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Registered number: 08318163









PHD ACCESS LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

 
PHD ACCESS LTD
 
 
COMPANY INFORMATION


Directors
J T Dwyer 
D F Dwyer (appointed 28 July 2023)
S W Dwyer (appointed 28 July 2023)




Registered number
08318163



Registered office
54 Oxford Road
Denham

Uxbridge

Middlesex

UB9 4DN




Independent auditor
Hillier Hopkins LLP
Chartered Accountants & Statutory Auditor

Radius House

51 Clarendon Road

Watford

Herts

WD17 1HP





 
PHD ACCESS LTD
 

CONTENTS



Page
Group Strategic Report
 
1 - 3
Directors' Report
 
4 - 5
Independent Auditor's Report
 
6 - 9
Consolidated Statement of Comprehensive Income
 
10
Consolidated Balance Sheet
 
11 - 12
Company Balance Sheet
 
13
Consolidated Statement of Changes in Equity
 
14
Company Statement of Changes in Equity
 
15
Consolidated Statement of Cash Flows
 
16 - 17
Consolidated Analysis of Net Debt
 
18
Notes to the Financial Statements
 
19 - 39


 
PHD ACCESS LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

Introduction
 
The directors present their strategic report and financial statements for year ended 31st August 2023. This is only the second year of PHD Access Ltd presenting consolidated results for UK trading activities.
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 provision of both Scaffolding and Powered Access (Hoists and Mastclimbers) provides the complete access solution.

Business review
 
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 £2,199,352  vs a net current liability position of £501,528 the year prior, reflecting the health of the group, 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 on a consolidated basis reduced to £28,303,154 from £38,168,954 in 2022, however, profit before taxation met the boards expectations at £1,978,990 compared to £17,296,721 in 2022. However the 2022 figures include one off income of £16,035,481 as disclosed in Note 5 of the accounts. The directors exercising their fiscal duties have endeavoured to strengthen the balance sheet and this is represented by an increase in net assets to £17,826,766 from £16,481,303 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.
With the progress of our logistics hub well advanced, the board have pursued an expansion of our geographical base of operations, having secured contracts in Birmingham, Leeds and Newcastle. 
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
Page 1

 
PHD ACCESS LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023

beneficial relationships and projects.
During the period, the business has continued to strengthen the leadership team whilst implementing a proven digital management operating system.
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.

Principal risks and uncertainties
 
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. 
Page 2

 
PHD ACCESS LTD
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023


Financial key performance indicators
 
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.



J T Dwyer
Director

Date: 17 April 2024

Page 3

 
PHD ACCESS LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2023

The directors present their report and the financial statements for the year ended 31 August 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies 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 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,345,463 (2022 - £16,481,195).

During the year, no dividend was proposed (2022: £nil)  to the shareholders.

Directors

The directors who served during the year were:

J T Dwyer 
D F Dwyer (appointed 28 July 2023)
S W Dwyer (appointed 28 July 2023)

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditor is unaware, and

the director 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 auditor is aware of that information.

Page 4

 
PHD ACCESS LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023

Post balance sheet events

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

Auditor

The auditor, Hillier Hopkins LLPwill 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.
 





J T Dwyer
Director

Date: 17 April 2024

Page 5

 
PHD ACCESS LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHD ACCESS LTD
 

Opinion


We have audited the financial statements of PHD Access Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 Group's and of the parent Company's affairs as at 31 August 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 Auditor's 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's 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 directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
PHD ACCESS LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHD ACCESS LTD (CONTINUED)


Other information


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 ReportOur 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.


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 Directors' 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 Directors' 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 Directors' 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 directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 7

 
PHD ACCESS LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHD ACCESS LTD (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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 directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditor's 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 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 Group 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 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 and Group'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.
 
Page 8

 
PHD ACCESS LTD
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHD ACCESS LTD (CONTINUED)


We also obtained an understanding of the legal and regulatory frameworks that the Company and Group 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.


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 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.





