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REGISTERED NUMBER: 13738345 (England and Wales)












P V DOBSON LIMITED

STRATEGIC REPORT, DIRECTORS' REPORT AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






P V DOBSON LIMITED (REGISTERED NUMBER: 13738345)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Strategic Report 2

Directors' Report 4

Independent Auditors' Report 6

Statement of Income and Retained Earnings 9

Balance Sheet 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


P V DOBSON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







Directors: Mr A J Dobson
Mrs A Dobson



Secretary: Mr A J Dobson



Registered office: Ivy House Works
Levens
KENDAL
LA8 8PG



Registered number: 13738345 (England and Wales)



Auditors: Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD



Accountants: Scott & Wilkinson
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

P V DOBSON LIMITED (REGISTERED NUMBER: 13738345)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their strategic report for the year ended 30 April 2024.

Review of business
The financial statements show that the company's turnover is £53,611,152 for the period and gross profit is £3,113,482. The gross profit margin for the period is 5.8% compared to 9.86%.

Turnover for the full year is better than the expected figure of £50,000,000. Demand across both plant and agricultural machinery markets has been significantly reduced compared to the two previous years.

Pricing from manufacturers has stabilized although, both MF and Manitou, in particular, were slow to respond to the market price decreases, this has led to slow sales, high stock and P V Dobson having to cut margins in order to sell stock. We have had unprecedented levels of stock which has, combined with very high interest rates, led to massively increased stocking charges.

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


Unit 2024 2023
Turnover £ 53,611,152 73,400,511
Operating profit £ 1,192,851 5,084,642
Profit before tax £ 966,575 5,003,332


Future Developments

We now have stock to conquest new customers, particularly relating to Kubota excavators in contrast to recent times when we have been unable to satisfy demand from new customers.

We continue our gradual organic growth strategy with the successful opening of our new branch in Washington in late 2023. This will improve our coverage across the North of England enabling us to service the many industrial customers in the North East and provide complete coverage, particularly for Kubota.

Staffing

We have an excellent team and acknowledge that we need, good well motivated staff to be able to continue to develop the business and provide the necessary level of service.


P V DOBSON LIMITED (REGISTERED NUMBER: 13738345)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Principal risks and uncertainties
The company is facing a number of significant challenges in 2024/25 that continue to make expected results for the next 12 months less than satisfactory

- The ongoing economic uncertainties in the UK and the effects of the war in Ukraine.
- Continued uncertainty in the agricultural sector.
- Increased wage costs due to cost-of-living crisis
- Unpredictable/lower demand due to interest rate pressures and drop in demand for housing. We hope to see a modest decrease in interest rates.
- Stocking charges due to interest rate increases, we have been successful in reducing our stock but need to continue to do so.

The company continues to invest in the business in order to safeguard it's future and leave it well placed to take advantage of new business opportunities in the future.

The directors are continually monitoring the risks faced by the company and do everything that they can to minimise their potential impact on the company.

The company has no borrowings and a strong cash position and therefore the directors have determined there is no material uncertainty that casts significant doubt upon the company's ability to trade as a going concern.




On behalf of the board:





Mr A J Dobson - Director


1 August 2024

P V DOBSON LIMITED (REGISTERED NUMBER: 13738345)

DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024


The directors present their report with the financial statements of the company for the year ended 30 April 2024.

Dividends
The total distribution of dividends paid in the period ended 30 April 2024 was £525,000.

The directors recommend that no final dividend be paid on any class of shares.

Future developments
Incorporated within Principal Risks and Uncertainties in the Strategic Report.

Directors
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

Mr A J Dobson
Mrs A Dobson

Statement of directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with 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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

P V DOBSON LIMITED (REGISTERED NUMBER: 13738345)

DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024


Auditors
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:




Mr A J Dobson - Director


1 August 2024

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
P V DOBSON LIMITED


Opinion
We have audited the financial statements of P V Dobson Limited (the 'company') for the year ended 30 April 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, 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 April 2024 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 Directors' Report, but does not include the financial statements and our Auditors' 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 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.

