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Registration number: NI633117

PDK Associates Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

PDK Associates Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

PDK Associates Ltd

Company Information

Directors

Mr Paul Kelly

Mrs Nicola Kelly

Registered office

8 Victoria Road
Holywood
Down
BT18 9BD

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors and Tax Advisors
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

PDK Associates Ltd

(Registration number: NI633117)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,013

10,499

Current assets

 

Debtors

5

606,327

225,637

Cash at bank and in hand

 

229,530

198,034

 

835,857

423,671

Creditors: Amounts falling due within one year

6

(235,716)

(156,091)

Net current assets

 

600,141

267,580

Total assets less current liabilities

 

610,154

278,079

Creditors: Amounts falling due after more than one year

6

(15,798)

(25,661)

Provisions for liabilities

(1,903)

(1,995)

Net assets

 

592,453

250,423

Capital and reserves

 

Called up share capital

7

10

10

Retained earnings

592,443

250,413

Shareholders' funds

 

592,453

250,423

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 Board on 16 April 2024 and signed on its behalf by:
 

.........................................
Mr Paul Kelly
Director

   
     
 

PDK Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
8 Victoria Road
Holywood
Down
BT18 9BD
N Ireland

These financial statements were authorised for issue by the Board on 16 April 2024.

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

PDK Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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 income 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

Fixtures & Fittings

20% Straight line depreciation

Office equipment

15% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

PDK Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

PDK Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

16,600

16,600

Additions

1,490

1,490

At 31 December 2023

18,090

18,090

Depreciation

At 1 January 2023

6,101

6,101

Charge for the year

1,976

1,976

At 31 December 2023

8,077

8,077

Carrying amount

At 31 December 2023

10,013

10,013

At 31 December 2022

10,499

10,499

5

Debtors

Current

2023
£

2022
£

Trade debtors

10,000

10,000

Prepayments

166

720

Other debtors

596,161

214,917

 

606,327

225,637

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

11,830

22,898

Trade creditors

 

1,158

575

Taxation and social security

 

160,905

49,803

Accruals and deferred income

 

1,800

1,700

Other creditors

 

60,023

81,115

 

235,716

156,091

Creditors: amounts falling due after more than one year

 

PDK Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

15,798

25,661

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

15,798

25,661

Current loans and borrowings

2023
£

2022
£

Bank borrowings

11,830

22,898

Bank borrowings

Bank of Ireland is denominated in Sterling with a nominal interest rate of 10%, and the final instalment is due on 26 May 2023. The carrying amount at year end is £1,830 (2022 - £12,897).

Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 4 June 2026. The carrying amount at year end is £25,798 (2022 - £35,661).

9

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £13,500.00 per each Ordinary

135,000

135,000

 

 

10

Related party transactions

 

PDK Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr Paul Kelly

Directors loan

76,783

(173,928)

155,294

58,149

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Mr Paul Kelly

Directors loan

65,355

(137,913)

149,341

76,783

 

PDK Associates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

11,903

9,825

Contributions paid to money purchase schemes

118,505

-

130,408

9,825

Dividends paid to directors

2023
£

2022
£

Mr Paul Kelly

Dividend

67,500

67,500

 

 

Mrs Nicola Kelly

Dividend

67,500

67,500