REGISTERED NUMBER: |
PDT Limited |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30 June 2023 |
REGISTERED NUMBER: |
PDT Limited |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30 June 2023 |
PDT Limited (Registered number: 04211478) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company information | 1 |
Strategic report | 2 |
Report of the directors | 3 |
Report of the independent auditors | 5 |
Statement of comprehensive income | 9 |
Balance sheet | 10 |
Statement of changes in equity | 11 |
Cash flow statement | 12 |
Notes to the financial statements | 13 |
PDT Limited |
Company Information |
for the Year Ended 30 June 2023 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Chartered Accountants |
& Statutory Auditors |
Mynshull House |
78 Churchgate |
Stockport |
SK1 1YJ |
PDT Limited (Registered number: 04211478) |
Strategic Report |
for the Year Ended 30 June 2023 |
The directors present their strategic report for the year ended 30 June 2023. |
Review of business |
The company's principal activity continued to be that of the import and distribution of electronic products. |
The results of the company for the year, as set out in the Statement of Comprehensive Income on page 9, and key performance indicators detailed below. |
Principal risks and uncertainties |
The process of risk acceptance and risk management is addressed by an ongoing review by the directors and senior management. |
Business risks and uncertainties affecting the company include the uncertain outcome of future trading arrangements with Europe. |
Financial risk management |
Credit Risk - This is managed by the constant monitoring of our internal systems to ensure debts are collected in a timely manner. |
Liquidity Risk - The company maintains strong cash balances to ensure liabilities are met promptly. |
Future developments |
The directors consider that the company is well placed to take advantage of any increased levels of activity. |
Key performance indicators |
The company's key performance indicators during the year were as follows: |
2023 | 2022 |
Gross Profit | £3,142,125 | £4,659,811 |
Operating Profit | £2,001,288 | £3,493,526 |
Profit Before Tax | £2,001,731 | £3,493,732 |
Shareholder's Funds | £7,930,620 | £8,257,389 |
Gross Profit | 14.4% | 18.5% |
On behalf of the board: |
PDT Limited (Registered number: 04211478) |
Report of the Directors |
for the Year Ended 30 June 2023 |
The directors present their report with the financial statements of the company for the year ended 30 June 2023. |
Dividends |
Interim dividends per share were paid as follows: |
1,250,000 | - 10 March 2023 |
664,990 | - 19 May 2023 |
The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 30 June 2023 will be £ |
Directors |
The directors shown below have held office during the whole of the period from 1 July 2022 to the date of this report. |
Going concern |
The directors consider that the company is well placed to continue as a going concern for the foreseeable future. Further details are disclosed in the notes to the financial statements. |
Directors' responsibilities statement |
The directors are responsible for preparing the Strategic report, the Report of the directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently; |
- | make judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. |
PDT Limited (Registered number: 04211478) |
Report of the Directors |
for the Year Ended 30 June 2023 |
Statement as to disclosure of information to auditors |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the 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. |
Auditors |
The auditors, Warr & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
On behalf of the board: |
Report of the Independent Auditors to the Members of |
PDT Limited |
Opinion |
We have audited the financial statements of PDT Limited (the 'company') for the year ended 30 June 2023 which comprise the Statement of comprehensive income, Balance sheet, Statement of changes in equity, Cash flow statement 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 30 June 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 Auditors' 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 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. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors 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 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. |
Report of the Independent Auditors to the Members of |
PDT Limited |
Opinions 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 Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic report and the Report of the directors 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 Report of the directors. |
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 directors |
As explained more fully in the Directors' responsibilities statement set out on page three, 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 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. |
Report of the Independent Auditors to the Members of |
