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Registration number: 12404953

Pioneer Utilities Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Pioneer Utilities Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Pioneer Utilities Limited

Company Information

Directors

Mr Thomas Seddon

Mr Martin Andrew Fenney

Registered office

Northstar
135-141 Oldham Street
Manchester
M4 1LN

Accountants

Williamson & Croft Audit Ltd
Chartered Accountants
York House
20 York Street
Manchester
M2 3BB

 

Pioneer Utilities Limited

(Registration number: 12404953)
Balance Sheet as at 30 June 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

2,368,367

638,669

Current assets

 

Debtors

5

422,340

631,425

Cash at bank and in hand

 

5,332

761

 

427,672

632,186

Creditors: Amounts falling due within one year

6

(2,674,055)

(2,381,507)

Net current liabilities

 

(2,246,383)

(1,749,321)

Total assets less current liabilities

 

121,984

(1,110,652)

Creditors: Amounts falling due after more than one year

6

(18,486)

(28,749)

Net assets/(liabilities)

 

103,498

(1,139,401)

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

103,497

(1,139,402)

Shareholders' funds/(deficit)

 

103,498

(1,139,401)

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Directors' Report has been taken.

 

Pioneer Utilities Limited

(Registration number: 12404953)
Balance Sheet as at 30 June 2023

Approved and authorised by the Board on 19 March 2024 and signed on its behalf by:
 

.........................................
Mr Martin Andrew Fenney
Director

 

Pioneer Utilities Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Northstar
135-141 Oldham Street
Manchester
M4 1LN
England

These financial statements were authorised for issue by the Board on 19 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company.

Summary of disclosure exemptions

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

 

Pioneer Utilities Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore they continue to adopt the going concern basis of accounting in the preparation of the financial statements.

Prior period adjustments

The 2022 comparatives have been amended to reverse the capitalisation of £1,292,256 of costs which were previously categorised as infrastructure works owned by the company, but which have been reclassified as costs of sale of the business as they relate to work completed on behalf of a third-party in the two years ended 30 June 2021 and 2022. Of this amount, £760,257 of costs related to the financial period ended 30 June 2021 and £531,999 related to that ended 30 June 2022.

The depreciation associated to these misclassified costs of £21,429 in 2021 and £31,233 in 2022 has also been reversed.

The net impact on the opening reserves as at 1 July 2022 is £1,239,594.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the
reporting date and that are expected to apply to the reversal of the timing difference.

 

Pioneer Utilities Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipments

Straight line 33.33 %

Plant & Machinery

Straight line 33.33 %

Infrastructure Works

Straight line 4 - 20%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Pioneer Utilities Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other
resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If
contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Pioneer Utilities Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 10).

4

Tangible assets

Infrastructure works
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022 (as restated)

639,178

33,450

672,628

Additions

1,812,411

-

1,812,411

At 30 June 2023

2,451,589

33,450

2,485,039

Depreciation

At 1 July 2022 (as restated)

13,518

20,441

33,959

Charge for the year

71,563

11,150

82,713

At 30 June 2023

85,081

31,591

116,672

Carrying amount

At 30 June 2023

2,366,508

1,859

2,368,367

At 30 June 2022 (as restated)

625,660

13,009

638,669

5

Debtors

Current

2023
£

2022
£

Trade debtors

69,874

621,497

Prepayments

-

8,077

Other debtors

352,466

1,851

 

422,340

631,425

 

Pioneer Utilities Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10,681

12,071

Trade creditors

 

2,569,019

2,078,094

Taxation and social security

 

94,053

265,671

Accruals and deferred income

 

302

10,273

Other creditors

 

-

15,398

 

2,674,055

2,381,507

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

18,486

28,749

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £76,137 (2022 - £4,983). This relates to non-cancellable operating leases.

The total amount of guarantees not included in the balance sheet is £45,351,584 (2022 - £20,751,584). This relates to a cross guarantee in respect of the parent company Telcom Group Ltd.

 

Pioneer Utilities Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

9

Related party transactions

The company has taken advantage of the exemption conferred by FRS 102 not to disclose transactions with wholly owned members of the group headed by Telcom Group Ltd.

10

Parent and ultimate parent undertaking

The company's immediate parent is Telcom Group Ltd, incorporated in England and Wales.