2023-01-012023-12-312023-12-31false03380727PHILADELPHIA SCIENTIFIC (U.K.) LIMITED2024-09-0327200iso4217:GBPxbrli:pure033807272023-01-01033807272023-12-31033807272023-01-012023-12-31033807272022-01-01033807272022-12-31033807272022-01-012022-12-3103380727bus:SmallEntities2023-01-012023-12-3103380727bus:AuditExempt-NoAccountantsReport2023-01-012023-12-3103380727bus:FullAccounts2023-01-012023-12-3103380727bus:PrivateLimitedCompanyLtd2023-01-012023-12-3103380727core:WithinOneYear2023-12-3103380727core:AfterOneYear2023-12-3103380727core:WithinOneYear2022-12-3103380727core:AfterOneYear2022-12-3103380727core:ShareCapital2023-12-3103380727core:SharePremium2023-12-3103380727core:RevaluationReserve2023-12-3103380727core:OtherReservesSubtotal2023-12-3103380727core:RetainedEarningsAccumulatedLosses2023-12-3103380727core:ShareCapital2022-12-3103380727core:SharePremium2022-12-3103380727core:RevaluationReserve2022-12-3103380727core:OtherReservesSubtotal2022-12-3103380727core:RetainedEarningsAccumulatedLosses2022-12-3103380727core:LandBuildings2023-12-3103380727core:PlantMachinery2023-12-3103380727core:Vehicles2023-12-3103380727core:FurnitureFittings2023-12-3103380727core:OfficeEquipment2023-12-3103380727core:NetGoodwill2023-12-3103380727core:IntangibleAssetsOtherThanGoodwill2023-12-3103380727core:ListedExchangeTraded2023-12-3103380727core:UnlistedNon-exchangeTraded2023-12-3103380727core:LandBuildings2022-12-3103380727core:PlantMachinery2022-12-3103380727core:Vehicles2022-12-3103380727core:FurnitureFittings2022-12-3103380727core:OfficeEquipment2022-12-3103380727core:NetGoodwill2022-12-3103380727core:IntangibleAssetsOtherThanGoodwill2022-12-3103380727core:ListedExchangeTraded2022-12-3103380727core:UnlistedNon-exchangeTraded2022-12-3103380727core:LandBuildings2023-01-012023-12-3103380727core:PlantMachinery2023-01-012023-12-3103380727core:Vehicles2023-01-012023-12-3103380727core:FurnitureFittings2023-01-012023-12-3103380727core:OfficeEquipment2023-01-012023-12-3103380727core:NetGoodwill2023-01-012023-12-3103380727core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103380727core:ListedExchangeTraded2023-01-012023-12-3103380727core:UnlistedNon-exchangeTraded2023-01-012023-12-3103380727core:MoreThanFiveYears2023-01-012023-12-3103380727core:Non-currentFinancialInstruments2023-12-3103380727core:Non-currentFinancialInstruments2022-12-3103380727dpl:CostSales2023-01-012023-12-3103380727dpl:DistributionCosts2023-01-012023-12-3103380727core:LandBuildings2023-01-012023-12-3103380727core:PlantMachinery2023-01-012023-12-3103380727core:Vehicles2023-01-012023-12-3103380727core:FurnitureFittings2023-01-012023-12-3103380727core:OfficeEquipment2023-01-012023-12-3103380727dpl:AdministrativeExpenses2023-01-012023-12-3103380727core:NetGoodwill2023-01-012023-12-3103380727core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3103380727dpl:GroupUndertakings2023-01-012023-12-3103380727dpl:ParticipatingInterests2023-01-012023-12-3103380727dpl:GroupUndertakingscore:ListedExchangeTraded2023-01-012023-12-3103380727core:ListedExchangeTraded2023-01-012023-12-3103380727dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2023-01-012023-12-3103380727core:UnlistedNon-exchangeTraded2023-01-012023-12-3103380727dpl:CostSales2022-01-012022-12-3103380727dpl:DistributionCosts2022-01-012022-12-3103380727core:LandBuildings2022-01-012022-12-3103380727core:PlantMachinery2022-01-012022-12-3103380727core:Vehicles2022-01-012022-12-3103380727core:FurnitureFittings2022-01-012022-12-3103380727core:OfficeEquipment2022-01-012022-12-3103380727dpl:AdministrativeExpenses2022-01-012022-12-3103380727core:NetGoodwill2022-01-012022-12-3103380727core:IntangibleAssetsOtherThanGoodwill2022-01-012022-12-3103380727dpl:GroupUndertakings2022-01-012022-12-3103380727dpl:ParticipatingInterests2022-01-012022-12-3103380727dpl:GroupUndertakingscore:ListedExchangeTraded2022-01-012022-12-3103380727core:ListedExchangeTraded2022-01-012022-12-3103380727dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-01-012022-12-3103380727core:UnlistedNon-exchangeTraded2022-01-012022-12-3103380727core:NetGoodwill2023-12-3103380727core:IntangibleAssetsOtherThanGoodwill2023-12-3103380727core:LandBuildings2023-12-3103380727core:PlantMachinery2023-12-3103380727core:Vehicles2023-12-3103380727core:FurnitureFittings2023-12-3103380727core:OfficeEquipment2023-12-3103380727core:AfterOneYear2023-12-3103380727core:WithinOneYear2023-12-3103380727core:ListedExchangeTraded2023-12-3103380727core:UnlistedNon-exchangeTraded2023-12-3103380727core:ShareCapital2023-12-3103380727core:SharePremium2023-12-3103380727core:RevaluationReserve2023-12-3103380727core:OtherReservesSubtotal2023-12-3103380727core:RetainedEarningsAccumulatedLosses2023-12-3103380727core:NetGoodwill2022-12-3103380727core:IntangibleAssetsOtherThanGoodwill2022-12-3103380727core:LandBuildings2022-12-3103380727core:PlantMachinery2022-12-3103380727core:Vehicles2022-12-3103380727core:FurnitureFittings2022-12-3103380727core:OfficeEquipment2022-12-3103380727core:AfterOneYear2022-12-3103380727core:WithinOneYear2022-12-3103380727core:Liste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PHILADELPHIA SCIENTIFIC (U.K.) LIMITED

