REGISTERED NUMBER: 13922379 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
for the Period 17 February 2022 to 31 March 2023 |
for |
PDS Manufacturing Limited |
REGISTERED NUMBER: 13922379 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements |
for the Period 17 February 2022 to 31 March 2023 |
for |
PDS Manufacturing Limited |
PDS Manufacturing Limited (Registered number: 13922379) |
Contents of the Consolidated Financial Statements |
for the Period 17 February 2022 to 31 March 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
PDS Manufacturing Limited |
Company Information |
for the Period 17 February 2022 to 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Registered Auditors |
Richmond House |
Lawnswood Business Park |
Redvers Close |
Leeds |
West Yorkshire |
LS16 6QY |
PDS Manufacturing Limited (Registered number: 13922379) |
Group Strategic Report |
for the Period 17 February 2022 to 31 March 2023 |
The directors present their strategic report of the company and the group for the period 17 February 2022 to 31 March 2023. |
REVIEW OF BUSINESS |
The group's aim is to continue to trade without the need for financing. The directors continue to monitor future cash flows closely to ensure working capital requirements are met. |
The group's key financial performance indicators during the year were as follows: |
Turnover - £9,554,921 |
Operating Profit - £276,282 |
Gross Profit Percentage - 30.68% |
On 28th June 2022, the company purchased the entire Share Capital of Littleborough Investment Partnership Limited, registered number 11794396. PDS Manufacturing Limited is now the parent company of Littleborough Investment Partnership Limited and also the ultimate controlling party of Performance Doorset Solutions Limited, registered number 04642499. |
The PDS Manufacturing Limited group is committed to a responsible approach to business and seeks to manage the impact of the business activities and, in doing so, makes a positive contribution to the well being of the customers and communities it operates in |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group is subject to a number of key risks which are reviewed in formal meetings, and where appropriate, assessments and procedures are discussed to mitigate the effect. |
Competitive pressure |
The group is aware of the competitive pressure in the UK. The group responds to this pressure by continuing to provide quality products and service and keeping its product range up to date. |
Liquidity risk |
Liquidity risk is the risk that the group will not be able to meet its financial obligations as they fall due. The group seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs. The directors are of the opinion that the risk management processes adopted which involves the review, monitoring and where possible mitigation of the risks identified is appropriate to the business. |
Financial risk |
The group's finance director and accounting team operates procedures designed to reduce or eliminate financial risk. The policies are approved by the Board and the use of financial instruments is strictly controlled. |
The group's principle financial instruments comprise cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The group does not use forward foreign currency contracts to manage the currency rate risks arising from the company's operations. The group does not use interest rate swaps to manage the interest rate risks arising from the company's operations. |
FUTURE DEVELOPMENTS |
The directors expect the general level of activity to remain consistent with the current period and continue to be profitable. |
KEY PERFORMANCE INDICATORS |
The board monitors by reference to a number of key performance indicators, produced alongside monthly management accounts. |
PDS Manufacturing Limited (Registered number: 13922379) |
Group Strategic Report |
for the Period 17 February 2022 to 31 March 2023 |
GOING CONCERN |
The directors and management have recognised the principal risks and uncertainties which could affect the business and have considered the extent to which they may materialise. |
ON BEHALF OF THE BOARD: |
30 October 2023 |
PDS Manufacturing Limited (Registered number: 13922379) |
Report of the Directors |
for the Period 17 February 2022 to 31 March 2023 |
The directors present their report with the financial statements of the company and the group for the period 17 February 2022 to 31 March 2023. |
INCORPORATION |
The group was incorporated on 17 February 2022 . |
DIVIDENDS |
