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Company registration number: 12876907







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


PMA GROUP LIMITED






































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PMA GROUP LIMITED
 


 
COMPANY INFORMATION


Director
Leonard McDonnell 




Registered number
12876907



Registered office
3000a Parkway
Whiteley

Fareham

PO15 7FX




Independent auditors
Morris Crocker Limited
Chartered Accountants & Statutory Auditor

Station House

50 North Street

Havant

Hampshire

PO9 1QU





 


PMA GROUP LIMITED
 



CONTENTS



Page
Group Strategic Report
1
Director's Report
2 - 3
Independent Auditors' Report
4 - 7
Consolidated Statement of Income and Retained Earnings
8
Consolidated Statement of Financial Position
9
Company Statement of Financial Position
10
Consolidated Statement of Cash Flows
11
Consolidated Analysis of Net Debt
12
Notes to the Financial Statements
13 - 23


 


PMA GROUP LIMITED
 


 
GROUP 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 Groups’ 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 % 27% 19%
Trade Debtor Days 22 28
Trade Creditor Days 38 38

 



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



Leonard McDonnell
Director

Date: 16 October 2023

Page 1

 


PMA GROUP LIMITED
 


 
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 Group Strategic Report, the Director's Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group 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 £2,935,541 (2022 - £2,942,352).



Director

The director who served during the year was:

Leonard McDonnell 

Future developments

Please refer to the strategic report.

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 and the Group'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 and the Group's auditors are aware of that information.

Post balance sheet events

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

Page 2

 


PMA GROUP LIMITED
 


 
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 GROUP LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PMA GROUP LIMITED

Opinion


We have audited the financial statements of PMA Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 January 2023, which comprise the Consolidated Statement of Income and Retained Earnings, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows 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 Group's and of the parent Company's affairs as at 31 January 2023 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or 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 director with respect to going concern are described in the relevant sections of this report.


Page 4

 


PMA GROUP LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PMA GROUP LIMITED (CONTINUED)

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.


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 Group 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 Group 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 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 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 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 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 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 director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 


PMA GROUP LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PMA GROUP LIMITED (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 Group financial statements.


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 Auditors' Report.


Page 6

 


PMA GROUP LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PMA GROUP LIMITED (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 GROUP LIMITED
 


 
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
Note
£
£

  

Turnover
 3 
16,235,263
21,159,348

Cost of sales
  
(11,841,628)
(17,038,079)

Gross profit
  
4,393,635
4,121,269

Administrative expenses
  
(762,893)
(482,534)

Operating profit
  
3,630,742
3,638,735

Interest receivable and similar income
  
9,993
807

Interest payable and similar expenses
  
(11,469)
(2,720)

Profit before tax
  
3,629,266
3,636,822

Tax on profit
 9 
(693,725)
(694,470)

Profit after tax
  
2,935,541
2,942,352

  

  

Retained earnings at the beginning of the year
  
3,384,484
1,024,132

  
3,384,484
1,024,132

Profit for the year attributable to the owners of the parent
  
2,935,541
2,942,352

Dividends declared and paid
  
(536,545)
(582,000)

Retained earnings at the end of the year
  
5,783,480
3,384,484

Non-controlling interest at the end of the year
  

The notes on pages 13 to 23 form part of these financial statements.

Page 8

 


PMA GROUP LIMITED
REGISTERED NUMBER:12876907



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 12 
2,092,026
2,743,847

Cash at bank and in hand
 13 
8,230,421
8,181,457

  
10,322,447
10,925,304

Creditors: amounts falling due within one year
 14 
(4,538,867)
(7,540,720)

Net current assets
  
 
 
5,783,580
 
 
3,384,584

Total assets less current liabilities
  
5,783,580
3,384,584

Provisions for liabilities
  

Net assets excluding pension asset
  
5,783,580
3,384,584

Net assets
  
5,783,580
3,384,584


Capital and reserves
  

Called up share capital 
 15 
100
100

Profit and loss account
 16 
5,783,480
3,384,484

Equity attributable to owners of the parent Company
  
5,783,580
3,384,584

  
5,783,580
3,384,584


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 13 to 23 form part of these financial statements.

Page 9

 


PMA GROUP LIMITED
REGISTERED NUMBER:12876907



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 11 
500
500

  
500
500

Current assets
  

Debtors: amounts falling due within one year
 12 
1,733,127
-

Cash at bank and in hand
 13 
2,358,083
2,920,473

  
4,091,210
2,920,473

Creditors: amounts falling due within one year
 14 
(284,844)
(722,687)

Net current assets
  
 
 
3,806,366
 
 
2,197,786

Total assets less current liabilities
  
3,806,866
2,198,286

  

  

Net assets excluding pension asset
  
3,806,866
2,198,286

Net assets
  
3,806,866
2,198,286


Capital and reserves
  

Called up share capital 
 15 
100
100

Profit and loss account brought forward
  
2,198,185
302,438

Profit for the year
  
2,145,126
2,477,748

Other changes in the profit and loss account

  

536,545
582,000

Profit and loss account carried forward
  
3,806,766
2,198,186

  
3,806,866
2,198,286


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 13 to 23 form part of these financial statements.

