REGISTERED NUMBER: |
Financial Statements for the Period 1 April 2023 to 31 December 2023 |
for |
XAIS-PTS Limited |
Previously known as |
Pavement Testing Services Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
XAIS-PTS Limited (Registered number: 04374737) |
Balance Sheet |
31 December 2023 |
2023 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
Freehold property | 2% 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 |
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 |
Additions |
Impairments | (101,461 | ) | - | (101,461 | ) |
At 31 December 2023 |
AMORTISATION |
At 1 April 2023 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 March 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 April 2023 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 March 2023 |
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 |
At 31 December 2023 |
DEPRECIATION |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 9) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 9) |
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 |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2023 |
£ | £ |
Within one year |
Between one and five years |
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: | £ | £ |
Ordinary | £1 | 3,000 | 3,000 |
12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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%. |