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REGISTERED NUMBER: 12941228 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Pcs Motor Factors Ltd

Pcs Motor Factors Ltd (Registered number: 12941228)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Pcs Motor Factors Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: S K Marsden





REGISTERED OFFICE: 4 Bay, Furnace Hill
Clay Cross
Chesterfield
S45 9NF





REGISTERED NUMBER: 12941228 (England and Wales)





ACCOUNTANTS: HUB3 LIMITED
Market Place
Crich
Matlock
Derbyshire
DE45DD

Pcs Motor Factors Ltd (Registered number: 12941228)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 268,059 210,163

CURRENT ASSETS
Stocks 494,326 479,510
Debtors 5 575,061 547,247
Cash at bank and in hand 563,183 374,818
1,632,570 1,401,575
CREDITORS
Amounts falling due within one year 6 1,213,873 1,167,456
NET CURRENT ASSETS 418,697 234,119
TOTAL ASSETS LESS CURRENT
LIABILITIES

686,756

444,282

CREDITORS
Amounts falling due after more than
one year

7

(17,500

)

(27,500

)

PROVISIONS FOR LIABILITIES (66,500 ) (39,500 )
NET ASSETS 602,756 377,282

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 602,656 377,182
602,756 377,282

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Pcs Motor Factors Ltd (Registered number: 12941228)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 5 March 2024 and were signed by:





S K Marsden - Director


Pcs Motor Factors Ltd (Registered number: 12941228)

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

1. STATUTORY INFORMATION

Pcs Motor Factors Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer Equipment - 15% on reducing balance
Plant & Equipment - 15% on reducing balance
Motor Vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Pcs Motor Factors Ltd (Registered number: 12941228)

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

2. ACCOUNTING POLICIES - continued

Financial instruments
Debtors

Debtors do not carry interest and are stated at their nominal value. Appropriate allowances for irrecoverable amounts are recognised in the profit and loss account when there is objective evidence that the asset is impaired.

Cash at bank and in hand

These comprise highly liquid bank deposits with a maturity value of under three months.

Creditors

Trade creditors are not interest bearing and are stated at their nominal value.

Overdraft represents amounts payable at the balance sheet date and is repayable on demand. Interest is charged as and when due, to the profit and loss account.

Loans

Loans are initially measured at their fair value, net of transaction costs, and are measured subsequently at amortised cost using effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pcs Motor Factors Ltd (Registered number: 12941228)

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

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 62 (2022 - 65 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 1,936 471,829 473,765
Additions - 135,722 135,722
Disposals - (41,943 ) (41,943 )
At 31 December 2023 1,936 565,608 567,544
DEPRECIATION
At 1 January 2023 - 263,602 263,602
Charge for year - 63,188 63,188
Eliminated on disposal - (27,305 ) (27,305 )
At 31 December 2023 - 299,485 299,485
NET BOOK VALUE
At 31 December 2023 1,936 266,123 268,059
At 31 December 2022 1,936 208,227 210,163

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 572,561 544,747
Other debtors 2,500 2,500
575,061 547,247

Pcs Motor Factors Ltd (Registered number: 12941228)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 344,331 312,144
Trade creditors 338,777 337,376
Taxation and social security 166,257 155,482
Other creditors 364,508 362,454
1,213,873 1,167,456

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 17,500 27,500

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank overdrafts 334,331 302,144

Overdraft is secured by an all assets debenture dated 4th January 2021.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S K Marsden.