Samuel Hodson BSc ACA (Senior Statutory Auditor)
  
for and on behalf of
Hillier Hopkins LLP
 
Chartered Accountants
Statutory Auditor
  
Radius House
51 Clarendon Road
Watford
Herts
WD17 1HP

17 April 2024
Page 9

 
PHD ACCESS LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023

2023
2022
Note
£
£

  

Turnover
 4 
28,303,154
38,168,954

Cost of sales
  
(16,755,318)
(26,616,584)

Gross profit
  
11,547,836
11,552,370

Administrative expenses
  
(8,817,117)
(9,644,360)

Other operating income
 5 
-
16,035,481

Operating profit
 6 
2,730,719
17,943,491

Interest payable and similar expenses
 10 
(751,729)
(646,770)

Profit before taxation
  
1,978,990
17,296,721

Tax on profit
  
(633,527)
(815,526)

Profit for the financial year
  
1,345,463
16,481,195

  

Total comprehensive income for the year
  
1,345,463
16,481,195

Profit for the year attributable to:
  

Owners of the parent Company
  
1,345,463
16,481,195

  
1,345,463
16,481,195

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,345,463
16,481,195

  
1,345,463
16,481,195

The notes on pages 19 to 39 form part of these financial statements.

Page 10

 
PHD ACCESS LTD
REGISTERED NUMBER: 08318163

CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
4,578
47,778

Tangible assets
 13 
23,861,059
25,732,031

  
23,865,637
25,779,809

Current assets
  

Stocks
 15 
64,814
252,759

Debtors: amounts falling due after more than one year
 16 
286,447
186,832

Debtors: amounts falling due within one year
 16 
9,745,633
9,580,637

Cash at bank and in hand
 17 
30,684
1,197,426

  
10,127,578
11,217,654

Creditors: amounts falling due within one year
 18 
(7,928,226)
(11,719,182)

Net current assets/(liabilities)
  
 
 
2,199,352
 
 
(501,528)

Total assets less current liabilities
  
26,064,989
25,278,281

Creditors: amounts falling due after more than one year
 19 
(3,327,050)
(4,519,332)

Provisions for liabilities
  

Deferred taxation
 22 
(4,911,173)
(4,277,646)

  
 
 
(4,911,173)
 
 
(4,277,646)

Net assets excluding pension asset
  
17,826,766
16,481,303

Net assets
  
17,826,766
16,481,303


Capital and reserves
  

Called up share capital 
 23 
108
108

Profit and loss account
 24 
17,826,658
16,481,195

Equity attributable to owners of the parent Company
  
17,826,766
16,481,303

  
17,826,766
16,481,303


Page 11

 
PHD ACCESS LTD
REGISTERED NUMBER: 08318163
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

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




J T Dwyer
Director

Date: 17 April 2024

The notes on pages 19 to 39 form part of these financial statements.

Page 12

 
PHD ACCESS LTD
REGISTERED NUMBER: 08318163

COMPANY BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 14 
9
9

  
9
9

Current assets
  

Cash at bank and in hand
 17 
99
99

  
99
99

Total assets less current liabilities
  
 
 
108
 
 
108

  

  

Net assets excluding pension asset
  
108
108

Net assets
  
108
108


Capital and reserves
  

Called up share capital 
 23 
108
108

  
108
108


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


J T Dwyer
Director

Date: 17 April 2024

The notes on pages 19 to 39 form part of these financial statements.

Page 13

 
PHD ACCESS LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 September 2021
3
-
3
3



Profit for the year

-
16,481,195
16,481,195
16,481,195

Shares issued during the year
105
-
105
105



At 1 September 2022
108
16,481,195
16,481,303
16,481,303



Profit for the year
-
1,345,463
1,345,463
1,345,463


At 31 August 2023
108
17,826,658
17,826,766
17,826,766


The notes on pages 19 to 39 form part of these financial statements.