PDT Limited |
Auditors' 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 a Report of the auditors 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 were as follows: |
-the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
-we identified the laws and regulations applicable to the company through discussions with the directors and other management and review of appropriate industry knowledge; |
-we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and |
-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
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 risks of fraud and non- compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we; |
-performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships; |
-tested journal entries to identify unusual transactions; and undertook substantive testing on a sample basis; |
-reviewed the application of accounting policies with focus on those with heightened estimation uncertainty. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to; |
-agreeing financial statement disclosures to underlying supporting documentation; and |
-enquiring of management as to actual and potential litigation and claims. |
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. |
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 Report of the auditors. |
Report of the Independent Auditors to the Members of |
PDT Limited |
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 a Report of the auditors 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. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
Mynshull House |
78 Churchgate |
Stockport |
SK1 1YJ |
PDT Limited (Registered number: 04211478) |
Statement of Comprehensive |
Income |
for the Year Ended 30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ |
Turnover | 4 |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
Operating profit | 6 |
Interest receivable and similar income |
2,002,740 | 3,493,732 |
Amounts written off investments | 7 | (1,009 | ) | - |
Profit before taxation |
Tax on profit | 8 | ( |
) | ( |
) |
Profit for the financial year |
Other comprehensive income | - | - |
Total comprehensive income for the year |
PDT Limited (Registered number: 04211478) |
Balance Sheet |
30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Current assets |
Stocks | 13 |
Debtors | 14 |
Cash at bank | 15 |
Creditors |
Amounts falling due within one year | 16 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 18 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 19 |
Retained earnings | 20 |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
PDT Limited (Registered number: 04211478) |
Statement of Changes in Equity |
for the Year Ended 30 June 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 July 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 June 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30 June 2023 |
PDT Limited (Registered number: 04211478) |
Cash Flow Statement |
for the Year Ended 30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 23 |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets | ( |
) |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Equity dividends paid | ( |
) |
Loans from group undertakings | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | (762,576 | ) | (2,988,211 | ) |
Cash and cash equivalents at beginning of year |
24 |
4,615,838 |
Effect of foreign exchange rate changes | 544 | - |
Cash and cash equivalents at end of year |
24 |
865,595 |
1,627,627 |
PDT Limited (Registered number: 04211478) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | Statutory information |
PDT Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking. The company which draws up group accounts is Storit Limited, a company registered in the Republic of Ireland. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Turnover |
Revenue from the sale of goods is recognised when the company has transferred the risks and rewards of ownership to the buyer; normally when the goods are delivered to the customer. The company also recognises revenue when goods are sold on consignment and the buyer has accepted delivery at a shipping port and therefore the risks and rewards of ownership have passed from the seller to buyer. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: |
Plant & Machinery - 25% reducing balance |
Fixtures & Fittings - 20% reducing balance |
Equipment - 33% reducing balance |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost less any provision for impairment. |
PDT Limited (Registered number: 04211478) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | Accounting policies - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
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 entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company contributes to a defined contribution pension scheme. Contributions payable are charged to profit or loss in the period to which they relate. |
Hire purchase and leasing commitments |
Rentals under operating leases are charged to the profit and loss account on a straight line basis over the term of the lease. |
