PFC Marine Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05040444 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2018

FOR

PFC MARINE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A A Chapman

P Cox

A Gage

C M Reilly

SECRETARY:

A A Chapman

REGISTERED OFFICE:

Unit 8

Sea View Industrial Estate

Peterlee

Durham

SR8 4TQ

REGISTERED NUMBER:

05040444 (England and Wales)

ACCOUNTANTS:

Ribchesters

Chartered Accountants

Finchale House

Belmont Business Park

Durham

DH1 1TW

FIXED ASSETS

Tangible assets

4

19,609

26,146

Investments

5

1,531

1,531

21,140

27,677

CURRENT ASSETS

Stocks

11,500

11,500

Debtors

6

839,072

952,594

Cash at bank

4,983

6,432

855,555

970,526

CREDITORS

Amounts falling due within one year

7

529,506

716,614

NET CURRENT ASSETS

326,049

253,912

TOTAL ASSETS LESS CURRENT LIABILITIES

347,189

281,589

CREDITORS

Amounts falling due after more than one year

8

(4,155

)

(12,462

)

PROVISIONS FOR LIABILITIES

(3,726

)

(4,968

)

NET ASSETS

339,308

264,159

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

339,208

264,059

SHAREHOLDERS' FUNDS

339,308

264,159

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 6 February 2019 and were signed on its behalf by:

A A Chapman - Director

1.	STATUTORY INFORMATION

PFC Marine 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.

Turnover

Turnover is derived from the company's principal activity. Where this arises from a contractual arrangement,

income is attributed to the profit and loss account as contract activity progresses in a manner appropriate to the

stage of completion of each individual contract.

Tangible fixed assets

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.

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

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 21 (2017 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2017

and 30 June 2018

49,134

DEPRECIATION

At 1 July 2017

22,988

Charge for year

6,537

At 30 June 2018

29,525

NET BOOK VALUE

At 30 June 2018

19,609

At 30 June 2017

26,146

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

Plant and

machinery

etc

£

COST

At 1 July 2017

and 30 June 2018

31,122

DEPRECIATION

At 1 July 2017

5,187

Charge for year

6,484

At 30 June 2018

11,671

NET BOOK VALUE

At 30 June 2018

19,451

At 30 June 2017

25,935

5.	FIXED ASSET INVESTMENTS

Investment

£

COST

At 1 July 2017

and 30 June 2018

1,531

NET BOOK VALUE

At 30 June 2018

1,531

At 30 June 2017

1,531

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

568,184

701,736

Amounts owed by group undertakings

230,054

173,545

Other debtors

40,834

77,313

839,072

952,594

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

19,590

1,414

Hire purchase contracts (see note 9)

9,530

10,128

Trade creditors

201,472

257,019

Taxation and social security

100,357

100,362

Other creditors

198,557

347,691

529,506

716,614

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 9)

4,155

12,462

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

9,530

10,128

Between one and five years

4,155

12,462

13,685

22,590

Non-cancellable operating

leases

2018

2017

£

£

Within one year

53,126

55,400

Between one and five years

15,841

68,967

68,967

124,367

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdrafts

19,590

1,414

Hire purchase contracts

13,685

22,590

Invoice discounting

98,964

315,721

132,239

339,725

Bank loans and overdrafts are secured by way of a cross-guarantee with Peterlee Fire Company Limited, the

parent company.

The invoice discounting facility is secured on the company's trade debtors.

Hire purchases are secured on the assets to which they relate.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

100

Ordinary

£1

100

100

12.	CONTINGENT LIABILITIES

The company has contingent liabilities in respect of a cross-guarantee with the bank borrowings of Peterlee Fire

Company Limited, the parent company.

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2018 and

30 June 2017:

2018

2017

£

£

C M Reilly

Balance outstanding at start of year

8,841

8,841

Amounts repaid

(5,882

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,959

8,841

14.	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.

During the year one of the directors maintained an interest free loan to the company. As at the balance sheet date

the amount due was £37 (2017: £37).

During the period the company made an interest free loan of £35,000 to a person who was a related party during

the year.

This company is a subsidiary of Peterlee Fire Company Limited. The parent company's registered office is:

Unit 6

Seaview Ind Est

Horden

Peterlee

County Durham

SR8 4TQ