Page 14

 
PHD ACCESS LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Total equity

£
£


At 1 September 2021
3
3
Total comprehensive income for the year
-
-

Shares issued during the year
105
105


Total transactions with owners
105
105



At 1 September 2022
108
108
Total comprehensive income for the year
-
-


At 31 August 2023
108
108


The notes on pages 19 to 39 form part of these financial statements.

Page 15

 
PHD ACCESS LTD
 

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

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,345,463
16,481,195

Adjustments for:

Amortisation of intangible assets
43,200
13,333

Depreciation of tangible assets
3,087,899
3,120,989

Loss on disposal of tangible assets
19,807
784,013

Interest paid
751,729
646,769

Taxation charge
633,527
815,526

Decrease/(increase) in stocks
187,945
(221,815)

(Increase) in debtors
(264,612)
(317,301)

(Decrease) in creditors
(2,925,139)
(1,280,450)

Negative goodwill
-
(16,035,481)

Net cash generated from operating activities

2,879,819
4,006,778


Cash flows from investing activities

Purchase of intangible fixed assets
-
(30,000)

Purchase of tangible fixed assets
(1,852,917)
(5,392,485)

Sale of tangible fixed assets
616,184
3,248,766

HP interest paid
(482,235)
(603,988)

Net cash from investing activities

(1,718,968)
(2,777,707)
Page 16

 
PHD ACCESS LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023


2023
2022

£
£



Cash flows from financing activities

Issue of ordinary shares
-
105

Repayment of loans
(53,703)
(207,864)

Repayment of/new finance leases
(2,480,531)
(714,157)

Interest paid
(269,494)
(42,781)

Net cash used in financing activities
(2,803,728)
(964,697)

Net (decrease)/increase in cash and cash equivalents
(1,642,877)
264,374

Cash and cash equivalents at beginning of year
1,197,426
933,052

Cash and cash equivalents at the end of year
(445,451)
1,197,426


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
30,684
1,197,426

Bank overdrafts
(476,135)
-

(445,451)
1,197,426


The notes on pages 19 to 39 form part of these financial statements.

Page 17

 
PHD ACCESS LTD
 

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




At 1 September 2022
Cash flows
At 31 August 2023
£

£

£

Cash at bank and in hand

1,197,426

(1,166,742)

30,684

Bank overdrafts

-

(476,135)

(476,135)

Debt due after 1 year

(293,117)

65,913

(227,204)

Debt due within 1 year

(703,324)

609,082

(94,242)

Finance leases

(6,976,978)

2,480,531

(4,496,447)


(6,775,993)
1,512,649
(5,263,344)

The notes on pages 19 to 39 form part of these financial statements.

Page 18

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

PHD Access Ltd 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

 
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 (see note 3).

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 Comprehensive Income 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 Balance Sheet, 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 Comprehensive Income 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, being 01 September 2021.

Page 19

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.3

Going concern

The financial statements have been prepared on the going concern basis which assumes the ability of the Group, 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 Group'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 Group 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 Group 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.

Page 20

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 21

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 22

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.8

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.

 
2.9

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.

 
2.10

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

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 Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 23

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.13

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

Page 24

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.14

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following bases.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
straight line
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Work shop equipment
-
50%
straight line
Other fixed assets
-
20%
straight line

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.

 
2.15

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.16

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.17

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 25

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.18

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.

 
2.19

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.

 
2.20

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.

 
2.21

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group 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.

 
2.22

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.

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
Page 26

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.22
Financial instruments (continued)

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


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires the directors to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the directors believe that the critical accounting policies where judgments or estimations are necessarily applied are summarised below.
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.


4.


Turnover

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


2023
2022
£
£

Provision of specialist temporary access and logistical solutions
28,153,900
37,948,409

Rent receivable
149,254
220,545

28,303,154
38,168,954


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
21,706,963
28,492,428

Rest of Europe
6,596,191
9,676,526

28,303,154
38,168,954


Page 27

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.


Other operating income

2023
2022
£
£

Negative goodwill arising on acquisition of subsidiaries
-
16,035,481

-
16,035,481



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
(13,877)
15,238

Other operating lease rentals
1,042
1,692


7.


