0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 288,714 288,714 288,714 321,600 321,600 321,600 xbrli:pure xbrli:shares iso4217:GBP 12981049 2022-07-01 2023-06-30 12981049 2023-06-30 12981049 2022-06-30 12981049 2021-07-01 2022-06-30 12981049 2022-06-30 12981049 2021-06-30 12981049 bus:LeadAgentIfApplicable 2022-07-01 2023-06-30 12981049 bus:Director1 2022-07-01 2023-06-30 12981049 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 12981049 core:WithinOneYear 2023-06-30 12981049 core:WithinOneYear 2022-06-30 12981049 core:ShareCapital 2023-06-30 12981049 core:ShareCapital 2022-06-30 12981049 core:SharePremium 2023-06-30 12981049 core:SharePremium 2022-06-30 12981049 core:RetainedEarningsAccumulatedLosses 2023-06-30 12981049 core:RetainedEarningsAccumulatedLosses 2022-06-30 12981049 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 12981049 core:Non-currentFinancialInstruments 2023-06-30 12981049 core:Non-currentFinancialInstruments 2022-06-30 12981049 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 12981049 bus:SmallEntities 2022-07-01 2023-06-30 12981049 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 12981049 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 12981049 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 12981049 bus:FullAccounts 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: 12981049
PAF (MIDLANDS) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2023
PAF (MIDLANDS) LIMITED
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PAF (MIDLANDS) LIMITED
YEAR ENDED 30 JUNE 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PAF (Midlands) Limited for the year ended 30 June 2023, which comprise the statement of financial position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors
Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN
2 February 2024
PAF (MIDLANDS) LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
4
288,714
Investments
5
321,600
321,600
------------
------------
610,314
321,600
Creditors: amounts falling due within one year
6
290,313
1,599
------------
------------
Net current liabilities
290,313
1,599
------------
------------
Total assets less current liabilities
320,001
320,001
------------
------------
Capital and reserves
Called up share capital
71
71
Share premium account
159,930
159,930
Profit and loss account
160,000
160,000
------------
------------
Shareholder funds
320,001
320,001
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PAF (MIDLANDS) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 2 February 2024 , and are signed on behalf of the board by:
P A Freeman
Director
Company registration number: 12981049
PAF (MIDLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Tangible Assets
Freehold property
£
Cost
At 1 July 2022
Additions
288,714
------------
At 30 June 2023
288,714
------------
Depreciation
At 1 July 2022 and 30 June 2023
------------
Carrying amount
At 30 June 2023
288,714
------------
At 30 June 2022
------------
Included within the above is investment property as follows:
£
At 1 July 2022
Additions
288,714
------------
At 30 June 2023
288,714
------------
The investment property was purchased in August 2023 and is valued at cost. The director believes that the purchase price remains reflective of the current market value.
5. Investments
Shares in group undertakings
£
Cost
At 1 July 2022 and 30 June 2023
321,600
------------
Impairment
At 1 July 2022 and 30 June 2023
------------
Carrying amount
At 30 June 2023
321,600
------------
At 30 June 2022
321,600
------------
The company owns 100% of the issued share capital of R L Freeman (Holdings) Limited.
6. Creditors: amounts falling due within one year
2023
2022
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
288,714
Other creditors
1,599
1,599
------------
------------
290,313
1,599
------------
------------
7. Director's Advances, Credits and Guarantees
Amounts owed by the director at the balance sheet date are included in creditor and totalled £1,599 (2022: 1,599)