PDT Limited (Registered number: 04211478) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
2. | Accounting policies - continued |
Fixed asset investments |
Investments in company shares are stated at fair value at each balance sheet date. Fair value gains and losses are taken to the profit and loss account. |
Going concern |
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The view of the directors is that, despite prevailing global economic uncertainties, the company is well placed to negotiate the conditions facing the worldwide economy. |
In reaching their conclusion, the directors have considered their cash flow for a period of 12 months from the date of signing the financial statements. Recent management information has been very positive and the company has continued to trade effectively. The directors are confident that the company will continue as a going concern for a period of at least 12 months from the signing of the financial statements and after consideration of all factors, the directors continue to adopt the going concern basis in preparing the financial statements. |
3. | Critical accounting judgements and key sources of estimation uncertainty |
The directors consider the key accounting estimates to be provisions for obsolete stock, provisions for trade debtors and the estimation of the useful lives of fixed assets. |
In determining the recoverable value of stock the directors consider the age and current market demand on an individual product basis. |
The directors estimate the provision for trade debtors based on an assessment of specific accounts and use their knowledge of the customers and the market to ensure the correct judgements are applied. |
Management have used their expectation of the estimated useful lives of each category of assets |
in order to ensure the appropriate provision is made for depreciation. Details of the estimated useful |
lives are noted in the accounting policies and the depreciation provision is stated in note 10. |
4. | Turnover |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by class of business is given below: |
30.6.23 | 30.6.22 |
£ | £ |
PDT Limited (Registered number: 04211478) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
4. | Turnover - continued |
An analysis of turnover by geographical market is given below: |
30.6.23 | 30.6.22 |
£ | £ |
United Kingdom |
Europe |
United States of America |
Asia |
Rest of the world | 31,163 | 66,470 |
5. | Employees and directors |
30.6.23 | 30.6.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.6.23 | 30.6.22 |
Administrative staff |
30.6.23 | 30.6.22 |
£ | £ |
Directors' remuneration |
6. | Operating profit |
The operating profit is stated after charging/(crediting): |
30.6.23 | 30.6.22 |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Auditors' remuneration |
Auditors' remuneration for non audit work |
Foreign exchange gains and losses | ( |
) |
PDT Limited (Registered number: 04211478) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
7. | Amounts written off investments |
30.6.23 | 30.6.22 |
£ | £ |
Amounts written off investment | 1,009 | - |
8. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
30.6.23 | 30.6.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
30.6.23 | 30.6.22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Deferred tax provision | 4,874 | - |
Total tax charge | 413,510 | 664,724 |
9. | Dividends |
30.6.23 | 30.6.22 |
£ | £ |
Ordinary shares of £1 each |
Interim |
PDT Limited (Registered number: 04211478) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
10. | Intangible fixed assets |
Patents |
and |
licences |
£ |
Cost |
Additions |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
11. | Tangible fixed assets |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 July 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Exchange differences | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 June 2023 |
Depreciation |
At 1 July 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
Exchange differences | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 June 2023 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
PDT Limited (Registered number: 04211478) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
12. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 July 2022 |
Exchange differences | ( |
) |
At 30 June 2023 |
Provisions |
At 1 July 2022 | 267,855 |
Provision for year | 1,009 |
Exchange differences | (10,416 | ) |
At 30 June 2023 | 258,448 |
Net book value |
At 30 June 2023 |
At 30 June 2022 |
The company's investments at the Balance sheet date in the share capital of companies include the following: |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
30.6.23 | 30.6.22 |
£ | £ |
Aggregate capital and reserves |
Tech-Note International Limited was dissolved at Companies House on 5 September 2023. |
13. | Stocks |
30.6.23 | 30.6.22 |
£ | £ |
Stocks |
The value of stock held is stated net of a stock provision at the year end of £243,037 (2022 £171,892). |
