P.D.P Freight Services Limited
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. 01924493 (England and Wales)
P.D.P Freight Services Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
P.D.P Freight Services Limited
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
18,872
27,496
Current assets
Debtors
4
277,315
428,188
Cash at bank and in hand
269,680
227,170
546,995
655,358
Creditors: amounts falling due within one year
5
(338,136)
(473,890)
Net current assets
208,859
181,468
Total assets less current liabilities
227,731
208,964
Creditors: amounts falling due after more than one year
6
(23,314)
Net assets
227,731
185,650
Capital and reserves
Called up share capital
7
75,050
75,050
Capital redemption reserve
75,050
75,050
Profit and loss reserves
77,631
35,550
Total equity
227,731
185,650
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 30 August 2024
Mr Shaun McGee
Director
Company Registration No. 01924493
P.D.P Freight Services Limited
Notes to the Financial Statements
For the year ended 31 December 2023
Page 2
1
Accounting policies
Company information
P.D.P Freight Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The company made a profit for the year after taxation of £188,006 (2022: £162,743) and had net assets at the 31 December of £227,731 (2022: £185,650). At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
P.D.P Freight Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 3
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
P.D.P Freight Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
6
P.D.P Freight Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
174,837
Additions
1,683
At 31 December 2023
176,520
Depreciation and impairment
At 1 January 2023
147,341
Depreciation charged in the year
10,307
At 31 December 2023
157,648
Carrying amount
At 31 December 2023
18,872
At 31 December 2022
27,496
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
192,699
343,902
Other debtors
11,740
12,243
Prepayments and accrued income
54,377
53,544
258,816
409,689
2023
2022
Amounts falling due after more than one year:
£
£
Other debtors
18,499
18,499
Total debtors
277,315
428,188
P.D.P Freight Services Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
11,250
Trade creditors
100,339
82,620
Corporation tax
63,489
36,726
Other taxation and social security
4,684
6,601
Other creditors
99,041
181,453
Accruals and deferred income
70,583
155,240
338,136
473,890
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
23,314
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
75,050
75,050
75,050
75,050
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
116,572
216,491
9
Related party transactions
During the year, the company made purchases of £38,400 (2022: £30,793) from Blended Transportation Solutions LLP, an entity a director has interest in. At year end, £28,800 was due to Blended Transportation Solutions LLP (2022: £1,800).
At the year end, the company owed the director £33,720 (2022: £77,060 ).
10
Ultimate controlling party
The ultimate controlling party is Mr Shaun McGee who owns 100% of the shares in the company.