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
P V DOBSON LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters 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 Statement of Directors' Responsibilities set out on page four, 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.

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 an Auditors' 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:

· enquiries are made of management and those charged with governance as to whether there is any knowledge of actual, suspected, or alleged fraud, whether there is any known non-compliance with laws or regulations, and whether the company has been subject to any litigation or any legal claims.
· audit work over the risk of management override of controls is undertaken. This includes testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
· analytical reviews are performed on the financial statements at all stages of the audit by comparison to prior years, budgets and expectations to ensure the reasonableness of the figures therein.
· third party confirmation is obtained from the company's bankers to confirm bank balances, loan facilities and security held.
· detailed audit testing is undertaken in specific areas to ensure that income and expenditure is correctly recorded and is a genuine income or expense of the company.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
P V DOBSON 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 an Auditors' 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.




Stuart Hinnigan F.C.A. C.T.A. (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Accountants and Statutory Auditors
Dalton House
9 Dalton Square
LANCASTER
LA1 1WD

8 August 2024

P V DOBSON LIMITED (REGISTERED NUMBER: 13738345)

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2024

Period
11/11/21
Year Ended to
30/4/24 30/4/23
Notes £    £   

Turnover 3 53,611,152 73,400,511

Cost of sales 50,497,670 66,162,629
Gross profit 3,113,482 7,237,882

Administrative expenses 1,921,062 2,166,217
1,192,420 5,071,665

Other operating income 4 431 12,977
Operating profit 6 1,192,851 5,084,642

Interest receivable and similar income 8 23,237 -
1,216,088 5,084,642

Interest payable and similar expenses 9 249,513 81,310
Profit before taxation 966,575 5,003,332

Tax on profit 10 245,804 1,044,281
Profit for the financial year 720,771 3,959,051

Retained earnings at beginning of year 3,259,061 -

Dividends 11 (525,000 ) (699,990 )

Retained earnings at end of year 3,454,832 3,259,061

P V DOBSON LIMITED (REGISTERED NUMBER: 13738345)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Tangible assets 12 474,714 480,478

Current assets
Stocks 13 14,931,482 12,655,062
Debtors 14 3,389,741 3,605,641
Cash at bank 835,165 1,154,640
19,156,388 17,415,343
Creditors
Amounts falling due within one year 15 13,083,307 11,547,500
Net current assets 6,073,081 5,867,843
Total assets less current liabilities 6,547,795 6,348,321

Provisions for liabilities 16 92,963 89,260
Net assets 6,454,832 6,259,061

Capital and reserves
Called up share capital 17 3,000,000 3,000,000
Retained earnings 18 3,454,832 3,259,061
Shareholders' funds 6,454,832 6,259,061

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2024 and were signed on its behalf by:





Mr A J Dobson - Director


P V DOBSON LIMITED (REGISTERED NUMBER: 13738345)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

Period
11/11/21
Year Ended to
30/4/24 30/4/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,391,558 2,914,107
Interest paid (249,513 ) (81,310 )
Tax paid (1,197,122 ) -
Net cash from operating activities (55,077 ) 2,832,797

Cash flows from investing activities
Purchase of tangible fixed assets (185,238 ) (273,924 )
Sale of tangible fixed assets 25,250 7,225
Interest received 23,237 -
Net cash from investing activities (136,751 ) (266,699 )

Cash flows from financing activities
Amount introduced by directors - 772,112
Amount withdrawn by directors - (1,441,372 )
Inter group borrowings 397,353 (42,208 )
Equity dividends paid (525,000 ) (699,990 )
Net cash from financing activities (127,647 ) (1,411,458 )

(Decrease)/increase in cash and cash equivalents (319,475 ) 1,154,640
Cash and cash equivalents at beginning of
year

2

1,154,640

-

Cash and cash equivalents at end of year 2 835,165 1,154,640

P V DOBSON LIMITED (REGISTERED NUMBER: 13738345)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024


