Company registration number 01446831 (England and Wales)
PANIC DELIVERIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
PAGES FOR FILING WITH REGISTRAR
PANIC DELIVERIES LIMITED
COMPANY INFORMATION
Directors
Mr L J Kiely
Mr S D Kiely
Mr M Thorneycroft
Company number
01446831
Registered office
Logistics House
Portway Road
Oldbury
West Midlands
B69 2BP
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
PANIC DELIVERIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
PANIC DELIVERIES LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2021
30 November 2021
- 1 -
2021
2020
Notes
£
£
£
£
Current assets
Debtors
6
2,336,014
2,039,434
Cash at bank and in hand
443,375
566,928
2,779,389
2,606,362
Creditors: amounts falling due within one year
7
(2,437,183)
(2,271,041)
Net current assets
342,206
335,321
Creditors: amounts falling due after more than one year
8
(35,000)
(45,000)
Net assets
307,206
290,321
Capital and reserves
Called up share capital
10
20,400
20,400
Profit and loss reserves
286,806
269,921
Total equity
307,206
290,321

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 17 August 2022 and are signed on its behalf by:
Mr S D Kiely
Director
Company Registration No. 01446831
PANIC DELIVERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 2 -
1
Accounting policies
Company information

Panic Deliveries Limited is a private company limited by shares incorporated in England and Wales. The registered office is Logistics House, Portway Road, Oldbury, West Midlands, B69 2BP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Panic Deliveries Limited is a wholly owned subsidiary of PDS Group Holdings Limited and the results of Panic Deliveries Limited are included in the consolidated financial statements of PDS Group Holdings Limited which are available from Logistics House, Portway Road, Oldbury, West Midlands, B69 2BP.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.

1.3
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

PANIC DELIVERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements 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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PANIC DELIVERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.11

Invoice discounting

The company has entered into invoice discounting arrangements for certain trade debtors. Amounts due from the customers are shown in full in trade debtors. Amounts due to the finance company are shown in creditors due within twelve months, under the other creditors heading.

PANIC DELIVERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Auditor's remuneration
2021
2020
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
6,825
7,850
4
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
96
83
5
Subsidiaries

Details of the company's subsidiaries at 30 November 2021 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
PDS Direct BV
The Netherlands
ordinary
100.00
100.00

PDS Direct BV ceased trading part way through the year ended 31st December 2013, and figures for 2015 are not yet available, however during the year the investment held in PDS Direct BV was fully impaired.

 

PDS Direct BV holds 50% of the ordinary shares of Frits BV, a company incorporated in the Netherlands.

PANIC DELIVERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 6 -
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,783,079
1,507,319
Amounts owed by group undertakings
195,314
107,273
Other debtors
357,438
423,367
2,335,831
2,037,959
Deferred tax asset
183
1,475
2,336,014
2,039,434
7
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
10,000
5,000
Trade creditors
725,827
410,353
Amounts owed to group undertakings
107,096
181,885
Taxation and social security
274,745
515,853
Other creditors
1,319,515
1,157,950
2,437,183
2,271,041
8
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
35,000
45,000
9
Secured debts
The following secured debts are included within creditors:
2021
2020
£
£
Bank loans
45,000
50,000
Factoring account
1,061,015
1,068,472
1,106,015
1,118,472
Bank loans are secured by way of a Government backed guarantee.
All monies due or to become due from the company to the factoring company, Lloyds Commercial, are secured against trade debtors.
PANIC DELIVERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2021
- 7 -
10
Called up share capital
2021
2020
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary A of £1 each
10,000
10,000
10,000 Ordinary B of £1 each
10,000
10,000
400 Ordinary C of £1 each
400
400
20,400
20,400

Only ordinary A shares carry voting rights.

 

No dividends can be paid to the holders of ordinary A shares and dividends will only be paid to holders of ordinary B shares and ordinary C shares.

 

On a winding up of the company, no payment in respect of surplus assets will be paid to the holders of ordinary B shares or ordinary C shares. Holders of ordinary B shares are entitled to an amount equal to the nominal value of shares, but surplus assets shall only be paid to holders of ordinary A shares. Ordinary C shares shall be deemed to have no value on a winding up of the company.

11
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Peter Ormerod FCA and the auditor was Ormerod Rutter Limited.
12
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2021
2020
£
£
Total operating lease commitments
896,338
154,507
13
Parent company

The immediate and ultimate parent company is PDS Group Holdings Limited, a company registered in England and Wales.

 

Financial statements of PDS Group Holdings Limited are available from: Logistics House, Portway Road, Oldbury, West Midlands, B69 2BP.

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