PCF (South West) Limited - Accounts to registrar (filleted) - small 18.1
PCF (South West) Limited - Accounts to registrar (filleted) - small 18.1
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
| FOR |
| PCF (SOUTH WEST) LIMITED |
| PCF (SOUTH WEST) LIMITED (REGISTERED NUMBER: 07570068) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Chartered Accountants' Report | 5 |
| PCF (SOUTH WEST) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants and Tax Advisors |
| 4th & 5th Floor |
| 14-15 Lower Grosvenor Place |
| London |
| SW1W 0EX |
| PCF (SOUTH WEST) LIMITED (REGISTERED NUMBER: 07570068) |
| BALANCE SHEET |
| 31 DECEMBER 2017 |
| 31.12.17 | 31.12.16 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 4 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) |
| The director acknowledges his 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. |
| In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
| The financial statements were approved by the director on |
| PCF (SOUTH WEST) LIMITED (REGISTERED NUMBER: 07570068) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| 1. | STATUTORY INFORMATION |
| PCF (South West) Limited is a |
| 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 |
| Going concern |
| The company meets its day-to-day working capital requirements through its bank facility. After making enquiries, |
| the director has a reasonable expectation that the company has adequate resources to continue in operational |
| existence for the foreseeable future. The company therefore continues to adopt the going concern basis in |
| preparing its financial statements. |
| Revenue recognition |
| Turnover comprises the rendering of services in the ordinary course of the company's activity. The company |
| recognises turnover when the amount of revenue and related costs can be reliably measured, it is probable that |
| the collectability of the related receivables is reasonably assured. Turnover is measured as the fair value of the |
| consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| The following criteria must also be met before revenue is recognised: |
| Rendering of services |
| Revenue from a contract to provide services is recognised in the period in which the services are provided in |
| accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
| - the amount of revenue can be measured reliably; |
| - it is probable that the company will receive the consideration due under the contract; |
| - the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
| - the costs incurred and the costs to complete the contract can be measured reliably. |
| Financial instruments |
| a) Debtors |
| Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the |
| arrangement constitutes a financing transaction, where the transaction is measured at the present value of the |
| future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost |
| using the effective interest method, less any impairment. |
| b) Cash and cash equivalents |
| Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and |
| other short-term highly liquid investments that mature in no more than three months from the date of acquisition |
| and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
| c) Creditors |
| Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related |
| parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, |
| where the debt instrument is measured at the present value of the future payments discounted at a market rate |
| of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less |
| any impairment. |
| d) Interest income |
| Interest income is recognised in profit or loss using the effective interest method. |
| PCF (SOUTH WEST) LIMITED (REGISTERED NUMBER: 07570068) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| The tax expense for the year comprises current and deferred tax. |
| Tax is recognised in profit or loss except that a change 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. |
| 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. |
| Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively |
| enacted by the balance sheet date. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2016 - NIL). |
| 4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.17 | 31.12.16 |
| £ | £ |
| Amounts owed to associate | 757 | 4,821 |
| Taxation and social security |
| Other creditors |
| 5. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £28,990 (2016 - £43,420) were paid to the director and close family of the |
| director. |
| Partner Commercial Finance Limited - equity interest in company |
| During the reporting period, the company provided services to the related party amounting to £21,000 (2016: |
| £42,000). The outstanding amount at the reporting date was £757 (2016: £4,821). The amount outstanding is |
| unsecured, interest free and repayable on demand. |
| 6. | ULTIMATE CONTROLLING PARTY |
| At the reporting date, in the opinion of the director, there is no single ultimate controlling party. There has been |
| no change between the reporting date and date of approval of the financial statements. |
| CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| PCF (SOUTH WEST) LIMITED |
| 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 Balance Sheet. 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. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
| financial statements of PCF (South West) Limited for the year ended 31 December 2017 which comprise the Profit and |
| loss account, Balance Sheet and the related notes from the company's accounting records and from information and |
| explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the director of PCF (South West) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PCF (South West) Limited and state those matters that we have agreed to state to the director of PCF (South West) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PCF (South West) Limited and its director for our work or for this report. |
| It is your duty to ensure that PCF (South West) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PCF (South West) Limited. You consider that PCF (South West) Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of PCF (South West) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Chartered Accountants and Tax Advisors |
| 4th & 5th Floor |
| 14-15 Lower Grosvenor Place |
| London |
| SW1W 0EX |