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Registration number: 05636540

PMC 4 Europe Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

PMC 4 Europe Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Financial Statements

5 to 10

 

PMC 4 Europe Ltd

Company Information

Directors

Mr David Martin Williams

Mrs Karen Ann Chalke

Mr Carl Meadows

Mr David Blackhurst

Mr Peter Michael Chalke

Mr Paul Jones

Company secretary

Mr Peter Michael Chalke

Registered office

Pelican House
119c Eastbank Street
Southport
Merseyside
PR8 1DQ

Accountants

Williams & Co Accountants
Pelican House
119c Eastbank Street
Southport
Merseyside
PR8 1DQ

 

PMC 4 Europe Ltd

(Registration number: 05636540)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

581,485

562,580

Current assets

 

Stocks

490,500

280,500

Debtors

6

144,211

256,464

Cash at bank and in hand

 

243,608

353,625

 

878,319

890,589

Creditors: Amounts falling due within one year

7

(384,856)

(693,789)

Net current assets

 

493,463

196,800

Total assets less current liabilities

 

1,074,948

759,380

Creditors: Amounts falling due after more than one year

7

(384,284)

(170,286)

Net assets

 

690,664

589,094

Capital and reserves

 

Called up share capital

8

100

100

Share premium reserve

112,455

112,455

Capital redemption reserve

765

765

Retained earnings

577,344

475,774

Shareholders' funds

 

690,664

589,094

 

PMC 4 Europe Ltd

(Registration number: 05636540)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 September 2024 and signed on its behalf by:
 

.........................................
Mr David Martin Williams
Director

.........................................
Mr Peter Michael Chalke
Company secretary and director

 
     
 

PMC 4 Europe Ltd

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2023

100

112,455

765

475,774

589,094

Profit for the year

-

-

-

164,070

164,070

Dividends

-

-

-

(62,500)

(62,500)

At 31 December 2023

100

112,455

765

577,344

690,664

Share capital
£

Share premium
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2022

100

112,455

765

218,666

331,986

Profit for the year

-

-

-

341,508

341,508

Dividends

-

-

-

(84,400)

(84,400)

At 31 December 2022

100

112,455

765

475,774

589,094

 

PMC 4 Europe Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Pelican House
119c Eastbank Street
Southport
Merseyside
PR8 1DQ
United Kingdom

The principal place of business is:
7 Glebe Road
East Gillibrands
Skelmersdale
Lancashire
WN8 9JP

These financial statements were authorised for issue by the Board on 11 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

PMC 4 Europe Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant and machinery

15% reducing balance

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

PMC 4 Europe Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

PMC 4 Europe Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 18).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

110,758

26,358

 

PMC 4 Europe Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

39,050

46,464

766,050

851,564

Additions

1,983

114,180

13,500

129,663

At 31 December 2023

41,033

160,644

779,550

981,227

Depreciation

At 1 January 2023

24,087

46,464

218,433

288,984

Charge for the year

2,803

23,787

84,168

110,758

At 31 December 2023

26,890

70,251

302,601

399,742

Carrying amount

At 31 December 2023

14,143

90,393

476,949

581,485

At 31 December 2022

14,963

-

547,617

562,580

6

debtors

Current

2023
£

2022
£

Trade debtors

144,211

181,365

Prepayments

-

333

Other debtors

-

74,766

 

144,211

256,464

 

PMC 4 Europe Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Bank loans and overdrafts

149,269

77,623

trade creditors

125,946

537,255

Amounts owed to directors

33,822

41,854

Taxation and social security

54,082

24,318

Other creditors

21,737

12,739

384,856

693,789

Due after one year

Loans and borrowings

384,284

170,286

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

384,284

170,286

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £620.50 (2022 - £840.40) per each Ordinary

 

62,500

 

84,400