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REGISTERED NUMBER: 05040444 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

PFC MARINE LIMITED

PFC MARINE LIMITED (REGISTERED NUMBER: 05040444)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PFC MARINE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: C M Reilly
D J Chennell
C Haynes
S Jones





REGISTERED OFFICE: Fire House
Mayflower Close
Chandlers Ford
Hampshire
SO53 4AR





REGISTERED NUMBER: 05040444 (England and Wales)





ACCOUNTANTS: RMT Ribchesters
Accountants and Business Advisors
Finchale House
Belmont Business Park
Durham
DH1 1TW

PFC MARINE LIMITED (REGISTERED NUMBER: 05040444)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 95,776 9,759

CURRENT ASSETS
Stocks 10,000 10,000
Debtors 5 1,105,905 1,007,022
Cash at bank and in hand 951,531 236,878
2,067,436 1,253,900
CREDITORS
Amounts falling due within one year 6 506,204 380,627
NET CURRENT ASSETS 1,561,232 873,273
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,657,008

883,032

CREDITORS
Amounts falling due after more than one
year

7

(64,428

)

-

PROVISIONS FOR LIABILITIES (23,944 ) (2,440 )
NET ASSETS 1,568,636 880,592

CAPITAL AND RESERVES
Called up share capital 10 90 90
Capital redemption reserve 10 10
Retained earnings 1,568,536 880,492
SHAREHOLDERS' FUNDS 1,568,636 880,592

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PFC MARINE LIMITED (REGISTERED NUMBER: 05040444)

BALANCE SHEET - continued
30 JUNE 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:





S Jones - Director


PFC MARINE LIMITED (REGISTERED NUMBER: 05040444)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

PFC Marine Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is derived from the company's principal activity. Where this arises from a contractual arrangement, income is attributed to the profit and loss account as contract activity progresses in a manner appropriate to the stage of completion of each individual contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 33% on cost
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PFC MARINE LIMITED (REGISTERED NUMBER: 05040444)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 instrument.

Financial instruments are recognised in the company's balance sheet when the company becomes party to 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
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.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, other loans 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 22 ) .

PFC MARINE LIMITED (REGISTERED NUMBER: 05040444)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023 70,863
Additions 102,280
Disposals (16,790 )
At 30 June 2024 156,353
DEPRECIATION
At 1 July 2023 61,104
Charge for year 14,864
Eliminated on disposal (15,391 )
At 30 June 2024 60,577
NET BOOK VALUE
At 30 June 2024 95,776
At 30 June 2023 9,759

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 July 2023 18,490
Additions 102,280
Transfer to ownership (18,490 )
At 30 June 2024 102,280
DEPRECIATION
At 1 July 2023 13,097
Charge for year 12,773
Transfer to ownership (13,097 )
At 30 June 2024 12,773
NET BOOK VALUE
At 30 June 2024 89,507
At 30 June 2023 5,393

PFC MARINE LIMITED (REGISTERED NUMBER: 05040444)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 947,433 867,805
Amounts owed by group undertakings 82,649 71,342
Other debtors 75,823 67,875
1,105,905 1,007,022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 20,609 1,517
Trade creditors 192,624 144,923
Taxation and social security 271,731 198,443
Other creditors 21,240 35,744
506,204 380,627

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 64,428 -

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 20,609 1,517
Between one and five years 64,428 -
85,037 1,517

Non-cancellable operating leases
2024 2023
£    £   
Within one year 24,618 17,657
Between one and five years 37,646 3,523
62,264 21,180

PFC MARINE LIMITED (REGISTERED NUMBER: 05040444)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 85,037 1,517

Hire purchase contracts are secured against the assets to which they relate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
90 Ordinary £1 90 90

11. CONTINGENT LIABILITIES

The company has contingent liabilities in respect of a cross-guarantee with the bank borrowings of Peterlee Fire Company Limited, the parent company.

12. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year the company maintained an interest free loan to a group company. At the balance sheet date the amount outstanding was £19,350 (2023: £19,350).

This company is a 100% subsidiary of Peterlee Fire Company Limited. The parent company's registered office is:
Fire House
Mayflower Close
Chandlers Ford
Eastleigh
Hampshire
England
SO53 4AR