REGISTERED NUMBER: 10657656 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

PFM Communication Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr B P J Schmitz

Mr P J Cox

REGISTERED OFFICE:

Unit 1 Moons Park

Burnt Meadow Road

Moons Moat Industrial Estate

Redditch

Worcestershire

B98 9PA

REGISTERED NUMBER:

10657656 (England and Wales)

AUDITORS:

Clifford Roberts - Statutory Auditor

63 Broad Green

Wellingborough

Northamptonshire

NN8 4LQ

FIXED ASSETS

Tangible assets

4

-

1,459

CURRENT ASSETS

Stocks

-

429,813

Debtors

5

1,203,673

2,123,550

Cash at bank

40,040

60,545

1,243,713

2,613,908

CREDITORS

Amounts falling due within one year

6

271,983

500,886

NET CURRENT ASSETS

971,730

2,113,022

TOTAL ASSETS LESS CURRENT LIABILITIES

971,730

2,114,481

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

971,630

2,114,381

SHAREHOLDERS' FUNDS

971,730

2,114,481

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 7 July 2025 and were signed on its behalf by:

Mr B P J Schmitz - Director

1.	STATUTORY INFORMATION

PFM Communication 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.

In view of the directors' decision to transfer the trade and operations of the company to another subsidiary within the group, the financial statements have been prepared on a break-up basis. Accordingly, assets have been stated at their estimated net realisable values and liabilities at the amounts expected to be settled, including any associated costs of closure.

The financial statements are for an individual entity, they are presented in Sterling (£) and cover the period to 31st December each year. In the prior year, the length of the reporting period was extended to 31st December 2023, bringing the companies year end in line with the rest of the group. As such, the comparatives are not entirely comparable.

Going concern

These financial statements have not been prepared on a going concern basis. Subsequent to the reporting date, the company transferred its trade and assets to a fellow group company and has ceased its trading activities. The directors have no plans for the company to continue operations, and it is not expected to continue in existence for the foreseeable future.

Significant judgements and estimates

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

(a) Recognition of revenue and cost on long-term contracts

Revenue and cost from long-term construction contracts are recognised in accordance with the stage of completion of the contract activity at the reporting date.

Contract revenue includes the initial amount agreed in the contract and variations in contract work, claims, and incentive payments to the extent that it is probable they will result in revenue and can be measured reliably. When the outcome of a construction contract cannot be estimated reliably, revenue is recognised only to the extent that it is considered probable that costs incurred will be recovered.

Costs associated with construction contracts are recognised in profit or loss as incurred, except where they relate to future contract activity. In such cases, costs are deferred as contract assets.

Where the cumulative revenue recognised exceeds amounts invoiced, the difference is recognised as a contract asset. Where invoicing exceeds revenue recognised, the difference is recognised as a contract liability.

Expected losses on contracts are recognised as an expense immediately.

Revenue

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for delivery of the goods or the product has been installed at their premises. For larger contracts the revenue is recognised on a stage of completion basis, adjusting the revenue accordingly.

Turnover from the rendering of services is recognised on a straight-line basis over the contract period unless there is evidence that some other method better represents the stage of completion.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33.33% on cost

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans and balances to and from related parties.

Debt instruments (other than those wholly repayable or receivable in one year), including loans and other accounts receivable and payable, are initially measured at the present value of future cash flows and subsequently at amortised cost using the effective interest rate method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective impairment is found, an impairment loss is recognised in the income statement.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2024

2,918

Disposals

(2,918

)

At 31 December 2024

-

DEPRECIATION

At 1 January 2024

1,459

Charge for year

327

Eliminated on disposal

(1,786

)

At 31 December 2024

-

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

1,459

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

233,489

431,744

Amounts owed by group undertakings

968,537

1,690,499

Other debtors

1,647

1,307

1,203,673

2,123,550

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

1,741

238,501

Taxation and social security

208,645

81,918

Other creditors

61,597

180,467

271,983

500,886

7.	FINANCIAL INSTRUMENTS

The company has significant exposure to foreign currency, credit, liquidity and market risks, these are limited by the company's financial management policies and practices described below:

Foreign currency risk

The company has exposure to foreign currency risks as some of the company's sales and purchases are denominated in Euros. The company utilises the group operated Euro current accounts to help mitigate the risks arising from exchange rates.

Credit risk

The company's exposure and it's customers credit worthiness is continually monitored so that any potential problems are detected at an early stage.

Liquidity risk

The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves and banking facilities.

Market risk

There is a market risk associated with the fluctuation in demand for the products and services provided. Most of this is mitigated by monitoring the markets.

The company holds no derivative financial instruments at the year end.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary £1

1

100

100

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Mr Julian Payne BA FCA (Senior Statutory Auditor)

for and on behalf of Clifford Roberts - Statutory Auditor

10.	OTHER FINANCIAL COMMITMENTS

DunPort Capital Management DAC holds fixed and floating charges over all the property and undertaking of the company, containing a negative pledge.

11.	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.

All related party transactions are considered to be conducted at arm's length and in the ordinary course of business.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Lexar Partners Fund I Coorporatief U.a