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COMPANY REGISTRATION NUMBER: SC343408
PCL INDUSTRIAL CLEANING AND COATINGS LIMITED
Filleted Unaudited Financial Statements
31 May 2024
PCL INDUSTRIAL CLEANING AND COATINGS LIMITED
Financial Statements
Year ended 31st May 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
PCL INDUSTRIAL CLEANING AND COATINGS LIMITED
Statement of Financial Position
31 May 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
183,507
336,007
Current assets
Stocks
180,265
181,320
Debtors
6
283,308
300,944
Cash at bank and in hand
76,536
1
---------
---------
540,109
482,265
Creditors: amounts falling due within one year
7
438,204
492,913
---------
---------
Net current assets/(liabilities)
101,905
( 10,648)
---------
---------
Total assets less current liabilities
285,412
325,359
Creditors: amounts falling due after more than one year
8
61,287
105,083
Provisions
Taxation including deferred tax
21,083
18,005
---------
---------
Net assets
203,042
202,271
---------
---------
Capital and reserves
Called up share capital
10
10
Profit and loss account
203,032
202,261
---------
---------
Shareholders funds
203,042
202,271
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 31st 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 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
PCL INDUSTRIAL CLEANING AND COATINGS LIMITED
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 16 January 2025 , and are signed on behalf of the board by:
Mr C Atkins
Mr W J Davies
Director
Director
Company registration number: SC343408
PCL INDUSTRIAL CLEANING AND COATINGS LIMITED
Notes to the Financial Statements
Year ended 31st May 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 47-49 The Square, Kelso, Roxburghshire, Scotland, TD5 7HW.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
15% reducing balance
Fixtures and Fittings
-
25% reducing balance
Commercial Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 24 (2023: 26 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Commercial vehicles
Total
£
£
£
£
Cost
At 1st June 2023
396,992
7,039
210,381
614,412
Additions
937
937
Disposals
( 257,305)
( 257,305)
---------
-------
---------
---------
At 31st May 2024
139,687
7,976
210,381
358,044
---------
-------
---------
---------
Depreciation
At 1st June 2023
215,969
4,992
57,444
278,405
Charge for the year
24,859
328
39,425
64,612
Disposals
( 168,480)
( 168,480)
---------
-------
---------
---------
At 31st May 2024
72,348
5,320
96,869
174,537
---------
-------
---------
---------
Carrying amount
At 31st May 2024
67,339
2,656
113,512
183,507
---------
-------
---------
---------
At 31st May 2023
181,023
2,047
152,937
336,007
---------
-------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
274,971
292,064
Other debtors
8,337
8,880
---------
---------
283,308
300,944
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
25,350
Trade creditors
154,094
163,392
Amounts owed to group undertakings and undertakings in which the company has a participating interest
148,200
183,500
Social security and other taxes
75,570
56,697
Other creditors
50,340
63,974
---------
---------
438,204
492,913
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
11,667
21,791
Other creditors
49,620
83,292
--------
---------
61,287
105,083
--------
---------
9. Directors' advances, credits and guarantees
2024 2023
£ £
Director loan accounts 5,307 6,239
------- -------
No interest has been charged to the company in respect of this loan which is repayable on demand and classified in creditors due within one year
10. Controlling party
The company's parent company is Woodstraw Holdings Limited, a company incorporated in England and Wales. A copy of its financial statements can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.