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Registered number: 02690003









PHD MODULAR ACCESS SERVICES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 AUGUST 2023

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
COMPANY INFORMATION


Directors
J T Dwyer 
D F Dwyer 




Registered number
02690003



Registered office
54 Oxford Road
Denham

Uxbridge

Middlesex

UB9 4DN




Independent auditor
Hillier Hopkins LLP
Chartered Accountants & Statutory Auditor

Radius House

51 Clarendon Road

Watford

Herts

WD17 1HP





 
PHD MODULAR ACCESS SERVICES LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditor's report
 
6 - 9
Statement of comprehensive income
 
10
Balance sheet
 
11 - 12
Statement of changes in equity
 
13
Statement of cash flows
 
14 - 15
Analysis of net debt
 
16
Notes to the financial statements
 
17 - 34


 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 AUGUST 2023

Introduction
 
The directors present their strategic report and financial statements for year ended 30th August 2023.
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. 

Business review
 
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 £5,761,568  vs £3,155,369 the year prior, reflecting the health of the Company, 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 reduced to £22,930,581 from £29,670,332 in 2022, however, profit before taxation met the boards expectations at £1,546,239 compared to £1,629,089 in 2022. The directors exercising their fiscal duties have endeavoured to strengthen the balance sheet and this is represented by an increase in net assets to £8,900,505 from £7,507,102 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. 
 
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 beneficial relationships and projects.
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.
Page 1

 
PHD MODULAR ACCESS SERVICES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023


Principal risks and uncertainties
 
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. 

Page 2

 
PHD MODULAR ACCESS SERVICES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023

Financial key performance indicators
 
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. 
Looking ahead 
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.



J T Dwyer
Director

Date: 17 April 2024

Page 3

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 AUGUST 2023

The directors present their report and the financial statements for the year ended 30 August 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company'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 Company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,393,403 (2022 - £1,476,213).

During the year no dividends (2022 - £nil) were paid to the shareholders as recommended by the directors.

Directors

The directors who served during the year were:

J T Dwyer 
D F Dwyer 

Charitable donations

During the year the company made charitable donations of £19,635 (2022 - £18,256).

Page 4

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023

Future developments

Primarily, 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.
The national strategy is to promote planned growth and raise our participation in medium and long-term infrastructure projects working with our existing valued customers and forming new quality relationships. This is coupled with controlled growth in Europe, building on our maturing delivery and operational capability in Denmark and Ireland.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditor

The auditor, Hillier Hopkins LLPwill 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.
 





J T Dwyer
Director

Date: 17 April 2024

Page 5

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHD MODULAR ACCESS SERVICES LIMITED
 

Opinion


We have audited the financial statements of PHD Modular Access Services Limited (the 'Company') for the year ended 30 August 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 August 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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 Company 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.


Conclusions relating to going concern


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 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.


Page 6

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHD MODULAR ACCESS SERVICES LIMITED (CONTINUED)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the 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 Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 7

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHD MODULAR ACCESS SERVICES LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditor's responsibilities for the audit of the financial statements
 

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 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 undertaken 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’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.
 
Page 8

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PHD MODULAR ACCESS SERVICES LIMITED (CONTINUED)


We also obtained an understanding of the legal and regulatory frameworks that the Company 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.


Use of our 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 2006Our 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.





Samuel Hodson BSc ACA (Senior statutory auditor)
  
for and on behalf of
Hillier Hopkins LLP
 
Chartered Accountants
Statutory Auditor
  
Radius House
51 Clarendon Road
Watford
Herts
WD17 1HP

17 April 2024
Page 9

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 AUGUST 2023

2023
2022
Note
£
£

  

Turnover
 4 
22,930,581
29,670,332

Cost of sales
  
(15,081,941)
(23,354,216)

Gross profit
  
7,848,640
6,316,116

Administrative expenses
  
(5,981,382)
(5,630,502)

Exceptional administrative expenses
 11 
-
1,040,595

Operating profit
 5 
1,867,258
1,726,209

Interest payable and similar expenses
 9 
(321,019)
(97,120)

Profit before tax
  
1,546,239
1,629,089

Tax on profit
 10 
(152,836)
(152,876)

Profit for the financial year
  
1,393,403
1,476,213

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 17 to 34 form part of these financial statements.

