Pinweld Ltd - Period Ending 2020-09-30

Pinweld Ltd 10970841 false 2019-10-01 2020-09-30 2020-09-30 The principal activity of the company is specialised design and engineering Digita Accounts Production Advanced 6.29.9459.0 Software true true 10970841 2019-10-01 2020-09-30 10970841 2020-09-30 10970841 bus:OrdinaryShareClass1 2020-09-30 10970841 core:CurrentFinancialInstruments 2020-09-30 10970841 core:CurrentFinancialInstruments core:WithinOneYear 2020-09-30 10970841 core:Non-currentFinancialInstruments core:AfterOneYear 2020-09-30 10970841 core:PatentsTrademarksLicencesConcessionsSimilar 2020-09-30 10970841 core:WithinOneYear 2020-09-30 10970841 core:FurnitureFittingsToolsEquipment 2020-09-30 10970841 bus:SmallEntities 2019-10-01 2020-09-30 10970841 bus:AuditExemptWithAccountantsReport 2019-10-01 2020-09-30 10970841 bus:FullAccounts 2019-10-01 2020-09-30 10970841 bus:SmallCompaniesRegimeForAccounts 2019-10-01 2020-09-30 10970841 bus:RegisteredOffice 2019-10-01 2020-09-30 10970841 bus:CompanySecretary1 2019-10-01 2020-09-30 10970841 bus:Director3 2019-10-01 2020-09-30 10970841 bus:Director6 2019-10-01 2020-09-30 10970841 bus:Director7 2019-10-01 2020-09-30 10970841 bus:OrdinaryShareClass1 2019-10-01 2020-09-30 10970841 bus:PrivateLimitedCompanyLtd 2019-10-01 2020-09-30 10970841 core:PatentsTrademarksLicencesConcessionsSimilar 2019-10-01 2020-09-30 10970841 core:FurnitureFittingsToolsEquipment 2019-10-01 2020-09-30 10970841 core:OfficeEquipment 2019-10-01 2020-09-30 10970841 countries:AllCountries 2019-10-01 2020-09-30 10970841 core:PatentsTrademarksLicencesConcessionsSimilar 2019-09-30 10970841 2018-10-01 2019-09-30 10970841 2019-09-30 10970841 bus:OrdinaryShareClass1 2019-09-30 10970841 core:CurrentFinancialInstruments 2019-09-30 10970841 core:CurrentFinancialInstruments core:WithinOneYear 2019-09-30 10970841 core:Non-currentFinancialInstruments core:AfterOneYear 2019-09-30 10970841 core:PatentsTrademarksLicencesConcessionsSimilar 2019-09-30 10970841 core:WithinOneYear 2019-09-30 10970841 core:FurnitureFittingsToolsEquipment 2019-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10970841

Pinweld Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2020

Pages for filing with Registrar

Pinweld Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 13

Pinweld Ltd

Company Information

Directors

K C W Wiltshire

K A Chappell

S J Perris

Company secretary

Velocity Company Secretarial Services Limited

Registered office

c/o VWV LLP
Narrow Quay House
Narrow Quay
Bristol
BS1 4QA

Registered number

10970841

Accountants

Corrigan Accountants Limited
The Tramshed
25 Lower Park Row
Bristol
BS1 5BN

Pinweld Ltd

(Registration number: 10970841)
Balance Sheet as at 30 September 2020

	Note	2020 £	2019 £
Fixed assets
Intangible assets	4	36,214	14,620
Tangible assets	5	672	-
		36,886	14,620
Current assets
Debtors	6	20,667	6,028
Cash at bank and in hand		55,496	28,605
		76,163	34,633
Creditors: Amounts falling due within one year	7	(73,479)	(30,693)
Net current assets		2,684	3,940
Total assets less current liabilities		39,570	18,560
Creditors: Amounts falling due after more than one year	7	(23,591)	-
Net assets		15,979	18,560
Capital and reserves
Called up share capital		91	77
Share premium reserve		209,944	139,958
Profit and loss account		(194,056)	(121,475)
Total equity		15,979	18,560

Pinweld Ltd

(Registration number: 10970841)
Balance Sheet as at 30 September 2020

For the financial year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the Board on 28 June 2021 and signed on its behalf by:

.........................................

K C W Wiltshire
Director

Pinweld Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

1	Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
c/o VWV LLP
Narrow Quay House
Narrow Quay
Bristol
BS1 4QA

2	Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The company's financial statements have been prepared on a going concern basis based on current and forecast work and projections and consider this more than adequate to meet the company's needs. The directors have considered a period of twelve months from the date of approval of the financial statements and have considered the uncertainty relating to the impact of the coronavirus pandemic and consider the company able to meet liabilities as they fall due.

