REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST OCTOBER 2021 |
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PFF LANCASHIRE LIMITED |
REGISTERED NUMBER:
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AUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31ST OCTOBER 2021 |
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FOR |
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PFF LANCASHIRE LIMITED |
PFF LANCASHIRE LIMITED (REGISTERED NUMBER: 03866206) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2021 |
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Company Information | 1 |
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Balance Sheet | 2 | to | 3 |
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Notes to the Financial Statements | 4 | to | 8 |
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PFF LANCASHIRE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST OCTOBER 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor and |
Chartered Accountants |
123 Wellington Road South |
Stockport |
Cheshire |
SK1 3TH |
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BANKERS: |
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Kings Park Road |
Moulton Park |
Northampton |
NN3 6NW |
PFF LANCASHIRE LIMITED (REGISTERED NUMBER: 03866206) |
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BALANCE SHEET |
31ST OCTOBER 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Other reserves |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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PFF LANCASHIRE LIMITED (REGISTERED NUMBER: 03866206) |
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BALANCE SHEET - continued |
31ST OCTOBER 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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PFF LANCASHIRE LIMITED (REGISTERED NUMBER: 03866206) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST OCTOBER 2021 |
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1. | STATUTORY INFORMATION |
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PFF Lancashire Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence to the end of its performance contract. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements. |
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The company has a fixed term lease and facilities management contract with Lancashire Fire and Rescue Service, which is due to expire in the year ended 31 October 2033. Upon expiry, the leasehold properties of the company revert to the Fire Service and all facilities management services provided by the company will cease. No adjustments to the financial statements have been included and the going concern basis is considered appropriate by the directors. |
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Revenue recognition |
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration receivable and represents the total amount receivable by the company for services provided in the normal course of business, excluding value added tax and trade discounts. The following criteria must also be met before revenue is recognised: |
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Rendering of services |
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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. |
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Tangible fixed assets |
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Land and buildings | - |
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Plant and machinery etc | - |
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PFF LANCASHIRE LIMITED (REGISTERED NUMBER: 03866206) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
A financial asset or liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
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Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
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Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. |
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For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
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Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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PFF LANCASHIRE LIMITED (REGISTERED NUMBER: 03866206) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2021 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1st November 2020 |
and 31st October 2021 |
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DEPRECIATION |
At 1st November 2020 |
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Charge for year |
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At 31st October 2021 |
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NET BOOK VALUE |
At 31st October 2021 |
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At 31st October 2020 |
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5. | DEBTORS |
2021 | 2020 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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PFF LANCASHIRE LIMITED (REGISTERED NUMBER: 03866206) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2021 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2021 | 2020 |
£ | £ |
Bank loans |
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Amounts owed to group undertakings |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans - over 5 years | 965,839 | 1,242,157 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2021 | 2020 |
£ | £ |
Bank loans |
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Bank loans and overdrafts comprise a bank loan from Nationwide Building Society and is secured by way of a fixed and floating charge over all of the company's assets. The loan carries a fixed interest rate of 6.6%. The final instalment is due on 31st May 2030. |
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9. | PROVISIONS FOR LIABILITIES |
2021 | 2020 |
£ | £ |
Deferred tax |
Capital allowances in excess of depreciation | 146,867 | 159,215 |
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Deferred |
tax |
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Balance at 1st November 2020 |
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Credit to Income Statement during year | ( |
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Balance at 31st October 2021 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary 'A' shares | £1 | 7,500 | 7,500 |
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Ordinary 'B' shares | £1 | 2,500 | 2,500 |
10,000 | 10,000 |
PFF LANCASHIRE LIMITED (REGISTERED NUMBER: 03866206) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST OCTOBER 2021 |
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11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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12. | ULTIMATE CONTROLLING PARTY |
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The controlling party is Carden Croft & Company Limited. |
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The ultimate controlling party is
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