Pferd Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 04684522

PFERD LIMITED

FILLETED FINANCIAL STATEMENTS

31 December 2023

PFERD LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

Contents	Pages

Director's responsibilities statement 1

Balance sheet 2

Notes to the financial statements 3 to 7

PFERD LIMITED

DIRECTOR'S RESPONSIBILITIES STATEMENT

YEAR ENDED 31 DECEMBER 2023

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PFERD LIMITED

BALANCE SHEET

31 December 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	5	64,611	62,990

Current assets

Stocks		652,340	439,440
Debtors	6	633,628	462,294
Cash at bank and in hand		442,793	763,641
		------------	------------
		1,728,761	1,665,375

Creditors: amounts falling due within one year	7	( 414,732)	( 447,728)
		------------	------------
Net current assets		1,314,029	1,217,647
		------------	------------
Total assets less current liabilities		1,378,640	1,280,637

Provisions

Taxation including deferred tax	11,789	7,448
	------------	------------
Net assets	1,390,429	1,288,085
	------------	------------

Capital and reserves

Called up share capital	10	500,000	500,000
Profit and loss account		890,429	788,085
		------------	------------
Shareholders funds		1,390,429	1,288,085
		------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 15 March 2024 , and are signed on behalf of the board by:

M P Younger
Director

Company registration number: 04684522

PFERD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Westleigh Hall, Wakefield Road, Denby Dale, West Yorkshire, HD8 8QJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	33% straight line
Motor Vehicles	-	25% straight line
Equipment	-	20% straight line

Impairment of fixed assets

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instrument are classified and accounted for, according to the substance of the contractual arrangements, as either financial assets, financial liabilities or equity instruments.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).

5. Tangible assets

	Plant and machinery	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 January 2023	20,327	92,089	18,144	130,560
Additions	4,374	44,950	8,378	57,702
Disposals	–	( 30,210)	–	( 30,210)
	------------	------------	------------	------------
At 31 December 2023	24,701	106,829	26,522	158,052
	------------	------------	------------	------------
Depreciation
At 1 January 2023	20,159	31,888	15,523	67,570
Charge for the year	1,002	25,494	6,928	33,424
Disposals	–	( 7,553)	–	( 7,553)
	------------	------------	------------	------------
At 31 December 2023	21,161	49,829	22,451	93,441
	------------	------------	------------	------------
Carrying amount
At 31 December 2023	3,540	57,000	4,071	64,611
	------------	------------	------------	------------
At 31 December 2022	168	60,201	2,621	62,990
	------------	------------	------------	------------

6. Debtors

	2023	2022
	£	£
Trade debtors	620,250	457,118
Prepayments and accrued income	13,378	5,176
	------------	------------
	633,628	462,294
	------------	------------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	69,053	60,246
Amounts owed to group undertakings	165,466	289,215
Accruals and deferred income	44,633	50,906
Corporation tax	22,642	23,720
Social security and other taxes	112,938	23,641
	------------	------------
	414,732	447,728
	------------	------------

8. Deferred tax

The deferred tax included in the balance sheet is as follows:

	2023	2022
	£	£
Included in provisions	( 11,789)	( 7,448)
	------------	------------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2023	2022
	£	£
Accelerated capital allowances	( 11,789)	( 7,448)
	------------	------------

9. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was £ 13,406 (2022: £ 12,877 ).

10. Called up share capital

Issued, called up and fully paid

	2023		2022
	No.	£	No.	£
Ordinary shares of £ 1 each	500,000	500,000	500,000	500,000
	------------	------------	------------	------------

11. Summary audit opinion

The auditor's report for the year dated 15 March 2024 was unqualified.

The senior statutory auditor was David Butterworth , for and on behalf of Wheawill & Sudworth Limited .

12. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' due to the consolidation of the company into group accounts of the parent company.

13. Controlling party

The ultimate parent company and controlling party is Rüggeberg GmbH & Co. KG , a company incorporated in Germany. There is no one ultimate controlling party of this company. The address from which copies of group accounts can be obtained is Rüggeberg GmbH & Co. KG, Hauptstraße 13, D-51709 Marienheide, Germany.