1. Reconciliation of profit before taxation to cash generated from operations
Period
11/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Profit before taxation 966,575 5,003,332
Depreciation charges 181,133 185,326
Profit on disposal of fixed assets (15,381 ) (3,595 )
Finance costs 249,513 81,310
Finance income (23,237 ) -
1,358,603 5,266,373
Increase in stocks (2,276,420 ) (5,642,024 )
Decrease/(increase) in trade and other debtors 173,692 (1,982,333 )
Increase in trade and other creditors 2,135,683 5,272,091
Cash generated from operations 1,391,558 2,914,107

2. 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 April 2024
30/4/24 1/5/23
£    £   
Cash and cash equivalents 835,165 1,154,640
Period ended 30 April 2023
30/4/23 11/11/21
£    £   
Cash and cash equivalents 1,154,640 -


3. Analysis of changes in net funds

At 1/5/23 Cash flow At 30/4/24
£    £    £   
Net cash
Cash at bank 1,154,640 (319,475 ) 835,165
1,154,640 (319,475 ) 835,165
Total 1,154,640 (319,475 ) 835,165

P V DOBSON LIMITED (REGISTERED NUMBER: 13738345)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. Statutory information

P V Dobson Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
When preparing the financial statements, the directors are required to make judgements, estimates and
assumptions about the carrying value of assets, liabilities, income and expenses.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 Company does not have any key assumptions concerning the future, or other key sources of estimation uncertainty in the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

No judgements have been made in applying the Company's accounting policies in the preparation of the financial statements, other than those involving estimation.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at a point in time when a performance obligation is satisfied by transferring a good or service to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - Straight line over 10 years
Plant and machinery - Straight line over 7 years
Fixtures and fittings - Straight line over 15 years
Motor vehicles - 25% Reducing balance and Straight line between 4 and 17 years
Computer equipment - Straight line over 4 years

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

P V DOBSON LIMITED (REGISTERED NUMBER: 13738345)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. Accounting policies - continued

Financial instruments
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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and 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 cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

P V DOBSON LIMITED (REGISTERED NUMBER: 13738345)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


2. Accounting policies - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Turnover

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

Period
11/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Sale of goods 47,400,668 66,294,031
Sale of services 6,210,484 7,106,480
53,611,152 73,400,511

An analysis of turnover by geographical market is given below:

Period
11/11/21
Year Ended to
30/4/24 30/4/23
£    £   
United Kingdom 53,423,659 72,989,807
Europe 126,435 299,363
Rest of World 61,058 111,341
53,611,152 73,400,511

4. Other operating income
Period
11/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Rents receivable 299 398
Other income 132 12,579
431 12,977

P V DOBSON LIMITED (REGISTERED NUMBER: 13738345)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


5. Employees and directors
Period
11/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Wages and salaries 2,663,383 3,199,822
Social security costs 278,426 349,397
Other pension costs 285,282 189,342
3,227,091 3,738,561

The average number of employees during the year was as follows:
Period
11/11/21
Year Ended to
30/4/24 30/4/23

Directors and management 6 6
Administration and support 5 6
Sales, servicing and stores 63 60
74 72

Period
11/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Directors' remuneration 55,800 49,774
Directors' pension contributions to money purchase schemes 142,000 34,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 1

6. Operating profit

The operating profit is stated after charging/(crediting):

Period
11/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Other operating leases 233,899 275,434
Depreciation - owned assets 181,133 185,326
Profit on disposal of fixed assets (15,381 ) (3,595 )

P V DOBSON LIMITED (REGISTERED NUMBER: 13738345)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


7. Auditors' remuneration
Period
11/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Fees payable to the company's auditors for the audit of the company's
financial statements

6,450

6,000
Auditors' remuneration for non audit work 16,075 24,158

8. Interest receivable and similar income
Period
11/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Bank interest receivable 22,847 -
Other interest receivable 390 -
23,237 -

9. Interest payable and similar expenses
Period
11/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Stocking loan interest 249,513 81,310

10. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
Period
11/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Current tax:
UK corporation tax 242,101 955,021

