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Registration number: 06953344

PEF UK Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

PEF UK Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

PEF UK Ltd

Company Information

Director

Mr Peter Farrow

Company secretary

Mrs Pam Farrow

Registered office

28 Green Lane
South Woodham Ferrers
Essex
CM3 5JQ

Accountants

Mr Barry Haynes
Accountants
4 Brockenhurst Drive
Stanford Le Hope
Essex
SS17 0NL

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
PEF UK Ltd
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PEF UK Ltd for the year ended 31 July 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

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

Mr Barry Haynes
Accountants
4 Brockenhurst Drive
Stanford Le Hope
Essex
SS17 0NL

17 April 2024

 

PEF UK Ltd

(Registration number: 06953344)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,627

4,609

Current assets

 

Stocks

5

9,750

10,500

Debtors

6

37,270

31,393

Cash at bank and in hand

 

11,917

32,512

 

58,937

74,405

Creditors: Amounts falling due within one year

7

(27,844)

(35,928)

Net current assets

 

31,093

38,477

Total assets less current liabilities

 

34,720

43,086

Creditors: Amounts falling due after more than one year

7

(33,036)

(39,096)

Net assets

 

1,684

3,990

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,584

3,890

Shareholders' funds

 

1,684

3,990

For the financial year ending 31 July 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 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 17 April 2024
 

 

PEF UK Ltd

(Registration number: 06953344)
Balance Sheet as at 31 July 2023

.........................................
Mr Peter Farrow
Director

 

PEF UK Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
28 Green Lane
South Woodham Ferrers
Essex
CM3 5JQ

These financial statements were authorised for issue by the director on 17 April 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

PEF UK Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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

Fixtures & fittings

20%

Motor Vehicles

20%

Plant & equipment

20%

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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

 

PEF UK Ltd

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

PEF UK Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2022

4,835

15,378

2,200

22,413

At 31 July 2023

4,835

15,378

2,200

22,413

Depreciation

At 1 August 2022

1,580

14,154

2,070

17,804

Charge for the year

651

305

26

982

At 31 July 2023

2,231

14,459

2,096

18,786

Carrying amount

At 31 July 2023

2,604

919

104

3,627

At 31 July 2022

3,255

1,224

130

4,609

5

Stocks

2023
£

2022
£

Work in progress

9,750

10,500

6

Debtors

Current

2023
£

2022
£

Trade debtors

36,659

31,393

Other debtors

611

-

 

37,270

31,393

7

Creditors

Creditors: amounts falling due within one year

 

PEF UK Ltd

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

2023
£

2022
£

Due within one year

Trade creditors

16,124

11,100

Taxation and social security

11,720

7,442

Other creditors

-

17,386

27,844

35,928

 

PEF UK Ltd

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

33,036

39,096

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

33,036

39,096

10

Dividends

Final dividends paid

2023
£

2022
£

Final dividend of £200.00 (2022 - £100.00) per each Ordinary

20,000

10,000

 

 

Interim dividends paid

2023
£

2022
£

Interim dividend of Nil per each NewRow_0

-

-

 

 

11

Related party transactions

 

PEF UK Ltd

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

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,500

12,500