Government grants

Government grants are recognised, using the accrual model, at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

Pinweld Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

Tangible fixed assets

Tangible fixed assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible fixed assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:


Office equipment	25% on cost

Intangible fixed assets

Separately acquired trademarks, licences, and patents are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:


Patent	5% on cost

Research and development costs

Research and development costs are written off to profit or loss in the year incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade creditors

Trade creditors are recognised at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Pinweld Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

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

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

Share based payments

The company has issued options over its unissued shares to employees and other parties. FRS 102
requires that the cost of equity-settled transactions is measured by reference to the fair value of the
equity instruments granted at the date at which they are granted and is recognised as an expense
over the vesting period, which ends on the date on which the relevant option holders become fully
entitled to the award. Fair value is determined using an appropriate pricing model.
At each balance sheet date before vesting, the cumulative expense is calculated, representing the
extent to which the vesting period has expired and taking into account management's best estimate
of the achievement or otherwise of non-market conditions and of the number of equity instruments
that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the profit and loss account, with a corresponding entry in equity.

As permitted by FRS102, these financial statements do not include any expense for those share options which were issued prior to the period in which FRS102 was adopted for the first time (i.e. prior to 1 January 2016).

No expense has been recognised in the year under review, on the grounds that the expense is immaterial.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2019 - 4).

Pinweld Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

4	Intangible fixed assets

	Trademarks, patents and licenses £
Cost
At 1 October 2019	15,620
Additions acquired separately	22,094
At 30 September 2020	37,714
Amortisation
At 1 October 2019	1,000
Amortisation charge	500
At 30 September 2020	1,500
Carrying amount
At 30 September 2020	36,214
At 30 September 2019	14,620

Pinweld Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

5	Tangible fixed assets

	Office equipment £
Cost
Additions	821
At 30 September 2020	821
Depreciation
Charge for the year	149
At 30 September 2020	149
Carrying amount
At 30 September 2020	672
At 30 September 2019	-

Pinweld Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

6	Debtors: amounts falling due within one year

	2020 £	2019 £
Other debtors	3,037	2,100
Prepayments	5,814	1,202
VAT	11,816	726
Directors' loan accounts	-	2,000
	20,667	6,028

Creditors

	2020 £	2019 £
Amounts falling due within one year
Bank loans and overdrafts	26,409	-
Trade creditors	10,029	11,859
Taxation and social security	752	-
Other creditors	651	2,150
Accruals	1,900	1,694
Directors' loan accounts	33,738	14,990
	73,479	30,693

	Note	2020 £	2019 £
Due after one year
Loans and borrowings		23,591	-

Pinweld Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

8	Share capital

Allotted, called up shares

	2020		2019
	No.	£	No.	£
Ordinary of £0.01 each	9,100	91	7,700	77

New shares allotted

During the year 1,400 ordinary shares having an aggregate nominal value of £14 were allotted for an aggregate consideration of 70,000.

9	Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

	2020 £	2019 £
	725	4,350

Pinweld Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

10	Related party transactions

Transactions with directors

2020	At 1 October 2019 £	Advances £	Capital introduced £	At 30 September 2020 £
Director
	14,990	-	15,000	29,990


Director
	(2,000)	(4,000)	7,248	1,248


Director
	-	(2,500)	5,000	2,500

2019	At 1 October 2018 £	Drawings £	Capital introduced £	At 30 September 2019 £
Director
	(10)	-	15,000	14,990


Director
	(6,025)	-	4,025	(2,000)

Pinweld Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

11	Share-based payments

Approved

Scheme details and movements

The company has issued options over its unissued shares to employees and other parties. The options will vest in the event that the company is sold to a third party, or there is a similar exit event resulting in a change of control of the company. Vesting may also be conditional upon other criteria such as the option holder's continuing employment by the company and the achievement of certain
performance conditions.

The term of each option is 10 years from the date of grant.

The movements in the number of share options during the year were as follows:

	2020 Number	2019 Number
Outstanding, start of period	5,500	-
Granted during the period	-	5,500
Expired during the period	(5,500)	-
Outstanding, end of period	-	5,500

The movements in the weighted average exercise price of share options during the year were as follows:

	2020 £	2019 £
Outstanding, start of period	25.00	-
Granted during the period	-	25.00
Expired during the period	(25.00)	-
Outstanding, end of period	-	25.00

Pinweld Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2020

The Black Scholes model has been used to calculate the share based payments expense. The model requires assumptions relating to, amongst other factors, the timing of an exit event, the number of options which are expected to vest, and the volatility in the company's share price.

No expense has been recognised in the year under review, on the grounds that the expense is immaterial.