted by the balance sheet

date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date where transactions or events that result in an obligation to pay more tax in the

future or a right to pay less tax in the future have occurred at the balance sheet date. Timing

differences are differences between the company's taxable profits and its results as stated in the

financial statements that arise from the inclusion of gains and losses in tax assessments in periods

different from those in which they are recognised in the financial statements. Deferred tax is measured

using the tax rates and laws that have been enacted or substantively enacted by the balance sheet

date and are expected to apply to the reversal of the timing difference.

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 recognised in the profit and loss

account.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme and that of directors' personal pension schemes are charged to profit or

loss in the period to which they relate.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

Where material, the cost of any unused holiday entitlement is recognised in the period in which the

employee's services are received.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are

recognised when paid. Final equity dividends are recognised when approved by the shareholders at an

Annual General Meeting.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the

contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in

the assets of the company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction

costs), except for those financial assets classified as at fair value through profit and loss, which are

initially measured at fair value (which is normally the transaction price excluding transaction costs),

unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing

transaction, the financial asset or financial liability is measured at the present value of the future

payments discounted at a market rate of interest for a similar debt instrument.

The following assets and liabilities are classified as basic financial instruments - trade debtors, other

debtors, cash and bank balances, trade creditors and other creditors.

Trade debtors, other debtors, cash and bank balances, trade creditors and other creditors are

measured at the amortised cost equivalent to the undiscounted amount of cash or other consideration

expected to be paid or received.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each

balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in

profit and loss as described below.

Non financial assets

An asset is impaired when there is objective evidence that, as a result of one or more events that

occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The

recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Financial assets

For financial assets carried at cost less impairment, the impairment loss is the difference between the

asset's carrying amount and the best estimate of the amount that would be received for the asset if it

were sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively

to an event occurring after the impairment was recognised, the prior impairment loss is tested to

determine reversal. An impairment loss is reversed on an individual impaired financial asset to the

extent that the revised recoverable value does not lead to a revised carrying amount higher than the

carrying value had the impairment loss not been recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2016 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 October 2016

22,602

177,573

200,175

Additions

-

2,514

2,514

At 30 September 2017

22,602

180,087

202,689

DEPRECIATION

At 1 October 2016

16,559

145,228

161,787

Charge for year

121

6,997

7,118

At 30 September 2017

16,680

152,225

168,905

NET BOOK VALUE

At 30 September 2017

5,922

27,862

33,784

At 30 September 2016

6,043

32,345

38,388

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

93,138

54,781

Other debtors

20,780

4,084

113,918

58,865

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

8,223

25,108

Trade creditors

18,953

7,665

Taxation and social security

60,081

47,585

Other creditors

99,083

58,820

186,340

139,178

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

8,223

25,108

8.	CALLED UP SHARE CAPITAL

2017

2016

£

£

Allotted, issued and fully paid

3,450

3,450

9.	FIRST YEAR ADOPTION

This is the first year that the Company has presented its financial statements under Financial

Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The last financial

statements prepared under the previous UK GAAP were for the year ended 30 September 2016 and

the date of transition was therefore 1 October 2015. As a consequence of adopting FRS 102 the

Directors are of the opinion that no changes need to be made upon transition to this accounting

standard as the effect of any changes are not material.