Page 10

 
PHD MODULAR ACCESS SERVICES LIMITED
REGISTERED NUMBER: 02690003

BALANCE SHEET
AS AT 30 AUGUST 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
4,578
47,778

Tangible assets
 13 
6,016,904
6,219,552

  
6,021,482
6,267,330

Current assets
  

Stocks
 14 
64,814
43,594

Debtors: amounts falling due after more than one year
 15 
286,447
186,832

Debtors: amounts falling due within one year
 15 
9,934,314
9,081,595

Cash at bank and in hand
 16 
17,089
1,161,237

  
10,302,664
10,473,258

Creditors: amounts falling due within one year
 17 
(4,564,385)
(7,317,889)

Net current assets
  
 
 
5,738,279
 
 
3,155,369

Total assets less current liabilities
  
11,759,761
9,422,699

Creditors: amounts falling due after more than one year
 18 
(1,359,473)
(568,650)

Provisions for liabilities
  

Deferred tax
 21 
(1,499,783)
(1,346,947)

Net assets
  
8,900,505
7,507,102


Capital and reserves
  

Called up share capital 
 22 
60,000
60,000

Capital redemption reserve
 23 
40,000
40,000

Profit and loss account
 23 
8,800,505
7,407,102

  
8,900,505
7,507,102


Page 11

 
PHD MODULAR ACCESS SERVICES LIMITED
REGISTERED NUMBER: 02690003
    
BALANCE SHEET (CONTINUED)
AS AT 30 AUGUST 2023

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



J T Dwyer
Director
Date: 17 April 2024

The notes on pages 17 to 34 form part of these financial statements.

Page 12

 
PHD MODULAR ACCESS SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 AUGUST 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 August 2021
60,000
40,000
5,930,889
6,030,889



Profit for the year
-
-
1,476,213
1,476,213
Total comprehensive income for the year
-
-
1,476,213
1,476,213


Total transactions with owners
-
-
-
-



At 31 August 2022
60,000
40,000
7,407,102
7,507,102



Profit for the period
-
-
1,393,403
1,393,403
Total comprehensive income for the year
-
-
1,393,403
1,393,403


Total transactions with owners
-
-
-
-


At 30 August 2023
60,000
40,000
8,800,505
8,900,505


The notes on pages 17 to 34 form part of these financial statements.

Page 13

 
PHD MODULAR ACCESS SERVICES LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 AUGUST 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,393,403
1,476,213

Adjustments for:

Amortisation of intangible assets
43,200
13,333

Depreciation of tangible assets
865,989
823,580

Loss on disposal of tangible assets
(12,332)
(21,084)

Interest paid
321,019
97,120

Taxation charge
152,836
152,876

(Increase) in stocks
(21,220)
(12,650)

Decrease/(increase) in debtors
873,322
(186,773)

(Increase) in amounts owed by groups
(1,825,655)
(949,416)

(Decrease) in creditors
(2,865,593)
(392,307)

Increase/(decrease)) in amounts owed to groups
-
(894,249)

Net cash generated from operating activities

(1,075,031)
106,643


Cash flows from investing activities

Purchase of intangible fixed assets
-
(30,000)

Purchase of tangible fixed assets
(767,504)
(1,870,591)

Sale of tangible fixed assets
116,494
2,070,135

HP interest paid
(58,764)
(60,545)

Net cash from investing activities

(709,774)
108,999
Page 14

 
PHD MODULAR ACCESS SERVICES LIMITED
 

STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 AUGUST 2023


2023
2022

£
£



Cash flows from financing activities

Repayment of loans
(47,938)
(75,655)

Repayment of/new finance leases
474,715
152,605

Interest paid
(262,255)
(36,575)

Net cash used in financing activities
164,522
40,375

Net (decrease)/increase in cash and cash equivalents
(1,620,283)
256,017

Cash and cash equivalents at beginning of year
1,161,237
905,220

Cash and cash equivalents at the end of year
(459,046)
1,161,237


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
17,089
1,161,237

Bank overdrafts
(476,135)
-

(459,046)
1,161,237


The notes on pages 17 to 34 form part of these financial statements.

