REGISTERED NUMBER: 13922379 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 March 2024 |
for |
PDS Manufacturing Limited |
REGISTERED NUMBER: 13922379 (England and Wales) |
Group Strategic Report, Report of the Directors and |
Consolidated Financial Statements for the Year Ended 31 March 2024 |
for |
PDS Manufacturing Limited |
PDS Manufacturing Limited (Registered number: 13922379) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 18 |
PDS Manufacturing Limited |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Registered Auditors |
Richmond House |
Lawnswood Business Park |
Redvers Close |
Leeds |
West Yorkshire |
LS16 6QY |
PDS Manufacturing Limited (Registered number: 13922379) |
Group Strategic Report |
for the Year Ended 31 March 2024 |
The directors present their strategic report of the company and the group for the year ended 31 March 2024. |
REVIEW OF BUSINESS |
The group's aim is to continue to trade without the need for financing. The directors continue to monitor future cash flows closely to ensure working capital requirements are met. |
The group's key financial performance indicators during the year were as follows: |
Turnover - £13,382,947 (2023 - £9,554,921) |
Operating Profit - £664,437 (2023 - £261,608) |
Gross Profit Percentage - 31.51% (2023 - 30.68%) |
The PDS Manufacturing Limited group is committed to a responsible approach to business and seeks to manage the impact of the business activities and, in doing so, makes a positive contribution to the well being of the customers and communities it operates in |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group is subject to a number of key risks which are reviewed in formal meetings, and where appropriate, assessments and procedures are discussed to mitigate the effect. |
Competitive pressure |
The group is aware of the competitive pressure in the UK. The group responds to this pressure by continuing to provide quality products and service and keeping its product range up to date. |
Liquidity risk |
Liquidity risk is the risk that the group will not be able to meet its financial obligations as they fall due. The group seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs. The directors are of the opinion that the risk management processes adopted which involves the review, monitoring and where possible mitigation of the risks identified is appropriate to the business. |
Financial risk |
The group's finance director and accounting team operates procedures designed to reduce or eliminate financial risk. The policies are approved by the Board and the use of financial instruments is strictly controlled. |
The group's principle financial instruments comprise cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The group does not use forward foreign currency contracts to manage the currency rate risks arising from the company's operations. The group does not use interest rate swaps to manage the interest rate risks arising from the company's operations. |
FUTURE DEVELOPMENTS |
The directors expect the general level of activity to remain consistent with the current period and continue to be profitable. |
KEY PERFORMANCE INDICATORS |
The board monitors by reference to a number of key performance indicators, produced alongside monthly management accounts. |
PDS Manufacturing Limited (Registered number: 13922379) |
Group Strategic Report |
for the Year Ended 31 March 2024 |
GOING CONCERN |
The directors and management have recognised the principal risks and uncertainties which could affect the business and have considered the extent to which they may materialise. |
ON BEHALF OF THE BOARD: |
PDS Manufacturing Limited (Registered number: 13922379) |
Report of the Directors |
for the Year Ended 31 March 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 March 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
PDS Manufacturing Limited (Registered number: 13922379) |
Report of the Directors |
for the Year Ended 31 March 2024 |
AUDITORS |
The auditors, Richard Smedley Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
PDS Manufacturing Limited |
Opinion |
We have audited the financial statements of PDS Manufacturing Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of 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: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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 the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
PDS Manufacturing Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
PDS Manufacturing Limited |
Auditors' 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 a Report of the Auditors 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. |
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: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and sector experience; |
