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COMPANY REGISTRATION NUMBER: 03473295
PDQ EXHIBITIONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 November 2023
PDQ EXHIBITIONS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30th NOVEMBER 2023
Contents
Page
Officers and professional advisers
1
Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of financial position
3
Notes to the financial statements
5
PDQ EXHIBITIONS LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
THE BOARD OF DIRECTORS
N D Wyatt
P G McCarthy
COMPANY SECRETARY
N D Wyatt
REGISTERED OFFICE
475 Salisbury House
London Wall
London
EC2M 5QQ
ACCOUNTANTS
Colne Valley Business Services LLP t/a Cloke & Co
Chartered Certified Accountants
475 Salisbury House
London Wall
London
EC2M 5QQ
PDQ EXHIBITIONS LIMITED
CHARTERED CERTIFIED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PDQ EXHIBITIONS LIMITED
YEAR ENDED 30th NOVEMBER 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PDQ Exhibitions Limited for the year ended 30th November 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. This report is made solely to the Board of Directors of PDQ Exhibitions Limited, as a body, in accordance with the terms of our engagement letter dated 14th August 2017. Our work has been undertaken solely to prepare for your approval the financial statements of PDQ Exhibitions Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PDQ Exhibitions Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that PDQ Exhibitions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PDQ Exhibitions Limited. You consider that PDQ Exhibitions Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of PDQ Exhibitions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Colne Valley Business Services LLP t/a Cloke & Co Chartered Certified Accountants
475 Salisbury House London Wall London EC2M 5QQ
12 March 2024
PDQ EXHIBITIONS LIMITED
STATEMENT OF FINANCIAL POSITION
30 November 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
5
755,768
745,970
CURRENT ASSETS
Stocks
1,182
1,789
Debtors
6
1,557,082
1,688,365
Cash at bank and in hand
247,890
262,541
------------
------------
1,806,154
1,952,695
CREDITORS: amounts falling due within one year
7
472,734
622,397
------------
------------
NET CURRENT ASSETS
1,333,420
1,330,298
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,089,188
2,076,268
CREDITORS: amounts falling due after more than one year
8
52,923
53,947
PROVISIONS
Taxation including deferred tax
31,541
27,609
------------
------------
NET ASSETS
2,004,724
1,994,712
------------
------------
PDQ EXHIBITIONS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 November 2023
2023
2022
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
50,000
50,000
Profit and loss account
1,954,724
1,944,712
------------
------------
SHAREHOLDERS FUNDS
2,004,724
1,994,712
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30th November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 11 March 2024 , and are signed on behalf of the board by:
N D Wyatt
Director
Company registration number: 03473295
PDQ EXHIBITIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30th NOVEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 475 Salisbury House, London Wall, London, EC2M 5QQ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
BASIS OF PREPARATION
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
REVENUE RECOGNITION
The turnover shown in the profit and loss account represents the value of sales, exclusive of Value Added Tax.
INCOME TAX
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes In general, deferred taxation is recognised in respect of all timing differences that have originated, but not reversed, at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. In accordance with FRS19, deferred tax is not recognised on revaluation gains. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
FOREIGN CURRENCIES
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
TANGIBLE ASSETS
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
DEPRECIATION
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
15% reducing balance
STOCKS
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
FINANCE LEASES AND HIRE PURCHASE CONTRACTS
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
PROVISIONS
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
FINANCIAL INSTRUMENTS
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
DEFINED CONTRIBUTION PLANS
The company contributes into the pension schemes of its directors. These schemes are not administered by the company. The annual contributions payable are charged to the Profit & Loss Account.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 9 (2022: 8 ).
5. TANGIBLE ASSETS
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1st December 2022
565,157
55,354
282,306
10,959
913,776
Additions
4,950
63,916
68,866
---------
--------
---------
--------
---------
At 30th November 2023
565,157
60,304
346,222
10,959
982,642
---------
--------
---------
--------
---------
Depreciation
At 1st December 2022
6,906
24,257
125,685
10,958
167,806
Charge for the year
6,906
9,012
43,150
59,068
---------
--------
---------
--------
---------
At 30th November 2023
13,812
33,269
168,835
10,958
226,874
---------
--------
---------
--------
---------
Carrying amount
At 30th November 2023
551,345
27,035
177,387
1
755,768
---------
--------
---------
--------
---------
At 30th November 2022
558,251
31,097
156,621
1
745,970
---------
--------
---------
--------
---------
6. DEBTORS
2023
2022
£
£
Trade debtors
226,791
374,903
Other debtors
1,330,291
1,313,462
------------
------------
1,557,082
1,688,365
------------
------------
The debtors above include the following amounts falling due after more than one year:
2023
2022
£
£
Other debtors
221,814
192,061
---------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,892
10,956
Trade creditors
62,818
115,739
Corporation tax
16,676
Social security and other taxes
126,092
182,581
Other creditors
272,932
296,445
---------
---------
472,734
622,397
---------
---------
The loan is repayable over a period of five years and carries interest of 2.5% per annum.
Hire purchase agreements are secured upon the assets concerned.
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,775
25,726
Other creditors
37,148
28,221
--------
--------
52,923
53,947
--------
--------
The loan is repayable over a period of five years and carries interest of 2.5% per annum.
Hire purchase agreements are secured upon the assets concerned.
9. RELATED PARTY TRANSACTIONS
In the directors' opinion the company is controlled by N D Wyatt who is the majority shareholder and a director of PDQ Exhibitions Limited. A director of the company is a director of NP Property Management Limited; at the year end £1,035,892 (2022 - £1,035,892) was owed to PDQ Exhibitions Limited by NP Property Management Limited. A director of the company is a director of SN Hospitality Limited; at the year end £7,703 (2022 - £-) was owed to PDQ Exhibitions Limited by SN Hospitality Limited. A director of the company is a director in Leonards of Swanage Limited. PDQ Exhibitions Limited loaned Leonards of Swanage Limited £250,000 and the loan carries a rate of interest of 2.5% per annum. The loan is repayable over a period of more than one year. As at 30th November 2023 the balance owed to PDQ Exhibitions Limited was £163,559 (2022 - £184,203).