Company registration number 01446831 (England and Wales)
PANIC DELIVERIES LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PANIC DELIVERIES LIMITED
COMPANY INFORMATION
Directors
Mr L J Kiely
Mr S D Kiely
Company number
01446831
Registered office
Logistics House
Portway Road
Oldbury
West Midlands
B69 2BP
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
PANIC DELIVERIES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 20
PANIC DELIVERIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 1 -

The directors present the strategic report for the year ended 30 November 2023.

Review of the business

The company's turnover decreased during the year from £10,473,154 for the year ended 30th November 2022 to £10,209,077 for the year ended 30th November 2023.

 

The company made a profit before tax of £241,653 in the year ended 30th November 2023 compared to a profit before tax of £143,662 in 30th November 2022.

 

The company's net assets have increased from £294,725 as at 30th November 2022 to £308,920 as at 30th November 2023.

 

The directors believe that the company is continuing to grow and remains profitable due to the focus on retaining the experienced and highly valuable drivers who continue to deliver an excellent service to customers.

Principal risks and uncertainties

The principal risks to the entity is the shortage of skilled drivers in the labour market and increasing fuel costs. The directors will endeavour to monitor the impact of these issues by reviewing financial management information on a regular basis to determine what the impact on cash flow may be and will continue to develop its relationship with the bank to provide ongoing short term and long term finance to the company when needed.

Key performance indicators

The company monitors its performance against a number of criteria. These include the growth in the volume and value of sales, profitability, cash balances and net asset position on the balance sheet.

A gross profit margin of 21% (2022: 18%) has been achieved in the period. The company's balance sheet shows a strong net assets position.

On behalf of the board

Mr S D Kiely
Director
28 August 2024
PANIC DELIVERIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 30 November 2023.

Principal activities

The principal activity of the company in the year under review was that of haulage logistic and transport contractors.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr L J Kiely
Mr S D Kiely
Mr M Thorneycroft
(Resigned 26 October 2023)
Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £175,000 (2022 - £140,000). The directors do not recommend payment of a further dividend.

Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Auditor

The auditors, Ormerod Rutter Limited, will be proposed for re-appointment in accordance in accordance with Section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the annual 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:

 

 

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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

PANIC DELIVERIES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 3 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr S D Kiely
Director
28 August 2024
PANIC DELIVERIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PANIC DELIVERIES LIMITED
- 4 -
Opinion

We have audited the financial statements of Panic Deliveries Limited (the 'company') for the year ended 30 November 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

 

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 Auditor's 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 included in the annual report, other than the financial statements and our auditor’s 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 our audit:

 

PANIC DELIVERIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PANIC DELIVERIES LIMITED (CONTINUED)
- 5 -
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 in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 auditor's 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

 

PANIC DELIVERIES LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF PANIC DELIVERIES LIMITED (CONTINUED)
- 6 -

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

•    reading the minutes of meetings of those charged with governance; and

•    enquiring of management as to actual and potential litigation and claims

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's 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 member, for our audit work, for this report, or for the opinions we have formed.

Peter Ormerod FCA
Senior Statutory Auditor
For and on behalf of Ormerod Rutter Limited
29 August 2024
Chartered Accountants
Statutory Auditor
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
PANIC DELIVERIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
10,209,077
10,473,154
Cost of sales
(8,100,807)
(8,604,131)
Gross profit
2,108,270
1,869,023
Administrative expenses
(1,865,970)
(1,744,475)
Other operating income
-
0
20,000
Operating profit
4
242,300
144,548
Interest receivable and similar income
92
123
Interest payable and similar expenses
8
(739)
(1,009)
Profit before taxation
241,653
143,662
Tax on profit
9
(52,458)
(16,143)
Profit for the financial year
189,195
127,519

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PANIC DELIVERIES LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 8 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
11
2,507,540
2,506,256
Cash at bank and in hand
313,108
384,188
2,820,648
2,890,444
Creditors: amounts falling due within one year
12
(2,497,144)
(2,570,719)
Net current assets
323,504
319,725
Creditors: amounts falling due after more than one year
13
(14,584)
(25,000)
Net assets
308,920
294,725
Capital and reserves
Called up share capital
18
20,400
20,400
Profit and loss reserves
288,520
274,325
Total equity
308,920
294,725

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 28 August 2024 and are signed on its behalf by:
Mr S D Kiely
Director
Company registration number 01446831 (England and Wales)
PANIC DELIVERIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2021
20,400
286,806
307,206
Year ended 30 November 2022:
Profit and total comprehensive income
-
127,519
127,519
Dividends
10
-
(140,000)
(140,000)
Balance at 30 November 2022
20,400
274,325
294,725
Year ended 30 November 2023:
Profit and total comprehensive income
-
189,195
189,195
Dividends
10
-
(175,000)
(175,000)
Balance at 30 November 2023
20,400
288,520
308,920
PANIC DELIVERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 10 -
1
Accounting policies
Company information

Panic Deliveries Limited is a private company limited by shares incorporated in England and Wales. The registered office is Logistics House, Portway Road, Oldbury, West Midlands, B69 2BP.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of PDS Group Holdings Limited. These consolidated financial statements are available from its registered office, Logistics House, Portway Road, Oldbury, West Midlands, B69 2BP.

1.2
Going concern

These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.true

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.

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.

1.4
Cash at bank and in hand

Cash at bank and in hand 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.

