PF Trade Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08325178 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 May 2020

for

PF Trade Ltd

Page

Company Information

1

Report of the Accountant

2

Statement of Financial Position

3

Notes to the Financial Statements

4

DIRECTOR:

Mrs C L Seabrook

SECRETARY:

Mr A Seabrook

REGISTERED OFFICE:

6 Birch Spinney

Mawsley

Northamptonshire

NN14 1QW

REGISTERED NUMBER:

08325178 (England and Wales)

ACCOUNTANT:

Albacore Accounting Limited

724 Capability Green

Luton

Bedfordshire

LU1 3LU

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

As described on the Statement of Financial Position you are responsible for the preparation of the financial statements for the year ended 31 May 2020 set out on pages three to four and you consider that the company is exempt from an audit.

In accordance with your instructions, I have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to me.

Albacore Accounting Limited

724 Capability Green

Luton

Bedfordshire

LU1 3LU

Date: .............................................

FIXED ASSETS

Tangible assets

4

18,878

18,205

CURRENT ASSETS

Stocks

5

199,428

361,450

Debtors

6

10,779

55,431

Cash at bank

178,380

71,893

388,587

488,774

CREDITORS

Amounts falling due within one year

7

476,140

529,790

NET CURRENT LIABILITIES

(87,553

)

(41,016

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(68,675

)

(22,811

)

PROVISIONS FOR LIABILITIES

3,587

3,459

NET LIABILITIES

(72,262

)

(26,270

)

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

9

(72,263

)

(26,271

)

SHAREHOLDERS' FUNDS

(72,262

)

(26,270

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 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 director and authorised for issue on 26 February 2021 and were signed by:

Mrs C L Seabrook - Director

1.	STATUTORY INFORMATION

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Stocks

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 June 2019

12,742

2,541

17,012

8,079

40,374

Additions

-

3,626

-

4,323

7,949

At 31 May 2020

12,742

6,167

17,012

12,402

48,323

DEPRECIATION

At 1 June 2019

6,195

1,369

11,091

3,514

22,169

Charge for year

982

720

1,481

4,093

7,276

At 31 May 2020

7,177

2,089

12,572

7,607

29,445

NET BOOK VALUE

At 31 May 2020

5,565

4,078

4,440

4,795

18,878

At 31 May 2019

6,547

1,172

5,921

4,565

18,205

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

Motor

vehicles

£

COST

At 1 June 2019

and 31 May 2020

17,012

DEPRECIATION

At 1 June 2019

11,091

Charge for year

1,481

At 31 May 2020

12,572

NET BOOK VALUE

At 31 May 2020

4,440

At 31 May 2019

5,921

5.

STOCKS

31.5.20

31.5.19

£

£

Stocks

199,428

361,450

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Other debtors

-

35,868

Tax

1,503

1,503

VAT

9,276

18,060

10,779

55,431

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.20

31.5.19

£

£

Hire purchase contracts

837

2,238

Trade creditors

17,099

15,947

Other creditors

59,317

49,257

Directors' loan accounts

396,512

459,473

Accruals and deferred income

2,375

2,875

476,140

529,790

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.20

31.5.19

value:

£

£

1

Ordinary

£1

1

1

9.

RESERVES

Retained

earnings

£

At 1 June 2019

(26,271

)

Profit for the year

990

Dividends

(46,982

)

At 31 May 2020

(72,263

)

10.	RELATED PARTY DISCLOSURES

Mrs C L Seabrook

Director

31.5.20

31.5.19

£

£

Amount due to related party at the balance sheet date

396,512

459,473

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mrs C L Seabrook.