Pirtek (Cambridge) Limited 04998681 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is is the supply and repair of hydraulic hoses and fittings. Digita Accounts Production Advanced 6.30.9574.0 true true false true 04998681 2023-04-01 2024-03-31 04998681 2024-03-31 04998681 core:RetainedEarningsAccumulatedLosses 2024-03-31 04998681 core:ShareCapital 2024-03-31 04998681 core:CurrentFinancialInstruments 2024-03-31 04998681 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04998681 core:Non-currentFinancialInstruments 2024-03-31 04998681 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 04998681 core:Goodwill 2024-03-31 04998681 core:FurnitureFittings 2024-03-31 04998681 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 04998681 core:MotorVehicles 2024-03-31 04998681 core:OfficeEquipment 2024-03-31 04998681 core:PlantMachinery 2024-03-31 04998681 core:AllSubsidiaries 2024-03-31 04998681 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-03-31 04998681 bus:SmallEntities 2023-04-01 2024-03-31 04998681 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04998681 bus:FilletedAccounts 2023-04-01 2024-03-31 04998681 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04998681 bus:RegisteredOffice 2023-04-01 2024-03-31 04998681 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 04998681 bus:Director1 2023-04-01 2024-03-31 04998681 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04998681 core:Goodwill 2023-04-01 2024-03-31 04998681 core:LicencesFranchises 2023-04-01 2024-03-31 04998681 core:FurnitureFittings 2023-04-01 2024-03-31 04998681 core:LandBuildings 2023-04-01 2024-03-31 04998681 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04998681 core:MotorVehicles 2023-04-01 2024-03-31 04998681 core:OfficeEquipment 2023-04-01 2024-03-31 04998681 core:PlantMachinery 2023-04-01 2024-03-31 04998681 core:AllSubsidiaries 2023-04-01 2024-03-31 04998681 core:Subsidiary1 2023-04-01 2024-03-31 04998681 core:Subsidiary1 1 2023-04-01 2024-03-31 04998681 core:Subsidiary1 countries:UnitedKingdom 2023-04-01 2024-03-31 04998681 countries:EnglandWales 2023-04-01 2024-03-31 04998681 2023-03-31 04998681 core:Goodwill 2023-03-31 04998681 core:CostValuation 2023-03-31 04998681 core:FurnitureFittings 2023-03-31 04998681 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 04998681 core:MotorVehicles 2023-03-31 04998681 core:OfficeEquipment 2023-03-31 04998681 core:PlantMachinery 2023-03-31 04998681 core:AllSubsidiaries 2023-03-31 04998681 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 04998681 2022-04-01 2023-03-31 04998681 2023-03-31 04998681 core:RetainedEarningsAccumulatedLosses 2023-03-31 04998681 core:ShareCapital 2023-03-31 04998681 core:CurrentFinancialInstruments 2023-03-31 04998681 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04998681 core:Non-currentFinancialInstruments 2023-03-31 04998681 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 04998681 core:FurnitureFittings 2023-03-31 04998681 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 04998681 core:MotorVehicles 2023-03-31 04998681 core:OfficeEquipment 2023-03-31 04998681 core:PlantMachinery 2023-03-31 04998681 core:AllSubsidiaries 2023-03-31 04998681 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 04998681 core:AllSubsidiaries 2022-04-01 2023-03-31 04998681 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-04-01 2023-03-31 04998681 core:Subsidiary1 1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 04998681

Pirtek (Cambridge) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Pirtek (Cambridge) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Pirtek (Cambridge) Limited

Company Information

Directors

Mr K Gabriel

Mr M D Hetherington

Company secretary

Mr M D Hetherington

Registered office

Unit A Copley Hill Business Park
Cambridge Road
Babraham
Cambridge
Cambridge
CB22 3GN

 

Pirtek (Cambridge) Limited

(Registration number: 04998681)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

200,766

134,921

Investments

6

322,800

322,800

 

523,566

457,721

Current assets

 

Stocks

7

81,777

79,834

Debtors

8

341,804

280,285

Cash at bank and in hand

 

149,887

175,166

 

573,468

535,285

Creditors: Amounts falling due within one year

9

(315,726)

(295,087)

Net current assets

 

257,742

240,198

Total assets less current liabilities

 

781,308

697,919

Creditors: Amounts falling due after more than one year

9

(95,333)

(152,807)

Provisions for liabilities

(35,078)

(22,372)

Net assets

 

650,897

522,740

Capital and reserves

 

Called up share capital

100

100

Retained earnings

650,797

522,640

Shareholders' funds

 

650,897

522,740

 

Pirtek (Cambridge) Limited

(Registration number: 04998681)
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.