Page 15

 
PHD MODULAR ACCESS SERVICES LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 AUGUST 2023




At 31 August 2022
Cash flows
At 30 August 2023
£

£

£

Cash at bank and in hand

1,161,237

(1,144,148)

17,089

Bank overdrafts

-

(476,135)

(476,135)

Debt due after 1 year

(257,226)

50,536

(206,690)

Debt due within 1 year

(689,460)

604,830

(84,630)

Finance leases

(567,345)

(474,715)

(1,042,060)


(352,794)
(1,439,632)
(1,792,426)

The notes on pages 17 to 34 form part of these financial statements.

Page 16

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023

1.


General information

PHD Modular Access Services Limited 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

 
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 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 management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

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, 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 17

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023

2.Accounting policies (continued)

 
2.3

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 18

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023

2.Accounting policies (continued)

 
2.4

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.

 
2.5

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.7

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.

Page 19

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023

2.Accounting policies (continued)

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

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.

 
2.10

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.

 
2.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 20

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023

2.Accounting policies (continued)

 
2.12

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

 The estimated useful lives range as follows:

Goodwill
-
3
years

 
2.13

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, .

Depreciation is provided on the following basis:

Plant & machinery
-
10% straight line
Motor vehicles
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance
Other fixed assets
-
20% straight line

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 21

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023

2.Accounting policies (continued)

 
2.14

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.15

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.

 
2.16

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.
In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.17

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank overdrafts, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method

 
2.18

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.

Page 22

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires the directors to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the directors believe that the critical accounting policies where judgments or estimations are necessarily applied are summarised below.
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.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Provision of specialist temporary access and logistical solutions
22,633,833
29,449,787

Rent receivable
296,748
220,545

22,930,581
29,670,332


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
17,501,356
24,386,096

Rest of Europe
5,429,225
5,284,236

22,930,581
29,670,332


Page 23

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
971
9,974

Other operating lease rentals
1,042
1,692


6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2023
2022
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements
22,500
30,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
6,708,177
8,317,498

Social security costs
745,803
952,417

Cost of defined contribution scheme
86,551
116,798

7,540,531
9,386,713


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







132
170

Page 24

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023

8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
89,864
89,689

Company contributions to defined contribution pension schemes
4,570
381

94,434
90,070


During the year retirement benefits were accruing to 1 director (2022 - 1) in respect of defined contribution pension schemes.


9.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
64,306
23,030

Finance leases and hire purchase contracts
58,764
60,545

Other interest payable
197,949
13,545

321,019
97,120


10.


Taxation


2023
2022
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
152,836
152,876

Total deferred tax
152,836
152,876


Taxation on profit on ordinary activities
152,836
152,876
Page 25

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 21.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,546,239
1,629,089


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 21.5% (2022 - 19%)
332,441
309,527

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
64,087
162,022

Capital allowances for year in excess of depreciation
8,493
79,930

Utilisation of tax losses
(408,655)
(397,961)

Other timing differences leading to an increase (decrease) in taxation
152,836
-

Book profit on chargeable assets
-
(4,005)

Changes in provisions leading to an increase (decrease) in the tax charge
3,634
3,363

Total tax charge for the year
152,836
152,876


Factors that may affect future tax charges

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.


11.


Exceptional items

2023
2022
£
£


Write off of amount due to related company
-
(1,040,595)

-
(1,040,595)

Page 26

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023

12.


Intangible assets




Goodwill

£



Cost


At 31 August 2022
70,000



At 30 August 2023

70,000



Amortisation


At 31 August 2022
22,222


Charge for the year on owned assets
43,200



At 30 August 2023

65,422



Net book value



At 30 August 2023
4,578



At 30 August 2022
47,778



Page 27

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023

13.


