Registered number:
FOR THE YEAR ENDED 30 AUGUST 2023
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PHD MODULAR ACCESS SERVICES LIMITED
COMPANY INFORMATION
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PHD MODULAR ACCESS SERVICES LIMITED
CONTENTS
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PHD MODULAR ACCESS SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 AUGUST 2023
The directors present their strategic report and financial statements for year ended 30th August 2023.
The principal activities of the company continue to be the provision of specialist temporary access and logistical solutions in support of the construction, industrial, pharmaceutical and infrastructure sectors across the UK.
The wider construction market has continued to recover from previous shocks, including wage and material inflation as well as tightening market conditions owing to increased borrowing costs. Nonetheless the business has continued to secure a strong pipeline of future works, strengthened and deleveraged balance sheet. The management has continued to guide the company towards an improved liquidity position net current assets improved to £5,761,568 vs £3,155,369 the year prior, reflecting the health of the Company, in spite of difficult trading environment. The more adverse effects on trading were mitigated through a proactive engagement with our Clients. PHD have benefitted from a strong balance sheet and substantial plant in hand.
Turnover reduced to £22,930,581 from £29,670,332 in 2022, however, profit before taxation met the boards expectations at £1,546,239 compared to £1,629,089 in 2022. The directors exercising their fiscal duties have endeavoured to strengthen the balance sheet and this is represented by an increase in net assets to £8,900,505 from £7,507,102 from 2022 coupled with improving the debt-to-equity position. The directors are satisfied with the results but continue to focus our efforts on the future of the business and our people as we and the industry return to normal activity levels. The directors did not recommend a dividend in the period to sustain the strength of the balance sheet. PHD have continued to serve our heritage, industrial, defence, and commercial clients, repositioning our combined offering. The above trading results should be noted in the context of extra-ordinary non-recurring expenses incurred by the group. Extraordinary matters:- The Board instigated several wholesale changes within the financial year to derive long-term stability and future for the group of companies. The consolidation of group companies and premises is on track, with planning permission being secured for our operating storage facility, with a goal to begin delivering scaffold training centre from the premises acquired. The group has purchased a fleet of vehicles to operate PHD’s own vehicles deriving operational efficiency. Strategy The directors continue to focus on its core strategic priorities, namely: • Delivering our valued customers, exceptional, innovative and high temporary access and logistical solutions; • Continue to develop a learning culture within the business to develop employee potential and drive future business efficiencies; • Maintaining strong existing customer relationships and continuing to be selective in targeting new mutually beneficial relationships and projects. Given the uncertainty in the general economic climate driven by geopolitical events, the business has continued to focus on developing its current relationships with the UK and Europe’s top Developers and Contractors. We also worked collaboratively with our key suppliers and supply chain to minimise any effect of the current climate. The company has proactively sought to actively expand operations in the UK infrastructure sector whilst continuing to expand upon current long-term overseas projects in Spain, Germany, Denmark and Ireland.
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PHD MODULAR ACCESS SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
Throughout the period the UK construction sector output has seen wider declines. We will continue to be selective with the preferred customers we work with and vigilant in understanding their underlying financial performance to mitigate any potential exposure.
Price risk The company actively works to forge and maintain long term collaborative relationships with its supply chain, bringing the benefits of price stability. All expenditure is controlled by robust authorisation processes whilst ensuring best value procurement of goods and services. PHD seeks to reduce the contract price risk to clients by offering value for money services and alternatives, this is achieved through our in-house BIM level-2 accredited design and engineering team. Credit risk The company has implemented polices that require extensive credit checks on existing and potential customers. This credit check is intermittently revisited at contract instigation and regular intervals to ensure we have a complete picture of the operating environment as it evolves. Financial risk management Exposure to credit, interest and liquidity risks arise in the normal course of the company’s business. The policies set by the board to mitigate these types of risks are implemented by the Finance department. The company manages internal treasury policies within the group. Liquidity risk The future cash requirements of the company are stringently monitored, ensuring adequate resources are available to deliver both operational strategy as well as planned growth, utilising an optimum mix of long and short term debt finance to support this. Aligned with group policy of deleveraging the balance sheet to mitigate interest rate risk. Interest rate risk The board monitor key policy signals from the MPC, the majority of the group debt is in fixed interest instalments from historic HP. Measures have been taken to reduce debt on the balance sheet and ergo reduce the interest rate exposure and cost. Commercial Risk Maintaining margins is paramount to the ongoing success of the business and robust commercial processes ensures that the full value of all works undertaken is recovered. Estimating processes and senior review ensure that all work quoted delivers a minimum level of return before proceeding.