Registered Number
03380727
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

PHILADELPHIA SCIENTIFIC (U.K.) LIMITED
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

D C Jones
W E Jones

Company Secretary

J Jones

Registered Address

Atlas Mill
Mornington Road
Bolton
BL1 4EZ

Registered Number

03380727 (England and Wales)
PHILADELPHIA SCIENTIFIC (U.K.) LIMITED
Balance Sheet as at
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3682,877654,808
682,877654,808
Current assets
Stocks42,165,2581,645,178
Debtors51,115,7541,411,850
Cash at bank and on hand4,744,1775,622,356
8,025,1898,679,384
Creditors amounts falling due within one year6(1,087,838)(2,657,598)
Net current assets (liabilities)6,937,3516,021,786
Total assets less current liabilities7,620,2286,676,594
Provisions for liabilities7(20,161)(9,402)
Net assets7,600,0676,667,192
Capital and reserves
Called up share capital300300
Profit and loss account7,599,7676,666,892
Shareholders' funds7,600,0676,667,192
The financial statements were approved and authorised for issue by the Board of Directors on 3 September 2024, and are signed on its behalf by:
D C Jones
Director
Registered Company No. 03380727
PHILADELPHIA SCIENTIFIC (U.K.) LIMITED
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
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 values of assets and liabilities that are not readily apparent from other sources. These critical accounting judgements and estimations 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The critical judgements made by management that have a significant effect on the amounts recognised in the financial statements are described below.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable for assembly and distribution of battery maintenance products, 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 sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Plant and machinery156.67
Fixtures and fittings103
Vehicles-4
Finance leases and hire purchase contracts
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Stocks and work in progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
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
Government grants or assistance
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.
2.Average number of employees

20232022
Average number of employees during the year4846
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 January 23725,30774,097260,61831,5601,091,582
Additions-33,34555,68789089,922
Disposals--(12,915)-(12,915)
At 31 December 23725,307107,442303,39032,4501,168,589
Depreciation and impairment
At 01 January 23167,62437,744204,29827,108436,774
Charge for year14,5067,96237,4751,91061,853
On disposals--(12,915)-(12,915)
At 31 December 23182,13045,706228,85829,018485,712
Net book value
At 31 December 23543,17761,73674,5323,432682,877
At 31 December 22557,68336,35356,3204,452654,808
4.Stocks

2023

2022

££
Raw materials and consumables2,165,2581,645,178
Total2,165,2581,645,178
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables998,8481,354,462
Other debtors78,38022,449
Prepayments and accrued income38,52634,939
Total1,115,7541,411,850
Short term trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables66,692838,569
Taxation and social security136,29155,066
Other creditors884,8551,763,963
Total1,087,8382,657,598
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
7.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of going the amount of the obligation. Provisions are charged as an expense to the profit and loss account in the year that the company becomes aware of the obligation and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.

2023

2022

££
Net deferred tax liability (asset)20,1619,402
Total20,1619,402