Directors' responsibilities:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

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

Approved and authorised by the Board on 20 August 2024 and signed on its behalf by:
 

.........................................
Mr K Gabriel
Director

   
     
 

Pirtek (Cambridge) Limited

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 A Copley Hill Business Park
Cambridge Road
Babraham
Cambridge
Cambridge
CB22 3GN

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.

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.

 

Pirtek (Cambridge) Limited

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

2

Accounting policies (continued)

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

Land and buildings

10 year straight line

Plant and machinery

5/10 year straight line

Fixtures and fittings

10 year straight line

Motor vehicles

3/4 year straight line

Office equipment

5 year vstraight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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.

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:

 

Pirtek (Cambridge) Limited

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

2

Accounting policies (continued)

Asset class

Amortisation method and rate

Licence Fee

10 year straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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 (Cambridge) Limited

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 directors) during the year, was 11 (2023 - 11).

 

Pirtek (Cambridge) Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

165,000

165,000

At 31 March 2024

165,000

165,000

Amortisation

At 1 April 2023

165,000

165,000

At 31 March 2024

165,000

165,000

Carrying amount

At 31 March 2024

-

-

 

Pirtek (Cambridge) Limited

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

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

5,200

25,041

107,452

109,886

233,709

481,288

Additions

-

-

23,065

1,010

118,833

142,908

Disposals

-

-

-

-

(56,782)

(56,782)

At 31 March 2024

5,200

25,041

130,517

110,896

295,760

567,414

Depreciation

At 1 April 2023

5,200

18,234

95,192

94,537

133,204

346,367

Charge for the year

-

700

5,245

6,547

63,649

76,141

Eliminated on disposal

-

-

-

-

(55,860)

(55,860)

At 31 March 2024

5,200

18,934

100,437

101,084

140,993

366,648

Carrying amount

At 31 March 2024

-

6,107

30,080

9,812

154,767

200,766

At 31 March 2023

-

6,807

12,260

15,349

100,505

134,921

 

Pirtek (Cambridge) Limited

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

6

Investments

2024
£

2023
£

Investments in subsidiaries

322,800

322,800

Subsidiaries

£

Cost or valuation

At 1 April 2023

322,800

Provision

Carrying amount

At 31 March 2024

322,800

At 31 March 2023

322,800

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

JCW Enterprises Limited

Pirtek(Cambridge)Ltd Cambridge Road Babraham Cambridge CB223GN

United Kingdom

Ordinary £1

100%

100%

Subsidiary undertakings

JCW Enterprises Limited

The principal activity of JCW Enterprises Limited is a Pirtek Franchise .

7

Stocks

2024
£

2023
£

Raw materials and consumables

81,777

79,834

 

Pirtek (Cambridge) Limited

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

8

Debtors

Current

2024
£

2023
£

Trade debtors

240,639

219,268

Prepayments

16,448

16,299

Other debtors

84,717

44,718

 

341,804

280,285

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

96,785

114,161

Trade creditors

 

120,244

96,185

Taxation and social security

 

55,579

49,843

Accruals and deferred income

 

41,261

33,385

Other creditors

 

1,857

1,513

 

315,726

295,087

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

95,333

152,807

 

Pirtek (Cambridge) Limited

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

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

95,333

139,333

HP and finance lease liabilities

-

13,474

95,333

152,807

Current loans and borrowings

2024
£

2023
£

Bank borrowings

44,000

50,677

Directors current account

40,000

40,000

Hire purchase liabilities

12,785

23,484

96,785

114,161

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

27,801

27,317

 

Pirtek (Cambridge) Limited

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

11

Related party transactions (continued)

Loans to related parties

2024

Subsidiary
£

Total
£

At start of period

44,718

44,718

Advanced

40,000

40,000

At end of period

84,718

84,718

2023

Subsidiary
£

Total
£

Advanced

44,718

44,718

At end of period

44,718

44,718

Terms of loans to related parties

Pirtek (Cambridge) Limited provided a loan to J C W Enterprises Limited, there is no repayment terms in regard to this loan.
 

Loans from related parties

2024

Key management
£

Total
£

At start of period

40,000

40,000

At end of period

40,000

40,000

2023

Key management
£

Total
£

Advanced

40,000

40,000

At end of period

40,000

40,000