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Registration number: 03043171

Pirtek (Watford) Limited

trading as Pirtek Watford

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Pirtek (Watford) Limited

trading as Pirtek Watford

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Pirtek (Watford) Limited

trading as Pirtek Watford

Company Information

Director

Mr A Williams

Company secretary

Mrs AM Williams

Registered office

Unit 10 The Empire Centre
Imperial Way
Watford
Hertfordshire
WD24 4YH

 

Pirtek (Watford) Limited

trading as Pirtek Watford

(Registration number: 03043171)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

49,748

63,150

Current assets

 

Stocks

6

69,258

63,159

Debtors

7

258,963

279,825

Cash at bank and in hand

 

226,377

182,635

 

554,598

525,619

Creditors: Amounts falling due within one year

8

(221,395)

(218,140)

Net current assets

 

333,203

307,479

Total assets less current liabilities

 

382,951

370,629

Creditors: Amounts falling due after more than one year

8

(49,702)

(64,104)

Provisions for liabilities

(10,088)

(9,541)

Net assets

 

323,161

296,984

Capital and reserves

 

Called up share capital

50,000

50,000

Retained earnings

273,161

246,984

Shareholders' funds

 

323,161

296,984

 

Pirtek (Watford) Limited

trading as Pirtek Watford

(Registration number: 03043171)
Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 August 2024
 

.........................................
Mr A Williams
Director

   
     
 

Pirtek (Watford) Limited

trading as Pirtek Watford

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 10 The Empire Centre
Imperial Way
Watford
Hertfordshire
WD24 4YH
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Pirtek (Watford) Limited

trading as Pirtek Watford

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold property

10 years straight line

Plant and machinery

10 years straight line

Fixtures and fittings

10 years straight line

Motor vans

3 years straight line

Office equipment

5 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Pirtek (Watford) Limited

trading as Pirtek Watford

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Franchise licence fees

10 years straight line

Cash and cash equivalents

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

Trade debtors

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

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

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

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

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

 

Pirtek (Watford) Limited

trading as Pirtek Watford

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2023 - 7).

 

Pirtek (Watford) Limited

trading as Pirtek Watford

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 April 2023

120,000

40,000

160,000

At 31 March 2024

120,000

40,000

160,000

Amortisation

At 1 April 2023

120,000

40,000

160,000

At 31 March 2024

120,000

40,000

160,000

Carrying amount

At 31 March 2024

-

-

-

 

Pirtek (Watford) Limited

trading as Pirtek Watford

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

9,507

58,127

21,672

107,326

111,791

308,423

Additions

-

-

-

2,247

20,363

22,610

Disposals

-

-

-

-

(11,350)

(11,350)

At 31 March 2024

9,507

58,127

21,672

109,573

120,804

319,683

Depreciation

At 1 April 2023

9,507

57,887

20,937

99,669

57,273

245,273

Charge for the year

-

54

234

5,485

30,239

36,012

Eliminated on disposal

-

-

-

-

(11,350)

(11,350)

At 31 March 2024

9,507

57,941

21,171

105,154

76,162

269,935

Carrying amount

At 31 March 2024

-

186

501

4,419

44,642

49,748

At 31 March 2023

-

240

735

7,657

54,518

63,150

 

Pirtek (Watford) Limited

trading as Pirtek Watford

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Stocks

2024
£

2023
£

Raw materials and consumables

69,258

63,159

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

148,268

162,090

Amounts owed by related parties

11

84,686

84,686

Prepayments

 

26,009

33,049

   

258,963

279,825

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

32,365

32,927

Trade creditors

 

91,045

85,481

Taxation and social security

 

41,210

43,688

Accruals and deferred income

 

24,443

22,567

Other creditors

 

32,332

33,477

 

221,395

218,140

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

49,702

64,104

 

Pirtek (Watford) Limited

trading as Pirtek Watford

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,091

23,274

HP and finance lease liabilities

36,611

40,830

49,702

64,104

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,183

9,932

Hire purchase liabilities

22,182

22,995

32,365

32,927

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £21,200 (2023 - £49,455). The financial commitments being the rental of premises occupied by the company.

 

Pirtek (Watford) Limited

trading as Pirtek Watford

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

11

Related party transactions

Transactions with directors

All directors remuneration was paid under the normal market conditions

Summary of transactions with other related parties

AW Hydraulic Services Ltd, Macbeth 12 Ltd, Sageglen Ltd, Dappleflair Ltd, Berkshire Hydraulic Solutions Ltd and Metaldance Ltd.

All above listed companies are under the common control of Mr A & Mrs A Williams.

At the year end there were outstanding loans from Sageglen Ltd, Berkshire Hydraulic Solutions Ltd and AW Hydraulic Services Ltd. The loan due to Dappleflair Ltd has now been repaid in full.

All sales and purchases with entities under common control were conducted under normal market conditions.

 

Loans to related parties

2024

Other related parties
£

Total
£

At start of period

26,333

26,333

At end of period

26,333

26,333

2023

Other related parties
£

Total
£

At start of period

26,333

26,333

At end of period

26,333

26,333

Terms of loans to related parties

There are no repayment terms attached to the loan to entities under common control and no interest charged. The loan is repayable on demand.

 

Pirtek (Watford) Limited

trading as Pirtek Watford

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

11

Related party transactions (continued)

Loans from related parties

2024

Other related parties
£

Total
£

At start of period

1,112

1,112

Repaid

(1,112)

(1,112)

At end of period

-

-

2023

Other related parties
£

Total
£

At start of period

1,112

1,112

At end of period

1,112

1,112

Terms of loans from related parties

There are no repayment terms attached to the loan from entities under common control and no interest charged. This loan has now been repaid in full.