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REGISTERED NUMBER:
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PAK ENGINEERING GROUP LTD |
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PREVIOUSLY KNOWN AS |
ORNAT HOLDING & INVESTMENT COMPANY |
LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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REGISTERED NUMBER:
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PAK ENGINEERING GROUP LTD |
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PREVIOUSLY KNOWN AS |
ORNAT HOLDING & INVESTMENT COMPANY |
LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2017 |
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PAK ENGINEERING GROUP LTD (REGISTERED NUMBER: 09120033) |
PREVIOUSLY KNOWN AS |
ORNAT HOLDING & INVESTMENT COMPANY |
LIMITED |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 8 |
PAK ENGINEERING GROUP LTD |
PREVIOUSLY KNOWN AS |
ORNAT HOLDING & INVESTMENT COMPANY |
LIMITED |
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COMPANY INFORMATION |
for the year ended 31 December 2017 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Albury Mill |
Mill Lane |
Chilworth |
Guildford |
Surrey |
GU4 8RU |
PAK ENGINEERING GROUP LTD (REGISTERED NUMBER: 09120033) |
PREVIOUSLY KNOWN AS |
ORNAT HOLDING & INVESTMENT COMPANY |
LIMITED |
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BALANCE SHEET |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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( |
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CREDITORS |
Amounts falling due after more than one year | 8 | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
PAK ENGINEERING GROUP LTD (REGISTERED NUMBER: 09120033) |
PREVIOUSLY KNOWN AS |
ORNAT HOLDING & INVESTMENT COMPANY |
LIMITED |
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BALANCE SHEET - continued |
31 December 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the director on
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PAK ENGINEERING GROUP LTD (REGISTERED NUMBER: 09120033) |
PREVIOUSLY KNOWN AS |
ORNAT HOLDING & INVESTMENT COMPANY |
LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Pak Engineering Group Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of |
Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" |
and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
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Going concern basis |
The financial statements have been prepared on a going concern basis as the director is confident that cash flow |
injections can be obtained in order to ensure third party liabilities can be settled as they fall due. |
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Preparation of consolidated financial statements |
The financial statements contain information about Pak Engineering Group Ltd as an individual company and do not |
contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) |
of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Significant judgements and estimates |
The directors have considered the criteria for the recognition of revenue from the supply of services set out in FRS |
102. In particular, whether the company can estimate the amount of revenue, that it is probable that the economic |
benefits associated with the transaction will flow to the company and the stage of completion can be measured |
reliably. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Revenue is generated from management recharges, plus associated costs, to subsidiary undertakings and is |
recognised when the right to receive consideration for the services rendered falls due. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Financial instruments |
Financial instruments are classified by the directors as basic or non-basic following the conditions in FRS 102 Section |
11. Basic financial instruments are recognised at amortised cost using the effective interest method. The company |
has no non-basic financial instruments. |
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Impairment of financial asset |
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's |
carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original |
effective interest rate. |
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PAK ENGINEERING GROUP LTD (REGISTERED NUMBER: 09120033) |
PREVIOUSLY KNOWN AS |
ORNAT HOLDING & INVESTMENT COMPANY |
LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance |
sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date |
of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
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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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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
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At 31 December 2017 |
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DEPRECIATION |
Charge for year |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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PAK ENGINEERING GROUP LTD (REGISTERED NUMBER: 09120033) |
PREVIOUSLY KNOWN AS |
ORNAT HOLDING & INVESTMENT COMPANY |
LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
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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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Other creditors |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Other loans |
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Other loans relate to amounts due to a third party. Under the terms of the loans quarterly interest payments are |
payable. |
PAK ENGINEERING GROUP LTD (REGISTERED NUMBER: 09120033) |
PREVIOUSLY KNOWN AS |
ORNAT HOLDING & INVESTMENT COMPANY |
LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2017 |
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9. | PENSION COMMITMENTS |
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The company operates a defined contribution pension scheme. Contributions totalling £27,078 (2016: £3,624) were |
paid into the fund during the year . At the year end contributions totalling £2,834 (2016: £2,176) were still |
outstanding and are shown within other creditors. |
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10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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During the year the director was advanced £37,107 (2016: £Nil) and at the year end a balance of £37,107 was due to |
the company. This loan is interest free and repayable on demand. |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
PAK ENGINEERING GROUP LTD |
PREVIOUSLY KNOWN AS |
ORNAT HOLDING & INVESTMENT COMPANY |
LIMITED |
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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. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial |
statements of Pak Engineering Group Ltd 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. |
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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. |
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This report is made solely to the director of Pak Engineering Group Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Pak Engineering Group Ltd and state those matters that we have agreed to state to the director of Pak Engineering Group Ltd 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 Pak Engineering Group Ltd and its director for our work or for this report. |
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It is your duty to ensure that Pak Engineering Group Ltd 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 loss of Pak Engineering Group Ltd. You consider that Pak Engineering Group Ltd is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Pak Engineering Group Ltd. 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. |
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This report should not be regarded as suitable to be used or relied on by any other party wishing to acquire any rights |
against Bessler Hendrie LLP for any purpose or in any context. Any party, other than the Directors, who obtain access to this |
report or a copy and chooses to rely on this report (or any part of it) will do so at its own risk. |
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Chartered Accountants |
Albury Mill |
Mill Lane |
Chilworth |
Guildford |
Surrey |
GU4 8RU |
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