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements, including the Companies Act 2006 and taxation legislation. The company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the financial statements, for instance through the imposition of fines, penalties or litigation such as employment, environmental, health and safety and building regulations; |
- We asses the external compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
To address the risk of fraud through management bias and override of controls, we: |
- Performed analytical procedures to identify any unusual or unexpected relationships; |
- Tested journal entries to identify unusual transactions; |
- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- Investigated the rationale behind any significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- Agreeing financial statements disclosures to underlying supporting documentation |
- Enquiring of management as to actual and potential litigation and claims; |
- Reviewing correspondence with HMRC and relevant regulators websites for notice of any breaches; and |
- Review of relevant legal or professional costs within the accounting records for any evidence of previously undetected or unreported instances of non-compliance. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
PDS Manufacturing Limited |
Use of our report |
This report is made solely to the company's members, as a body, 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 members those matters we are required to state to them in a Report of the Auditors 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 members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Registered Auditors |
Richmond House |
Lawnswood Business Park |
Redvers Close |
Leeds |
West Yorkshire |
LS16 6QY |
PDS Manufacturing Limited (Registered number: 13922379) |
Consolidated Income Statement |
for the Year Ended 31 March 2024 |
Year Ended | Period |
31.3.24 | 17.2.22 to 31.3.23 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 13,382,947 | 9,554,921 |
Cost of sales | 9,166,028 | 6,623,550 |
GROSS PROFIT | 4,216,919 | 2,931,371 |
Distribution costs | 363,453 | 263,936 |
Administrative expenses | 3,189,029 | 2,405,827 |
3,552,482 | 2,669,763 |
OPERATING PROFIT | 5 | 664,437 | 261,608 |
Interest receivable and similar income | 5,691 | - |
PROFIT BEFORE TAXATION | 670,128 | 261,608 |
Tax on profit | 6 | 86,967 | (14,674 | ) |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 583,161 | 276,282 |
PDS Manufacturing Limited (Registered number: 13922379) |
Consolidated Other Comprehensive Income |
for the Year Ended 31 March 2024 |
Period |
17.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 583,161 | 276,282 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
583,161 |
276,282 |
Total comprehensive income attributable to: |
Owners of the parent | 583,161 | 276,282 |
PDS Manufacturing Limited (Registered number: 13922379) |
Consolidated Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | (3,209,392 | ) | (3,387,691 | ) |
Tangible assets | 9 | 340,533 | 258,347 |
Investments | 10 | - | - |
(2,868,859 | ) | (3,129,344 | ) |
CURRENT ASSETS |
Stocks | 11 | 1,657,315 | 2,173,599 |
Debtors | 12 | 1,827,068 | 2,416,190 |
Cash at bank and in hand | 2,596,341 | 1,259,972 |
6,080,724 | 5,849,761 |
CREDITORS |
Amounts falling due within one year | 13 | 2,215,510 | 2,336,349 |
NET CURRENT ASSETS | 3,865,214 | 3,513,412 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
996,355 |
384,068 |
CREDITORS |
Amounts falling due after more than one year | 14 | (81,000 | ) | (81,000 | ) |
PROVISIONS FOR LIABILITIES | 16 | (55,012 | ) | (25,886 | ) |
NET ASSETS | 860,343 | 277,182 |
CAPITAL AND RESERVES |
Called up share capital | 17 | 900 | 900 |
Retained earnings | 18 | 859,443 | 276,282 |
SHAREHOLDERS' FUNDS | 860,343 | 277,182 |
The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by: |
T J Fairley - Director |
Mrs L Gibbons - Director |
PDS Manufacturing Limited (Registered number: 13922379) |
Company Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 12 |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 936 | 607,500 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PDS Manufacturing Limited (Registered number: 13922379) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | 900 | - | 900 |
Total comprehensive income | - | 276,282 | 276,282 |
Balance at 31 March 2023 | 900 | 276,282 | 277,182 |
Changes in equity |
Total comprehensive income | - | 583,161 | 583,161 |
Balance at 31 March 2024 | 900 | 859,443 | 860,343 |
PDS Manufacturing Limited (Registered number: 13922379) |
Company Statement of Changes in Equity |
for the Year Ended 31 March 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - |
Balance at 31 March 2023 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 March 2024 |
PDS Manufacturing Limited (Registered number: 13922379) |
Consolidated Cash Flow Statement |
for the Year Ended 31 March 2024 |
Period |
17.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,654,296 | 1,424,280 |
Net cash from operating activities | 1,654,296 | 1,424,280 |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (7,500 | ) |
