Silverfin false false 31/05/2024 01/06/2023 31/05/2024 P F Govier 02/05/2006 P T Govier 02/05/2006 09 September 2024 The principle activity of the company continued to be that of the fabrication of sheds and other buildings. 05802397 2024-05-31 05802397 bus:Director1 2024-05-31 05802397 bus:Director2 2024-05-31 05802397 2023-05-31 05802397 core:CurrentFinancialInstruments 2024-05-31 05802397 core:CurrentFinancialInstruments 2023-05-31 05802397 core:Non-currentFinancialInstruments 2024-05-31 05802397 core:Non-currentFinancialInstruments 2023-05-31 05802397 core:ShareCapital 2024-05-31 05802397 core:ShareCapital 2023-05-31 05802397 core:RetainedEarningsAccumulatedLosses 2024-05-31 05802397 core:RetainedEarningsAccumulatedLosses 2023-05-31 05802397 core:LandBuildings 2023-05-31 05802397 core:PlantMachinery 2023-05-31 05802397 core:FurnitureFittings 2023-05-31 05802397 core:LandBuildings 2024-05-31 05802397 core:PlantMachinery 2024-05-31 05802397 core:FurnitureFittings 2024-05-31 05802397 core:ImmediateParent core:CurrentFinancialInstruments 2024-05-31 05802397 core:ImmediateParent core:CurrentFinancialInstruments 2023-05-31 05802397 core:MoreThanFiveYears 2024-05-31 05802397 core:MoreThanFiveYears 2023-05-31 05802397 2023-06-01 2024-05-31 05802397 bus:FilletedAccounts 2023-06-01 2024-05-31 05802397 bus:SmallEntities 2023-06-01 2024-05-31 05802397 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 05802397 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 05802397 bus:Director1 2023-06-01 2024-05-31 05802397 bus:Director2 2023-06-01 2024-05-31 05802397 core:PlantMachinery core:TopRangeValue 2023-06-01 2024-05-31 05802397 core:FurnitureFittings core:BottomRangeValue 2023-06-01 2024-05-31 05802397 core:FurnitureFittings core:TopRangeValue 2023-06-01 2024-05-31 05802397 2022-06-01 2023-05-31 05802397 core:LandBuildings 2023-06-01 2024-05-31 05802397 core:PlantMachinery 2023-06-01 2024-05-31 05802397 core:FurnitureFittings 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Company No: 05802397 (England and Wales)

PFG FABRICATION LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

PFG FABRICATION LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

PFG FABRICATION LIMITED

BALANCE SHEET

As at 31 May 2024
PFG FABRICATION LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 279,570 280,469
Investments 4 899,590 675,590
1,179,160 956,059
Current assets
Stocks 5 258,349 289,140
Debtors
- due within one year 6 1,615,654 2,211,581
- due after more than one year 6 175,667 0
Cash at bank and in hand 72,922 145,184
2,122,592 2,645,905
Creditors: amounts falling due within one year 7 ( 1,658,160) ( 1,719,758)
Net current assets 464,432 926,147
Total assets less current liabilities 1,643,592 1,882,206
Creditors: amounts falling due after more than one year 8 ( 1,056,989) ( 1,157,145)
Provision for liabilities ( 69,278) ( 23,176)
Accruals and deferred income ( 19,963) 0
Net assets 497,362 701,885
Capital and reserves
Called-up share capital 100 100
Profit and loss account 497,262 701,785
Total shareholder's funds 497,362 701,885

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of PFG Fabrication Limited (registered number: 05802397) were approved and authorised for issue by the Board of Directors on 09 September 2024. They were signed on its behalf by:

P F Govier
Director
P T Govier
Director
PFG FABRICATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
PFG FABRICATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

PFG Fabrication Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Station Road, Bampton, Devon, EX16 9NG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for building goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 8 years straight line
Fixtures and fittings 8 - 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 21

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 June 2023 2,460 488,420 300,975 791,855
Additions 0 47,165 0 47,165
At 31 May 2024 2,460 535,585 300,975 839,020
Accumulated depreciation
At 01 June 2023 0 414,422 96,964 511,386
Charge for the financial year 0 29,905 18,159 48,064
At 31 May 2024 0 444,327 115,123 559,450
Net book value
At 31 May 2024 2,460 91,258 185,852 279,570
At 31 May 2023 2,460 73,998 204,011 280,469

4. Fixed asset investments

2024 2023
£ £
Other investments and loans 899,590 675,590

5. Stocks

2024 2023
£ £
Stocks 244,400 280,393
Work in progress 13,949 8,747
258,349 289,140

6. Debtors

2024 2023
£ £
Debtors: amounts falling due within one year
Trade debtors 499,354 748,974
Other debtors 1,116,300 1,462,607
1,615,654 2,211,581
Debtors: amounts falling due after more than one year
Other debtors 175,667 0

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 245,870 463,710
Amounts owed to Parent undertakings 1,059,083 0
Taxation and social security 126,932 150,156
Other creditors 226,275 1,105,892
1,658,160 1,719,758

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 1,056,989 1,157,145

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 683,464 783,620