Tangible fixed assets





Plant & machinery
Motor vehicles
Fixtures & fittings
Other fixed assets
Total

£
£
£
£
£



Cost or valuation


At 31 August 2022
7,299,718
600,559
372,428
189,083
8,461,788


Additions
339,348
305,630
122,526
-
767,504


Disposals
(99,294)
(25,835)
-
-
(125,129)



At 30 August 2023

7,539,772
880,354
494,954
189,083
9,104,163



Depreciation


At 31 August 2022
1,550,063
288,179
235,424
168,570
2,242,236


Charge for the year on owned assets
628,169
34,479
51,198
16,936
730,782


Charge for the year on financed assets
54,015
81,193
-
-
135,208


Disposals
(4,585)
(16,382)
-
-
(20,967)



At 30 August 2023

2,227,662
387,469
286,622
185,506
3,087,259



Net book value



At 30 August 2023
5,312,110
492,885
208,332
3,577
6,016,904



At 30 August 2022
5,749,655
312,380
137,004
20,513
6,219,552

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
634,702
437,175

Motor vehicles
370,683
210,048

1,005,385
647,223

Page 28

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023

14.


Stocks

2023
2022
£
£

Finished goods and goods for resale
64,814
43,594

64,814
43,594



15.


Debtors

As restated
2023
2022
£
£

Due after more than one year

Other debtors
286,447
186,832

286,447
186,832


As restated
2023
2022
£
£

Due within one year

Trade debtors
3,307,723
4,932,392

Amounts owed by group undertakings
2,788,617
962,962

Other debtors
3,501,308
2,827,177

Prepayments and accrued income
336,666
359,064

9,934,314
9,081,595



16.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
17,089
1,161,237

Less: bank overdrafts
(476,135)
-

(459,046)
1,161,237


Page 29

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023

17.


Creditors: Amounts falling due within one year

As restated
2023
2022
£
£

Bank overdrafts
476,135
-

Bank loans
84,630
82,032

Trade creditors
1,438,047
3,286,079

Other taxation and social security
1,510,184
2,283,020

Obligations under finance lease and hire purchase contracts
527,383
255,921

Other creditors
333,761
980,082

Accruals and deferred income
194,245
430,755

4,564,385
7,317,889



18.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
206,690
257,226

Net obligations under finance leases and hire purchase contracts
514,677
311,424

Other creditors
638,106
-

1,359,473
568,650


The following liabilities were secured:

2023
2022
£
£



Bank loans
291,320
339,258

Net obligations under finance leases and hire purchase contracts
1,042,060
567,345

1,333,380
906,603

Details of security provided:

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 Hoists & Masts Limited, Aiseandan Plant Limited, Aiseandan Limited and PHD Access Properties Limited in favour of the Lender.

Page 30

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023

19.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
84,630
82,032


84,630
82,032


Amounts falling due 2-5 years

Bank loans
206,690
257,226


206,690
257,226


291,320
339,258



20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
527,383
255,921

Between 1-5 years
514,677
311,424

1,042,060
567,345

Page 31

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023

21.


Deferred taxation




2023


£






At beginning of year
(1,346,947)


Charged to the profit or loss
(152,836)



At end of year
(1,499,783)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(1,499,783)
(1,566,833)

Tax losses carried forward
-
219,886

(1,499,783)
(1,346,947)


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



20,000 (2022 - 20,000) Ordinary B shares of £1.00 each
20,000
20,000
20,000 (2022 - 20,000) Ordinary C shares of £1.00 each
20,000
20,000
20,000 (2022 - 20,000) Ordinary D shares of £1.00 each
20,000
20,000

60,000

60,000



23.


Reserves

Capital redemption reserve

Represents the value of share capital bought back by the company or otherwise cancelled. 

Profit & loss account

Profit and loss account reserve represents accumulated retained earnings.

Page 32

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023

24.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £86,551 (2022 - £117,399).  At the balance sheet date, £16,205 (2022 - £29,851) was outstanding.


25.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.


26.


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.
During the year, the company entered into the following related party transactions:


2023
2022
£
£

Key management personnel remuneration
499,885
247,481
Year end balances owed to key management personnel
638,106
607,428
Year end balances owed by key management personnel
-
-
 
Other related parties
Sales to other related parties
4,438,495
5,413,124
Purchases from other related parties
577,716
3,667,823
Year end balances owed by other related parties
3,232,846
3,947,616
Year end balances owed to other related parties
54,538
65,155


27.


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.

Page 33

 
PHD MODULAR ACCESS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 AUGUST 2023

28.


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.






 
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