PCF Holdings Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 06088379

PCF Holdings Limited

Filleted Unaudited Financial Statements

30 September 2024

PCF Holdings Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of PCF Holdings Limited

Year ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PCF Holdings Limited for the year ended 30 September 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of PCF Holdings Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of PCF Holdings Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PCF Holdings Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that PCF Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PCF Holdings Limited. You consider that PCF Holdings Limited 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 financial statements of PCF Holdings Limited. 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 financial statements.

PAUL PHILLIS & CO LIMITED Chartered accountants

11a Corelli Street Newport South Wales NP19 7AR

20 June 2025

PCF Holdings Limited

Statement of Financial Position

30 September 2024

	2024		2023
Note	£	£	£

Fixed assets

Investments	5		1,825,020	1,825,020

Current assets

Debtors	6	35,894	48,062
Investments	7	24,000	24,000
Cash at bank and in hand		241	582
		--------	--------
		60,135	72,644

Creditors: amounts falling due within one year	8	1,244,439		1,260,757
		------------		------------
Net current liabilities			1,184,304	1,188,113
			------------	------------
Total assets less current liabilities			640,716	636,907
			---------	---------

Capital and reserves

Called up share capital	1,000	1,000
Share premium account	630,000	630,000
Profit and loss account	9,716	5,907
	---------	---------
Shareholders funds	640,716	636,907
	---------	---------

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 30 September 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 .

PCF Holdings Limited

Statement of Financial Position (continued)

30 September 2024

These financial statements were approved by the board of directors and authorised for issue on 19 June 2025 , and are signed on behalf of the board by:

Mr I.M. Hoare	Mr P.M. Rowe
Director	Director

Mr P. Montgomery
Director

Company registration number: 06088379

PCF Holdings Limited

Notes to the Financial Statements

Year ended 30 September 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 11a Corelli Street, Newport, South Wales, NP19 7AR, Wales.

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.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2023: 4 ).

5. Investments

	Shares in group undertakings
	£
Cost
At 1 October 2023 and 30 September 2024	1,825,020
	------------
Impairment
At 1 October 2023 and 30 September 2024	–
	------------

Carrying amount
At 30 September 2024	1,825,020
	------------
At 30 September 2023	1,825,020
	------------

The company owns 100% of the issued share capital of the companies listed below.

PCF Print Management Limited

SA Secure Limited

Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.

6. Debtors

	2024	2023
	£	£
Other debtors	35,894	48,062
	--------	--------

7. Investments

	2024	2023
	£	£
Other investments	24,000	24,000
	--------	--------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,237,007	1,253,341
Other creditors	7,432	7,416
	------------	------------
	1,244,439	1,260,757
	------------	------------

9. Contingencies

The company has given a cross guarantee to the bankers of its subsidiary company PCF Print Management Limited in respect of the bank borrowing of the subsidiary . PCF Print Management Limited has an invoice discounting facility with RBS Invoice Finance Limited. PCF Holdings Limited has given a guarantee to RBS Invoice Finance Limited in respect of this facility.

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr I.M. Hoare	( 54,236)	( 35,556)	25,500	( 64,292)
Mr P.M. Rowe	38,326	( 35,556)	33,000	35,770
Mr P. Montgomery	58,636	( 35,556)	36,000	59,080
Mr R.T.H.E. Rigby	261	( 20,000)	20,000	261
	--------	---------	---------	--------
	42,987	( 126,668)	114,500	30,819
	--------	---------	---------	--------

	2023
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr I.M. Hoare	( 10,681)	( 70,555)	27,000	( 54,236)
Mr P.M. Rowe	39,396	( 35,556)	34,486	38,326
Mr P. Montgomery	58,192	( 35,556)	36,000	58,636
Mr R.T.H.E. Rigby	261	( 20,000)	20,000	261
	--------	---------	---------	--------
	87,168	( 161,667)	117,486	42,987
	--------	---------	---------	--------

11. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2024	2023	2024	2023
	£	£	£	£
PCF Print Management Limited	( 33,666)	79,500	( 1,347,357)	( 1,313,691)
SA Secure Limited	50,000	( 31,667)	110,350	60,350
	--------	--------	------------	------------

Included in the above transactions are dividends received from PCF Print Management Ltd amounting to £57,334 (2023 - £109,000) and SA Secure Ltd of £80,000 (2023 - £28,334). PCF Holdings Ltd holds the entire issued share capital of both PCF Print Management Ltd and SA Secure Ltd.