Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-31truetruetrueNo description of principal activity2true2022-02-01false3false 11372302 2022-02-01 2023-01-31 11372302 2021-02-01 2022-01-31 11372302 2023-01-31 11372302 2022-01-31 11372302 2021-02-01 11372302 c:Director1 2022-02-01 2023-01-31 11372302 c:RegisteredOffice 2022-02-01 2023-01-31 11372302 d:CurrentFinancialInstruments 2023-01-31 11372302 d:CurrentFinancialInstruments 2022-01-31 11372302 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 11372302 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 11372302 d:ReportableOperatingSegment1 2022-02-01 2023-01-31 11372302 d:ReportableOperatingSegment1 2021-02-01 2022-01-31 11372302 e:UnitedKingdom 2022-02-01 2023-01-31 11372302 e:UnitedKingdom 2021-02-01 2022-01-31 11372302 d:UKTax 2022-02-01 2023-01-31 11372302 d:UKTax 2021-02-01 2022-01-31 11372302 d:ShareCapital 2022-02-01 2023-01-31 11372302 d:ShareCapital 2023-01-31 11372302 d:ShareCapital 2021-02-01 2022-01-31 11372302 d:ShareCapital 2022-01-31 11372302 d:ShareCapital 2021-02-01 11372302 d:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 11372302 d:RetainedEarningsAccumulatedLosses 2023-01-31 11372302 d:RetainedEarningsAccumulatedLosses 2021-02-01 2022-01-31 11372302 d:RetainedEarningsAccumulatedLosses 2022-01-31 11372302 d:RetainedEarningsAccumulatedLosses 2021-02-01 11372302 c:OrdinaryShareClass1 2022-02-01 2023-01-31 11372302 c:OrdinaryShareClass1 2023-01-31 11372302 c:OrdinaryShareClass1 2022-01-31 11372302 c:FRS102 2022-02-01 2023-01-31 11372302 c:Audited 2022-02-01 2023-01-31 11372302 c:FullAccounts 2022-02-01 2023-01-31 11372302 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 11372302 2 2022-02-01 2023-01-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 11372302







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2023


PMA (SERVICES) LTD






































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PMA (SERVICES) LTD
 


 
COMPANY INFORMATION


Director
Leonard McDonnell 




Registered number
11372302



Registered office
3000a Parkway
Whiteley

Fareham

Hampshire

PO15 7FX




Trading Address
Abbey House
Wellington Way

Brooklands Business Park

Weybridge

Surrey

KT13 0TT






Independent auditors
Morris Crocker Limited
Chartered Accountants & Statutory Auditor

Station House

50 North Street

Havant

Hampshire

PO9 1QU





 


PMA (SERVICES) LTD
 



CONTENTS



Page
Strategic report
1
Director's report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 19


 


PMA (SERVICES) LTD
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

 


Business review
 
The principal activity of the company during the year continued to be that of construction services and the supply of modular buildings.
During the year the business experienced a reduction in turnover, predominately due to the change in the mix of services supplied.  The company experienced an overall increase in gross profit, but the margin achieved on each service line remained consistent with previous years, which is pleasing considering the fluctuations seen in the costs of purchasing materials and labour costs.

Principal risks and uncertainties
 
In terms of financial risk, there are few material elements.  The group must always consider and review its credit terms with customers and suppliers to ensure that the working capital cycle is not overly stretched.
The major risk comes from competition.  The director’s view is that PMA Services’ name is well established and respected in the market and therefore able to withstand an element of competition threat.

Financial key performance indicators
 
The director considers gross profit as a percentage of turnover to be the main key performance indicator when analysing business performance.  
                      2023    2022
  
Gross Profit % 14% 8%
Trade Debtor Days 22 34
Trade Creditor Days 37 43
 

 



This report was approved by the board and signed on its behalf.





Leonard McDonnell
Director

Date: 16 October 2023
Page 1

 


PMA (SERVICES) LTD
 


 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

The director presents his report and the financial statements for the year ended 31 January 2023.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,323,997 (2022 - £949,586).



