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REGISTERED NUMBER: 04138481 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st July 2023

for

PC DEVELOPMENT LTD

PC DEVELOPMENT LTD (REGISTERED NUMBER: 04138481)






Contents of the Financial Statements
for the Year Ended 31st July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PC DEVELOPMENT LTD

Company Information
for the Year Ended 31st July 2023







DIRECTORS: Mr R J Knox
Mrs S A Knox





SECRETARY: Mr R J Knox





REGISTERED OFFICE: Unit 21
Riversway Managed Workshops
Leeward Road
Preston
Lancashire
PR2 2TE





REGISTERED NUMBER: 04138481 (England and Wales)





ACCOUNTANTS: Abrams Ashton - Chorley Limited
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

PC DEVELOPMENT LTD (REGISTERED NUMBER: 04138481)

Balance Sheet
31st July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 74,474 4,420
74,474 4,420

CURRENT ASSETS
Stocks 271,000 404,743
Debtors 6 239,942 189,705
Cash at bank and in hand 311,767 227,540
822,709 821,988
CREDITORS
Amounts falling due within one year 7 518,355 517,044
NET CURRENT ASSETS 304,354 304,944
TOTAL ASSETS LESS CURRENT
LIABILITIES

378,828

309,364

CREDITORS
Amounts falling due after more than one
year

8

(51,629

)

-

PROVISIONS FOR LIABILITIES (12,969 ) -
NET ASSETS 314,230 309,364

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 314,130 309,264
SHAREHOLDERS' FUNDS 314,230 309,364

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

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

The directors acknowledge their 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.

PC DEVELOPMENT LTD (REGISTERED NUMBER: 04138481)

Balance Sheet - continued
31st July 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 Board of Directors and authorised for issue on 15th April 2024 and were signed on its behalf by:




Mr R J Knox - Director



Mrs S A Knox - Director


PC DEVELOPMENT LTD (REGISTERED NUMBER: 04138481)

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

1. STATUTORY INFORMATION

PC Development 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.

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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, has been fully amortised over what is considered to be its estimated useful life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Motor vehicles - 20% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

PC DEVELOPMENT LTD (REGISTERED NUMBER: 04138481)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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 3 (2022 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st August 2022
and 31st July 2023 1,500
AMORTISATION
At 1st August 2022
and 31st July 2023 1,500
NET BOOK VALUE
At 31st July 2023 -
At 31st July 2022 -

PC DEVELOPMENT LTD (REGISTERED NUMBER: 04138481)

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

5. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st August 2022 33,154 - 33,154
Additions 1,215 71,930 73,145
At 31st July 2023 34,369 71,930 106,299
DEPRECIATION
At 1st August 2022 28,734 - 28,734
Charge for year 693 2,398 3,091
At 31st July 2023 29,427 2,398 31,825
NET BOOK VALUE
At 31st July 2023 4,942 69,532 74,474
At 31st July 2022 4,420 - 4,420

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 71,930
At 31st July 2023 71,930
DEPRECIATION
Charge for year 2,398
At 31st July 2023 2,398
NET BOOK VALUE
At 31st July 2023 69,532

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 201,077 161,746
Factoring debtor 38,865 27,959
239,942 189,705

PC DEVELOPMENT LTD (REGISTERED NUMBER: 04138481)

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

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Hire purchase contracts 6,232 -
Trade creditors 59,584 53,445
Tax 4,484 22,983
Income tax 1,982 1,982
Social security and other taxes 293 1,165
VAT 8,817 24,815
Directors' current accounts 372,398 313,558
Accrued expenses 64,565 99,096
518,355 517,044

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.23 31.7.22
£    £   
Hire purchase contracts 51,629 -

9. SECURED DEBTS

The following secured debts are included within creditors:

31.7.23 31.7.22
£    £   
Hire purchase contracts 57,861 -

The hire purchase liability is secured against the asset to which it relates.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
100 Ordinary £1 100 100

11. RELATED PARTY DISCLOSURES

As at 31 July 2023 the company owed £372,398 (2022: £313,558) to its directors. Interest has been charged to the company at a rate of 2.5% on this loan. There is no formal repayment date for this loan.

12. ULTIMATE CONTROLLING PARTY

The company is controlled by Mr R & Mrs S Knox, by virtue of their 100% shareholding.