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REGISTERED NUMBER: 09051885 (England and Wales)





















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

PARK LANE FLANGE AND FITTINGS LIMITED

PARK LANE FLANGE AND FITTINGS LIMITED (REGISTERED NUMBER: 09051885)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PARK LANE FLANGE AND FITTINGS LIMITED

COMPANY INFORMATION
for the year ended 31 December 2023







DIRECTORS: D Ahern
P Enright
K O'Shea





SECRETARY: K O'Shea





REGISTERED OFFICE: Building 51 Third Avenue
Pensnett Trading Estate
Kingswinford
West Midlands
DY6 7XE





REGISTERED NUMBER: 09051885 (England and Wales)





AUDITORS: Dafferns LLP
Chartered Accountants
Statutory Auditor
One Eastwood
Harry Weston Road
Binley Business Park
Coventry
CV3 2UB

PARK LANE FLANGE AND FITTINGS LIMITED (REGISTERED NUMBER: 09051885)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 16 493
Investments 6 300 300
316 793

CURRENT ASSETS
Debtors 7 9,715 36,067
Cash at bank 8,709 8,795
18,424 44,862
CREDITORS
Amounts falling due within one year 8 37,234 33,998
NET CURRENT (LIABILITIES)/ASSETS (18,810 ) 10,864
TOTAL ASSETS LESS CURRENT
LIABILITIES

(18,494

)

11,657

CREDITORS
Amounts falling due after more than one
year

9

16,133

26,133
NET LIABILITIES (34,627 ) (14,476 )

CAPITAL AND RESERVES
Called up share capital 11 1,200 1,200
Retained earnings (35,827 ) (15,676 )
SHAREHOLDERS' FUNDS (34,627 ) (14,476 )

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 8 August 2024 and were signed on its behalf by:





P Enright - Director


PARK LANE FLANGE AND FITTINGS LIMITED (REGISTERED NUMBER: 09051885)

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

1. STATUTORY INFORMATION

Park Lane Flange And Fittings 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.

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


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

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

Tangible fixed assets
Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses.

Repairs and maintenance costs are charged to the Income Statement in the period in which they are incurred.

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

Plant & machinery15% straight line
Computer equipment25% straight line

Any gains and losses on the disposal of tangible fixed assets are recognised in the statement of comprehensive income in the year that the disposal takes place.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.


PARK LANE FLANGE AND FITTINGS LIMITED (REGISTERED NUMBER: 09051885)

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

3. ACCOUNTING POLICIES - continued
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.

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.

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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

PARK LANE FLANGE AND FITTINGS LIMITED (REGISTERED NUMBER: 09051885)

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

5. TANGIBLE FIXED ASSETS
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 106,309 3,014 109,323
DEPRECIATION
At 1 January 2023 106,010 2,820 108,830
Charge for year 299 178 477
At 31 December 2023 106,309 2,998 109,307
NET BOOK VALUE
At 31 December 2023 - 16 16
At 31 December 2022 299 194 493

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 300
NET BOOK VALUE
At 31 December 2023 300
At 31 December 2022 300

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 5,803 9,316
Amounts owed by group undertakings - 21,938
Other debtors - 1,408
Prepayments 3,912 3,405
9,715 36,067

PARK LANE FLANGE AND FITTINGS LIMITED (REGISTERED NUMBER: 09051885)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 10) 10,000 10,000
Trade creditors 5,144 5,046
Amounts owed to group undertakings 6,885 -
Tax - 2,548
Social security and other taxes 8,319 9,459
Other creditors 2,367 2,664
Accrued expenses 4,519 4,281
37,234 33,998

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 10) 15,833 25,833
Amounts owed to group undertakings 300 300
16,133 26,133

10. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,000 10,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,000 10,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 5,833 15,833

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
600 A Ordinary £1 600 600
600 B Ordinary £1 600 600
1,200 1,200

PARK LANE FLANGE AND FITTINGS LIMITED (REGISTERED NUMBER: 09051885)

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

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

The Report of the Auditors was unqualified.

M J Gibbs FCCA (Senior Statutory Auditor)
for and on behalf of Dafferns LLP

13. ULTIMATE CONTROLLING PARTY

The Company is a wholly-owned subsidiary of MFFH Limited, who is subsequently a wholly-owned subsidiary of Petrochem Process Pipeline UK Limited.

The company's ultimate parent company is KLK Limited, a company registered in Ireland. The largest group in which the results of the company are consolidated is that of KLK Limited, whose address is: Unit 31, Euro Business Park, Little Island, Co.Cork. Ireland,