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REGISTERED NUMBER: 05141546 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2023

for

Professional Soils Laboratory Limited

Professional Soils Laboratory Limited (Registered number: 05141546)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 9

Balance Sheet 10

Notes to the Financial Statements 11


Professional Soils Laboratory Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A Watkins
P Barry
S Abbs
B Fardaghaie
R L Rostas





SECRETARY: T Gray





REGISTERED OFFICE: 5-7 Hexthorpe Road
Hexthorpe
Doncaster
DN4 0AR





REGISTERED NUMBER: 05141546 (England and Wales)





AUDITORS: Botham Accounting Limited
Chartered Accountants
Statutory Auditors
3 - 5 College Street
Nottingham
Nottinghamshire
NG1 5AQ

Professional Soils Laboratory Limited (Registered number: 05141546)

Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
The principal activity of the company during the period was that of operating as geotechnical and materials testing specialists for commercial and residential clients.

During the period the company's activities continued to increase. The turnover in the year to 31/12/2023 was £6,617k compared to £5,729k in the previous 12 months. Orders, revenue and activity levels have increased year on year as the company grew.

PRINCIPAL RISKS AND UNCERTAINTIES
The activities of the company are largely compliance led. This provides the business with a degree of certainty in terms of future revenues, but also represents a risk in that changes in legislation may influence revenue streams.

The business will continue to monitor any political or legislative risks and changes to regulations.

FUTURE DEVELOPMENTS
The closure of other laboratories within the Phenna Group presents an opportunity for extra revenue.
Revenues are also expected to rise due to cost pressures in the industry being passed onto clients.
The company will continue to work with it's client base to provide a UK leading service in the sector.

ECONOMIC RISK
The trading activities of the business are largely related to the property development and construction industry. Due to the nature of the services and change in legislation short-term we perceive little economic risk.

CREDIT RISK
The company's credit risk is primarily attributable to its trade debtors. Credit risk is managed by monitoring the aggregate amount and age profile of customer debt, in conjunction with periodic reviews of customer credit rating.

The amounts presented in the balance sheet are net of allowances for doubtful debts, estimated by the company's management based on prior experience and their assessment of the current economic environment.

ON BEHALF OF THE BOARD:





A Watkins - Director


12 July 2024

Professional Soils Laboratory Limited (Registered number: 05141546)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
No interim dividend was paid during the year. The directors recommend a final dividend of 16500 per share.

The total distribution of dividends for the year ended 31 December 2023 will be £ 1,650,000 .

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

A Watkins
P Barry
S Abbs

Other changes in directors holding office are as follows:

D G Harrison - resigned 20 November 2023
B Fardaghaie - appointed 17 October 2023
R L Rostas - appointed 20 November 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
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.

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.

Professional Soils Laboratory Limited (Registered number: 05141546)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, Botham Accounting Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A Watkins - Director


12 July 2024

Report of the Independent Auditors to the Members of
Professional Soils Laboratory Limited

Opinion
We have audited the financial statements of Professional Soils Laboratory Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 31 December 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.

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.

Report of the Independent Auditors to the Members of
Professional Soils Laboratory 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 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 Statement of Directors' Responsibilities 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
Professional Soils Laboratory 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:

As part of this assessment we considered both quantitative and qualitative factors. We also considered those
laws and regulations that have a direct impact on the preparation of the financial statements, such as the
Companies Act 2006 and FRS 102.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial
statements which included the risk of management override of controls. We determined that the principal
risks were related to posting inappropriate journal entries, omitting, advancing or delaying recognition of
events and transactions that have occurred during or after the reporting period, and potential management
bias in the determination of accounting estimates or judgements to manipulate results.

Audit procedures performed by the engagement team include:

- Enquiring of and obtaining written representation from management and those charged with governance in
relation to actual and potential litigation and claims;
- Enquiring of entity staff to identify any instances of non-compliance with laws and regulations;
- Review of meeting minutes of those charged with governance;
- Review of financial statement disclosures and testing to supporting documentation to assess compliance
with laws and regulations.
- Performing audit work over the risk of management override of controls, including 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.

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 the compliance with 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
Report of the Auditors.

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
Professional Soils Laboratory 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.




Andrew Botham (Senior Statutory Auditor)
for and on behalf of Botham Accounting Limited
Chartered Accountants
Statutory Auditors
3 - 5 College Street
Nottingham
Nottinghamshire
NG1 5AQ

12 July 2024

Professional Soils Laboratory Limited (Registered number: 05141546)

Statement of Income and
Retained Earnings
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 6,617,470 5,729,609

Cost of sales 310,954 292,950
GROSS PROFIT 6,306,516 5,436,659

Administrative expenses 3,123,053 3,124,649
3,183,463 2,312,010

Other operating income 111 131
OPERATING PROFIT 5 3,183,574 2,312,141

Interest receivable and similar income 1,053 158
3,184,627 2,312,299

Interest payable and similar expenses 6 7,466 290
PROFIT BEFORE TAXATION 3,177,161 2,312,009

Tax on profit 7 671,140 311,223
PROFIT FOR THE FINANCIAL YEAR 2,506,021 2,000,786

Retained earnings at beginning of year 5,285,453 4,084,667

Dividends 8 (1,650,000 ) (800,000 )

RETAINED EARNINGS AT END OF
YEAR

6,141,474

5,285,453

Professional Soils Laboratory Limited (Registered number: 05141546)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,448,828 1,338,120

CURRENT ASSETS
Stocks 10 1,000 -
Debtors 11 4,555,261 3,904,119
Cash at bank and in hand 873,363 877,096
5,429,624 4,781,215
CREDITORS
Amounts falling due within one year 12 487,816 518,184
NET CURRENT ASSETS 4,941,808 4,263,031
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,390,636

5,601,151

CREDITORS
Amounts falling due after more than one
year

13

-

(3,165

)

PROVISIONS FOR LIABILITIES 16 (249,062 ) (312,433 )
NET ASSETS 6,141,574 5,285,553

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 18 6,141,474 5,285,453
SHAREHOLDERS' FUNDS 6,141,574 5,285,553

The financial statements were approved by the Board of Directors and authorised for issue on 12 July 2024 and were signed on its behalf by:





A Watkins - Director


Professional Soils Laboratory Limited (Registered number: 05141546)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Professional Soils Laboratory 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.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 15% on reducing balance

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year 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 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.

