Park Lane Flange And Fittings Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 09051885 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PARK LANE FLANGE AND FITTINGS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Ahern

P Enright

K O'Shea

SECRETARY:

K O'Shea

REGISTERED OFFICE:

Building 51 Third Avenue

Pensnett Trading Estate

Kingswinford

West Midlands

DY6 7XE

REGISTERED NUMBER:

09051885 (England and Wales)

AUDITORS:

Dafferns Audit Limited

Chartered Accountants

Statutory Auditor

One Eastwood

Harry Weston Road

Binley Business Park

Coventry

CV3 2UB

FIXED ASSETS

Tangible assets

5

-

16

Investments

6

300

316

CURRENT ASSETS

Debtors

7

20,638

9,715

Cash at bank

194

8,709

20,832

18,424

CREDITORS

Amounts falling due within one year

8

86,108

37,234

NET CURRENT LIABILITIES

(65,276

)

(18,810

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(64,976

)

(18,494

)

CREDITORS

Amounts falling due after more than one
year

9

6,133

16,133

NET LIABILITIES

(71,109

)

(34,627

)

CAPITAL AND RESERVES

Called up share capital

11

1,200

Retained earnings

(72,309

)

(35,827

)

SHAREHOLDERS' FUNDS

(71,109

)

(34,627

)

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2025 and were signed on its behalf by:

P Enright - Director

1.	STATUTORY INFORMATION

Park Lane Flange And Fittings 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Going concern

The directors have considered the working capital requirements of the company and believe that the resources available, coupled with the ongoing financial commitment and support from its parent company are sufficient for the trading needs of the business. As a result of this assessment, the going concern assumption continues to be adopted in the preparation of these financial statements.

Related party exemption

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.

Turnover

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.

Tangible fixed assets

Tangible fixed assets are recognised at cost and subsequently measured under the historical cost model being cost less accumulated depreciation and any accumulated impairment losses.

Repairs and maintenance costs are charged to the Income Statement in the period in which they are incurred.

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

Plant & machinery

15% straight line

Computer equipment

25% straight line

Any gains and losses on the disposal of tangible fixed assets are recognised in the statement of comprehensive income in the year that the disposal takes place.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

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.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

COST

At 1 January 2024

and 31 December 2024

106,309

3,014

109,323

DEPRECIATION

At 1 January 2024

106,309

2,998

109,307

Charge for year

-

16

At 31 December 2024

106,309

3,014

109,323

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

16

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

300

NET BOOK VALUE

At 31 December 2024

300

At 31 December 2023

300

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

13,521

5,803

Other debtors

1,898

-

Prepayments

5,219

3,912

20,638

9,715

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts (see note 10)

10,000

Trade creditors

8,950

5,144

Amounts owed to group undertakings

51,793

6,885

Social security and other taxes

6,632

8,319

Other creditors

2,718

2,367

Accrued expenses

6,015

4,519

86,108

37,234

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

Bank loans (see note 10)

5,833

15,833

Amounts owed to group undertakings

300

6,133

16,133

10.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

Amounts falling due within one year or on demand:

Bank loans

10,000

Amounts falling due between one and two years:

Bank loans - 1-2 years

5,833

10,000

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

5,833

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

600

A Ordinary

£1

600

B Ordinary

£1

600

1,200

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

The Report of the Auditors was unqualified.

David Halkett FCCA (Senior Statutory Auditor)

for and on behalf of Dafferns Audit Limited

13.	ULTIMATE CONTROLLING PARTY

The Company is a wholly-owned subsidiary of MFFH Limited, who is subsequently a wholly-owned subsidiary of Petrochem Process Pipeline UK Limited.

The company's ultimate parent company is KLK Limited, a company registered in Ireland. The largest group in which the results of the company are consolidated is that of KLK Limited, whose address is: Unit 31, Euro Business Park, Little Island, Co.Cork. Ireland,