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Registered number: 08347300
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PD CO Holdings (UK) Limited
Financial statements
Information for filing with the registrar
30 June 2020
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PD CO Holdings (UK) Limited
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Balance Sheet
As at 30 June 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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1
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PD CO Holdings (UK) Limited
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Balance Sheet (continued)
As at 30 June 2020
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 March 2021.
Registered number: 08347300
The notes on pages 3 to 6 form part of these financial statements.
2
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PD CO Holdings (UK) Limited
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Notes to the financial statements
For the Year Ended 30 June 2020
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Third Floor, Citygate, St. James Boulevard, Newcastle upon Tyne, Tyne and Wear, NE1 4JE
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
The company is reliant upon the continuing support of its ultimate parent company, which agrees to cover all inter group borrowings. On this basis the directors consider it appropriate to prepare the accounts on a going concern basis
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Foreign currency translation
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Functional and presentation currency
The Company's functional currency is Australian Dollar. This differs from the presentational currency which is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
3
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PD CO Holdings (UK) Limited
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Notes to the financial statements
For the Year Ended 30 June 2020
2.Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
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Investments in associates
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Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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Impairment of fixed assets
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A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
4
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PD CO Holdings (UK) Limited
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Notes to the financial statements
For the Year Ended 30 June 2020
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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Investments in subsidiary companies
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Other investments other than loans
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5
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PD CO Holdings (UK) Limited
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Notes to the financial statements
For the Year Ended 30 June 2020
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Amounts owed by group undertakings and undertakings in which the company has a participating interest
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Related party transactions
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During the year £923,450 (2019 - £1,099,356) was loaned by PDZ (UK) Limited (a wholly owned parent Registered in England and Wales). The balance due by the company at the year end was £16,712,213 (2019 - £15,788,762).
During the year £414,392 (2019 - £301,060) was loaned to PD Co s.p. z.o.o. (a 67% owned subsidiary Registered in Poland). The balance due to the company at the year end was £12,246,588 (2019 - £11,832,196).
During the year £643,988 (2019 - £610,473) was loaned to Karbonia SA (a 100% owned subsidiary registered in Poland). The balance due to the company at the year end was £2,830,861 (2019 - £2,186,873).
During the year £6,898 (2019 - £8,840) was loaned to Karski sp zoo (a 100% owned subsidiary registered in Poland). The balance due to the company at the year end was £184,134 (2019 - £177,236).
These transactions were undertaken in commercial terms and conditions except that there is no fixed repayment of the loans, and currently no interest is payable on the loans.
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PDZ (UK) Limited is the parent company, a company incorporated in England and Wales. Prairie Mining Limited is considered to be the ultimate controlling party, a company incorporated in Australia.
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