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Registration number: 04479153

Pioneer Design and Build Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Pioneer Design and Build Limited

Contents

Company Information

1

Strategic Report

2

Director's Report

3

Statement of Director's Responsibilities

4

Independent Auditor's Report

5 to 8

Profit and Loss Account and Statement of Retained Earnings

9

Balance Sheet

10

Statement of Cash Flows

11

Notes to the Financial Statements

12 to 23

 

Pioneer Design and Build Limited

Company Information

Director

Mr R J Pearson

Company secretary

Ms J Hitchcock

Registered office

Unit 1
Basford Old Creamery
Newcastle Road
Chorlton
Cheshire
CW2 5NQ

Auditors

Alextra Audit Limited
Chartered Certified Accountants & Registered Auditors
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

 

Pioneer Design and Build Limited

Strategic Report for the Year Ended 31 December 2023

The director presents his strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the company is building and project development.

Fair review of the business

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£

30,713,031

35,551,942

Operating profit

£

286,535

623,525

Profit before tax

£

253,831

593,362

Profit after tax

£

551,737

486,163

The position at 31 December 2023 is detailed in the Balance Sheet. At 31 December 2023 the company had retained profits of £2,748,248 (2022: £2,196,512).

The directors consider the affairs of the company to be satisfactory.

 

Principal risks and uncertainties

In common with many other companies there is exposure to three main risks, market risk, liquidity risk, customer credit exposure.

At the moment, the United Kingdom is facing inflationary pressures. As a result of this The Bank of England has increased interest rates resulting in an increase in the cost of borrowing. To minimise the risk, the director closely monitors each development ensuring that they are completed on time, on budget and are correctly marketed to maximise profitability.

The objective in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The company expects to meet its financial obligations through operating cash flows. In the event that operating cash flows would not cover all of the financial obligations, the company has additional credit facilities available.

The company offers credit terms to its customers which allows for payment of the debt due after delivery of the goods or service. The company is therefore at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by strong on-going customer relationships and close internal monitoring of customer credit ratings.

Approved and authorised by the director on 25 July 2024
 

.........................................
Mr R J Pearson
Director

 

Pioneer Design and Build Limited

Director's Report for the Year Ended 31 December 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director of the company

The director who held office during the year was as follows:

Mr R J Pearson

Dividends

Dividends of £nil (2022: £33,116) have been paid in the period.

Disclosure of information to the auditors

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

Disclosure in the Strategic Report

The company has chosen in accordance with section 414(c) of The Companies Act 2006 (Strategic and Directors Report) Regulations 2013 to set out in the Company's Strategic Report information required by Section 7 of The Large and Medium Sized Companies and Groups (Accounts and Reports) Regulators 2008.

Approved and authorised by the director on 25 July 2024
 

.........................................
Mr R J Pearson
Director

 

Pioneer Design and Build Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

 

Pioneer Design and Build Limited

Independent Auditor's Report to the Members of Pioneer Design and Build Limited

Opinion

We have audited the financial statements of Pioneer Design and Build Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 31 December 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 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 UK, including the FRC’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 director's 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 original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Pioneer Design and Build Limited

Independent Auditor's Report to the Members of Pioneer Design and Build Limited

Opinion on other matter 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 Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Director's Report.

We have nothing to report in respect of the following matters where 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.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 4], the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

 

Pioneer Design and Build Limited

Independent Auditor's Report to the Members of Pioneer Design and Build Limited

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was to identify those laws and regulations applicable to the company through discussions with the directors and to assess the content of compliance with them through making enquiries of management and inspecting legal correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud, and considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we preformed analytical procedures to identify unusual or unexpected relationships or transactions and assessed whether judgements and assumptions made in determining any accounting estimates were indicative of potential bias.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director and other management and the inspection of regulatory and legal correspondance, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they nay involve deliberate concealment or collusions.

A further description of our responsibilities is available 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 2006. Our 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.

