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Registration number: 11758611

PPD Services Ltd

Annual Report and Unaudited Financial Statements

for the Period from 1 January 2022 to 30 June 2023

 

PPD Services Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

PPD Services Ltd

(Registration number: 11758611)
Balance Sheet as at 30 June 2023

Note

2023

2021

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

10,378

 

4,448

Current assets

   

 

Debtors

5

534,694

 

598,029

 

Cash at bank and in hand

 

6,563

 

761,824

 

 

541,257

 

1,359,853

 

Creditors: Amounts falling due within one year

6

(489,131)

 

(1,099,425)

 

Net current assets

   

52,126

 

260,428

Total assets less current liabilities

   

62,504

 

264,876

Provisions for liabilities

 

(3,000)

 

(1,000)

Net assets

   

59,504

 

263,876

Capital and reserves

   

 

Called up share capital

7

4

 

4

 

Profit and loss account

59,500

 

263,872

 

Total equity

   

59,504

 

263,876

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

Director's responsibilities:

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

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 January 2024
 

.........................................
C D Procter
Director

 

PPD Services Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 30 June 2023

1

General information

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

The address of its registered office is:
2 Airport West
Lancaster Way
Yeadon
Leeds
West Yorkshire
LS19 7ZA

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

Basis of preparation

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

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemptions available under FRS 102, Section 33 Related party disclosures and UK Statutory Instruments, 1 Sch.72 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Revenue recognition

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

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

 

PPD Services Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 30 June 2023

Tax

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

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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

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

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

Tangible assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Share capital

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

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

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

 

PPD Services Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 30 June 2023

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period was 1 (2021 - 2).

 

PPD Services Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2022

5,931

-

5,931

Additions

156

12,000

12,156

At 30 June 2023

6,087

12,000

18,087

Depreciation

At 1 January 2022

1,483

-

1,483

Charge for the period

1,726

4,500

6,226

At 30 June 2023

3,209

4,500

7,709

Carrying amount

At 30 June 2023

2,878

7,500

10,378

At 31 December 2021

4,448

-

4,448

5

Debtors

Current

Note

2023
£

2021
£

Trade debtors

 

530,118

133,669

Amounts owed by group undertakings

 

-

106,154

Prepayments

 

1,908

31,537

Other debtors

 

2,668

54,027

Amounts recoverable on contracts

 

-

41,175

Directors loan account

8

-

231,467

   

534,694

598,029

6

Creditors

2023
£

2021
£

Due within one year

Trade creditors

128,290

98,396

Amounts owed to group undertakings

202,184

-

Taxation and social security

154,200

71,322

Accruals and deferred income

4,200

929,193

Other creditors

257

514

489,131

1,099,425

 

PPD Services Ltd

Notes to the Unaudited Financial Statements for the Period from 1 January 2022 to 30 June 2023

7

Share capital

Allotted, called up and fully paid shares

 

2023

2021

 

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4

         

8

Related party transactions

Transactions with the director

2023

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Loans repayable on demand - 2% interest

231,467

170,871

(402,338)

-

         
       

 

2021

At 1 January 2021
£

Advances to director
£

At 31 December 2021
£

Loans repayable on demand - 2% interest

-

231,467

231,467

       
     

 

9

Parent and ultimate parent undertaking

The company's immediate parent is CLG Developments Limited, incorporated in England & Wales.

 The ultimate parent is Elysian (West Yorkshire) Limited, incorporated in England & Wales.

  These financial statements are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.