PFC ENGINEERING LIMITED

Company Registration Number:
05176364 (England and Wales)

Unaudited abridged accounts for the year ended 31 May 2023

Period of accounts

Start date: 01 June 2022

End date: 31 May 2023

PFC ENGINEERING LIMITED

Contents of the Financial Statements

for the Period Ended 31 May 2023

Balance sheet
Notes

PFC ENGINEERING LIMITED

Balance sheet

As at 31 May 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 14,126 17,550
Total fixed assets: 14,126 17,550
Current assets
Stocks: 334,480 415,161
Debtors:   298,467 384,645
Cash at bank and in hand: 620,949 119,938
Total current assets: 1,253,896 919,744
Creditors: amounts falling due within one year:   (327,473) (311,320)
Net current assets (liabilities): 926,423 608,424
Total assets less current liabilities: 940,549 625,974
Creditors: amounts falling due after more than one year:   (76,540) (107,500)
Provision for liabilities: (3,500) (3,150)
Total net assets (liabilities): 860,509 515,324
Capital and reserves
Called up share capital: 58 66
Other reserves: 42 34
Profit and loss account: 860,409 515,224
Shareholders funds: 860,509 515,324

The notes form part of these financial statements

PFC ENGINEERING LIMITED

Balance sheet statements

For the year ending 31 May 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 21 October 2023
and signed on behalf of the board by:

Name: P J Mainey
Status: Director

The notes form part of these financial statements

PFC ENGINEERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is derived from the principal activity of the company of electrical manufacturing and supplies.Turnover represents net invoices sales of goods and services, excluding value added tax, except in respect of service contracts where income is recognised when the company obtains the right to consideration.

Tangible fixed assets and depreciation policy

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.Plant and machinery etc - 25% on cost and at varying rates on cost

Other accounting policies

StocksStocks are represented by raw materials and electrical components and finished products ready for installation.Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.TaxationTaxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.Current or deferred taxation assets and liabilities are not discounted.Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.Deferred taxDeferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.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.Hire purchase and leasing commitmentsRentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.Pension costs and other post-retirement benefitsThe company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. Going concernThe directors have considered the financial position of the company and believe it is well placed to manage its business risks successfully. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, thus they continue to adopt the going concern basis of preparation in preparing the financial statements.

PFC ENGINEERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

2. Employees

2023 2022
Average number of employees during the period 14 13

PFC ENGINEERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

3. Tangible Assets

Total
Cost £
At 01 June 2022 32,954
Additions 2,143
Disposals (1,590)
At 31 May 2023 33,507
Depreciation
At 01 June 2022 15,404
Charge for year 5,567
On disposals (1,590)
At 31 May 2023 19,381
Net book value
At 31 May 2023 14,126
At 31 May 2022 17,550

PFC ENGINEERING LIMITED

Notes to the Financial Statements

for the Period Ended 31 May 2023

4. Related party transactions

The company is controlled by the directors.