Director

The director who served during the year was:

Leonard McDonnell 

Future developments

The director will continue to focus on the growth of the business, whilst ensuring they maintain a high quality of work

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 2

 


PMA (SERVICES) LTD
 


 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023

Auditors

Under section 487(2) of the Companies Act 2006Morris Crocker Limited will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





Leonard McDonnell
Director

Date: 16 October 2023

Page 3

 


PMA (SERVICES) LTD
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PMA (SERVICES) LTD

Opinion


We have audited the financial statements of PMA (Services) Ltd (the 'Company') for the year ended 31 January 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 January 2023 and of its profit for the year 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 company 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 director's 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 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 director 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 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. 


We have nothing to report in this regard.


Page 4

 


PMA (SERVICES) LTD


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PMA (SERVICES) LTD (CONTINUED)

Opinion 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 Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's 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 Director's responsibilities statement set out on page 2, the director is 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 director determines is 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 director is responsible for assessing the 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 


PMA (SERVICES) LTD


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PMA (SERVICES) LTD (CONTINUED)

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 an Auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
From discussion with management and those charged with governance information about the entity is documented to assess the activity within the organisation. We discuss management's assessment of risk in respect of irregularities, fraud and going concern.
Based on these discussions and our own assessments we determined that the key risk areas were income recognition in respect of cut off issues, management override concerning the size of the organisation and payroll procedures.
We set financial statement materiality level based on the level of profit. As a trading company, profit is its primary focus which is why profit was used to determine the level of materiality. Our overall assessment of risk was used to determine performance materiality at an appropriate level.
Substantive audit tests were designed after assessing and testing systems and controls. The systems and controls which have been designed to act as a preventative measure against fraud and error were operating as documented. Substantive testing tested a sample of the population, representative of the population, to identify errors. The testing did not identify any material misstatements in areas tested.
Audit substantive tests concluded no material errors over the key risk areas of income recognition and management override.
The audit considers the organisation is not exposed to material risk of error as a result of assessing laws and regulations that are appropriate to the organisation.
Management assessed there is no going concern risk. The audit undertook a review of appropriate information and came to the same conclusion as management.
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.  


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 Auditors' report.


Page 6

 


PMA (SERVICES) LTD


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PMA (SERVICES) LTD (CONTINUED)

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 2006Our 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 an Auditors' report 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.





Paul Underwood (Senior statutory auditor)
  
for and on behalf of
Morris Crocker Limited
 
Chartered Accountants
Statutory Auditor
  
Station House
50 North Street
Havant
Hampshire
PO9 1QU

18 October 2023
Page 7

 


PMA (SERVICES) LTD
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
Note
£
£

  

Turnover
 4 
16,235,263
21,159,348

Cost of sales
  
(13,908,383)
(19,513,579)

Gross profit
  
2,326,880
1,645,769

Administrative expenses
  
(691,134)
(467,928)

Operating profit
  
1,635,746
1,177,841

Interest receivable and similar income
 8 
9,993
807

Interest payable and similar expenses
 9 
(7,067)
(2,720)

Profit before tax
  
1,638,672
1,175,928

Tax on profit
 10 
(314,675)
(226,342)

Profit for the financial year
  
1,323,997
949,586

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 11 to 19 form part of these financial statements.

Page 8

 


PMA (SERVICES) LTD
REGISTERED NUMBER:11372302



STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 12 
4,465,000
3,011,376

Cash at bank and in hand
  
3,387,013
2,749,367

  
7,852,013
5,760,743

Creditors: amounts falling due within one year
 13 
(5,980,804)
(4,676,986)

Net current assets
  
 
 
1,871,209
 
 
1,083,757

Total assets less current liabilities
  
1,871,209
1,083,757

  

Net assets
  
1,871,209
1,083,757


Capital and reserves
  

Called up share capital 
 14 
100
100

Profit and loss account
 15 
1,871,109
1,083,657

  
1,871,209
1,083,757


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Leonard McDonnell
Director

Date: 16 October 2023

The notes on pages 11 to 19 form part of these financial statements.