Page 10

 


PMA GROUP LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
2,935,541
2,942,352

Adjustments for:

Interest paid
11,469
2,720

Interest received
(9,993)
(807)

Taxation charge
693,725
694,470

Decrease/(increase) in debtors
540,621
(2,640,619)

Decrease in amounts owed by groups
-
269,745

(Decrease)/increase in creditors
(3,064,827)
5,384,445

Increase/(decrease)) in amounts owed to groups
-
(269,745)

Corporation tax (paid)
(519,551)
(189,152)

Net cash generated from operating activities

586,985
6,193,409


Cash flows from investing activities

Interest received
9,993
807

Net cash from investing activities

9,993
807

Cash flows from financing activities

Dividends paid
(536,545)
(582,000)

Interest paid
(11,469)
(2,720)

Net cash used in financing activities
(548,014)
(584,720)

Net increase in cash and cash equivalents
48,964
5,609,496

Cash and cash equivalents at beginning of year
8,181,457
2,571,961

Cash and cash equivalents at the end of year
8,230,421
8,181,457


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
8,230,421
8,181,457

8,230,421
8,181,457


The notes on pages 13 to 23 form part of these financial statements.

Page 11

 


PMA GROUP LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 JANUARY 2023




At 1 February 2022
Cash flows
At 31 January 2023
£

£

£

Cash at bank and in hand

8,181,457

48,964

8,230,421

Debt due within 1 year

(9,324)

(7,003)

(16,327)


8,172,133
41,961
8,214,094

The notes on pages 13 to 23 form part of these financial statements.

Page 12

 


PMA GROUP LIMITED
 


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

1.


General information

PMA Group Limited is a private company limited by shares, registered in England and Wales. The Company's
registered office and trading address is disclosed on the Company Information page.
The presentation currency in the financial statements is GBP rounded to the nearest £1

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 Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102. .

Page 13

 


PMA GROUP LIMITED
 


 
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 Group 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 Group has transferred the significant risks and rewards of ownership to the buyer;
the Group 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 Group 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 Group 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 Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.

Page 14

 


PMA GROUP LIMITED
 


 
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 and the Group operate and generate income.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.9

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.

 
2.10

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.11

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.

 
2.12

Financial instruments

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

The Group 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 Group's Statement of Financial Position when the Group becomes party to the contractual provisions of the instrument.

Page 15

 


PMA GROUP LIMITED
 


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

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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
Page 16

 


PMA GROUP LIMITED
 


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

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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.

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 Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.

 
2.13

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.

Page 17

 


PMA GROUP LIMITED
 


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

3.


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



4.


Auditors' remuneration

Auditor remuneration of £20,000 has been included in the accounts of PMA (Services) Limited.





5.


Employees

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


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
134,283
48,066
8,750
8,840

Social security costs
15,466
3,345
-
-

Cost of defined contribution scheme
1,819
813
-
-

151,568
52,224
8,750
8,840


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Employees
3
2
1
1

Page 18

 


PMA GROUP LIMITED
 


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

6.


Director's remuneration

2023
2022
£
£

Director's emoluments
8,750
8,840

8,750
8,840



7.


Interest receivable

2023
2022
£
£


Other interest receivable
9,993
807

9,993
807


8.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
4,186
-

Other interest payable
7,283
2,720

11,469
2,720


9.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
693,725
694,470


693,725
694,470


Total current tax
693,725
694,470

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
693,725
694,470
Page 19

 


PMA GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
 
9.Taxation (continued)


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
3,629,266
3,363,822


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
689,560
639,126

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,165
55,344

Total tax charge for the year
693,725
694,470


10.


Dividends

2023
2022
£
£


Dividends
536,545
582,000

536,545
582,000


11.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 February 2022
500



At 31 January 2023
500




Page 20

 


PMA GROUP LIMITED
 


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

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

PMA (Services) Limited
3000a Parkway Whiteley, Fareham, Hampshire, United Kingdom, PO15 7FX
Ordinary
100%
PMA (Land & Developments) Limited
3000a Parkway, Whiteley, Fareham, United Kingdom, PO15 7FX
Ordinary
100%
PMA (Accomodation) Limited
3000a Parkway, Whiteley, Fareham, United Kingdom, PO15 7FX
Ordinary
100%
PMA (Fabrication) Limited
3000a Parkway, Whiteley, Fareham, United Kingdom, PO15 7FX
Ordinary
100%
PMA (Health & Safety) Limited
3000a Parkway, Whiteley, Fareham, United Kingdom, PO15 7FX
Ordinary
100%

Page 21

 


PMA GROUP LIMITED
 


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

12.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
997,260
1,994,762
-
-

Amounts owed by group undertakings
-
-
1,733,127
-

Other debtors
1,094,766
747,490
-
-

Prepayments and accrued income
-
1,595
-
-

2,092,026
2,743,847
1,733,127
-



13.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
8,230,421
8,181,457
2,358,083
2,920,473

8,230,421
8,181,457
2,358,083
2,920,473



14.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
1,218,738
2,302,215
-
-

Amounts owed to group undertakings
-
-
400
267,093

Corporation tax
759,334
696,361
267,103
445,254

Other taxation and social security
22,893
45,355
-
-

Other creditors
508,170
10,657
15,841
8,840

Accruals and deferred income
2,029,732
4,486,132
1,500
1,500

4,538,867
7,540,720
284,844
722,687



15.


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 22

 


PMA GROUP LIMITED
 


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

16.


Reserves

Profit and loss account

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

 
Page 23