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Registered number: 12315732
PFP NORTHWEST LIMITED
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12315732
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 26,356 33,814
26,356 33,814
CURRENT ASSETS
Stocks 5 30,394 35,553
Debtors 6 149,835 118,608
Cash at bank and in hand 72,209 40,984
252,438 195,145
Creditors: Amounts Falling Due Within One Year 7 (164,500 ) (84,848 )
NET CURRENT ASSETS (LIABILITIES) 87,938 110,297
TOTAL ASSETS LESS CURRENT LIABILITIES 114,294 144,111
Creditors: Amounts Falling Due After More Than One Year 8 (48,377 ) (57,696 )
NET ASSETS 65,917 86,415
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 65,916 86,414
SHAREHOLDERS' FUNDS 65,917 86,415
Page 1
Page 2
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Daniel Rutherford
Director
27th August 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
PFP NORTHWEST LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 12315732 . The registered office is 82 High Street, Golborne, Warrington, WA3 3DA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 3 Years Straight Line
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 1)
2 1
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 December 2022 410 52,544 2,438 2,559 57,951
Additions 190 - 142 - 332
As at 30 November 2023 600 52,544 2,580 2,559 58,283
Depreciation
As at 1 December 2022 173 22,377 734 853 24,137
Provided during the period 107 6,368 462 853 7,790
As at 30 November 2023 280 28,745 1,196 1,706 31,927
Net Book Value
As at 30 November 2023 320 23,799 1,384 853 26,356
As at 1 December 2022 237 30,167 1,704 1,706 33,814
5. Stocks
2023 2022
£ £
Finished goods 30,394 35,553
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 146,039 115,210
Prepayments and accrued income 1,027 758
Other debtors 2,685 2,640
Net wages 84 -
149,835 118,608
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 5,562 5,562
Trade creditors 60,362 1,651
Bank loans and overdrafts 29,443 10,650
Corporation tax 5,975 20,271
Other taxes and social security 744 503
VAT 20,115 16,282
Net wages - 8
Other creditors 10,000 10,000
Director's loan account 32,299 19,921
164,500 84,848
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8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 18,348 22,207
Bank loans 30,029 35,489
48,377 57,696
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,562 5,562
Later than one year and not later than five years 18,348 22,207
23,910 27,769
23,910 27,769
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
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