Registered number
12320794
PC (North) Limited
Report and Accounts
31 December 2022
PC (North) Limited
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Profit and loss account 3
Balance sheet 4
Notes to the accounts 5
PC (North) Limited
Company Information
Directors
Nathan Priestley
Derry Ellen McCulloch
Registered office
2nd Floor Offices
Marygate House
2 Marygate
Wakefield
WF1 1NX
Registered number
12320794
PC (North) Limited
Registered number: 12320794
Directors' Report
The directors present their report and accounts for the period ended 31 December 2022.
Principal activities
The company's principal activity during the year was of Property Construction and Renovation.
Directors
The following persons served as directors during the period:
Nathan Priestley
Derry Ellen McCulloch
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 30 September 2023 and signed on its behalf.
Nathan Priestley
Director
PC (North) Limited
Profit and Loss Account
for the period from 1 December 2021 to 31 December 2022
2022 2021
£ £
Turnover 10,247,865 1,211,548
Cost of sales (8,654,844) (920,804)
Gross profit 1,593,021 290,744
Administrative expenses (1,561,644) (161,644)
Operating profit 31,377 129,100
Interest payable (26,588) (368)
Profit before taxation 4,789 128,732
Tax on profit (314) (12,949)
Profit for the period 4,475 115,783
PC (North) Limited
Registered number: 12320794
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 1,674,620 1,375,553
Current assets
Debtors 4 41,417 630,039
Cash at bank and in hand 2,255,531 335,000
2,296,948 965,039
Creditors: amounts falling due within one year 5 (2,198,828) (765,193)
Net current assets 98,120 199,846
Total assets less current liabilities 1,772,740 1,575,399
Creditors: amounts falling due after more than one year 6 (246,889) (74,879)
Net assets 1,525,851 1,500,520
Capital and reserves
Called up share capital 1 1
Revaluation reserve 7 1,400,778 1,379,922
Profit and loss account 125,072 120,597
Shareholder's funds 1,525,851 1,500,520
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Nathan Priestley
Director
Approved by the board on 30 September 2023
PC (North) Limited
Notes to the Accounts
for the period from 1 December 2021 to 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 17 25
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 December 2021 1,300,000 73,877 18,261 1,392,138
Additions 279,144 - 19,750 298,894
At 31 December 2022 1,600,000 71,849 38,011 1,709,860
Depreciation
At 1 December 2021 - 13,298 3,287 16,585
Charge for the period - 11,710 6,945 18,655
At 31 December 2022 - 25,008 10,232 35,240
Net book value
At 31 December 2022 1,600,000 46,841 27,779 1,674,620
At 30 November 2021 1,300,000 60,579 14,974 1,375,553
4 Debtors 2022 2021
£ £
Trade debtors - 600,140
Other debtors 41,417 29,899
41,417 630,039
5 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 1,410,813 543,334
Amounts owed to group undertakings and undertakings in which the company has a participating interest 119,016 53,360
Taxation and social security costs 668,999 82,247
Other creditors - 86,252
2,198,828 765,193
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 246,889 50,000
Other creditors - 24,879
246,889 74,879
7 Revaluation reserve 2022 2021
£ £
Gain on revaluation of land and buildings 20,856 1,379,922
At 31 December 2022 1,400,778 1,379,922
8 Other information
PC (North) Limited is a private company limited by shares and incorporated in England. Its registered office is:
2nd Floor Offices
Marygate House
2 Marygate
Wakefield
WF1 1NX
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