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Registration number: 13923253

PCE Solutions Ltd

Annual Report and Unaudited Financial Statements

for the Period from 17 February 2022 to 31 March 2023

 

PCE Solutions Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 12

 

PCE Solutions Ltd

Company Information

Director

Mr Paul Crassweller

Company secretary

Britannia Accountancy & Tax Services Ltd

Registered office

A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

Accountants

Britannia Accountancy & Tax Services Ltd
A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

 

PCE Solutions Ltd

Director's Report for the Period from 17 February 2022 to 31 March 2023

The director presents his report and the financial statements for the period from 17 February 2022 to 31 March 2023.

Incorporation

The company was incorporated and commenced trading on 17 February 2022.

Director of the company

The director who held office during the period was as follows:

Mr Paul Crassweller (appointed 17 February 2022)

Principal activity

The principal activity of the company is Support activities for petroleum and natural gas extraction

Small companies provision statement

This report has 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.

Approved by the director on 28 November 2023 and signed on its behalf by:

.........................................
Mr Paul Crassweller
Director

   
     
 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
PCE Solutions Ltd
for the Period Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PCE Solutions Ltd for the period ended 31 March 2023 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of PCE Solutions 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 PCE Solutions Ltd and state those matters that we have agreed to state to the Board of Directors of PCE Solutions Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PCE Solutions Ltd and its Board of Directors as a body for our work or for this report. To the best of our knowledge at the time of preparation; all information contained in this report is accurate, based upon the information and representations made to us by PCE Solutions Ltd

It is your duty to ensure that PCE Solutions 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 PCE Solutions Ltd. You consider that PCE Solutions Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of PCE Solutions 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.

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

Britannia Accountancy & Tax Services Ltd
A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

28 November 2023

 

PCE Solutions Ltd

Profit and Loss Account for the Period from 17 February 2022 to 31 March 2023

Note

2023
£

Turnover

 

88,949

Cost of sales

 

(3,190)

Gross profit

 

85,759

Administrative expenses

 

(33,126)

Operating profit

 

52,633

Profit before tax

4

52,633

Profit for the financial period

 

52,633

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

 

PCE Solutions Ltd

Statement of Comprehensive Income for the Period from 17 February 2022 to 31 March 2023

2023
£

Profit for the period

52,633

Total comprehensive income for the period

52,633

 

PCE Solutions Ltd

(Registration number: 13923253)
Balance Sheet as at 31 March 2023

Note

2023
£

Fixed assets

 

Intangible assets

5

97,200

Tangible assets

6

3,321

 

100,521

Current assets

 

Stocks

7

59,950

Cash at bank and in hand

 

43

 

59,993

Creditors: Amounts falling due within one year

8

(134,880)

Net current liabilities

 

(74,887)

Net assets

 

25,634

Capital and reserves

 

Called up share capital

9

1

Retained earnings

25,633

Shareholders' funds

 

25,634

For the financial period ending 31 March 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 period 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.

Approved and authorised by the director on 28 November 2023
 

.........................................
Mr Paul Crassweller
Director

   
     
 

PCE Solutions Ltd

Statement of Changes in Equity for the Period from 17 February 2022 to 31 March 2023

Share capital
£

Retained earnings
£

Total
£

Profit for the period

-

52,633

52,633

Dividends

-

(27,000)

(27,000)

New share capital subscribed

1

-

1

At 31 March 2023

1

25,633

25,634

 

PCE Solutions Ltd

Notes to the Unaudited Financial Statements for the Period from 17 February 2022 to 31 March 2023

1

General information

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

The address of its registered office is:
A24 The Sanderson Centre
Lees Lane
Gosport
Hampshire
PO12 3UL

These financial statements were authorised for issue by the director on 28 November 2023.

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.

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.

 

PCE Solutions Ltd

Notes to the Unaudited Financial Statements for the Period from 17 February 2022 to 31 March 2023

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

Plant and machinery

18% on net book value

Vehicles

18% on net book value

Office equipment

18% on net book value

Furniture and fittings

18% on net book value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

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.

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

 

PCE Solutions Ltd

Notes to the Unaudited Financial Statements for the Period from 17 February 2022 to 31 March 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 period, was 1.

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

Depreciation expense

729

Amortisation expense

10,800

 

PCE Solutions Ltd

Notes to the Unaudited Financial Statements for the Period from 17 February 2022 to 31 March 2023

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

108,000

108,000

At 31 March 2023

108,000

108,000

Amortisation

Amortisation charge

10,800

10,800

At 31 March 2023

10,800

10,800

Carrying amount

At 31 March 2023

97,200

97,200

6

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

Additions

4,050

4,050

At 31 March 2023

4,050

4,050

Depreciation

Charge for the period

729

729

At 31 March 2023

729

729

Carrying amount

At 31 March 2023

3,321

3,321

7

Stocks

2023
£

Work in progress

59,950

8

Creditors

Creditors: amounts falling due within one year

 

PCE Solutions Ltd

Notes to the Unaudited Financial Statements for the Period from 17 February 2022 to 31 March 2023

Note

2023
£

Due within one year

 

Loans and borrowings

10

127,217

Accruals and deferred income

 

7,663

 

134,880

9

Share capital

10

Loans and borrowings

2023
£

Current loans and borrowings

Other borrowings

127,217

11

Dividends

Interim dividends paid

 

2023
£

Interim dividend of £27,000 per each Ordinary Shares share

27,000