PK Fabrications Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 05733486 (England and Wales)

PK FABRICATIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 FEBRUARY 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Y M White

P E White

D O White

B A White

SECRETARY:

Y M White

REGISTERED OFFICE:

Plot 45

Newdown Road

South Park Industrial Estate

Scunthorpe

DN17 2TX

REGISTERED NUMBER:

05733486 (England and Wales)

FIXED ASSETS

Tangible assets

4

321,984

207,966

CURRENT ASSETS

Debtors

5

290,963

103,619

Cash at bank

522,825

420,925

813,788

524,544

CREDITORS

Amounts falling due within one year

6

380,807

291,977

NET CURRENT ASSETS

432,981

232,567

TOTAL ASSETS LESS CURRENT LIABILITIES

754,965

440,533

CREDITORS

Amounts falling due after more than one year

7

(202,326

)

(96,997

)

PROVISIONS FOR LIABILITIES

(73,869

)

(34,156

)

NET ASSETS

478,770

309,380

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

478,670

309,280

SHAREHOLDERS' FUNDS

478,770

309,380

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 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 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 Board of Directors and authorised for issue on 17 August 2023 and were signed on its behalf by:

P E White - Director

1.	STATUTORY INFORMATION

PK Fabrications 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 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 etc

-

25% on reducing balance and 15 - 35% straight line

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 13 (2022 - 12 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2022

465,798

Additions

231,957

Disposals

(16,785

)

At 28 February 2023

680,970

DEPRECIATION

At 1 March 2022

257,832

Charge for year

117,898

Eliminated on disposal

(16,744

)

At 28 February 2023

358,986

NET BOOK VALUE

At 28 February 2023

321,984

At 28 February 2022

207,966

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

Plant and

machinery

etc

£

COST

At 1 March 2022

237,887

Additions

187,000

Disposals

(14,999

)

Reclassification/transfer

33,000

At 28 February 2023

442,888

DEPRECIATION

At 1 March 2022

127,541

Charge for year

90,875

Eliminated on disposal

(14,999

)

Reclassification/transfer

688

At 28 February 2023

204,105

NET BOOK VALUE

At 28 February 2023

238,783

At 28 February 2022

110,346

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

289,129

103,619

Other debtors

1,834

-

290,963

103,619

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

5,556

5,555

Hire purchase contracts

48,845

30,265

Trade creditors

240,382

191,408

Taxation and social security

67,924

49,842

Other creditors

18,100

14,907

380,807

291,977

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

35,185

40,741

Hire purchase contracts

167,141

56,256

202,326

96,997

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

12,962

18,518

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Hire purchase contracts

215,986

86,521

The hire purchase creditor is secured on the assets to which they relate.