Company registration number 11110589 (England and Wales)
PFPNET LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PFPNET LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
PFPNET LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 DECEMBER 2023
30 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Trade and other receivables
3
30,000
30,000
Cash and cash equivalents
241,877
303,839
271,877
333,839
Current liabilities
4
(26,411)
(21,573)
Net current assets
245,466
312,266
Equity
Called up share capital
5
1
1
Retained earnings
245,465
312,265
Total equity
245,466
312,266
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Dr S D Thurlbeck
Director
Company registration number 11110589 (England and Wales)
PFPNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
PFPNet Limited is a private company limited by shares incorporated in England and Wales. PFPNet Limited is a not for profit company. The registered office is The Brew House, C/o Thornton Tomasetti, Wilderspool Park, Greenalls Avenue, Warrington, Cheshire, WA4 6HL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
PFPNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
30,000
30,000
4
Current liabilities
2023
2022
£
£
Trade payables
24,461
19,659
Other payables
1,950
1,914
26,411
21,573
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 33.333333p each
3
3
1
1
PFPNET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2023
- 4 -
6
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
High 14 Technologies Ltd invoiced PFPNet Limited for consultancy work totalling £68,575.45 during the year and an amount of £2,778.36 was owing to them at the year end - S Thurlbeck is a director of this company.
Willowbrook Limited invoiced PFPNet Limited for consultancy work totalling £43,165.14 during the year and an amount of £7,872.00 was owing to them at the year end - J V Dunk is a director of this company.
MMI Engineering Limited invoiced PFPNet Limited for admin & IT support services and consultancy work totalling £54,090.33 during the year - J Evans is a director of this company.
PFP Specialists Limited invoiced PFPNet Limited for consultancy work totalling £34,080,00 during the year - J V Dunk is a director of this company.