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Registration number: 09380224

PF Group Holdings Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

PF Group Holdings Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 14

 

PF Group Holdings Ltd

Company Information

Director

Mr Patrick Feeney

Company secretary

Britannia Accountancy & Tax Services Ltd

Registered office

1633 Parkway
Whiteley
Fareham
Hampshire
PO15 7AH

Accountants

Britannia Accountancy & Tax Services Ltd
1633 Parkway
Whiteley
Fareham
Hampshire
PO15 7AH

 

PF Group Holdings Ltd

Director's Report for the Year Ended 31 March 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director of the company

The director who held office during the year was as follows:

Mr Patrick Feeney

Principal activity

The principal activity of the company is Development of building projects

Small companies provision statement

This report has 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.

Approved by the director on 14 November 2024 and signed on its behalf by:

.........................................
Mr Patrick Feeney
Director

   
     
 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
PF Group Holdings Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of PF Group Holdings Ltd for the year ended 31 March 2024 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of PF Group Holdings Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of PF Group Holdings Ltd and state those matters that we have agreed to state to the Board of Directors of PF Group Holdings Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PF Group Holdings Ltd and its Board of Directors as a body for our work or for this report. To the best of our knowledge at the time of preparation; all information contained in this report is accurate, based upon the information and representations made to us by PF Group Holdings Ltd

It is your duty to ensure that PF Group Holdings Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of PF Group Holdings Ltd. You consider that PF Group Holdings Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of PF Group Holdings Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Britannia Accountancy & Tax Services Ltd
1633 Parkway
Whiteley
Fareham
Hampshire
PO15 7AH

14 November 2024

 

PF Group Holdings Ltd

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

210,016

228,226

Cost of sales

 

(155,802)

(22,658)

Gross profit

 

54,214

205,568

Administrative expenses

 

(19,417)

(28,895)

Other operating income

 

180,000

-

Operating profit

 

214,797

176,673

Interest payable and similar expenses

 

(585)

(1,155)

Profit before tax

4

214,212

175,518

Tax on profit

 

(2,222)

(1,798)

Profit for the financial year

 

211,990

173,720

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

PF Group Holdings Ltd

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

211,990

173,720

Total comprehensive income for the year

211,990

173,720

 

PF Group Holdings Ltd

(Registration number: 09380224)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

129,500

148,000

Tangible assets

6

3,079

3,755

 

132,579

151,755

Current assets

 

Stocks

7

1,447,000

1,562,000

Debtors

8

33,241

33,461

Cash at bank and in hand

 

-

160

 

1,480,241

1,595,621

Creditors: Amounts falling due within one year

9

(1,245,507)

(1,605,726)

Net current assets/(liabilities)

 

234,734

(10,105)

Total assets less current liabilities

 

367,313

141,650

Creditors: Amounts falling due after more than one year

9

(54,821)

(41,148)

Net assets

 

312,492

100,502

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

312,392

100,402

Shareholders' funds

 

312,492

100,502

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

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 14 November 2024
 

.........................................
Mr Patrick Feeney
Director

   
     
 

PF Group Holdings Ltd

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

100

100,402

100,502

Profit for the year

-

211,990

211,990

At 31 March 2024

100

312,392

312,492

Share capital
£

Retained earnings
£

Total
£

At 1 July 2022

100

6,682

6,782

Profit for the year

-

173,720

173,720

Dividends

-

(80,000)

(80,000)

At 31 March 2023

100

100,402

100,502

 

PF Group Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
1633 Parkway
Whiteley
Fareham
Hampshire
PO15 7AH

These financial statements were authorised for issue by the director on 14 November 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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

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.

 

PF Group Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Plant and machinery

18% on net book value

Vehicles

18% on net book value

Office equipment

18% on net book value

Furniture and fittings

18% on net book value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% on cost

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.

 

PF Group Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

 

PF Group Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024
£

2023
£

Depreciation expense

676

824

Amortisation expense

18,500

18,500

 

PF Group Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

185,000

185,000

At 31 March 2024

185,000

185,000

Amortisation

At 1 April 2023

37,000

37,000

Amortisation charge

18,500

18,500

At 31 March 2024

55,500

55,500

Carrying amount

At 31 March 2024

129,500

129,500

At 31 March 2023

148,000

148,000

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

9,925

9,925

At 31 March 2024

9,925

9,925

Depreciation

At 1 April 2023

6,170

6,170

Charge for the year

676

676

At 31 March 2024

6,846

6,846

Carrying amount

At 31 March 2024

3,079

3,079

At 31 March 2023

3,755

3,755

7

Stocks

2024
£

2023
£

Work in progress

1,447,000

1,562,000

 

PF Group Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Debtors

Current

2024
£

2023
£

Other debtors

33,241

33,461

 

33,241

33,461

 

PF Group Holdings Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

1,243,285

1,595,895

Taxation and social security

 

2,222

4,898

Accruals and deferred income

 

-

4,933

 

1,245,507

1,605,726

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

54,821

41,148

10

Share capital

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

21,581

48,490

Other borrowings

33,240

(7,342)

54,821

41,148

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

21,581

20,975

Other borrowings

1,221,704

1,574,920

1,243,285

1,595,895

12

Dividends

Interim dividends paid

 

2024
£

2023
£

Interim dividend of £0 (2023 - £800) per each Ordinary share

-

80,000