Page 9


 
PMA (SERVICES) LTD

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023



Called up share capital
Profit and loss account
Total equity


£
£
£



At 1 February 2021
100
716,071
716,171



Comprehensive income for the year


Profit for the year
-
949,586
949,586

Total comprehensive income for the year
-
949,586
949,586



Contributions by and distributions to owners


Dividends: Equity capital
-
(582,000)
(582,000)



Total transactions with owners
-
(582,000)
(582,000)





At 1 February 2022
100
1,083,657
1,083,757



Comprehensive income for the year


Profit for the year
-
1,323,997
1,323,997

Total comprehensive income for the year
-
1,323,997
1,323,997



Contributions by and distributions to owners


Dividends: Equity capital
-
(536,545)
(536,545)



Total transactions with owners
-
(536,545)
(536,545)



At 31 January 2023
100
1,871,109
1,871,209



The notes on pages 11 to 19 form part of these financial statements.

Page 10

 


PMA (SERVICES) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

PMA (Services) Limited is a private company limited by shares, registered in England and Wales. The address of its
registered office is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of PMA Group Limited as at 31 January 2023 and these financial statements may be obtained from 3000a Parkway, Whiteley, Fareham, United Kingdom, PO15 7FX.

Page 11

 


PMA (SERVICES) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.3

Revenue

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 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

 


PMA (SERVICES) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are 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.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Page 13

 


PMA (SERVICES) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Page 14

 


PMA (SERVICES) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions
that affect the amounts reported. These estimates and judgements are continually reviewed and are based on
experience and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Services
16,235,263
21,159,348

16,235,263
21,159,348


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
16,235,263
21,159,348

16,235,263
21,159,348


Page 15

 


PMA (SERVICES) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
20,000
-


6.


Employees

Staff costs, including director's remuneration, were as follows:


2023
2022
£
£

Wages and salaries
68,562
39,226

Social security costs
11,320
3,345

Cost of defined contribution scheme
1,693
813

81,575
43,384


The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
3
2


7.


Director's remuneration

2023
2022
£
£

Director's emoluments
-
156

-
156



8.


Interest receivable

2023
2022
£
£


Other interest receivable
9,993
807

9,993
807

Page 16

 


PMA (SERVICES) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

9.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
7,067
2,720

7,067
2,720


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
314,675
226,342


314,675
226,342


Total current tax
314,675
226,342

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
314,675
226,342

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 19% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
1,638,672
1,175,928


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
311,348
223,426

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
3,327
2,916

Total tax charge for the year
314,675
226,342

Page 17

 


PMA (SERVICES) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

11.


Dividends

2023
2022
£
£


Dividends
536,545
582,000

536,545
582,000


12.


Debtors

2023
2022
£
£


Trade debtors
997,260
1,994,762

Amounts owed by group undertakings
2,414,308
282,669

Other debtors
1,053,432
732,350

Prepayments and accrued income
-
1,595

4,465,000
3,011,376



13.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,218,738
2,301,015

Amounts owed to group undertakings
1,733,127
123,824

Corporation tax
491,484
226,342

Other taxation and social security
22,893
45,355

Other creditors
492,330
1,818

Accruals and deferred income
2,022,232
1,978,632

5,980,804
4,676,986



14.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100

Each ordinary share has equal voting and dividend rights.


Page 18

 


PMA (SERVICES) LTD
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

15.


Reserves

Profit and loss account

The profit and loss account represents accumulated profits and losses made by the Company. 


16.


Related party transactions

Under the provisions of Section 33 of Financial Reporting Standard 102, the company is exempt from disclosing transactions with fellow Group Copmanies.


17.


Controlling party

The company is wholly owned subsidiary of PMA Group Limited whose registered office is 3000a, Parkway, Whiteley, Hampshire, PO15 7FX.
The smallest and largest company which prepares consolidated accounts in which these figures are included is PMA Group Limited. The consolidated accounts can be found online at Companies House.
 
Page 19