PDT Limited (Registered number: 04211478) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
14. | Debtors: amounts falling due within one year |
30.6.23 | 30.6.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
15. | Cash at bank |
There is a fixed charge in place over the company's assets from RBS Invoice Financing for any liabilities due. At the year end, £385 was owed to RBS Invoice Financing (2022 asset of £124,221). |
16. | Creditors: amounts falling due within one year |
30.6.23 | 30.6.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
VAT | 53,135 | 4,151 |
Other creditors |
Accrued expenses |
17. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.6.23 | 30.6.22 |
£ | £ |
Within one year |
Between one and five years |
18. | Provisions for liabilities |
30.6.23 | 30.6.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Pension plan obligations | - | (680 | ) |
7,484 | 2,610 |
PDT Limited (Registered number: 04211478) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
18. | Provisions for liabilities - continued |
Deferred |
tax |
£ |
Balance at 1 July 2022 |
Charge to Statement of comprehensive income during year |
Balance at 30 June 2023 |
19. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.23 | 30.6.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
20. | Reserves |
Retained |
earnings |
£ |
At 1 July 2022 |
Profit for the year |
Dividends | ( |
) |
At 30 June 2023 |
PDT Limited (Registered number: 04211478) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
21. | Related party disclosures |
During the year PDT Limited sold goods amounting to £1,713,091 (2022 £1,350,647) and purchased goods amounting to £1,716,346 (2022 £nil) with CMS Distribution Limited (Great Britain). A balance of £1,985,848 (2022 £24,765) was receivable at the balance sheet date. Dividends totalling £1,436,243 (2022 £nil) were paid to CMS Distribution Limited (Great Britain) in the year. |
During the year, PDT Limited sold goods amounting to £1,346,110 (2022 £39,430) and purchased goods amounting to £1,146,387 (2022 £nil) with VLC Distribution Co. Inc, a non UK subsidiary of CMS Distribution Limited. A balance of £211,787 (2022 £nil) was receivable at the balance sheet date. |
During the year, PDT Limited sold goods amounting to £nil (2022 £72,377) to Avesta SARL, a non UK subsidiary of CMS Distribution Limited. |
During the year, PDT Limited sold goods amounting to £345,253 (2022 £nil) and purchased goods amounting to £4,769 (2022 £nil) with CMS Distribution Limited (Ireland), a company ultimately controlled by Frank Salmon. A balance of £99,302 (2022 £nil) was receivable at the balance sheet date. |
The company sold goods amounting to £70,317 (2022 £nil) and purchased goods amounting to £76,597 (2022 £nil) with Clever Stuff International Limited, a company controlled by Frank Salmon. A balance of £77,528 (2022 £nil) was receivable at the balance sheet date. |
The company made payments amounting to £166,035 (2022 £150,394) to HFT Holdings Limited in respect of directors services provided by D Holder. Dividends totalling £478,747 (2022 £nil) were paid to HFT Holdings Limited in the year. Consultancy costs of £166,035 (2022 £148,756) were also paid to Holder Consultancy Limited during the year. Both HFT Holdings Limited and Holder Consultancy Limited are companies controlled by D Holder. |
At the period end the amount due to Tech-Note International Limited, the 100% subsidiary of PDT Limited included in creditors was £nil (2022: £1,050). |
22. | Ultimate controlling party |
The company's immediate controlling party is CMS Distribution Limited whose parent company is Storit Limited, a company registered in the Republic of Ireland. Storit Limited prepare consolidated financial statements which are publicly available at Companies Registration Office Dublin. The company's ultimate controlling party is Frank Salmon, a director and majority shareholder of Storit Limited. |
PDT Limited (Registered number: 04211478) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
23. | Reconciliation of profit before taxation to cash generated from operations |
30.6.23 | 30.6.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Loss on revaluation of fixed assets | 1,009 | - |
Finance income | (1,452 | ) | (206 | ) |
2,011,244 | 3,500,337 |
Decrease/(increase) in stocks | ( |
) |
Decrease in trade and other debtors |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations |
24. | Cash and cash equivalents |
The amounts disclosed on the Cash flow statement in respect of cash and cash equivalents are in respect of these Balance sheet amounts: |
Year ended 30 June 2023 |
30.6.23 | 1.7.22 |
£ | £ |
Cash and cash equivalents | 865,595 | 1,627,627 |
Year ended 30 June 2022 |
30.6.22 | 1.7.21 |
£ | £ |
Cash and cash equivalents | 1,627,627 | 4,615,838 |
25. | Analysis of changes in net funds |
At 1.7.22 | Cash flow | At 30.6.23 |
£ | £ | £ |
Net cash |
Cash at bank | 1,627,627 | (762,032 | ) | 865,595 |
1,627,627 | (762,032 | ) | 865,595 |
Total | 1,627,627 | (762,032 | ) | 865,595 |