Registered number:
FOR THE YEAR ENDED 31 AUGUST 2023
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PHD ACCESS LTD
COMPANY INFORMATION
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PHD ACCESS LTD
CONTENTS
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PHD ACCESS LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2023
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.
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
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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.
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 ACCESS LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 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.
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 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.
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 2006. They 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.
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.
The directors who served during the year were:
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PHD ACCESS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
There have been no significant events affecting the Group 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 ACCESS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHD ACCESS LTD
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 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 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.
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.
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PHD ACCESS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHD ACCESS LTD (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 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.
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.
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PHD ACCESS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHD ACCESS LTD (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 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.
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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.
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 ACCESS LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2023
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PHD ACCESS LTD
REGISTERED NUMBER: 08318163
CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2023
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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:
The notes on pages 19 to 39 form part of these financial statements.
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PHD ACCESS LTD
REGISTERED NUMBER: 08318163
COMPANY BALANCE SHEET
AS AT 31 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 19 to 39 form part of these financial statements.
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PHD ACCESS LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
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PHD ACCESS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023
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PHD ACCESS LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2023
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PHD ACCESS LTD
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
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PHD ACCESS LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2023
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PHD ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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
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:
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.
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PHD ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
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.
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PHD ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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PHD ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
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PHD ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
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. Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
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PHD ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 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.
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PHD ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
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:
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 ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
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.
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
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PHD ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
2.Accounting policies (continued)
equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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 ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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PHD ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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PHD ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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 ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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PHD ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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PHD ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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PHD ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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PHD ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 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 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.
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PHD ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 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 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.
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PHD ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
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PHD ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
Revaluation reserve
Profit and loss account
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.
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PHD ACCESS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
In the opinion of the directors, there is no ultimate controlling party.
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.
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