PYROTEC SERVICES LIMITED |
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BALANCE SHEET |
AS AT 31 MARCH 2024 |
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These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities. |
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For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. |
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Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
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As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. |
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Signed on behalf of the board of directors |
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S P Pitts |
Director |
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Date approved by the board: 4 September 2024 |
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PYROTEC SERVICES LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
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1 |
GENERAL INFORMATION |
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Pyrotec Services Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
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Avalon House |
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Marcham Road |
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Abingdon |
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Oxon |
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OX14 1TZ |
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The financial statements are presented in Sterling, which is the functional currency of the company. |
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2 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Basis of preparation of financial statements |
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These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006. |
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Revenue recognition |
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Creditors |
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Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost. |
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Leases |
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Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases. |
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Payments applicable to operating leases are charged against profit on a straight line basis over the lease term. |
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Long term contracts |
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Long term contracts have been assessed on a contract-by-contract basis and reflected in the profit and loss account by recording revenue and related costs as contract activity progresses. Revenue is ascertained in a manner appropriate to the stage of completion of the contract, calculated by reference to the costs incurred at the balance sheet date, the business and the industry in which it operates. Profit is taken on long term contracts on a prudent basis and only when the final outcome of the project is reasonably certain. |
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Taxation |
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Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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PYROTEC SERVICES LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
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6 |
DEBTORS |
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2024 |
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2023 |
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£ |
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£ |
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Trade debtors |
1,289,248 |
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1,071,442 |
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Prepayments and accrued income |
80,455 |
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46,615 |
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Other debtors |
6,627 |
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7,683 |
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1,376,330 |
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1,125,740 |
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7 |
CREDITORS: Amounts falling due within one year |
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2024 |
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2023 |
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£ |
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£ |
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Trade creditors |
310,999 |
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247,022 |
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Taxation and social security |
549,480 |
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487,929 |
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Accruals and deferred income |
565,590 |
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537,396 |
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Other creditors |
716,759 |
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570,142 |
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2,142,828 |
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1,842,489 |
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8 |
CONTINGENCIES AND COMMITMENTS |
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Other Commitments |
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Amounts falling due under operating leases: |
2024 |
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2023 |
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£ |
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£ |
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In less than one year |
196,746 |
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178,178 |
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In more than one but less than five years |
416,744 |
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373,287 |
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In more than five years |
370,875 |
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445,050 |
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984,365 |
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996,515 |
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9 |
RELATED PARTY TRANSACTIONS |
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The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members: |
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Pyrotec Holdings Limited |
Parent company |