Auditor's remuneration

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


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements
43,500
45,000

Page 28

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

8.


Employees

Staff costs, including directors' remuneration, were as follows:


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


Wages and salaries
7,015,034
8,746,137
-
-

Social security costs
778,300
992,402
-
-

Cost of defined contribution scheme
89,077
122,226
-
-

7,882,411
9,860,765
-
-


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


        2023
        2022
            No.
            No.







140
176


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
89,864
89,689

Group contributions to defined contribution pension schemes
4,570
381

94,434
90,070


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.


10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
66,313
27,932

Finance leases and hire purchase contracts
482,235
603,988

Other interest payable
203,181
14,850

751,729
646,770

Page 29

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

11.


Taxation


2023
2022
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
633,527
815,526

Total deferred tax
633,527
815,526


Tax on profit
633,527
815,526

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 21.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,978,990
17,296,722


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 21.5% (2022 - 19%)
425,483
3,286,377

Effects of:


Non-tax deductible amortisation of goodwill and impairment
9,288
-

Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
56,435
162,022

Capital allowances for year in excess of depreciation
169,291
79,930

Utilisation of tax losses
(374,724)
(397,961)

Other timing differences leading to an increase (decrease) in taxation
633,527
815,526

Non-taxable income
-
(3,046,741)

Other differences leading to an increase (decrease) in the tax charge
(285,773)
(83,627)

Total tax charge for the year
633,527
815,526


Factors that may affect future tax charges

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.

Page 30

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

12.


Intangible assets

Group and Company





Goodwill

£



Cost


At 1 September 2022
70,000



At 31 August 2023

70,000



Amortisation


At 1 September 2022
22,222


Charge for the year on owned assets
43,200



At 31 August 2023

65,422



Net book value



At 31 August 2023
4,578



At 31 August 2022
47,778



Page 31

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

13.


Tangible fixed assets

Group






Plant and machinery
Motor vehicles
Fixtures and fittings
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 1 September 2022
29,042,398
918,485
442,820
189,083
30,592,786


Additions
1,396,850
332,290
123,780
-
1,852,920


Disposals
(696,812)
(25,835)
-
-
(722,647)



At 31 August 2023

29,742,436
1,224,940
566,600
189,083
31,723,059



Depreciation


At 1 September 2022
3,875,426
515,785
300,974
168,570
4,860,755


Charge for the year on owned assets
2,790,857
89,246
55,654
16,936
2,952,693


Charge for the year on financed assets
54,015
81,193
-
-
135,208


Disposals
(70,274)
(16,382)
-
-
(86,656)



At 31 August 2023

6,650,024
669,842
356,628
185,506
7,862,000



Net book value



At 31 August 2023
23,092,412
555,098
209,972
3,577
23,861,059



At 31 August 2022
25,166,972
402,700
141,846
20,513
25,732,031


14.


Fixed asset investments

Page 32

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Company





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2022
9



At 31 August 2023
9





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

PHD Modular Access Services Limited
54 Oxford Road, Denham, Uxbridge, Middlesex, UB9 4DN
Ordinary
100%
PHD Hoists & Masts Limited
54 Oxford Road, Denham, Uxbridge, Middlesex, UB9 4DN
Ordinary
100%
Aiseandan Plant Limited
54 Oxford Road, Denham, Uxbridge, Middlesex, UB9 4DN
Ordinary
100%

The aggregate of the share capital and reserves as at 31 August 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

PHD Modular Access Services Limited
8,900,505
1,393,403

PHD Hoists & Masts Limited
1,691,792
(837,709)

Aiseandan Plant Limited
7,234,371
789,770

Page 33

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

15.


Stocks

Group
Group
2023
2022
£
£

Finished goods and goods for resale
64,814
252,759

64,814
252,759



16.


Debtors

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

Due after more than one year

Other debtors
286,447
186,832
-
-

286,447
186,832
-
-


Group

Group
As restated
2023
2022
£
£

Due within one year

Trade debtors
4,278,460
5,174,112

Other debtors
4,910,380
3,945,746

Prepayments and accrued income
556,793
460,779

9,745,633
9,580,637



17.