No dividends will be distributed for the period ended 31 March 2023. |
DIRECTORS |
The directors who have held office during the period from 17 February 2022 to the date of this report are as follows: |
All the directors who are eligible offer themselves for election at the forthcoming first Annual General Meeting. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
PDS Manufacturing Limited (Registered number: 13922379) |
Report of the Directors |
for the Period 17 February 2022 to 31 March 2023 |
AUDITORS |
The auditors, Richard Smedley Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
PDS Manufacturing Limited |
Opinion |
We have audited the financial statements of PDS Manufacturing Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 31 March 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2023 and of the group's profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
PDS Manufacturing Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
PDS Manufacturing Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, key drivers for Directors’ remuneration; |
- results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to: |
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
As a result of these procedures, we considered the opportunities and incentives that may exist within the |
organisation for fraud and identified the greatest potential for fraud in relation to revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
We also obtained an understanding of the legal and regulatory frameworks that the company operates in, |
focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, UK Corporate Governance Code and local tax legislation. |
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the |
financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
PDS Manufacturing Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Registered Auditors |
Richmond House |
Lawnswood Business Park |
Redvers Close |
Leeds |
West Yorkshire |
LS16 6QY |
PDS Manufacturing Limited (Registered number: 13922379) |
Consolidated Income Statement |
for the Period 17 February 2022 to 31 March 2023 |
Notes | £ | £ |
TURNOVER | 3 | 9,554,921 |
Cost of sales | 6,623,550 |
GROSS PROFIT | 2,931,371 |
Distribution costs | 263,936 |
Administrative expenses | 2,405,827 |
2,669,763 |
OPERATING PROFIT and |
PROFIT BEFORE TAXATION | 261,608 |
Tax on profit | 6 | (14,674 | ) |
PROFIT FOR THE FINANCIAL PERIOD |
Profit attributable to: |
Owners of the parent | 276,282 |
PDS Manufacturing Limited (Registered number: 13922379) |
Consolidated Other Comprehensive Income |
for the Period 17 February 2022 to 31 March 2023 |
Notes | £ |
PROFIT FOR THE PERIOD | 276,282 |
OTHER COMPREHENSIVE INCOME | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
276,282 |
Total comprehensive income attributable to: |
Owners of the parent | 276,282 |
PDS Manufacturing Limited (Registered number: 13922379) |
Consolidated Balance Sheet |
31 March 2023 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | (3,387,691 | ) |
Tangible assets | 9 | 258,347 |
Investments | 10 | - |
(3,129,344 | ) |
CURRENT ASSETS |
Stocks | 11 | 2,173,599 |
Debtors | 12 | 2,416,190 |
Cash at bank and in hand | 1,259,972 |
5,849,761 |
CREDITORS |
Amounts falling due within one year | 13 | 2,336,349 |
NET CURRENT ASSETS | 3,513,412 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
384,068 |
CREDITORS |
Amounts falling due after more than one year | 14 | (81,000 | ) |
PROVISIONS FOR LIABILITIES | 16 | (25,886 | ) |
NET ASSETS | 277,182 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 900 |
Retained earnings | 18 | 276,282 |
SHAREHOLDERS' FUNDS | 277,182 |
The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2023 and were signed on its behalf by: |
T J Fairley - Director |
Mrs L Gibbons - Director |
PDS Manufacturing Limited (Registered number: 13922379) |
Company Balance Sheet |
31 March 2023 |
Notes | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 607,500 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PDS Manufacturing Limited (Registered number: 13922379) |
Consolidated Statement of Changes in Equity |
for the Period 17 February 2022 to 31 March 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | 900 | - | 900 |
Total comprehensive income | - | 276,282 | 276,282 |
Balance at 31 March 2023 | 900 | 276,282 | 277,182 |
PDS Manufacturing Limited (Registered number: 13922379) |
Company Statement of Changes in Equity |
for the Period 17 February 2022 to 31 March 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - |
Balance at 31 March 2023 |
PDS Manufacturing Limited (Registered number: 13922379) |
Consolidated Cash Flow Statement |
for the Period 17 February 2022 to 31 March 2023 |
Notes | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,424,280 |
Net cash from operating activities | 1,424,280 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (7,500 | ) |
Purchase of tangible fixed assets | (157,708 | ) |
Net cash from investing activities | (165,208 | ) |
Cash flows from financing activities |
Share issue | 900 |
Net cash from financing activities | 900 |
Increase in cash and cash equivalents | 1,259,972 |
Cash and cash equivalents at beginning of period |
2 |
- |
Cash and cash equivalents at end of period | 2 | 1,259,972 |
PDS Manufacturing Limited (Registered number: 13922379) |
Notes to the Consolidated Cash Flow Statement |
for the Period 17 February 2022 to 31 March 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
£ |
Profit before taxation | 261,608 |
Depreciation charges | 9,942 |
Opening cash balance | 1,347,871 |
1,619,421 |
Increase in stocks | (78,328 | ) |
Increase in trade and other debtors | (355,068 | ) |
Increase in trade and other creditors | 238,255 |
Cash generated from operations | 1,424,280 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 31 March 2023 |
31.3.23 | 17.2.22 |
£ | £ |
Cash and cash equivalents | 1,259,972 | - |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 17.2.22 | Cash flow | At 31.3.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | - | 1,259,972 | 1,259,972 |
- | 1,259,972 | 1,259,972 |
Total | - | 1,259,972 | 1,259,972 |
PDS Manufacturing Limited (Registered number: 13922379) |
Notes to the Consolidated Financial Statements |
for the Period 17 February 2022 to 31 March 2023 |
1. | STATUTORY INFORMATION |
PDS Manufacturing Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the group. |
The consolidated financial statements incorporate those of PDS Manufacturing Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). |
Basis of consolidation |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
PDS Manufacturing Limited (Registered number: 13922379) |
Notes to the Consolidated Financial Statements - continued |
for the Period 17 February 2022 to 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial instruments are recognised at amortised cost. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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 period end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
In carrying out their duties in respect of going concern, the directors have carried out a review of the group's financial position for a period of 12 months from the date of signing these financial statements. These have been based on a comprehensive review of revenue, the expenditure and cash position. The group currently meets its day-to-day working capital requirements through its cash balance, which is sufficient to cover working capital requirements. |
Having taken all of the above factors into consideration, the directors have reached a conclusion that the group is able to manage its business risk. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
PDS Manufacturing Limited (Registered number: 13922379) |
Notes to the Consolidated Financial Statements - continued |
for the Period 17 February 2022 to 31 March 2023 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
£ |
Product sales | 9,551,921 |
Equipment leasing | 3,000 |
9,554,921 |
An analysis of turnover by geographical market is given below: |
£ |
United Kingdom | 9,554,921 |
9,554,921 |
4. | EMPLOYEES AND DIRECTORS |
£ |
Wages and salaries | 2,261,271 |
Social security costs | 198,816 |
Other pension costs | 334,321 |
2,794,408 |
The average number of employees during the period was as follows: |
Administration | 50 |
Production | 77 |
The average number of employees by undertakings that were proportionately consolidated during the period was 127 . |
£ |
Directors' remuneration | 197,787 |
Directors' pension contributions to money purchase schemes | 280,000 |
PDS Manufacturing Limited (Registered number: 13922379) |
Notes to the Consolidated Financial Statements - continued |
for the Period 17 February 2022 to 31 March 2023 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
£ |
Hire of plant and machinery | 19,918 |
Depreciation - owned assets | 259,775 |
Goodwill amortisation | (178,300 | ) |
Auditors' remuneration | 11,750 |
Foreign exchange differences | (5,072 | ) |
6. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the period was as follows: |
£ |
Deferred tax | (14,674 | ) |
Tax on profit | (14,674 | ) |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
Additions | (3,565,991 | ) |
At 31 March 2023 | (3,565,991 | ) |
AMORTISATION |
Amortisation for period | (178,300 | ) |
At 31 March 2023 | (178,300 | ) |
NET BOOK VALUE |
At 31 March 2023 | (3,387,691 | ) |
PDS Manufacturing Limited (Registered number: 13922379) |
Notes to the Consolidated Financial Statements - continued |
for the Period 17 February 2022 to 31 March 2023 |
9. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 17 February 2022 | 14,809 | 932,968 | 29,198 |
Additions | 3,550 | 118,618 | - |
At 31 March 2023 | 18,359 | 1,051,586 | 29,198 |
DEPRECIATION |
At 17 February 2022 | 5,759 | 713,941 | 11,648 |
Charge for period | 6,021 | 173,777 | 9,563 |
At 31 March 2023 | 11,780 | 887,718 | 21,211 |
NET BOOK VALUE |
At 31 March 2023 | 6,579 | 163,868 | 7,987 |
At 16 February 2022 | 9,050 | 219,027 | 17,550 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 17 February 2022 | 73,971 | 127,280 | 1,178,226 |
Additions | 26,480 | 9,060 | 157,708 |
At 31 March 2023 | 100,451 | 136,340 | 1,335,934 |
DEPRECIATION |
At 17 February 2022 | 37,788 | 48,676 | 817,812 |
Charge for period | 27,211 | 43,203 | 259,775 |
At 31 March 2023 | 64,999 | 91,879 | 1,077,587 |
NET BOOK VALUE |
At 31 March 2023 | 35,452 | 44,461 | 258,347 |
At 16 February 2022 | 36,183 | 78,604 | 360,414 |
PDS Manufacturing Limited (Registered number: 13922379) |
Notes to the Consolidated Financial Statements - continued |
for the Period 17 February 2022 to 31 March 2023 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
On 28th June 2022, the company purchased the entire Share Capital of Littleborough Investment Partnership Limited, registered number 11794396. PDS Manufacturing Limited is now the parent company of Littleborough Investment Partnership Limited and also the ultimate controlling party of Performance Doorset Solutions Limited, registered number 04642499. |
11. | STOCKS |
Group |
£ |
Stocks | 2,173,599 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
£ |
Trade debtors | 2,352,223 |
Other debtors | 6,497 |
Prepayments | 57,470 |
2,416,190 |
PDS Manufacturing Limited (Registered number: 13922379) |
Notes to the Consolidated Financial Statements - continued |
for the Period 17 February 2022 to 31 March 2023 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
£ |
Trade creditors | 1,784,112 |
Social security and other taxes | 59,814 |
VAT | 285,164 |
Other creditors | 1,987 |
Accruals and deferred income | 205,272 |
2,336,349 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
£ |
Other creditors | 81,000 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non- cancellable | operating leases |
£ |
Within one year | 594,339 |
Between one and five years | 2,103,463 |
In more than five years | 558,227 |
3,256,029 |
16. | PROVISIONS FOR LIABILITIES |
Group |
£ |
Deferred tax | 25,886 |
Group |
Deferred |
tax |
£ |
Charge to Income Statement during period | 25,886 |
Balance at 31 March 2023 | 25,886 |
PDS Manufacturing Limited (Registered number: 13922379) |
Notes to the Consolidated Financial Statements - continued |
for the Period 17 February 2022 to 31 March 2023 |
17. | CALLED UP SHARE CAPITAL |
900 ordinary shares of £1 each were allotted for a share-for-share exchange for shares in the company Littleborough Investment Partnership Limited. |
18. | RESERVES |
Group |
Retained |
earnings |
£ |
Profit for the period | 276,282 |
At 31 March 2023 | 276,282 |
19. | RELATED PARTY DISCLOSURES |
The following subsidiaries are exempt from the requirements of Act relating to the audit of its individual accounts by virtue of s479A of the Companies Act 2006: |
Littleborough Investment Partnership Limited (company no. 11794396) |
Performance Doorset Solutions Limited ( company no. 04642499) |
PDS Manufacturing Limited (13922379) has provided a guarantee for the above subsidiaries for the year ended 31 March 2023 by virtue of s479C of the Companies Act 2006. |
PDS Manufacturing Limited guarantees all outstanding liabilities to which the subsidiary companies are subject to 30th June 2022, until they are satisfied in full. The guarantee is enforceable against PDS Manufacturing Limited by any person to whom the subsidiaries are liable in respect of those liabilities. |
20. | ULTIMATE CONTROLLING PARTY |
The directors are considered to be the ultimate controlling party. |