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REGISTERED NUMBER: 12309206 (England and Wales)












AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023

FOR

PFS MANUFACTURING LIMITED

PFS MANUFACTURING LIMITED (REGISTERED NUMBER: 12309206)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 October 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PFS MANUFACTURING LIMITED

COMPANY INFORMATION
for the year ended 31 October 2023







DIRECTORS: T Knichel
C R F Shield





REGISTERED OFFICE: First Floor
One Colton Square
Leicester
LE1 1QH





REGISTERED NUMBER: 12309206 (England and Wales)





AUDITORS: Magma Audit LLP (part of the Dains Group)
Chartered Accountants
Statutory Auditor
Unit 2, Charnwood Edge Business Park
Syston Road
Leicestershire
LE7 4UZ

PFS MANUFACTURING LIMITED (REGISTERED NUMBER: 12309206)

BALANCE SHEET
31 October 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 2,833 4,065

CURRENT ASSETS
Stocks 144,813 186,827
Debtors 5 216,723 136,753
Cash in hand 8,734 6,876
370,270 330,456
CREDITORS
Amounts falling due within one year 6 (135,230 ) (142,179 )
NET CURRENT ASSETS 235,040 188,277
TOTAL ASSETS LESS CURRENT
LIABILITIES

237,873

192,342

CAPITAL AND RESERVES
Called up share capital 100 100
Capital contribution reserve 458,312 458,312
Retained earnings (220,539 ) (266,070 )
237,873 192,342

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:




C R F Shield - Director



T Knichel - Director


PFS MANUFACTURING LIMITED (REGISTERED NUMBER: 12309206)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 October 2023


1. STATUTORY INFORMATION

PFS Manufacturing Limited is a private limited company, limited by shares, registered in England and Wales. Its registered office address is Third Floor, Two Colton Square, Leicester, LE1 1QH and the registered number is 12309206.

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
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has sufficient resources to meet its liabilities for at least twelve months from signing these financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts and is recognised when goods are despatched.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

Depreciation is provided on the following basis:

Computer equipment25% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.


PFS MANUFACTURING LIMITED (REGISTERED NUMBER: 12309206)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023


2. ACCOUNTING POLICIES - continued
Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Debtors
Basic financial assets, including trade and other debtors, 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, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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 payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 November 2022
and 31 October 2023 4,931
DEPRECIATION
At 1 November 2022 866
Charge for year 1,232
At 31 October 2023 2,098
NET BOOK VALUE
At 31 October 2023 2,833
At 31 October 2022 4,065

PFS MANUFACTURING LIMITED (REGISTERED NUMBER: 12309206)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 October 2023


5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 122,260 49,253
VAT 21,463 -
143,723 49,253

Amounts falling due after more than one year:
Deferred tax asset 73,000 87,500

Aggregate amounts 216,723 136,753

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 12,865 32,103
VAT - 514
Amounts owed to related party 114,950 104,702
Accruals and deferred income 7,415 4,860
135,230 142,179

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

The Report of the Auditors was unqualified.

Luke Turner FCA FCCA (Senior Statutory Auditor)
for and on behalf of Magma Audit LLP (part of the Dains Group)

8. RELATED PARTY DISCLOSURES

During the year the company had transactions with the following related companies, all ultimately
controlled by C R F Shield.

2023 2022
£ £
Amounts due to Shield Engineering (Syston) Limited (87,251 ) (119,896 )
Purchases from Shield Engineering (Syston) Limited (151,846 ) (117,896 )
Amounts due to Old Engineering Limited (11,532 ) -
Purchases from Old Engineering Limited (52,825 ) (17,997 )
Purchases from GW Atkins & Sons Limited - (2,937 )
Purchases from Woolley GMC Ltd - (18,135 )
Purchases from Bridge Aluminium Limited - (300 )
Amounts due to Shield Engineering Projects Limited - (229,156 )
Purchases from Shield Manufacturing Technologies Limited (90,944 ) -
Amounts due to Sheild Manufacturing Technologies Limited (16,168 ) -

During the year the company had transactions with the following related company, ultimately
controlled by T Knichel.

2023 2022
£ £
Amounts due to Dumarey Flybrid Limited - (179,903 )
Sales to Dumarey Flybrid Limited 518,506 314,475
Purchases from Dumarey Flybrid Limited (491 ) (60,133 )