 

Pioneer Design and Build Limited

Independent Auditor's Report to the Members of Pioneer Design and Build Limited

......................................
Mr Ian William Biddington (Senior Statutory Auditor)
For and on behalf of Alextra Audit Limited, Statutory Auditor

7-9 Macon Court
Crewe
Cheshire
CW1 6EA

25 July 2024

 

Pioneer Design and Build Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

30,713,031

35,551,942

Cost of sales

 

(29,229,723)

(33,605,582)

Gross profit

 

1,483,308

1,946,360

Administrative expenses

 

(1,196,773)

(1,322,835)

Operating profit

4

286,535

623,525

Other interest receivable and similar income

5

12,498

-

Interest payable and similar charges

6

(45,202)

(30,163)

 

(32,704)

(30,163)

Profit before tax

 

253,831

593,362

Taxation

9

297,906

(107,199)

Profit for the financial year

 

551,737

486,163

Retained earnings brought forward

 

2,196,511

1,743,465

Dividends paid

 

-

(33,116)

Retained earnings carried forward

 

2,748,248

2,196,512

There was no recognised gains or losses other than those recognised in the Profit and Loss Account.
None of the company's activities were acquired or discontinued during the above two financial years.

 

Pioneer Design and Build Limited

(Registration number: 04479153)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

10

171,543

460,689

Current assets

 

Stocks

11

103,000

94,625

Debtors

12

7,682,128

7,787,154

Cash at bank and in hand

 

2,053,750

1,098,620

 

9,838,878

8,980,399

Creditors: Amounts falling due within one year

13

(6,871,106)

(6,537,137)

Net current assets

 

2,967,772

2,443,262

Total assets less current liabilities

 

3,139,315

2,903,951

Creditors: Amounts falling due after more than one year

13

(300,756)

(578,606)

Provisions for liabilities

14

(30,211)

(68,733)

Net assets

 

2,808,348

2,256,612

Capital and reserves

 

Called up share capital

15

30,050

30,050

Capital redemption reserve

16

30,050

30,050

Profit and loss account

16

2,748,248

2,196,512

Shareholders' funds

 

2,808,348

2,256,612

Approved and authorised by the director on 25 July 2024
 

.........................................
Mr R J Pearson
Director

 

Pioneer Design and Build Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

551,737

486,163

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

52,160

166,533

Profit on disposal of tangible assets

(308,120)

(18,140)

Finance income

5

(12,498)

-

Finance costs

6

45,202

30,163

Corporation tax expense

9

(297,906)

107,199

 

30,575

771,918

Working capital adjustments

 

(Increase)/decrease in stocks

11

(8,375)

29,945

Decrease/(increase) in trade debtors

12

105,026

(1,183,177)

Increase/(decrease) in trade creditors

13

416,742

(347,910)

Cash generated from operations

 

543,968

(729,224)

Corporation taxes received/(paid)

9

242,456

(89,109)

Net cash flow from operating activities

 

786,424

(818,333)

Cash flows from investing activities

 

Interest received

5

12,498

-

Acquisitions of tangible assets

(74,443)

(305,587)

Proceeds from sale of tangible assets

 

619,550

142,330

Net cash flows from investing activities

 

557,605

(163,257)

Cash flows from financing activities

 

Interest paid

6

(45,202)

(30,163)

Proceeds from bank borrowing draw downs

 

(184,000)

(184,000)

Payments to finance lease creditors

 

(159,697)

86,960

Dividends paid

-

(33,116)

Net cash flows from financing activities

 

(388,899)

(160,319)

Net increase/(decrease) in cash and cash equivalents

 

955,130

(1,141,909)

Cash and cash equivalents at 1 January

 

1,098,620

2,240,529

Cash and cash equivalents at 31 December

 

2,053,750

1,098,620

 

Pioneer Design and Build Limited

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

1

General information

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

The address of its registered office is:
Unit 1
Basford Old Creamery
Newcastle Road
Chorlton
Cheshire
CW2 5NQ

These financial statements were authorised for issue by the director on 25 July 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

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

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Revenue (described as turnover) is the value of goods (net of VAT) provided to customers during the year, plus the value of work (net of VAT) performed during the year with respect to services. The amount includes work completed prior to the period end which was invoiced after the balance sheet date.

 

Pioneer Design and Build Limited

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

Contract revenue recognition

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by
reference to the stage of completion of the contract activity at the reporting end date. Variations in contract
work, claims and incentive payments are included to the extent that the amount can be measured reliably and its
receipt is considered probable.

When it is probable that total contract costs will exceed total contact turnover, the expected loss is recognised as
an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract costs are recognised as
expenses in the period in which they are incurred and contract revenue is recognised to the extent of contract
costs incurred where it is probable that they will be recoverable.

The "percentage of completion method" is used to determine the appropriate amount to recognise in a given
period. The stage of completion is measured by the proportion of contract costs incurred for work performed to
date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity
on a contract are excluded from contract costs in determining the stage of completion. These costs are presented
as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be
recovered.