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PHD MODULAR ACCESS SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
Given the nature of the business, the directors are of the opinion the use of non-financial KPI’s are not necessary to gain an understanding of the company’s performance. Management monitor the following:
• Revenue • Gross profit percentage • Net Profit Percentage These are shown within the financial statements. Environmental and Safety The Organisation continues to hold Health, Safety, Environmental, Quality and Wellbeing in the highest regard. We have received no HSE or Environmental Agency Improvement Notices, prosecutions, or Fee for interventions. Our Management Systems are accredited by UKAS ISOQAR for IS0 9001, 14001 & 45001 and are subject to annual surveillance audits and closely monitored by our in-house team of H&S Professionals. Our HSE Issued Ancillary Asbestos License has allowed us to further develop our relationships with Licensed Asbestos Removal contractors and demonstrate our commitment to Health and Safety awareness and control. The wellbeing of our workforce has been a key focus for the Senior Management of the organization with a key link identified between the wellbeing and safety performance of individuals. As such, we have invested in various initiatives including wellbeing days, wellbeing talks and an increase in wellbeing and mental health training and support. Looking ahead We continue with our plans to promote organic growth both nationally and internationally. This is enhanced by our participation in medium- and long-term infrastructure projects working with our existing valued customers and forming new quality relationships. We plan to continue with our recruitment programme at leadership and management level aimed at capturing highly qualified and experienced individuals, enhancing our teams to effectively service our growth plans and introduce further innovations. The business also looks to continuously improve our training and development programmes.
This report was approved by the board and signed on its behalf.
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PHD MODULAR ACCESS SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 AUGUST 2023
The directors present their report and the financial statements for the year ended 30 August 2023.
The directors are responsible for preparing the Strategic report, the Directors' report 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 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 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are 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 directors are 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £1,393,403 (2022 - £1,476,213).
During the year no dividends (2022 - £nil) were paid to the shareholders as recommended by the directors.
The directors who served during the year were:
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PHD MODULAR ACCESS SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
Primarily, we plan to continue with our recruitment programme at leadership and management level aimed at capturing highly qualified and experienced individuals, enhancing our teams to effectively service our growth plans and introduce further innovations. The business also looks to continuously improve our training and development programmes.
The national strategy is to promote planned growth and raise our participation in medium and long-term infrastructure projects working with our existing valued customers and forming new quality relationships. This is coupled with controlled growth in Europe, building on our maturing delivery and operational capability in Denmark and Ireland.
There have been no significant events affecting the Company since the year end.
The auditor, Hillier Hopkins LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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PHD MODULAR ACCESS SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHD MODULAR ACCESS SERVICES LIMITED
We have audited the financial statements of PHD Modular Access Services Limited (the 'Company') for the year ended 30 August 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, 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).
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 Auditor's 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 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.
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 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.
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PHD MODULAR ACCESS SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHD MODULAR ACCESS SERVICES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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PHD MODULAR ACCESS SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHD MODULAR ACCESS SERVICES LIMITED (CONTINUED)
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 Auditor's 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 specific procedures undertaken and the extent to which they are capable of detecting irregularities, including fraud is detailed below:
∙the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;
∙the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the 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;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
∙the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of 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 common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
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PHD MODULAR ACCESS SERVICES LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHD MODULAR ACCESS SERVICES LIMITED (CONTINUED)
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. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditor's 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 an Auditor's 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Radius House
51 Clarendon Road
Herts
WD17 1HP
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PHD MODULAR ACCESS SERVICES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 AUGUST 2023
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PHD MODULAR ACCESS SERVICES LIMITED
REGISTERED NUMBER: 02690003
BALANCE SHEET
AS AT 30 AUGUST 2023
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PHD MODULAR ACCESS SERVICES LIMITED
REGISTERED NUMBER: 02690003
BALANCE SHEET (CONTINUED)
AS AT 30 AUGUST 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 34 form part of these financial statements.
