Registered number
11017071
Process Control Holdings Limited
Unaudited Filleted Accounts
31 December 2023
Process Control Holdings Limited
Registered number: 11017071
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 881,371 696,932
Investments 4 300 300
881,671 697,232
Current assets
Stocks - -
Debtors 5 7,867 2,150
Investments held as current assets 8 - -
Cash at bank and in hand 4,256 15,954
12,123 18,104
Creditors: amounts falling due within one year 6 (752,820) (20,718)
Net current liabilities (740,697) (2,614)
Total assets less current liabilities 140,974 694,618
Creditors: amounts falling due after more than one year 7 (166,163) (694,566)
Provisions for liabilities - -
Net (liabilities)/assets (25,189) 52
Capital and reserves
Called up share capital 100 100
Profit and loss account (25,289) (48)
Shareholders' funds (25,189) 52
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David Cooper
Director
Approved by the board on 4 September 2024
Process Control Holdings Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery Reducing Balance at 15%
Fixtures, fittings, tools and equipment Reducing Balance at 20% to 25%
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 696,932 - - 696,932
Additions 183,728 711 - 184,439
Surplus on revaluation - - - -
Disposals - - - -
At 31 December 2023 880,660 711 - 881,371
Depreciation
At 1 January 2023 - - - -
Charge for the year - - - -
Surplus on revaluation - - - -
On disposals - - - -
At 31 December 2023 - - - -
Net book value
At 31 December 2023 880,660 711 - 881,371
At 31 December 2022 696,932 - - 696,932
Freehold land and buildings: 2023 2022
£ £
Historical cost 875,710 696,932
Cumulative depreciation based on historical cost - -
875,710 696,932
4 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
Cost
At 1 January 2023 300 - 300
Additions - - -
Revaluation - - -
Disposals - - -
At 31 December 2023 300 - 300
Historical cost
At 1 January 2023 300 -
At 31 December 2023 300 -
5 Debtors 2023 2022
£ £
Trade debtors 7,467 2,150
Amounts owed by group undertakings and undertakings in which the company has a participating interest - -
Other debtors 400 -
7,867 2,150
Amounts due after more than one year included above - -
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,790 10,790
Obligations under finance lease and hire purchase contracts - -
Trade creditors 15,795 640
Amounts owed to group undertakings and undertakings in which the company has a participating interest 720,045 -
Taxation and social security costs (13,262) (14,681)
Other creditors 19,452 23,969
752,820 20,718
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 166,163 174,703
Obligations under finance lease and hire purchase contracts - -
Trade creditors - -
Amounts owed to group undertakings and undertakings in which the company has a participating interest - 519,863
Other creditors - -
166,163 694,566
8 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years - -
Instalments falling due for payment after more than five years 122,647 131,187
122,647 131,187
Secured bank loans 176,953 185,493
Lloyds bank holds a mortgage fixed on the assets of the company.
9 Events after the reporting date
There are no events after the balance sheet date that impact the going concern of the company.
10 Capital commitments 2023 2022
£ £
Amounts contracted for but not provided in the accounts - -
11 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases - -
12 Contingent liabilities
There are no contingent liabilities at the balance sheet date.
13 Off-balance sheet arrangements
There are no off-balance sheet arrangements as at the balance sheet date.
14 Related party transactions
There were £97,620 dividends declared, and £97,620 dividends received from Process Control Panels Limited that is a wholly owned subsiduary of Process Control Holdings Limited. There is an amount of £720,040 due to Process Control Panels Limited.
15 Controlling party
The controlling party is David Cooper
16 Other information
Process Control Holdings Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 12/13 USAM Trading Estate
Wood Lane
Wolverhampton
England
WV10 8HN
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