Deferred tax 3,703 89,260
Tax on profit 245,804 1,044,281

P V DOBSON LIMITED (REGISTERED NUMBER: 13738345)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


10. Taxation - continued

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:

Period
11/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Profit before tax 966,575 5,003,332
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

241,644

1,250,833

Effects of:
Expenses not deductible for tax purposes 11,506 6,162
Adjustments to tax charge in respect of previous periods (7,346 ) -
Super deduction - (9,457 )
Difference between rates of tax used for deferred tax and current tax - (278,927 )
Deferred tax on assets transferred to company from partnership on incorporation
-

75,670
Total tax charge 245,804 1,044,281

11. Dividends
Period
11/11/21
Year Ended to
30/4/24 30/4/23
£    £   
Ordinary shares shares of 1 each
Interim 525,000 699,990

P V DOBSON LIMITED (REGISTERED NUMBER: 13738345)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


12. Tangible fixed assets
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
Cost
At 1 May 2023 18,568 189,199 16,888
Additions 11,800 63,954 12,149
Disposals - (10,561 ) -
At 30 April 2024 30,368 242,592 29,037
Depreciation
At 1 May 2023 1,858 43,612 1,788
Charge for year 3,039 44,137 2,276
Eliminated on disposal - (1,692 ) -
At 30 April 2024 4,897 86,057 4,064
Net book value
At 30 April 2024 25,471 156,535 24,973
At 30 April 2023 16,710 145,587 15,100

Motor Computer
vehicles equipment Totals
£    £    £   
Cost
At 1 May 2023 385,548 55,601 665,804
Additions 89,435 7,900 185,238
Disposals (950 ) (1,714 ) (13,225 )
At 30 April 2024 474,033 61,787 837,817
Depreciation
At 1 May 2023 117,368 20,700 185,326
Charge for year 111,810 19,871 181,133
Eliminated on disposal 50 (1,714 ) (3,356 )
At 30 April 2024 229,228 38,857 363,103
Net book value
At 30 April 2024 244,805 22,930 474,714
At 30 April 2023 268,180 34,901 480,478

13. Stocks
2024 2023
£    £   
Stocks 14,931,482 12,655,062

P V DOBSON LIMITED (REGISTERED NUMBER: 13738345)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


14. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 3,209,296 3,448,911
Amounts owed by group undertakings - 42,208
Other debtors 123,814 63,359
Prepayments 56,631 51,163
3,389,741 3,605,641

15. Creditors: amounts falling due within one year
2024 2023
£    £   
Trade creditors 7,747,497 5,462,756
Amounts owed to group undertakings 355,145 -
Tax - 955,021
Social security and other taxes 104,512 92,251
VAT 495,287 298,208
Other creditors 400 -
Accruals 4,380,466 4,739,264
13,083,307 11,547,500

16. Provisions for liabilities
2024 2023
£    £   
Deferred tax 92,963 89,260

Deferred
tax
£   
Balance at 1 May 2023 89,260
Provided during year 3,703
Balance at 30 April 2024 92,963

17. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
3,000,000 Ordinary shares 1 3,000,000 3,000,000

Each share entitles the holder to vote, to dividends and to capital distribution arising from the winding up of the company.

P V DOBSON LIMITED (REGISTERED NUMBER: 13738345)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


18. Reserves
Retained
earnings
£   

At 1 May 2023 3,259,061
Profit for the year 720,771
Dividends (525,000 )
At 30 April 2024 3,454,832

19. Pension commitments

The company operates a defined contribution pension scheme to all qualifying employees. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £285,282 (2023 - £189,342).

20. Ultimate parent company

Blue Labrador Limited is regarded by the directors as being the company's ultimate parent company.

The registered office of Blue Labrador Limited is Ivy House Works, Levens, Kendal, Cumbria, LA8 8PG.

The parent produces publicly available financial statements, these are available upon request from Companies House, Crown Way, Cardiff, CF14 3UZ.

21. Related party disclosures

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.