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PHD MODULAR ACCESS SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 AUGUST 2023
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PHD MODULAR ACCESS SERVICES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 AUGUST 2023
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PHD MODULAR ACCESS SERVICES LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023
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PHD MODULAR ACCESS SERVICES LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 AUGUST 2023
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PHD MODULAR ACCESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
PHD Modular Access Services Limited is a limited liability company incorporated in England and Wales, with its registered office and trading address at 54 Oxford Road, Denham, Uxbridge, Middlesex, England, UB9 4DN.
2.Accounting policies
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:
The financial statements have been prepared on the going concern basis which assumes the ability of the Company, to continue its activities for the foreseeable future, being a period of not less than twelve months from the date of approval of these financial statements.
As part of the Company's going concern assessment, the Directors have considered the year end balance sheet position, trading results since the year end and forecasted results and cashflows for future periods. The Directors believe that the Company will generate sufficient cash flows from existing and pipeline business in addition to its existing financing arrangements, including its overdraft facility, to meet its obligations as they fall due for the foreseeable future, being a period of not less than twelve months from the date of approval of these financial statements. The Group, has continued to perform well post year end, with the Directors being of the belief that the Group are on target to exceed the financial performance as shown in these financial statements for the year ended 31 August 2024. In the event that additional funding was required to meet working capital needs, the Director’s have confirmed that they have the ability and intention to support the Company to ensure that they continue to be a going concern for a period of no less than twelve months from the date of approval of these financial statements. As such the Directors deem it appropriate for these financial statements to be presented on a going concern basis.
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PHD MODULAR ACCESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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PHD MODULAR ACCESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
2.Accounting policies (continued)
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PHD MODULAR ACCESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
2.Accounting policies (continued)
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PHD MODULAR ACCESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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PHD MODULAR ACCESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
2.Accounting policies (continued)
In the 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 Company's cash management. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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PHD MODULAR ACCESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
Work in progress To determine provision of work in progress, the directors perform an assessment of the services in accordance with the stage of completion of the contract at the end of the reporting period which can be measured reliably. Trade debtors The recoverability of trade debtors has been assessed as at the year end and up until the date of signing these financial statements. Management have based the decision to provide for any amounts based on their judgment of all the available information, and their experience of the specific nature of trade debtor in question.
Analysis of turnover by country of destination:
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PHD MODULAR ACCESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
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PHD MODULAR ACCESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
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PHD MODULAR ACCESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
10.Taxation (continued)
The Finance Bill 2021 had its third reading on 24 May 2021 and was then considered to be substantively enacted; the Finance Act 2021 receiving Royal Assent on 10 June 2021. This included 25% as the main rate of corporation tax relevant for periods on or after 1 April 2023 to be reflected in gains on any asset sales or timing differences expected to reverse after that date.
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PHD MODULAR ACCESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
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PHD MODULAR ACCESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
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PHD MODULAR ACCESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
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PHD MODULAR ACCESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
Net obligations under finance lease and hire purchase contracts are secured on the assets concerned.
On 6 July 2021, a fixed and floating charge was issued to the Company's Lender over all the property or undertaking of the Company. As part of this charge, an unlimited, multilateral guarantee exists between the Company and PHD Hoists & Masts Limited, Aiseandan Plant Limited, Aiseandan Limited and PHD Access Properties Limited in favour of the Lender.
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PHD MODULAR ACCESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
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PHD MODULAR ACCESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
Capital redemption reserve
Profit & loss account
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PHD MODULAR ACCESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £86,551 (2022 - £117,399). At the balance sheet date, £16,205 (2022 - £29,851) was outstanding.
The immediate parent company is PHD Access Ltd.
The smallest and the largest group in which the Company is consolidated is that headed by PHD Access Ltd, a Company incorporated and registered in England and Wales. The consolidated financial statements of this company are available to the public and may be obtained from Companies House. In the opinion of the Directors, there is no ultimate controlling party.
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PHD MODULAR ACCESS SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
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