PI Specialist Finishing Limited Accounts Cover
PI Specialist Finishing Limited
Company No. 10098258
Directors' Report and Audited Accounts
31 December 2023
PI Specialist Finishing Limited Directors Report
The Directors present their report and the accounts for the period ended 31 December 2023.
Principal activities
The principal activity of the company during the period under review was specialist finishing.
Directors
The Directors who served at any time during the period were as follows:
Angela Bradley
(Resigned 19 August 2022)
Trevor Bradley
Jason Rushton
Grant Russell
Adrian Turner
Graham Young
Statement of directors' responsibilities
The Directors are responsible for preparing the Directors' report and the accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare accounts for each financial year. Under that law the directors have elected to prepare the accounts 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 accounts 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 accounts, the directors are required to:
*
select suitable accounting policies and then apply them consistently;
*
make judgments and 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 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 of information to auditor
So far as the directors are aware, there is no relevant audit information of which the company'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 information and to establish that the company's auditors are aware of that information.
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.
Signed on behalf of the board
Jason Rushton
Director
08 October 2024
PI Specialist Finishing Limited Audit Report Qualified
Independent Auditor's Report to the members of PI Specialist Finishing Limited
Qualified Opinion
We have audited the financial statements of PI Specialist Finishing Limited (the 'company') for the period
ended 31 December 2023 which comprise the income statement, statement of financial position,
statement of changes in equity and the related notes, 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 FRS 102 The Financial Reporting Standard
applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting
Practice).
In our opinion, except for the effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
- give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice;
- have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for qualified opinion
Our audit opinion is qualified based on our work undertaken in the following areas:
• the opening balances in relation to revenue recognition. Deposits were previously taken to income
which may or may not match the stage of completion of the work performed there is no accurate way of obtaining what the position would be at the end of 2022.

• the year end stock was not counted and stocktake was not attended by the auditors. The company
does not have adequate systems and controls in place to confirm the closing stock quantity or value.
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 qualified opinion.
Conclusions relating to going concern
In auditing the accounts, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the accounts 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 accounts are authorised for issue.
Our responsibilities and the responsibillities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the accounts and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the accounts 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts or our knowledge obtained in the course of 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 accounts 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based upon the work undertaken in the course of the audit:
• the information given in the directors' report for the financial year for which the accounts are
prepared is consistent with the accounts; and
• the directors' report has been prepared in accordance with applicable legal requirements.
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 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:
• adequate accounting records have not been kept, or returns adequate for our audit have not been
received from branches not visited by us; or
• the accounts 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; or
• the directors were not entitled to prepare the accounts in accordance with the small companies
regime and take advantage of the small companies' exemptions in preparing the directors' report
and from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement found in the directors' report, the directors are responsible for the preparation of the accounts 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 accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, 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 accounts
Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Irregularities that result from fraud might be inherently more difficult than irregularities that result from error, which gives risk to a risk of material misstatement. We are of the opinion that the planned audit approach, the documentation and interrogation of the entity's controls means that the audit procedures carried out were capable of detecting irregularities, including fraud. We have also reviewed financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations. We have audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. We have also made enquiries of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations and have reviewed correspondence with regulatory bodies as part of our audit procedures.
As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of this 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 an auditors' 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 members as a body, for our audit work, for this report, or for the opinions we have formed.
Hannah Justice FCA FCCA
Senior Statutory Auditor
For and on behalf of
BSN Associates Limited
Accountants and Statutory Auditors
3B Swallowfield Courtyard
Wolverhampton Road
Oldbury
B69 2JG
08 October 2024
PI Specialist Finishing Limited Profit and Loss Account
for the period ended 31 December 2023
2023
2022
£
£
Turnover
691,313
95,782
Cost of Sales
(102,733)
(60,789)
Gross profit
588,580
34,993
Distribution costs and selling expenses
(10,218)
(6)
Administrative expenses
(509,209)
(76,325)
Operating profit/(loss)
69,153
(41,338)
Other interest receivable
3
-
Interest payable and similar charges
(328)
(108)
Profit/(Loss) on ordinary activities before taxation
68,828
(41,446)
Taxation
(3,928)
-
Profit/(Loss) for the financial period after taxation
64,900
(41,446)
All activities are from continuing operations
PI Specialist Finishing Limited Statement of Comprehensive Income
STATEMENT OF COMPREHENSIVE INCOME
for the period ended 31 December 2023
2023
2022
£
£
Profit/(Loss) for the financial period after taxation
64,900
(41,446)
Total comprehensive income for the period
64,900
(41,446)
PI Specialist Finishing Limited Balance Sheet
at
31 December 2023
Company No.
