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REGISTERED NUMBER: 04374737 (England and Wales)















Financial Statements for the Period 1 April 2023 to 31 December 2023

for

XAIS-PTS Limited

Previously known as
Pavement Testing Services Limited

XAIS-PTS Limited (Registered number: 04374737)






Contents of the Financial Statements
for the Period 1 April 2023 to 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


XAIS-PTS Limited

Company Information
for the Period 1 April 2023 to 31 December 2023







DIRECTORS: S Abbs
P Barry
R L Rostas
B Fardaghaie
J Wallis
R J Edwards
P C Davidson





SECRETARY: T Gray





REGISTERED OFFICE: Unit 1 Rough Hey Road
Grimsargh
Preston
PR2 5AR





REGISTERED NUMBER: 04374737 (England and Wales)

XAIS-PTS Limited (Registered number: 04374737)

Balance Sheet
31 December 2023

2023 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 15,776 11,201
Tangible assets 5 1,684,931 1,575,017
1,700,707 1,586,218

CURRENT ASSETS
Debtors 6 2,194,720 3,689,976
Cash at bank 807,519 599,204
3,002,239 4,289,180
CREDITORS
Amounts falling due within one year 7 646,743 1,206,033
NET CURRENT ASSETS 2,355,496 3,083,147
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,056,203

4,669,365

CREDITORS
Amounts falling due after more than one
year

8

(415,155

)

(520,007

)

PROVISIONS FOR LIABILITIES (307,060 ) (348,022 )
NET ASSETS 3,333,988 3,801,336

CAPITAL AND RESERVES
Called up share capital 11 3,000 3,000
Retained earnings 3,330,988 3,798,336
SHAREHOLDERS' FUNDS 3,333,988 3,801,336

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by:





B Fardaghaie - Director


XAIS-PTS Limited (Registered number: 04374737)

Notes to the Financial Statements
for the Period 1 April 2023 to 31 December 2023

1. STATUTORY INFORMATION

XAIS-PTS 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared for a short period ending 31 December 2023 in order to make them co-terminus with other companies in the group.

Turnover
Turnover represents amounts receivable for the services and applications for payment net of VAT.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.

Goodwill
A transfer of business from a subsidiary is recorded as an exchange of the investment in that subsidiary for the underlying assets and liabilities of the subsidiary and accounts for them at book values. The values that would have been reported become the cost of these assets received in the transfer. The catch up adjustment resulting from the difference between the cost of the investment in subsidiary and the book value of the underlying assets and liabilities received is recognised in the profit or loss as income from shares in group undertakings. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any good will allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

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.

Computer software is being amortised evenly over its estimated useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Freehold property2% on cost
Plant and machinery etc.25% on reducing balance


XAIS-PTS Limited (Registered number: 04374737)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 December 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 period 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 112 (2023 - 108 ) .

XAIS-PTS Limited (Registered number: 04374737)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 December 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 April 2023 190,639 32,327 222,966
Additions 101,461 9,500 110,961
Impairments (101,461 ) - (101,461 )
At 31 December 2023 190,639 41,827 232,466
AMORTISATION
At 1 April 2023 190,639 21,126 211,765
Charge for period - 4,925 4,925
At 31 December 2023 190,639 26,051 216,690
NET BOOK VALUE
At 31 December 2023 - 15,776 15,776
At 31 March 2023 - 11,201 11,201

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 607,975 2,569,603 166,729 406,393 3,750,700
Additions - 139,421 18,041 205,344 362,806
At 31 December 2023 607,975 2,709,024 184,770 611,737 4,113,506
DEPRECIATION
At 1 April 2023 72,247 1,749,376 105,522 248,538 2,175,683
Charge for period 16,213 166,173 13,895 56,611 252,892
At 31 December 2023 88,460 1,915,549 119,417 305,149 2,428,575
NET BOOK VALUE
At 31 December 2023 519,515 793,475 65,353 306,588 1,684,931
At 31 March 2023 535,728 820,227 61,207 157,855 1,575,017

XAIS-PTS Limited (Registered number: 04374737)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 28,065
At 31 December 2023 28,065
DEPRECIATION
Charge for period 3,508
At 31 December 2023 3,508
NET BOOK VALUE
At 31 December 2023 24,557

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade debtors 1,401,658 2,776,029
Amounts owed by group undertakings - 41,729
Other debtors 793,062 872,218
2,194,720 3,689,976

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Bank loans and overdrafts 159,996 159,996
Hire purchase contracts (see note 9) 5,862 -
Trade creditors 225,617 270,989
Amounts owed to group undertakings - 23,755
Taxation and social security 45,984 513,288
Other creditors 209,284 238,005
646,743 1,206,033

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2023
£    £   
Bank loans 400,010 520,007
Hire purchase contracts (see note 9) 15,145 -
415,155 520,007

XAIS-PTS Limited (Registered number: 04374737)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 December 2023

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2023
£    £   
Net obligations repayable:
Within one year 5,862 -
Between one and five years 15,145 -
21,007 -

Non-cancellable operating leases
2023 2023
£    £   
Within one year 76,486 75,187
Between one and five years 217,196 124,868
293,682 200,055

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2023
£    £   
Hire purchase contracts 21,007 -

Hire Purchase contracts are secured against the asset they relate to.

Bank loans refers to CBILs loans, which are unsecured.

11. CALLED UP SHARE CAPITAL

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

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Botham (Senior Statutory Auditor)
for and on behalf of Botham Accounting Limited

13. CONTINGENT LIABILITIES

As at 31 December 2023, the total liabilities of group companies secured by a fixed charge over the
assets of the company was £686,315,118 (March 2023: 509,807,481).

XAIS-PTS Limited (Registered number: 04374737)

Notes to the Financial Statements - continued
for the Period 1 April 2023 to 31 December 2023

14. POST BALANCE SHEET EVENTS

As at the date of approval of the financial statements, group management had taken the decision to transfer the trade and assets of Xais Asset Management Limited , a fellow group company, to XAIS-PTS Limited (formally known as Pavement Testing Services Limited), due to the synergies and efficiencies which are expected to be achieved. The transfer took place on the 1st June 2024.

15. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is PTS Bidco Limited, a company incorporated in England and Wales. Copies of the parent company's financial statements can be obtained from Companies House.

The ultimate parent undertaking and controlling party is TIC Holdco Limited, a company registered in England and Wales. Copies of the ultimate parent company's financial statements can be obtained from Companies House. The directors are of the opinion that Mr Peter Dubens is qualified as the ultimate controlling party of TIC Holdco Limited exercising his control through voting rights with a controlling percentage of >50%.