P.f.i. (Holdings) Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03454673 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

P.f.i. (Holdings) Ltd.

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P Begley

SECRETARY:

Mrs C Begley

REGISTERED OFFICE:

Unit 5, Avenue Business Park

Brockley Road

Elsworth

Cambridgeshire

CB23 4EY

REGISTERED NUMBER:

03454673 (England and Wales)

ACCOUNTANTS:

Wheeler Accountancy

Unit 5, Avenue Business Park

Brockley Road

Elsworth

Cambridgeshire

CB23 4EY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

64,992

72,708

64,992

72,708

CURRENT ASSETS

Stocks

27,336

28,486

Debtors

6

3,103

15,278

Cash at bank

19

20

30,458

43,784

CREDITORS

Amounts falling due within one year

7

131,638

147,697

NET CURRENT LIABILITIES

(101,180

)

(103,913

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(36,188

)

(31,205

)

CAPITAL AND RESERVES

Called up share capital

8

20,002

20,002

Retained earnings

(56,190

)

(51,207

)

SHAREHOLDERS' FUNDS

(36,188

)

(31,205

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 8 June 2021 and were signed by:

Mr P Begley - Director

1.	STATUTORY INFORMATION

P.f.i. (Holdings) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Goodwill

Goodwill purchased in 2009 has been fully amortised within the accounts.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2020

and 31 December 2020

33,515

AMORTISATION

At 1 January 2020

and 31 December 2020

33,515

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

-

5.	TANGIBLE FIXED ASSETS

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2020

and 31 December 2020

80,562

24,175

104,737

DEPRECIATION

At 1 January 2020

12,311

19,718

32,029

Charge for year

6,825

891

7,716

At 31 December 2020

19,136

20,609

39,745

NET BOOK VALUE

At 31 December 2020

61,426

3,566

64,992

At 31 December 2019

68,251

4,457

72,708

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

-

7,175

Other debtors

-

5,000

Payroll liabilities

3,103

3,103

3,103

15,278

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

23,521

23,018

Trade creditors

1

3,316

VAT

5,301

182

Other creditors

71,200

82,500

Business Card

470

733

Directors' current accounts

30,245

36,821

Accrued expenses

900

1,127

131,638

147,697

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.20

31.12.19

value:

£

£

20,002

Ordinary

£1

20,002

20,002