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Registered number: 09689818









PHD HOISTS & MASTS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
PHD HOISTS & MASTS LIMITED
REGISTERED NUMBER: 09689818

BALANCE SHEET
AS AT 31 AUGUST 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
6,495,518
7,212,994

  
6,495,518
7,212,994

Current assets
  

Debtors: amounts falling due within one year
 5 
1,128,882
867,833

Cash at bank and in hand
 6 
13,051
23,317

  
1,141,933
891,150

Creditors: amounts falling due within one year
 7 
(3,942,476)
(2,768,109)

Net current liabilities
  
 
 
(2,800,543)
 
 
(1,876,959)

Total assets less current liabilities
  
3,694,975
5,336,035

Creditors: amounts falling due after more than one year
 8 
(993,228)
(2,027,239)

Provisions for liabilities
  

Deferred tax
  
(1,009,955)
(779,296)

  
 
 
(1,009,955)
 
 
(779,296)

Net assets
  
1,691,792
2,529,500


Capital and reserves
  

Called up share capital 
 10 
102
102

Revaluation reserve
 11 
600,191
600,191

Profit and loss account
 11 
1,091,499
1,929,207

  
1,691,792
2,529,500


Page 1

 
PHD HOISTS & MASTS LIMITED
REGISTERED NUMBER: 09689818
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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




J Dwyer
Director

Date: 17 April 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
PHD HOISTS & MASTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

PHD Hoists & Masts Limited is a limited liability company incorporated in England and Wales, with its registered office 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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of PHD Access Limited as at 31 August 2023 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The financial statements have been prepared on the going concern basis which assumes the ability of the Company, to continue its activities for the foreseeable future, being a period of not less than twelve months from the date of approval of these financial statements.
As part of the Company's going concern assessment, the Directors have considered the year end balance sheet position, which shows a net current liability position of £2,800,543, trading results since the year end and forecasted results and cashflows for future periods. The Directors believe that the Company will generate sufficient cash flows from existing and pipeline business in addition to its existing financing arrangements, including its overdraft facility, to meet its obligations as they fall due for the foreseeable future, being a period of not less than twelve months from the date of approval of these financial statements.
The Group, has continued to perform well post year end, with the Directors being of the belief that the  Group are on target to exceed the financial performance as shown in these financial statements for the year ended 31 August 2024.
In the event that additional funding was required to meet working capital needs, the Director’s have confirmed that they have the ability and intention to support the Company to ensure that they continue to be a going concern for a period of no less than twelve months from the date of approval of these financial statements.
As such the Directors deem it appropriate for these financial statements to be presented on a going concern basis.

Page 3

 
PHD HOISTS & MASTS LIMITED
 
 
 
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 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'.

Page 4

 
PHD HOISTS & MASTS LIMITED
 
 
 
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 Company 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 Company has transferred the significant risks and rewards of ownership to the buyer;
the Company 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 Company 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 Company 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

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.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Company in independently administered funds.

Page 5

 
PHD HOISTS & MASTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.8

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 operates and generates 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; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

 
2.9

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 straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
Motor vehicles
-
25%
Workshop equipment
-
50%

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.

Page 6

 
PHD HOISTS & MASTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

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.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company 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 Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 6).

Page 7

 
PHD HOISTS & MASTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 September 2022
8,191,510
100,763
70,392
8,362,665


Additions
212,964
-
1,254
214,218


Disposals
(83,235)
-
-
(83,235)



At 31 August 2023

8,321,239
100,763
71,646
8,493,648



Depreciation


At 1 September 2022
1,014,040
70,081
65,550
1,149,671


Charge for the year on owned assets
848,210
10,054
4,456
862,720


Disposals
(14,261)
-
-
(14,261)



At 31 August 2023

1,847,989
80,135
70,006
1,998,130



Net book value



At 31 August 2023
6,473,250
20,628
1,640
6,495,518



At 31 August 2022
7,177,470
30,682
4,842
7,212,994


5.


Debtors

As restated
2023
2022
£
£


Trade debtors
913,050
631,784

Other debtors
36,161
152,621

Prepayments and accrued income
179,671
83,428

1,128,882
867,833


Page 8

 
PHD HOISTS & MASTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
13,051
23,317

13,051
23,317



7.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Trade creditors
242,422
369,878

Amounts owed to group undertakings
2,146,685
723,358

Other taxation and social security
48,551
29,637

Obligations under finance lease and hire purchase contracts
1,138,978
1,353,009

Other creditors
322,193
114,170

Accruals and deferred income
43,647
178,057

3,942,476
2,768,109


Net obligations under finance lease and hire purchase contracts are secured on the assets concerned.
On 6 July 2021, a fixed and floating charge was issued to the Company's Lender over all the property or undertaking of the Company. As part of this charge, an unlimited, multilateral guarantee exists between the Company and PHD Modular Access Limited, Aiseandan Plant Limited, Aiseandan Limited and PHD Access Properties Limited in favour of the Lender.


8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
893,820
2,027,239

Other creditors
99,408
-

993,228
2,027,239


Page 9

 
PHD HOISTS & MASTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
1,138,978
1,353,009

Between 1-5 years
893,820
2,027,239

2,032,798
3,380,248


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



102 (2022 - 102) Ordinary shares of £1.00 each
102
102



11.


Reserves

Revaluation reserve

Revaluation reserve represents the revaluation of the Group's assets. 

Profit and loss account

Profit and loss account represents accumulated retained earnings.


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of Hoist & Masts Ltd in an independtly adminstered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £2,526 (2022: £5,427). At the balance sheet date £519 (2022: £976) was outstanding. 


13.


Related party transactions

The company has taken advantage of the exemption in Financial Reporting Standard 102 from the requirement to disclose transactions with group companies on the grounds that the consolidated financial statements are prepared by the ultimate controlling party.
At the balance sheet date, included in other creditors due in more than one year is a balance of £99,408 (2022: £13,864) due to directors of the company.

Page 10

 
PHD HOISTS & MASTS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

14.


Controlling party

The immediate parent company is PHD Access Ltd.
The smallest and the largest group in which the Company is consolidated is that headed by PHD Access Ltd, a Company incorporated and registered in England and Wales. The consolidated financial statements of this company are available to the public and may be obtained from Companies House.
In the opinion of the Directors, there is no ultimate controlling party.


15.


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.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 August 2023 was unqualified.

The audit report was signed on 17 April 2024 by Samuel Hodson BSc ACA (Senior Statutory Auditor) on behalf of Hillier Hopkins LLP.

 
Page 11