10098258
Notes
2023
2022
£
£
Fixed assets
Tangible assets
4
14,7201,791
14,720
1,791
Current assets
Stocks
5
4,000
4,000
Debtors
6
193,519
41,397
Cash at bank and in hand
21,222
59,806
218,741
105,203
Creditors: Amount falling due within one year
7
(115,936)
(50,388)
Net current assets
102,805
54,815
Total assets less current liabilities
117,525
56,606
Creditors: Amounts falling due after more than one year
8
(6,950)
(12,961)
Provisions for liabilities
Deferred taxation
9
(2,030)
-
Net assets
108,545
43,645
Capital and reserves
Called up share capital
3030
Share premium account
11
29,97029,970
Profit and loss account
11
78,54513,645
Total equity
108,54543,645
These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006 and in accordance with FRS102 Section 1A.
Approved by the board on 08 October 2024 and signed on its behalf by:
Jason Rushton
Director
08 October 2024
PI Specialist Finishing Limited Statement of Changes in Equity
for the period ended 31 December 2023
Share Capital
Share Premium
Retained earnings
Total equity
£
£
£
£
At 1 July 2021
30
29,970
62,591
92,591
Loss for the period
(41,446)
(41,446)
Dividends
(7,500)
(7,500)
At 30 June 2022 and 1 July 2022
30
29,970
13,64543,645
Profit for the period
64,900
64,900
At 31 December 2023
30
29,970
78,545108,545
PI Specialist Finishing Limited Notes to the Accounts
for the period ended 31 December 2023
1
General information
PI Specialist Finishing Limited is a private company limited by shares and incorporated in England and Wales.
Its registered number is: 10098258
Its registered office is:
Its trading address is:
Corpacq House
Unit 1000 Blueprint
1 Goose Green
Portfield Rd
Altrincham
Dundas Spur
Portsmouth
WA14 1DW
PO3 5RN
The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2
Accounting policies
Basis of preparation
The financial statements have been prepared for a period of 18 months in the current period in order to align the year end with other group companies therefore the figures presented may not be entirely comparableThe financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity, rounded to the nearest pound.
Disclosure exemptions policy
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Orange UK Holdings Limited, which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company.
(b) Disclosures in respect of financial instruments have not been presented.
(c) No disclosure has been given for the aggregate remuneration of key management personnel.
Judgements policy
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Revenue from contracts is based on the stage of completion.
Tangible fixed assets and depreciation
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.
Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:
Leasehold land and buildings
10% Straight line
Plant and machinery
20% Straight line
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 is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Work in progress is reflected in the accounts on a contract by contract basis by recording revenue and related costs as contract activity progresses.
Trade and other debtors
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.
Trade and other creditors
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.
Leased assets
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.
Defined contribution pensions
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. The assets of the plan are held separately from the company in independently administered funds.
Provisions
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 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.
3
Employees
2023
2022
Number
Number
The average monthly number of employees (including directors) during the period:
67
4
Tangible fixed assets
Land and buildings
Plant and machinery
Total
£
£
£
Cost or revaluation
At 1 July 2022
3,96139,04643,007
Additions
-19,75019,750
At 31 December 2023
3,96158,79662,757
Depreciation
At 1 July 2022
2,51938,69741,216
Charge for the year
5946,2276,821
At 31 December 2023
3,11344,92448,037
Net book values
At 31 December 2023
84813,87214,720
At 30 June 2022
1,442
349
1,791
5
Stocks
2023
2022
£
£
Raw materials and consumables
4,0004,000
4,0004,000
6
Debtors
2023
2022
£
£
Trade debtors
136,10915,858
Prepayments and accrued income
57,410
25,539
193,51941,397
7
Creditors:
amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,0283,881
Trade creditors
27,528
11,431
Amounts owed to group undertakings
21,915
21,915
Taxes and social security
29,282
11,343
Other creditors
2,059
470
Accruals and deferred income
31,1241,348
115,93650,388
8
Creditors:
amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
6,95012,961
6,95012,961
9
Provision for liabiliies
Deferred tax liability
Deferred tax liability
£
Charge to the profit and loss account for the period
2,030
2,030
The deferred tax liability is provided as follows:
2023
2022
£
£
Accelerated capital allowances
3,301-
Losses
s
(1,271)
-
2,030-
10
Share Capital
30 fully paid ordinary shares of £1 each
11
Reserves
Share premium account - includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.
Profit and loss account - includes all current and prior period retained profits and losses.
12
Related party disclosures
Transactions with related parties
Parent Company
The name of the parent of the smallest group for which consolidated financial statements are drawn up of which this entity is a member:
Orange UK Holdings Limited
The parent's registered office address is:
1 Groose Green
Altrincham
Cheshire
WA14 1DW
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