REGISTERED NUMBER:
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PFC GROUP LIMITED |
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ABBREVIATED UNAUDITED ACCOUNTS |
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FOR THE YEAR ENDED 31ST DECEMBER 2014 |
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REGISTERED NUMBER:
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PFC GROUP LIMITED |
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ABBREVIATED UNAUDITED ACCOUNTS |
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FOR THE YEAR ENDED 31ST DECEMBER 2014 |
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PFC GROUP LIMITED (REGISTERED NUMBER: 00870592) |
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CONTENTS OF THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31ST DECEMBER 2014 |
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Page |
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Company Information | 1 |
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Abbreviated Balance Sheet | 2 | to | 3 |
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Notes to the Abbreviated Accounts | 4 | to | 6 |
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Chartered Accountants' Report | 7 |
PFC GROUP LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2014 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
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PFC GROUP LIMITED (REGISTERED NUMBER: 00870592) |
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ABBREVIATED BALANCE SHEET |
31ST DECEMBER 2014 |
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2014 | 2013 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 2 |
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Tangible assets | 3 |
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CURRENT ASSETS |
Stocks |
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Debtors |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 4 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
4 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 5 |
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Profit and loss account |
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SHAREHOLDERS' FUNDS |
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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. |
PFC GROUP LIMITED (REGISTERED NUMBER: 00870592) |
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ABBREVIATED BALANCE SHEET - continued |
31ST DECEMBER 2014 |
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The financial statements were approved by the Board of Directors on
behalf by: |
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PFC GROUP LIMITED (REGISTERED NUMBER: 00870592) |
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NOTES TO THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31ST DECEMBER 2014 |
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1. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The accounts have been prepared on a going concern basis which the directors consider appropriate. The |
company relies on support from the parent company Durmast Group Limited and the other subsidiary companies |
of Durmast Group Limited, which are considered to be available for the foreseeable future and for at least the |
next twelve months from the date of approval of the financial statements. Should the going concern basis not be |
applicable adjustments would have to be made to reduce assets to their recoverable amounts and reclassify long |
term liabilities as short term liabilities. |
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Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective April 2008). |
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Turnover |
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of |
value added tax and trade discounts. |
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Goodwill |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable |
overheads. |
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Deferred tax |
Deferred tax is recognised in respect of timing differences that have originated but not reversed at the balance |
sheet date between the company's taxable profits and the profits per the accounts, subject to the extent that it is |
regarded that there will be suitable taxable profits from which the future reversal of such timing differences can |
be deducted. |
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Foreign currencies |
Monetary assets and liabilities denominated in foreign currencies are translated into sterling rates of exchange |
ruling at the balance sheet date. |
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Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. |
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Exchange gains and losses are recognised in the profit and loss account. |
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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 the profit and loss account 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 the profit and loss account on a straight line basis over the |
period of the lease. |
PFC GROUP LIMITED (REGISTERED NUMBER: 00870592) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2014 |
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1. | ACCOUNTING POLICIES - continued |
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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 the profit and loss account in the period to which they relate. |
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2. | INTANGIBLE FIXED ASSETS |
Total |
£ |
COST |
Additions |
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At 31st December 2014 |
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AMORTISATION |
Amortisation for year |
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At 31st December 2014 |
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NET BOOK VALUE |
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At 31st December 2014 |
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3. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1st January 2014 |
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Additions |
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Disposals | ( |
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At 31st December 2014 |
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DEPRECIATION |
At 1st January 2014 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31st December 2014 |
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NET BOOK VALUE |
At 31st December 2014 |
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At 31st December 2013 |
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4. | CREDITORS |
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Creditors include an amount of £
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5. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2014 | 2013 |
value: | £ | £ |
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Ordinary | £1 |
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PFC GROUP LIMITED (REGISTERED NUMBER: 00870592) |
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NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2014 |
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6. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31st December 2014 and |
31st December 2013: |
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2014 | 2013 |
£ | £ |
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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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Balance outstanding at end of year |
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7. | ULTIMATE PARENT UNDERTAKING AND CONTROLLING PARTY |
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PFC Holdings Limited is the company's immediate parent undertaking. and its ultimate parent undertaking is
Trow to be the ultima te controlling party by virtue of his majority shareholding in Durmast Group Limited. |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
PFC GROUP LIMITED |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to six) |
have been prepared. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of PFC Group Limited for the year ended 31st December 2014 which comprise the Profit and Loss |
Account, the Balance Sheet and the related notes from the company's accounting records and from information and |
explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook. |
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This report is made solely to the Board of Directors of PFC Group Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PFC Group Limited and state those matters that we have agreed to state to the Board of Directors of PFC Group Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that PFC Group Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PFC Group Limited. You consider that PFC Group Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of PFC Group Limited. For this |
reason, we have not verified the accuracy or completeness of the accounting records or information and explanations |
you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
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11th September 2015 |