REGISTERED NUMBER: 01991883 (England and Wales)

P C P GRATINGS LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr J Nielsen

Mr P Webster

SECRETARY:

Mr P G Clarke

REGISTERED OFFICE:

Unit 4E

Station Road

Four Ashes

Wolverhampton

West Midlands

WV10 7DB

REGISTERED NUMBER:

01991883 (England and Wales)

AUDITORS:

Wallace Crooke

Chartered Accountants

& Registered Auditors

Wallace House

20 Birmingham Road

Walsall

West Midlands

WS1 2LT

FIXED ASSETS

Tangible assets

4

752,246

918,350

CURRENT ASSETS

Stocks

1,084,514

549,534

Debtors

5

1,315,718

875,393

Cash at bank and in hand

1,019,237

805,880

3,419,469

2,230,807

CREDITORS

Amounts falling due within one year

6

2,346,181

730,922

NET CURRENT ASSETS

1,073,288

1,499,885

TOTAL ASSETS LESS CURRENT LIABILITIES

1,825,534

2,418,235

PROVISIONS FOR LIABILITIES

8

56,224

12,472

NET ASSETS

1,769,310

2,405,763

CAPITAL AND RESERVES

Called up share capital

9

92,000

92,000

Retained earnings

10

1,677,310

2,313,763

SHAREHOLDER FUNDS

1,769,310

2,405,763

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 15 April 2025 and were signed on its behalf by:

Mr P Webster - Director

1.	STATUTORY INFORMATION

P C P Gratings 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's financial statements are individual entity financial statements.

The company's financial statements are presented in Sterling and all values are rounded to the nearest pound.

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, excluding discounts, rebates, value added tax and other sales taxes.

Revenue is recognised when all the following conditions are satisfied:

-

the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

-

the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of revenue can be measured reliably;

-

it is probable that the economic benefits associated with the transaction will flow to the entity; and

-

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue is recognised on despatch, which marks the point when the risks and rewards of ownership are transferred.

Depreciation

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.

Freehold property

-

2% on cost

Improvements to property

-

10% on cost

Fixtures and fittings

-

33% on cost, 25% on cost, 20% on cost and 10% on cost

Stocks

Stocks have been valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost has been determined by using the First In First Out method and is based on purchase price.

Work in progress is valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. Cost has been determined by using the First In First Out method and is based on purchase price plus attributable overheads based on normal level of activity.

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

Monetary 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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2024 - 34 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

and

property

property

fittings

Totals

£

£

£

£

COST

At 1 April 2024

1,188,660

-

419,424

1,608,084

Additions

-

105,401

1,333,860

1,439,261

Disposals

(1,188,660

)

(2,288

)

(140,534

)

(1,331,482

)

At 31 March 2025

-

103,113

1,612,750

1,715,863

DEPRECIATION

At 1 April 2024

340,782

-

348,952

689,734

Charge for year

2,037

41,922

715,565

759,524

Eliminated on disposal

(342,819

)

(2,288

)

(140,534

)

(485,641

)

At 31 March 2025

-

39,634

923,983

963,617

NET BOOK VALUE

At 31 March 2025

-

63,479

688,767

752,246

At 31 March 2024

847,878

-

70,472

918,350

During the year ended 31 March 2025, the company completed the sale of its office building to South Staffordshire Council, as previously disclosed as a post-balance-sheet event in the prior year’s financial statements. The property, which had a carrying value of £845,841 at the date of disposal, was sold, and the transaction is reflected in the disposals shown above. Included in the disposed freehold property was freehold land of £292,521, which was not depreciated.

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

Fixtures

and

fittings

£

COST

At 1 April 2024

and 31 March 2025

12,345

DEPRECIATION

At 1 April 2024

and 31 March 2025

12,345

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

505,091

817,445

Other debtors

136,225

25

Tax

25,000

-

Prepayments and accrued income

649,402

57,923

1,315,718

875,393

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

109,518

63,125

Amounts owed to group undertakings

1,965,798

357,334

Tax

-

105,222

Social security and other taxes

2,692

2,273

VAT

133,018

163,468

Other creditors

58,129

-

Accruals and deferred income

77,026

39,500

2,346,181

730,922

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2025

2024

£

£

Within one year

634,283

91,486

Between one and five years

2,260,177

100,751

In more than five years

2,318,750

-

5,213,210

192,237

8.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

Accelerated capital allowances

43,752

3,563

Deferred tax

12,472

8,909

56,224

12,472

Deferred

tax

£

Balance at 1 April 2024

12,472

Provided during year

43,752

Balance at 31 March 2025

56,224

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

92,000

Ordinary

£1

92,000

92,000

10.

RESERVES

Retained

earnings

£

At 1 April 2024

2,313,763

Profit for the year

663,547

Dividends

(1,300,000

)

At 31 March 2025

1,677,310

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

The Report of the Auditors was unqualified.

Martin Jones FCA (Senior Statutory Auditor)

for and on behalf of Wallace Crooke

12.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund amounted to £80,141 (2024 - £48,517).

13.	RELATED PARTY DISCLOSURES

During the period the company received management charges of £75,710 (2024: £69,203) and payroll charges of £22,304 (2024: £26,540) was recharged to another subsidiary in the group.

14.	ULTIMATE CONTROLLING PARTY

The company is controlled by PcP Corporation A/S, a company incorporated in Denmark. The company is under the ultimate control of Lagercrantz Group AB (a company incorporated in Sweden and listed on the Swedish stock exchange) which is the company's ultimate holding company.

The parent company of the largest and the smallest group in which the company is a member and consolidated financial statements are prepared is PcP Corporation A/S. Consolidated financial statements can be obtained from the registered office, being Sverigesvej, 7480 Vildbjerg, Denmark