Tax

The tax expense for the period comprises current and deferred tax.

The current 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 that have originated but not reversed at the balance sheet date.

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

Plant and machinery

20% on cost

Motor vehicles

20% on cost

Computer equipment

33% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

 

Pioneer Design and Build Limited

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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

 

Pioneer Design and Build Limited

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

Financial instruments

Classification
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12
‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company’s statement of financial position when the company
becomes party to the contractual provisions of the instrument.
Financial assets are classified into specified categories. The classification depends on the nature and purpose of
the financial assets and is determined at the time of recognition.

Basic Financial Assets
Basic financial assets which include trade and other receivables and cash and bank balances, are initially
measured at transaction price including transaction costs are subsequently carried at amortised cost using the
effective interest method 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.

Other Financial Assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint
ventures, are initially measured at fair value, which is normally the transaction price. Such assets are
subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that
investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably
are measured at cost less impairment.

Classification of Financial Liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of
the company after deducting all of its 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.

Trade payables 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 payment is due within one year
or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction
price and subsequently measured at amortised cost using the effective interest method.

 

3

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

2023
 £

2022
 £

Sales

30,713,031

35,551,942

 

Pioneer Design and Build Limited

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

4

Operating profit

Arrived at after charging/(crediting)

2023
 £

2022
 £

Depreciation expense (owned)

39,314

99,645

Depreciation expense (held under finance lease/HP)

12,846

66,888

Operating lease expense - plant and machinery

594,963

670,911

Profit on disposal of property, plant and equipment

(308,120)

(18,140)

Auditor's remuneration - The audit of the company's annual accounts

11,550

10,600

5

Other interest receivable and similar income

2023
 £

2022
 £

Other finance income

12,498

-

6

Interest payable and similar expenses

2023
 £

2022
 £

Interest on bank overdrafts and borrowings

37,235

25,077

Interest on obligations under finance leases and hire purchase contracts

7,967

4,853

Interest expense on other finance liabilities

-

233

45,202

30,163

7

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2023
 £

2022
 £

Wages and salaries

1,174,803

1,253,918

Social security costs

36,442

46,075

Pension costs, defined contribution scheme

15,804

14,097

1,227,049

1,314,090

Pension costs comprise contributions to a defined contribution pension scheme, the assets of which are held separately from those of the company in an independently administered fund. Outstanding contributions at the balance sheet date total £3,461 (2022: £3,335).

 

Pioneer Design and Build Limited

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

The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:

2023
No.

2022
No.

Production

12

7

Administration and support

7

9

19

16

8

Director's remuneration

The director's remuneration for the year was as follows:

2023
 £

2022
 £

Remuneration

130,159

110,778

Directors pensions

1,321

1,320

Employers national insurance

16,914

14,592

148,394

126,690

 

Pioneer Design and Build Limited

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

9

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Current taxation

UK corporation tax

131,913

107,591

UK corporation tax adjustment to prior periods

(391,297)

-

(259,384)

107,591

Deferred taxation

Arising from origination and reversal of timing differences

(38,522)

(392)

Tax (receipt)/expense in the income statement

(297,906)

107,199

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

253,831

593,362

Corporation tax at standard rate

63,458

112,739

Decrease from effect of different UK tax rates on some earnings

(8,298)

-

Effect of expense not deductible in determining taxable profit (tax loss)

16,610

5,688

Deferred tax credit from unrecognised temporary difference from a prior period

(38,522)

(392)

Decrease in UK current tax from adjustment for prior periods

(391,297)

-

Tax increase/(decrease) from effect of capital allowances and depreciation

60,143

(10,836)

Total tax (credit)/charge

(297,906)

107,199

 

Pioneer Design and Build Limited

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

10

Tangible assets

Computer equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

46,644

235,056

921,114

1,202,814

Additions

6,848

67,595

-

74,443

Disposals

(12,912)

(111,007)

(805,697)

(929,616)

At 31 December 2023

40,580

191,644

115,417

347,641

Depreciation

At 1 January 2023

39,548

131,002

571,575

742,125

Charge for the year

4,786

24,290

23,083

52,159

Eliminated on disposal

(12,912)

(68,875)

(536,399)

(618,186)

At 31 December 2023

31,422

86,417

58,259

176,098

Carrying amount

At 31 December 2023

9,158

105,227

57,158

171,543

At 31 December 2022

7,096

104,054

349,539

460,689

Motor vehicles with a carrying value of £45,530 (2022: £58,376) are held under finance leases.
Plant and machinery with a carrying value of £nil (2022: £252,933) are held under finance leases.

