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COMPANY REGISTRATION NUMBER: 08416564
PM Finance Ltd
Filleted Unaudited Financial Statements
31 May 2024
PM Finance Ltd
Financial Statements
Year ended 31 May 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
3
PM Finance Ltd
Balance Sheet
31 May 2024
2024
2023
Note
£
£
£
£
Fixed assets
Investments
4
10
10
Current assets
Debtors
5
220,490
220,505
Cash at bank and in hand
6,772
7,776
---------
---------
227,262
228,281
Creditors: amounts falling due within one year
6
255,415
255,183
---------
---------
Net current liabilities
28,153
26,902
--------
--------
Total assets less current liabilities
( 28,143)
( 26,892)
--------
--------
Net liabilities
( 28,143)
( 26,892)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 28,243)
( 26,992)
--------
--------
Shareholders deficit
( 28,143)
( 26,892)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the 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.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PM Finance Ltd
Balance Sheet (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 7 January 2025 , and are signed on behalf of the board by:
Mr M Paoli
Director
Company registration number: 08416564
PM Finance Ltd
Notes to the Financial Statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Corunna Court, Corunna Road, Warwick, CV34 5HQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Going concern
The director acknowledges the continued losses in the year. The accounts have been prepared under the going concern basis due to the continued support to the company from its director and shareholder for the foreseeable future.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
4. Investments
Shares in associates
£
Cost
At 1 June 2023 and 31 May 2024
10
----
Impairment
At 1 June 2023 and 31 May 2024
----
Carrying amount
At 31 May 2024
10
----
At 31 May 2023
10
----
The company owns 10% of the issued share capital of a property development company, incorporated in England.
5. Debtors
2024
2023
£
£
Amounts owed by associates
220,490
220,490
Other debtors
15
---------
---------
220,490
220,505
---------
---------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
255,415
255,183
---------
---------
7. Director's advances, credits and guarantees
During the period the director had an interest-free loan with the company. The loan is repayable on demand. At the start of the year the company owed the director £103,181, and at the end of the year the company owed the director £103,181.
8. Related party transactions
At the start of the year a company in which PM Finance Ltd hold shares owed them £220,490 and at the end of the year owed them £220,490. The loan is interest free and repayable on demand.