Purchase of tangible fixed assets | (323,618 | ) | (157,708 | ) |
Interest received | 5,691 | - |
Net cash from investing activities | (317,927 | ) | (165,208 | ) |
Cash flows from financing activities |
Share issue | - | 900 |
Net cash from financing activities | - | 900 |
Increase in cash and cash equivalents | 1,336,369 | 1,259,972 |
Cash and cash equivalents at beginning of year |
2 |
1,259,972 |
- |
Cash and cash equivalents at end of year | 2 | 2,596,341 | 1,259,972 |
PDS Manufacturing Limited (Registered number: 13922379) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 March 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
17.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Profit before taxation | 670,128 | 261,608 |
Depreciation charges | 63,131 | 9,942 |
Opening cash balance | - | 1,347,871 |
Finance income | (5,691 | ) | - |
727,568 | 1,619,421 |
Decrease/(increase) in stocks | 516,286 | (78,328 | ) |
Decrease/(increase) in trade and other debtors | 589,122 | (355,068 | ) |
(Decrease)/increase in trade and other creditors | (178,680 | ) | 238,255 |
Cash generated from operations | 1,654,296 | 1,424,280 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 March 2024 |
31.3.24 | 1.4.23 |
£ | £ |
Cash and cash equivalents | 2,596,341 | 1,259,972 |
Period ended 31 March 2023 |
31.3.23 | 17.2.22 |
£ | £ |
Cash and cash equivalents | 1,259,972 | - |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.4.23 | Cash flow | At 31.3.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 1,259,972 | 1,336,369 | 2,596,341 |
1,259,972 | 1,336,369 | 2,596,341 |
Total | 1,259,972 | 1,336,369 | 2,596,341 |
PDS Manufacturing Limited (Registered number: 13922379) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
PDS Manufacturing Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the group. |
The consolidated financial statements incorporate those of PDS Manufacturing Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). |
Basis of consolidation |
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
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 |
Short leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
PDS Manufacturing Limited (Registered number: 13922379) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial instruments are recognised at amortised cost. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 year 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
In carrying out their duties in respect of going concern, the directors have carried out a review of the group's financial position for a period of 12 months from the date of signing these financial statements. These have been based on a comprehensive review of revenue, the expenditure and cash position. The group currently meets its day-to-day working capital requirements through its cash balance, which is sufficient to cover working capital requirements. |
Having taken all of the above factors into consideration, the directors have reached a conclusion that the group is able to manage its business risk. Thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
PDS Manufacturing Limited (Registered number: 13922379) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
Period |
17.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Product sales | 13,382,947 | 9,551,921 |
Equipment leasing | - | 3,000 |
13,382,947 | 9,554,921 |
An analysis of turnover by geographical market for the period ended 31 March 2023 is given below: |
£ |
United Kingdom | 9,554,921 |
9,554,921 |
This analysis is not considered to be applicable to the year ended 31 March 2024. |
4. | EMPLOYEES AND DIRECTORS |
Period |
17.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Wages and salaries | 3,269,402 | 2,261,271 |
Social security costs | 282,684 | 198,816 |
Other pension costs | 398,871 | 334,321 |
3,950,957 | 2,794,408 |
The average number of employees during the year was as follows: |
Period |
17.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
Administration | 50 | 50 |
Production | 79 | 77 |
The average number of employees by undertakings that were proportionately consolidated during the year was 129 (2023 - 127 ) . |
PDS Manufacturing Limited (Registered number: 13922379) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
Period |
17.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Directors' remuneration | 265,716 | 197,787 |
Directors' pension contributions to money purchase schemes | 271,200 | 280,000 |
Information regarding the highest paid director for the year ended 31 March 2024 is as follows: |
Year Ended |
31.3.24 |
£ |
Emoluments etc | 81,500 |
Pension contributions to money purchase schemes | 67,800 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
17.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Hire of plant and machinery | 71,068 | 19,918 |
Depreciation - owned assets | 241,432 | 259,775 |
Goodwill amortisation | (178,299 | ) | (178,300 | ) |
Auditors' remuneration | 13,373 | 11,750 |
Foreign exchange differences | 1,646 | (5,072 | ) |
6. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
Period |
17.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Current tax: |
UK corporation tax | 57,841 | - |
Deferred tax | 29,126 | (14,674 | ) |
Tax on profit | 86,967 | (14,674 | ) |
PDS Manufacturing Limited (Registered number: 13922379) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
6. | TAXATION - continued |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
17.2.22 |
Year Ended | to |
31.3.24 | 31.3.23 |
£ | £ |
Profit before tax | 670,128 | 261,608 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 19 %) |
167,532 |
49,706 |
Effects of: |
Expenses not deductible for tax purposes | (5,039 | ) | (20,629 | ) |
Income not taxable for tax purposes | - | 83,540 |
Capital allowances in excess of depreciation | (34,006 | ) | (101,436 | ) |
Utilisation of tax losses | (12,394 | ) | - |
Deferred tax | (29,126 | ) | (25,855 | ) |
Total tax charge/(credit) | 86,967 | (14,674 | ) |
7. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
8. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 | (3,565,991 | ) |
AMORTISATION |
At 1 April 2023 | (178,300 | ) |
Amortisation for year | (178,299 | ) |
At 31 March 2024 | (356,599 | ) |
NET BOOK VALUE |
At 31 March 2024 | (3,209,392 | ) |
At 31 March 2023 | (3,387,691 | ) |
PDS Manufacturing Limited (Registered number: 13922379) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
9. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2023 | 18,359 | 1,051,586 | 29,198 |
Additions | - | 293,424 | - |
At 31 March 2024 | 18,359 | 1,345,010 | 29,198 |
DEPRECIATION |
At 1 April 2023 | 11,780 | 887,718 | 21,211 |
Charge for year | 4,936 | 167,547 | 7,987 |
At 31 March 2024 | 16,716 | 1,055,265 | 29,198 |
NET BOOK VALUE |
At 31 March 2024 | 1,643 | 289,745 | - |
At 31 March 2023 | 6,579 | 163,868 | 7,987 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2023 | 100,451 | 136,340 | 1,335,934 |
Additions | - | 30,194 | 323,618 |
At 31 March 2024 | 100,451 | 166,534 | 1,659,552 |
DEPRECIATION |
At 1 April 2023 | 64,999 | 91,879 | 1,077,587 |
Charge for year | 18,683 | 42,279 | 241,432 |
At 31 March 2024 | 83,682 | 134,158 | 1,319,019 |
NET BOOK VALUE |
At 31 March 2024 | 16,769 | 32,376 | 340,533 |
At 31 March 2023 | 35,452 | 44,461 | 258,347 |
PDS Manufacturing Limited (Registered number: 13922379) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
10. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
11. | STOCKS |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Stocks | 1,657,315 | 2,173,599 |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Trade debtors | 1,768,474 | 2,352,223 |
Other debtors | 325 | 6,497 |
Prepayments and accrued income | 2,509 | - |
Prepayments | 55,760 | 57,470 |
1,827,068 | 2,416,190 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.3.24 | 31.3.23 | 31.3.24 | 31.3.23 |
£ | £ | £ | £ |
Trade creditors | 1,571,272 | 1,784,112 |
Tax | 57,841 | - |
Social security and other taxes | 70,241 | 59,814 |
VAT | 323,438 | 285,164 | - | - |
Other creditors | 21,185 | 1,987 |
Accruals and deferred income | 171,533 | 205,272 |
2,215,510 | 2,336,349 |
PDS Manufacturing Limited (Registered number: 13922379) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Other creditors | 81,000 | 81,000 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
31.3.24 | 31.3.23 |
£ | £ |
Within one year | 563,065 | 594,339 |
Between one and five years | 3,286,057 | 2,103,463 |
In more than five years | 6,306 | 558,227 |
3,855,428 | 3,256,029 |
16. | PROVISIONS FOR LIABILITIES |
Group |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax | 55,012 | 25,886 |
Group |
Deferred |
tax |
£ |
Balance at 1 April 2023 | 25,886 |
Provided during year | 29,126 |
Balance at 31 March 2024 | 55,012 |
17. | CALLED UP SHARE CAPITAL |
PDS Manufacturing Limited (Registered number: 13922379) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 March 2024 |
18. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 April 2023 | 276,282 |
Profit for the year | 583,161 |
At 31 March 2024 | 859,443 |
19. | RELATED PARTY DISCLOSURES |
The following subsidiaries are exempt from the requirements of Act relating to the audit of its individual accounts by virtue of s479A of the Companies Act 2006: |
Littleborough Investment Partnership Limited (company no. 11794396) |
Performance Doorset Solutions Limited ( company no. 04642499) |
PDS Manufacturing Limited (13922379) has provided a guarantee for the above subsidiaries for the year ended 31 March 2024 by virtue of s479A of the Companies Act 2006. |
PDS Manufacturing Limited guarantees all outstanding liabilities to which the subsidiary companies are subject to 30th June 2022, until they are satisfied in full. The guarantee is enforceable against PDS Manufacturing Limited by any person to whom the subsidiaries are liable in respect of those liabilities. |
20. | ULTIMATE CONTROLLING PARTY |
The directors are considered to be the ultimate controlling party. |