Professional Soils Laboratory Limited (Registered number: 05141546)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

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

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 one principal activity of the company.

All turnover in both years arose in the UK.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,847,551 1,860,059
Social security costs 182,072 190,075
Other pension costs 71,737 72,911
2,101,360 2,123,045

The average number of employees during the year was as follows:
2023 2022

Employees 64 63

2023 2022
£    £   
Directors' remuneration 174,417 85,000

5. OPERATING PROFIT

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

2023 2022
£    £   
Other operating leases 100,400 92,836
Depreciation - owned assets 258,159 206,456
Depreciation - assets on hire purchase contracts - 3,989
Profit on disposal of fixed assets (283 ) (3,768 )
Auditors' remuneration 11,000 9,500

Professional Soils Laboratory Limited (Registered number: 05141546)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Corporation tax interest 1,860 -
Hire purchase 5,606 290
7,466 290

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 787,379 358,976
Over provision of CT (52,868 ) (177,075 )
Total current tax 734,511 181,901

Deferred tax (63,371 ) 129,322
Tax on profit 671,140 311,223

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 3,177,161 2,312,009
Profit multiplied by the standard rate of corporation tax in the UK of
23.520% (2022 - 19%)

747,268

439,282

Effects of:
Expenses not deductible for tax purposes 1,917 5,286
Capital allowances in excess of depreciation - (85,592 )
Depreciation in excess of capital allowances 38,194 -
Adjustments to tax charge in respect of previous periods (52,868 ) (177,075 )
Deferred Tax Movement (63,371 ) 129,322
Total tax charge 671,140 311,223

8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Final 1,650,000 800,000

Professional Soils Laboratory Limited (Registered number: 05141546)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 1,429,987 443,543 409,101 49,388 2,332,019
Additions 204,805 61,080 113,573 3,876 383,334
Disposals - - (19,025 ) - (19,025 )
At 31 December 2023 1,634,792 504,623 503,649 53,264 2,696,328
DEPRECIATION
At 1 January 2023 613,090 166,993 196,992 16,824 993,899
Charge for year 137,667 45,967 69,330 5,195 258,159
Eliminated on disposal - - (4,558 ) - (4,558 )
At 31 December 2023 750,757 212,960 261,764 22,019 1,247,500
NET BOOK VALUE
At 31 December 2023 884,035 291,663 241,885 31,245 1,448,828
At 31 December 2022 816,897 276,550 212,109 32,564 1,338,120

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 32,418
Transfer to ownership (32,418 )
At 31 December 2023 -
DEPRECIATION
At 1 January 2023 20,451
Transfer to ownership (20,451 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 11,967

10. STOCKS
2023 2022
£    £   
Work-in-progress 1,000 -

Professional Soils Laboratory Limited (Registered number: 05141546)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,002,412 907,203
Amounts owed by group undertakings 3,448,977 2,862,501
Other debtors 13,018 5,102
Directors' current accounts 2,265 4,418
Tax 78,136 93,086
Prepayments and accrued income 10,453 31,809
4,555,261 3,904,119

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 14) - 6,330
Trade creditors 94,345 167,498
Amounts owed to group undertakings 10,000 20,000
Social security and other taxes 59,406 52,127
VAT 250,280 177,126
Other creditors 20,708 19,886
Accruals and deferred income 53,077 75,217
487,816 518,184

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 14) - 3,165

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 6,330
Between one and five years - 3,165
- 9,495

Non-cancellable operating leases
2023 2022
£    £   
Within one year 63,924 63,924
Between one and five years 74,479 133,895
In more than five years - 4,508
138,403 202,327

Professional Soils Laboratory Limited (Registered number: 05141546)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

15. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts - 9,495

Hire purchase liabilities are secured on the relevant asset.

16. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 249,062 312,433

Deferred
tax
£   
Balance at 1 January 2023 312,433
Utilised during year (63,371 )
Balance at 31 December 2023 249,062

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

18. RESERVES
Retained
earnings
£   

At 1 January 2023 5,285,453
Profit for the year 2,506,021
Dividends (1,650,000 )
At 31 December 2023 6,141,474

19. CONTINGENT LIABILITIES

As at 31 December 2023, the total liabilities of other group members secured by a fixed charge over the assets of the company was £686,315,118 (2022 £509,807,481).

Professional Soils Laboratory Limited (Registered number: 05141546)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

20. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
A Watkins
Balance outstanding at start of year 4,156 19,105
Amounts advanced 42,026 169,709
Amounts repaid (43,917 ) (184,658 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,265 4,156

21. RELATED PARTY DISCLOSURES

During the year, the company paid management charges to group undertakings totalling £100,000 (2022 - £100,000). The balance outstanding at the year end was £10,000 (2022 - £10,000).

The outstanding balance due from group undertakings at the year end was £3,448,978 (2022 - £2,862,501). The balance is repayable on demand and is interest free.

The company paid rent of £50,000 (2022: £50,000) to the company directors.

22. ULTIMATE CONTROLLING PARTY

The immediate parent undertaking is PSL Bidco Limited; a company registered in England and Wales.

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%.