Cash and cash equivalents

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

Cash at bank and in hand
30,684
1,197,426
99
99

Less: bank overdrafts
(476,135)
-
-
-

(445,451)
1,197,426
99
99


Page 34

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

18.


Creditors: Amounts falling due within one year

Group

Group
As restated
2023
2022
£
£

Bank overdrafts
476,135
-

Bank loans
94,242
82,032

Trade creditors
1,900,614
3,422,623

Other taxation and social security
1,586,088
2,330,304

Obligations under finance lease and hire purchase contracts
2,658,522
3,286,009

Other creditors
655,954
1,939,737

Accruals and deferred income
556,671
658,477

7,928,226
11,719,182



The following liabilities were secured:
Group
Group
2023
2022
£
£

Bank loans
94,242
82,032

Obligations under finance lease and hire purchase contracts
2,658,522
3,286,009

2,752,764
3,368,041

Details of security provided:

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 Group's Lender over all the property or undertaking of the Group. As part of this charge, an unlimited, multilateral guarantee exists between the group and Aiseandan Limited and PHD Access Properties Limited in favour of the lender.

Page 35

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

19.


Creditors: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Bank loans
227,204
293,117

Net obligations under finance leases and hire purchase contracts
1,837,925
3,690,969

Other creditors
1,261,921
535,246

3,327,050
4,519,332



The following liabilities were secured:
Group
Group
2023
2022
£
£


Bank loans
227,204
293,117

Net obligations under finance leases and hire purchase contracts
1,837,925
3,690,969

2,065,129
3,984,086

Details of security provided:

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 Group's Lender over all the property or undertaking of the Group. As part of this charge, an unlimited, multilateral guarantee exists between the group and Aiseandan Limited and PHD Access Properties Limited in favour of the lender.



Page 36

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2023
2022
£
£

Amounts falling due within one year

Bank loans
94,242
82,032


94,242
82,032


Amounts falling due 2-5 years

Bank loans
227,204
293,117


227,204
293,117


321,446
375,149



21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
2,658,522
3,286,009

Between 1-5 years
1,837,925
3,690,969

4,496,447
6,976,978

Page 37

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

22.


Deferred taxation


Group



2023


£






At beginning of year
(4,277,646)


Charged to profit or loss
(633,527)



At end of year
(4,911,173)

Group
Group
2023
2022
£
£

Accelerated capital allowances
(5,423,959)
(5,673,769)

Tax losses carried forward
512,786
1,396,123

(4,911,173)
(4,277,646)


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



108 (2022 - 108) Ordinary shares shares of £1.00 each
108
108



24.


Reserves

Revaluation reserve

Represents the revaluation of the Groups assets

Profit and loss account

Profit and loss account reserve represents accumulated retained earnings.


25.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £89,078 (2022 - £122,826). At the balance sheet date, £16,724 (2022 - £30,827) was outstanding.

Page 38

 
PHD ACCESS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

26.


Commitments under operating leases

At 31 August 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2023
2022
£
£

Not later than 1 year
-
64,938

Later than 1 year and not later than 5 years
55,000
65,000

55,000
129,938

27.


Related party transactions

During the year, the Group entered into the following related party transactions:


2023
2022
£
£



Key management personnel remuneration
499,885
247,481

Year end balances owed to key management personnel
1,261,921
1,156,539

Other related parties


Sales to other related parties
8,786,011
5,413,124

Purchases from other related parties
612,782
3,667,823

Year end balances owed by other related parties
4,264,353
3,947,616

Year end balances owed to other related parties
377,938
65,155


28.


Controlling party

In the opinion of the directors, there is no ultimate controlling party.


29.


Comparative information

Comparative information has been reclassified where necessary to conform to current year presentation. The reclassifications were to correctly state related party debtors and creditors and had no impact on the net asset position or profit/(loss) for the previous period.

Page 39