PANIC DELIVERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 11 -
1.5
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.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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.

PANIC DELIVERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments 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 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 method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

PANIC DELIVERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 13 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
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.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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.

1.13

Invoice discounting

The company has entered into invoice discounting arrangements for certain trade debtors. Amounts due from the customers are shown in full in trade debtors. Amounts due to the finance company are shown in creditors due within twelve months, under the other creditors heading.

PANIC DELIVERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 14 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 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 estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Deferred tax assets are only recognised to the extent to which it can be regarded as more likely than not that the company will generate sufficient future taxable profits from which the reversal of the underlying timing differences can be deducted.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2023
2022
£
£
Turnover analysed by class of business
Haulage
9,034,390
9,224,343
Warehousing
954,868
1,003,727
Installation
219,819
245,084
10,209,077
10,473,154
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
9,398,122
9,346,337
Europe
810,955
1,126,817
10,209,077
10,473,154
2023
2022
£
£
Other revenue
Interest income
92
123
Grants received
-
20,000
PANIC DELIVERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 15 -
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
3,058
15,855
Government grants
-
(20,000)
Fees payable to the company's auditor for the audit of the company's financial statements
8,220
7,505
5
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
8,220
7,505
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
25,008
24,480
Company pension contributions to defined contribution schemes
17,462
17,462
42,470
41,942
7
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Employees
114
114

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
3,494,048
3,096,962
Social security costs
333,510
292,814
Pension costs
87,799
78,322
3,915,357
3,468,098
PANIC DELIVERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 16 -
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
740
1,009
Other interest
(1)
-
0
739
1,009
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
57,099
38,757
Adjustments in respect of prior periods
(4,611)
(22,594)
Total current tax
52,488
16,163
Deferred tax
Origination and reversal of timing differences
(30)
(20)
Total tax charge
52,458
16,143

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
241,653
143,662
Expected tax charge based on the standard rate of corporation tax in the UK of 23.00% (2022: 19.00%)
55,580
27,296
Tax effect of expenses that are not deductible in determining taxable profit
9,887
11,494
Tax effect of income not taxable in determining taxable profit
(117)
(53)
Adjustments in respect of prior years
(4,611)
(22,594)
Group relief
(8,281)
-
0
Taxation charge for the year
52,458
16,143
10
Dividends
2023
2022
£
£
Final paid
175,000
140,000
PANIC DELIVERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 17 -
11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,786,060
1,886,788
Amounts owed by group undertakings
355,618
266,243
Other debtors
327,835
320,668
Prepayments and accrued income
37,794
32,354
2,507,307
2,506,053
Deferred tax asset (note 15)
233
203
2,507,540
2,506,256
12
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Bank loans
14
10,000
10,000
Trade creditors
453,153
620,066
Corporation tax
57,099
16,040
Other taxation and social security
250,433
202,384
Other creditors
1,664,478
1,657,822
Accruals and deferred income
61,981
64,407
2,497,144
2,570,719
13
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
14
14,584
25,000
14
Loans and overdrafts
2023
2022
£
£
Bank loans
24,584
35,000
Payable within one year
10,000
10,000
Payable after one year
14,584
25,000

Lloyds Bank and Lloyds Bank Commercial Finance both hold fixed and floating charges over all assets and operations of the company.

PANIC DELIVERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 18 -
15
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2023
2022
Balances:
£
£
Accelerated capital allowances
233
203
2023
Movements in the year:
£
Asset at 1 December 2022
(203)
Credit to profit or loss
(30)
Asset at 30 November 2023
(233)

The deferred tax asset set out above is expected to reverse within [12 months] and relates to the utilisation of tax losses against future expected profits of the same period.

16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
87,799
78,322

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
24,584
35,000
Factoring account
1,224,904
1,312,769
1,249,488
1,347,769
Bank loans are secured by way of a Government backed guarantee.
All monies due or to become due from the company to the factoring company, Lloyds Commercial, are secured against trade debtors.
PANIC DELIVERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 19 -
18
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary A of £1 each
10,000
10,000
10,000 Ordinary B of £1 each
10,000
10,000
400 Ordinary C of £1 each
400
400
20,400
20,400

Only ordinary A shares carry voting rights.

 

No dividends can be paid to the holders of ordinary A shares and dividends will only be paid to holders of ordinary B shares and ordinary C shares.

 

On a winding up of the company, no payment in respect of surplus assets will be paid to the holders of ordinary B shares or ordinary C shares. Holders of ordinary B shares are entitled to an amount equal to the nominal value of shares, but surplus assets shall only be paid to holders of ordinary A shares. Ordinary C shares shall be deemed to have no value on a winding up of the company.

19
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
401,563
257,963
Between two and five years
889,034
275,260
Total operating lease commitments
1,290,597
533,223
PANIC DELIVERIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 20 -
20
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Sales
Purchases
2023
2022
2023
2022
£
£
£
£
Entities under common control
52,317
80,800
408,205
546,224

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due to related parties
£
£
Entities under common control
106,368
-

The following amounts were outstanding at the reporting end date:

2023
2022
Amounts due from related parties
£
£
Entities under common control
-
200,686
21
Ultimate controlling party

The immediate and ultimate parent company is PDS Group Holdings Limited, a company registered in England and Wales.

 

Financial statements of PDS Group Holdings Limited are available from: Logistics House, Portway Road, Oldbury, West Midlands, B69 2BP.

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