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Company No: 03104961 (England and Wales)

PAFI LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

PAFI LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

PAFI LIMITED

COMPANY INFORMATION

For the financial year ended 30 September 2024
PAFI LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 September 2024
DIRECTORS Mrs. G. Stone
Mr. L. Stone
Mr. R. Stone
SECRETARY Mr. R. Stone
REGISTERED OFFICE Robin Hill Farm
Lower Basildon
Reading
RG8 9NZ
United Kingdom
COMPANY NUMBER 03104961 (England and Wales)
ACCOUNTANT Verallo
Century House
Wargrave Road
Henley-on-Thames
Oxfordshire
United Kingdom
RG9 2LT
PAFI LIMITED

BALANCE SHEET

As at 30 September 2024
PAFI LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 647,974 511,540
647,974 511,540
Current assets
Stocks 90,000 65,000
Debtors 4 773,764 845,112
Cash at bank and in hand 267,174 358,896
1,130,938 1,269,008
Creditors: amounts falling due within one year 5 ( 685,030) ( 583,981)
Net current assets 445,908 685,027
Total assets less current liabilities 1,093,882 1,196,567
Creditors: amounts falling due after more than one year 6 ( 43,117) ( 74,899)
Provision for liabilities ( 121,779) ( 73,948)
Net assets 928,986 1,047,720
Capital and reserves
Called-up share capital 7 2 2
Share premium account 2,601 2,601
Profit and loss account 926,383 1,045,117
Total shareholders' funds 928,986 1,047,720

For the financial 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 financial statements of PAFI Limited (registered number: 03104961) were approved and authorised for issue by the Board of Directors on 24 June 2025. They were signed on its behalf by:

Mr. R. Stone
Director
PAFI LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
PAFI LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

PAFI Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Robin Hill Farm, Lower Basildon, Reading, RG8 9NZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Tools and equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 27 21

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Tools and equipment Total
£ £ £ £ £
Cost
At 01 October 2023 251,339 34,235 648,287 137,260 1,071,121
Additions 44,450 360 229,676 30,109 304,595
At 30 September 2024 295,789 34,595 877,963 167,369 1,375,716
Accumulated depreciation
At 01 October 2023 170,260 28,261 277,218 83,842 559,581
Charge for the financial year 26,338 1,751 123,521 16,551 168,161
At 30 September 2024 196,598 30,012 400,739 100,393 727,742
Net book value
At 30 September 2024 99,191 4,583 477,224 66,976 647,974
At 30 September 2023 81,079 5,974 371,069 53,418 511,540

Included within the net book value is £135,850 (2023 - £177,860) relating to assets held under hire purchase contracts. The depreciation charged to the financial statements in the year in respect of such assets amount to £34,766 (2023 - £42,711).

4. Debtors

2024 2023
£ £
Trade debtors 670,483 776,114
Amounts owed by directors 26,242 0
Prepayments 26,012 18,898
Other debtors 51,027 50,100
773,764 845,112

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 457,721 323,219
Amounts owed to directors 0 5,341
Accruals 4,449 3,950
Corporation tax 50,141 70,634
Other taxation and social security 72,749 128,143
Obligations under finance leases and hire purchase contracts 68,520 43,298
Other creditors 31,450 9,396
685,030 583,981

The aggregate amount of creditors for which security has been given by the company amounted to £68,520 (2023 - £43,298).

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 43,117 74,899

The aggregate amount of creditors for which security has been given by the company amounted to £43,117 (2023 - £74,899).

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
800 Ordinary A shares of £ 0.001 each 0.80 0.80
700 Ordinary B shares of £ 0.001 each 0.70 0.70
400 Ordinary C shares of £ 0.001 each 0.40 0.40
100 Ordinary D shares of £ 0.001 each 0.10 0.10
42 Ordinary E shares of £ 0.001 each 0.04 0.04
2.04 2.04

8. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 1,889 3,306

9. Related party transactions

Transactions with the entity's directors

The directors maintain a loan account with the company. At the beginning of the year, the company owed the directors £5,342. During the year, advances totalled £32,139 and repayments amounted to £604. Interest was charged on the balance owed at 2.25% totalling £49. At the balance sheet date, the directors owed the company £26,242.