11

Stocks

2023
 £

2022
 £

Raw materials and consumables

103,000

94,625

12

Debtors

2023
 £

2022
 £

Trade debtors

2,006,562

4,259,716

Amounts receivable on contracts

3,766,819

3,476,156

Other debtors

1,908,747

51,282

Total current trade and other debtors

7,682,128

7,787,154

 

Pioneer Design and Build Limited

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

13

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

17

198,154

264,001

Trade creditors

 

3,116,911

4,847,281

Social security and other taxes

 

1,391,564

652,655

Other payables

 

2,073,814

665,609

Corporation tax

9

90,663

107,591

 

6,871,106

6,537,137

Due after one year

 

Loans and borrowings

17

300,756

578,606

14

Provisions for liabilities

Deferred tax
£

Total
£

At 1 January 2023

68,733

68,733

Increase (decrease) in existing provisions

(38,522)

(38,522)

At 31 December 2023

30,211

30,211

15

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares A of £1 each

27,045

27,045

27,045

27,045

Ordinary shares B of £1 each

3,005

3,005

3,005

3,005

 

30,050

30,050

30,050

30,050

16

Reserves

Called up share capital represents the nominal value of shares that have been issued.
Capital redemption reserve represents the nominal value of shares owned by the company.
Profit and loss account includes all current and prior period retained profit and losses.

 

Pioneer Design and Build Limited

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

17

Loans and borrowings

2023
 £

2022
 £

Non-current loans and borrowings

Bank borrowings

276,000

460,000

HP and finance lease liabilities

24,756

118,606

300,756

578,606

2023
 £

2022
 £

Current loans and borrowings

Bank borrowings

184,000

184,000

HP and finance lease liabilities

14,154

80,001

198,154

264,001

Included within bank borrowings is £460,000 (2022: £644,000) in relation to a bank loan which is secured by a fixed and floating charge which covers all the assets of the company.

The amounts for Hire purchase liabilities, included within loans and borrowings, are secured upon the assets they relate to.
 

A debenture dated 17 June 2020, in favour of Lloyds Bank PLC, was granted on all present and future assets of the company.

A fixed charge dated 7 November 2023, in favour of Lloyds Bank PLC, was granted on all money obligations of the company.

 

Pioneer Design and Build Limited

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

18

Related party transactions

Transactions with the director

2023

At 1 January 2023
£

Advances to directors
£

Repayments by director
£

At 31 December 2023
£

Mr R J Pearson

Loans to director

-

(21,000)

200

(20,800)

         

The directors' loan is interest free and repayable on demand.

Summary of transactions with other related parties

Mr J Beeson (shareholder) withdrew £214,309 (2022: £33,116) and repaid £5,153 (2022: £33,116) during the year. The balance as at 31 December 2023 was £209,156 (2022: £nil). Interest is charged at 2% and the loan is repayable on demand.

Related parties by virtue of Mr J Beeson being a director and/or a shareholder in the companies. Costs have been incurred and recharged at cost to related parties. Also, the company has made cash loans to several related parties, which are unsecured and interest free. Expenditure and Sales transactions are all done on an arms-length basis.

 

Income and receivables from related parties

2023

Other related parties
£

Sale of goods

21,346,932

Settlement of liabilities

(23,183,084)

(1,836,152)

Amounts receivable from related party

1,588,440

2022

Other related parties
£

Sale of goods

25,991,321

Settlement of liabilities

(25,356,122)

635,199

Amounts receivable from related party

3,424,593

 

Pioneer Design and Build Limited

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

Expenditure with and payables to related parties

2023

Other related parties
£

Purchase of goods

1,998,831

Settlement of liabilities

(2,603,810)

(604,979)

Amounts payable to related party

38,004

2022

Other related parties
£

Purchase of goods

1,336,717

Settlement of liabilities

(941,626)

395,091

Amounts payable to related party

642,984

Loans to related parties

2023

Other related parties
£

At start of period

31,942

Advanced

922,437

Repaid

(14,839)

At end of period

939,540

2022

Other related parties
£

At start of period

736,595

Advanced

1,347

Repaid

(706,000)

At end of period

31,942