Company Registration No. 00870592 (England and Wales)
PFC GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
PFC GROUP LIMITED
COMPANY INFORMATION
Director
Mr D R Trow
Company number
00870592
Registered office
Unit 12
Roman Way Business Centre
Berry Hill Industrial Estate
Droitwich
Worcestershire
WR9 9AJ
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
47 High Street
Bromsgrove
Worcestershire
B61 8AW
PFC GROUP LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
PFC GROUP LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PFC GROUP LIMITED FOR THE YEAR ENDED 31 DECEMBER 2020
- 1 -
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 31 December 2020 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
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 http://www.icaew.com/en/members/regulations-standards-and-guidance
.
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 ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PFC Group Limited and its Board of Directors as a body, for
our work or for this report.
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.
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.
Ormerod Rutter Limited
13 September 2021
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
PFC GROUP LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2020
31 December 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
4
24,767
26,209
Current assets
Stocks
9,853
4,085
Debtors
5
2,042,251
2,020,802
Cash at bank and in hand
177,303
189,832
2,229,407
2,214,719
Creditors: amounts falling due within one year
6
(167,723)
(199,728)
Net current assets
2,061,684
2,014,991
Total assets less current liabilities
2,086,451
2,041,200
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
2,086,351
2,041,100
Total equity
2,086,451
2,041,200
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 September 2021 and are signed on its behalf by:
Mr D R Trow
Director
Company Registration No. 00870592
PFC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
1
Accounting policies
Company information
PFC Group Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Unit 12, Roman Way Business Centre, Berry Hill Industrial Estate, Droitwich, Worcestershire, WR9 9AJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of 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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods
and services
provided in the normal course of business
, and
is shown net of VAT
.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% on reducing balance
Plant and machinery
20% on reducing balance
Fixtures, fittings and equipment
10% on reducing balance
Computer equipment
33% on cost
Motor vehicles
33% on cost
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 the asset, and
is credited or charged to profit or loss
.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
PFC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred
. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
PFC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 5 -
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 12
(2019 - 12).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2020 and 31 December 2020
65,000
Amortisation and impairment
At 1 January 2020 and 31 December 2020
65,000
Carrying amount
At 31 December 2020
At 31 December 2019
PFC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 6 -
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Fixtures, fittings and equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2020
7,180
99,083
19,389
47,338
172,990
Additions
3,035
3,035
Disposals
(20,688)
(20,688)
At 31 December 2020
7,180
99,083
19,389
3,035
26,650
155,337
Depreciation and impairment
At 1 January 2020
2,370
90,638
6,436
47,338
146,782
Depreciation charged in the year
481
1,688
1,295
1,012
4,476
Eliminated in respect of disposals
(20,688)
(20,688)
At 31 December 2020
2,851
92,326
7,731
1,012
26,650
130,570
Carrying amount
At 31 December 2020
4,329
6,757
11,658
2,023
24,767
At 31 December 2019
4,810
8,445
12,954
26,209
PFC GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 7 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
101,726
67,430
Amounts owed by group undertakings
1,841,587
1,841,711
Other debtors
34,176
37,874
1,977,489
1,947,015
Deferred tax asset
64,762
73,787
2,042,251
2,020,802
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
123,484
171,943
Taxation and social security
14,548
15,438
Other creditors
29,691
12,347
167,723
199,728
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
8
Related party transactions
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.
9
Control
Ultimate parent company
The ultimate parent company is Durmast Group Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr D R Trow, by virtue of his controlling interest in the ultimate parent company.