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Registration number: 10754074

PCD Commercial Management Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

PCD Commercial Management Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

PCD Commercial Management Ltd

Company Information

Directors

Mr Phillip Christopher Duggan

Mrs Helen Duggan

Registered office

3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH

Accountants

MG Contractor Services Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
PCD Commercial Management Ltd
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PCD Commercial Management Ltd for the year ended 31 May 2023 as set out on pages 3 to 9 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/regulation.

This report is made solely to the Board of Directors of PCD Commercial Management Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of PCD Commercial Management Ltd and state those matters that we have agreed to state to the Board of Directors of PCD Commercial Management Ltd, 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 PCD Commercial Management Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that PCD Commercial Management Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of PCD Commercial Management Ltd. You consider that PCD Commercial Management Ltd 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 accounts of PCD Commercial Management Ltd. 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 accounts.

......................................

MG Contractor Services Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

15 January 2024

 

PCD Commercial Management Ltd

(Registration number: 10754074)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,124

1,759

Current assets

 

Debtors

5

13,800

-

Cash at bank and in hand

 

84,541

83,067

 

98,341

83,067

Creditors: Amounts falling due within one year

6

(37,264)

(28,892)

Net current assets

 

61,077

54,175

Total assets less current liabilities

 

65,201

55,934

Creditors: Amounts falling due after more than one year

6

(8,627)

(12,517)

Net assets

 

56,574

43,417

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

56,474

43,317

Shareholders' funds

 

56,574

43,417

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 15 January 2024 and signed on its behalf by:
 

 

PCD Commercial Management Ltd

(Registration number: 10754074)
Balance Sheet as at 31 May 2023

.........................................
Mr Phillip Christopher Duggan
Director

 

PCD Commercial Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3rd Floor
166 College Road
Harrow
Middlesex
HA1 1BH

These financial statements were authorised for issue by the Board on 15 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

PCD Commercial Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% Straight Line

Bicycles

25% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

PCD Commercial Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Office equipment
£

Bicycles
 £

Total
£

Cost or valuation

At 1 June 2022

1,898

1,999

3,897

Additions

959

2,400

3,359

At 31 May 2023

2,857

4,399

7,256

Depreciation

At 1 June 2022

1,097

1,041

2,138

Charge for the year

394

600

994

At 31 May 2023

1,491

1,641

3,132

Carrying amount

At 31 May 2023

1,366

2,758

4,124

At 31 May 2022

801

958

1,759

 

PCD Commercial Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

13,800

-

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

4,000

4,000

Taxation and social security

 

31,129

22,757

Other creditors

 

2,135

2,135

 

37,264

28,892

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

8,627

12,517

 

PCD Commercial Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

8,627

12,517

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,000

4,000

8

Related party transactions

During the year, the company made the following related party transactions:

Directors
During the year, the Directors received loans of £88,550 and repaid £88,550. At the balance sheet date, the amount due to the Directors was £2,135 (2022 - £2,135).
 

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100