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REGISTERED NUMBER: 14098558 (England and Wales)








Report of the Directors and

Financial Statements

For The Year Ended 30 June 2024

for

PEC Management Services Ltd

PEC Management Services Ltd (Registered number: 14098558)






Contents of the Financial Statements
For The Year Ended 30 June 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 6

Balance Sheet 7

Notes to the Financial Statements 8


PEC Management Services Ltd

Company Information
For The Year Ended 30 June 2024







DIRECTORS: I Hutchcroft
O D Ryles
J Holliland
A L Cox



SECRETARY: Mrs G Peele



REGISTERED OFFICE: c/o Low Carbon Team
Plymouth City Council
Ballard House, West Hoe Road
Plymouth
PL1 3BJ



REGISTERED NUMBER: 14098558 (England and Wales)



SENIOR STATUTORY AUDITOR: Neil Stevens



AUDITORS: TC Group
Statutory Auditors
Harscombe House
1 Darklake View
Plymouth
Devon
PL6 7TL

PEC Management Services Ltd (Registered number: 14098558)

Report of the Directors
For The Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

I Hutchcroft
O D Ryles

Other changes in directors holding office are as follows:

K VanBussel - resigned 20 July 2023
J Holliland - appointed 19 July 2023
A L Cox - appointed 19 July 2023

POLITICAL DONATIONS AND EXPENDITURE
A donation of £20,000 was paid to PEC Trust

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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 of the profit or loss of the company 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 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 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 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 audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





I Hutchcroft - Director


18 September 2024

Report of the Independent Auditors to the Members of
PEC Management Services Ltd (Registered number: 14098558)

Opinion
We have audited the financial statements of PEC Management Services Limited (the 'company') for the year ended 30 June 2024 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 FRS 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 company's affairs as at 30 June 2024 and of its profit [loss] 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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 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 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 our audit:
- the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; 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 where 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 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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.

Report of the Independent Auditors to the Members of
PEC Management Services Ltd (Registered number: 14098558)


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. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:
- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussion with the directors and other management (as required by auditing standards), and discussed with the directors and other management the policies and procedures regarding compliance with laws and regulations;
- We considered the legal and regulatory frameworks directly applicable to the financial statements reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations in the UK;
- We considered the nature of the industry, the control environment and business performance, including the key drivers for management's remuneration;
- We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit;
- We considered the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud; and how senior management monitors those programmes and controls.

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

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.

Other matters required to address
The comparative figures are unaudited.

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 him 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.

Report of the Independent Auditors to the Members of
PEC Management Services Ltd (Registered number: 14098558)





Neil Stevens (Senior Statutory Auditor)
for and on behalf of TC Group
Statutory Auditors
Harscombe House
1 Darklake View
Plymouth
Devon
PL6 7TL

28 October 2024

PEC Management Services Ltd (Registered number: 14098558)

Income Statement
For The Year Ended 30 June 2024

Period
10.5.22
Year Ended to
30.6.24 30.6.23
(Unaudited)
Notes £    £   

TURNOVER 1,119,256 374,070

Cost of sales 1,002,010 364,129
GROSS PROFIT 117,246 9,941

Administrative expenses 109,733 40,672
7,513 (30,731 )

Other operating income - 80,000
OPERATING PROFIT 4 7,513 49,269

Interest receivable and similar income 620 -
PROFIT BEFORE TAXATION 8,133 49,269

Tax on profit 1,561 9,328
PROFIT FOR THE FINANCIAL YEAR 6,572 39,941

PEC Management Services Ltd (Registered number: 14098558)

Balance Sheet
30 June 2024

30.6.24 30.6.23
(Unaudited)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 12,274 4,905

CURRENT ASSETS
Debtors 6 55,726 54,963
Cash at bank 56,292 78,846
112,018 133,809
CREDITORS
Amounts falling due within one year 7 75,446 97,840
NET CURRENT ASSETS 36,572 35,969
TOTAL ASSETS LESS CURRENT
LIABILITIES

48,846

40,874

PROVISIONS FOR LIABILITIES 2,332 932
NET ASSETS 46,514 39,942

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 46,513 39,941
46,514 39,942

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:




I Hutchcroft - Director



O D Ryles - Director


PEC Management Services Ltd (Registered number: 14098558)

Notes to the Financial Statements
For The Year Ended 30 June 2024

1. STATUTORY INFORMATION

PEC Management Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Changes in financial reporting framework
There has been a change in the financial reporting for which PEC Management Services accounts are prepared. FRS 102 Section 1A has been adopted in place of FRS 105. The prior period comparatives have been restated from the transition date of 10 May 2022 to include the recognition of deferred tax. In the prior period there is now a deferred tax expense of £932 and a deferred tax liability of £932 with no opening deferred tax asset/liability. The related party note also includes a more comprehensive disclosure in line with FRS 102 Section 1A and includes comparatives for the prior year which were not previously required to be disclosed under FRS 105

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2023 - 21 ) .

PEC Management Services Ltd (Registered number: 14098558)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

4. OPERATING PROFIT

The operating profit is stated after charging:

Period
10.5.22
Year Ended to
30.6.24 30.6.23
(Unaudited)
£    £   
Depreciation - owned assets 3,309 492

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023 5,397
Additions 10,678
At 30 June 2024 16,075
DEPRECIATION
At 1 July 2023 492
Charge for year 3,309
At 30 June 2024 3,801
NET BOOK VALUE
At 30 June 2024 12,274
At 30 June 2023 4,905

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
(Unaudited)
£    £   
Trade debtors 25 -
Other debtors 55,701 54,963
55,726 54,963

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
(Unaudited)
£    £   
Trade creditors 14,435 981
Amounts owed to associates - 72,444
Taxation and social security 51,582 8,396
Other creditors 9,429 16,019
75,446 97,840

PEC Management Services Ltd (Registered number: 14098558)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2024

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.6.24 30.6.23
(Unaudited)
£    £   
Within one year 2,500 -

9. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with other wholly owned members, including the parent company, of the group.

10. ULTIMATE CONTROLLING PARTY

The company is controlled by the charity, PEC Trust (11569012) and PEC Trust prepare the group financial statements. Their registered office is c/o Low Carbon Team, Ballard House, West Hoe Road, Plymouth, United Kingdom, PL1 3BJ.