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REGISTERED NUMBER: 03871018 (England and Wales)


















ABRIDGED AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

PFA CONSULTING LIMITED

PFA CONSULTING LIMITED (REGISTERED NUMBER: 03871018)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 3


PFA CONSULTING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: Mr J B Alexander
Mr C Isherwood
Mr S A Millard
Mr P M Churchward
M G G Lambert-Jones





REGISTERED OFFICE: Stratton Park House
Wanborough Road
Stratton St Margaret
Swindon
Wiltshire
SN3 4HG





REGISTERED NUMBER: 03871018 (England and Wales)





AUDITORS: Haines Watts
Chartered Accountants & Statutory Auditors
Old Station House
Station Approach
Swindon
Wiltshire
SN1 3DU

PFA CONSULTING LIMITED (REGISTERED NUMBER: 03871018)

ABRIDGED STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2023

31/10/23 31/10/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 12,473 22,725

CURRENT ASSETS
Debtors 855,117 856,234
Cash at bank and in hand 130,526 446,949
985,643 1,303,183
CREDITORS
Amounts falling due within one year 358,306 401,532
NET CURRENT ASSETS 627,337 901,651
TOTAL ASSETS LESS CURRENT
LIABILITIES

639,810

924,376

CAPITAL AND RESERVES
Called up share capital 100,000 100,000
Retained earnings 539,810 824,376
639,810 924,376

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

All the members have consented to the preparation of an abridged Statement of Income and Retained Earnings and an abridged Statement of Financial Position for the year ended 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





Mr C Isherwood - Director


PFA CONSULTING LIMITED (REGISTERED NUMBER: 03871018)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1. STATUTORY INFORMATION

PFA Consulting Limited 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.

Going concern
The company continues to meet its day-to-day working capital requirements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

Accrued income

Accrued income represents a best estimate of the recoverable fair value of work done on client matters at the year end after deducting amounts in respect of matters where the right to consideration depends on future events.

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

Office Equipment20%Straight Line
Motor Vehicles25%Straight Line
Computer Equipment33%Straight Line

PFA CONSULTING LIMITED (REGISTERED NUMBER: 03871018)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

i. Financial assets

Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

ii. Financial liabilities

Basic financial liabilities, including trade and other payables are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

iii. Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


PFA CONSULTING LIMITED (REGISTERED NUMBER: 03871018)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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 38 (2022 - 39 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2022 227,401
Additions 5,134
Disposals (329 )
At 31 October 2023 232,206
DEPRECIATION
At 1 November 2022 204,676
Charge for year 15,386
Eliminated on disposal (329 )
At 31 October 2023 219,733
NET BOOK VALUE
At 31 October 2023 12,473
At 31 October 2022 22,725

PFA CONSULTING LIMITED (REGISTERED NUMBER: 03871018)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023

5. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/10/23 31/10/22
£    £   
Within one year 36,000 108,000

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Lloyd FCCA (Senior Statutory Auditor)
for and on behalf of Haines Watts

7. CONTINGENT LIABILITIES

A legal claim has been brought against the Company for costs incurred by a client resulting from alleged design issues on an assignment.

The case is ongoing and the legal advisors are not currently in a position to be able to reliably estimate the timing or the amount of any potential liability. However, both the legal advisors and the Directors are of the opinion that any financial impact on the Company would be minimal.

8. ULTIMATE PARENT COMPANY

The ultimate controlling party is PFA Consulting EOT Limited, registered at Stratton Park House, Wanborough Road, Swindon SN3 4HG.