Company No: 05802397 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	293,695		279,570
Investments	4	1,005,590		899,590
		1,299,285		1,179,160
Current assets
Stocks	5	295,877		258,349
Debtors	6	1,869,007		1,791,321
Cash at bank and in hand		81,299		72,922
		2,246,183		2,122,592
Creditors: amounts falling due within one year	7	( 2,059,246)		( 1,678,123)
Net current assets		186,937		444,469
Total assets less current liabilities		1,486,222		1,623,629
Creditors: amounts falling due after more than one year	8	( 956,717)		( 1,056,989)
Provision for liabilities		( 57,117)		( 69,278)
Net assets		472,388		497,362
Capital and reserves
Called-up share capital		100		100
Profit and loss account		472,288		497,262
Total shareholder's funds		472,388		497,362

For the financial year ending 31 May 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of PFG Fabrication Limited (registered number: 05802397) were approved and authorised for issue by the Board of Directors on 01 December 2025. They were signed on its behalf by:

P T Govier Director

P F Govier Director

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

PFG Fabrication 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 Station Road, Bampton, Devon, EX16 9NG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for building goods and services, and rent, 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 for building goods and services is recognised when the significant risks and rewards are considered to have been transferred to the customer. Turnover for commercial rent is recognised in the period in which it relates to.

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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. 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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Other operating income

Other operating income relates to rents receivable and energy income. This income is recognised on an accruals basis.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. 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:

Land and buildings	50 years straight line
Plant and machinery	8 years straight line
Fixtures and fittings	8 - 20 years straight line

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.

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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. 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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	21		19

3. Tangible assets

	Land and buildings		Plant and machinery		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 June 2024	2,460		535,585		300,975		839,020
Additions	62,817		0		0		62,817
At 31 May 2025	65,277		535,585		300,975		901,837
Accumulated depreciation
At 01 June 2024	0		444,327		115,123		559,450
Charge for the financial year	49		30,515		18,128		48,692
At 31 May 2025	49		474,842		133,251		608,142
Net book value
At 31 May 2025	65,228		60,743		167,724		293,695
At 31 May 2024	2,460		91,258		185,852		279,570

4. Fixed asset investments

	2025		2024
	£		£
Other investments and loans	1,005,590		899,590

Other investments and loans relates to the investment in an associate of the company.

5. Stocks

	2025		2024
	£		£
Stocks	284,226		244,400
Work in progress	11,651		13,949
	295,877		258,349

Stocks includes materials for constructing steelwork frame buildings and sheds.

6. Debtors

	2025		2024
	£		£
Trade debtors	602,622		499,354
Other debtors	1,266,385		1,291,967
	1,869,007		1,791,321

Included in other debtors falling due within one year is amounts relating to prepayments, accrued income and a loan receivable of £1,061,344.
Included in other debtors falling due after more than one year is amounts relating to a loan receivable from an associate of the company.

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	50,136		0
Trade creditors	539,021		245,870
Amounts owed to Parent undertakings	933,401		1,059,083
Taxation and social security	160,497		126,932
Other creditors	376,191		246,238
	2,059,246		1,678,123

Bank loans are secured by a fixed and floating charge on the assets held by the company.

Other creditors consists of deferred income, accruals, pensions creditor and other loans.

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

	2025		2024
	£		£
Bank loans (secured)	956,717		1,056,989

Bank loans are secured by a fixed and floating charge on the assets held by the company.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2025		2024
	£		£
Bank loans (secured)	756,172		683,464

Bank loans are secured by a fixed and floating charge on the assets held by the company.