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Pachuca Holdings Ltd

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 August 2023






Pachuca Holdings Ltd

Company Information
for the Year Ended 31 August 2023







DIRECTORS: R H Cope
C C Shorney



SECRETARY: R H Cope



REGISTERED OFFICE: Lamby Way Industrial Estate
Mardy Road
Cardiff
CF3 2EX



REGISTERED NUMBER: 08225534 (England and Wales)



AUDITORS: BPU Limited
Chartered Accountants
Statutory Auditor
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA



BANKERS: Santander UK plc
5-9 Queen Street
Cardiff
CF10 2UD

Pachuca Holdings Ltd (Registered number: 08225534)

Strategic Report
for the Year Ended 31 August 2023


The directors present their strategic report for the year ended 31 August 2023.

BUSINESS REVIEW

The company is a dormant holding company and does not trade.

PRINCIPAL RISKS AND UNCERTAINTIES

As we exited the Coronavirus outbreak its legacy continued to have an effect during the year on both procurement of materials and supply chain difficulties. This coupled with continued cost and labour price inflation combined to make difficult trading conditions during the year. Nevertheless, the directors are pleased with the trading position of the business resulting in a further strengthening of the Balance Sheet.

As some of these challenges begin to abate the company are pleased to report strong enquiry levels going forward and look forward to another successful trading period during the year ahead.

THIS REPORT WAS APPROVED BY THE BOARD:





C C Shorney - Director


20 February 2024

Pachuca Holdings Ltd (Registered number: 08225534)

Report of the Directors
for the Year Ended 31 August 2023


The directors present their report with the financial statements of the company for the year ended 31 August 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 August 2023 was £125,000 (2022 - £125,000)

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2022 to the date of this report.

R H Cope
C C Shorney

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Pachuca Holdings Ltd (Registered number: 08225534)

Report of the Directors
for the Year Ended 31 August 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

THIS REPORT WAS APPROVED BY THE BOARD:





C C Shorney - Director


20 February 2024

Report of the Independent Auditors to the Members of
Pachuca Holdings Ltd


Opinion
We have audited the financial statements of Pachuca Holdings Ltd (the 'company') for the year ended 31 August 2023 which comprise the Profit & Loss Account, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 August 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Report of the Independent Auditors to the Members of
Pachuca Holdings Ltd


Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Pachuca Holdings Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risks of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment.

The laws and regulations that we determined were most significant to the company were the Companies Act, UK corporate tax laws. We obtained an understanding of how the company is complying with those laws and regulations by making enquiries to the management.

We assessed the susceptibility of the companys financial statements to material misstatement, including how fraud might occur, and did not identify any key audit matters relating to irregularities, including fraud. We assessed the effectiveness of internal controls that management has in place to prevent and detect fraud, including testing of manual journals and evaluating the assumptions and judgements made by management in its significant accounting estimates.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Nicholas Matthew Toye FCA (Senior Statutory Auditor)
for and on behalf of BPU Limited
Chartered Accountants
Statutory Auditor

23 February 2024

Pachuca Holdings Ltd (Registered number: 08225534)

Profit & Loss Account
for the Year Ended 31 August 2023

2023 2022
Notes £    £   

TURNOVER - -
OPERATING PROFIT - -

Income from investments 125,000 125,000
PROFIT BEFORE TAXATION 125,000 125,000

Tax on profit 3 - -
PROFIT FOR THE FINANCIAL YEAR 125,000 125,000

Pachuca Holdings Ltd (Registered number: 08225534)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 5 334,240 334,240

CREDITORS
Amounts falling due within one year 6 1 1
NET CURRENT LIABILITIES (1 ) (1 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

334,239

334,239

CAPITAL AND RESERVES
Called up share capital 7 239,112 239,112
Capital redemption reserve 73,522 73,522
Retained earnings 21,605 21,605
SHAREHOLDERS' FUNDS 334,239 334,239

Pachuca Holdings Ltd (Registered number: 08225534)

Balance Sheet - continued
31 August 2023


The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2024 and were signed on its behalf by:




C C Shorney - Director



R H Cope - Director


Pachuca Holdings Ltd (Registered number: 08225534)

Statement of Changes in Equity
for the Year Ended 31 August 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 September 2021 239,112 21,605 73,522 334,239

Changes in equity
Dividends - (125,000 ) - (125,000 )
Total comprehensive income - 125,000 - 125,000
Balance at 31 August 2022 239,112 21,605 73,522 334,239

Changes in equity
Dividends - (125,000 ) - (125,000 )
Total comprehensive income - 125,000 - 125,000
Balance at 31 August 2023 239,112 21,605 73,522 334,239

Pachuca Holdings Ltd (Registered number: 08225534)

Notes to the Financial Statements
for the Year Ended 31 August 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Pachuca Holdings Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, AL13 Holdings limited, C/o Dudleys Aluminium Limited, Lamby Industrial Estate, Mardy Road, Cardiff, CF3 2EX.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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 tax
Deferred 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.

Pachuca Holdings Ltd (Registered number: 08225534)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023


1. ACCOUNTING POLICIES - continued

Valuation of investments
Investments are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Statement of Financial Position date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2. EMPLOYEES AND DIRECTORS


2023 2022
£    £   
Directors' remuneration - -

3. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 August 2023 nor for the year ended 31 August 2022.

4. DIVIDENDS
2023 2022
£    £   
A Ordinary shares shares of £1 each
Paid 125,000 125,000

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 September 2022
and 31 August 2023 334,240
NET BOOK VALUE
At 31 August 2023 334,240
At 31 August 2022 334,240

Pachuca Holdings Ltd (Registered number: 08225534)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023


5. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Dudleys Aluminium Limited
Registered office: C/o Dudleys Aluminium Limited, Lamby Industrial Estate, Mardy Road, Cardiff, CF3 2EX
Nature of business: Installation of architectural aluminium
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 4,346,707 3,876,369
Profit for the year 595,338 447,697

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 1 1

7. CALLED UP SHARE CAPITAL

2022 2021
£    £   
Allotted, called up and partly paid
A ordinary shares of £1 each 234,612 234,612
B ordinary shares of £1 each 4,500 4,500
239,112 239,112