P. PRITCHARD SHEET METAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
Company Registration Number: 03745820
P. PRITCHARD SHEET METAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
P. PRITCHARD SHEET METAL LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024
DIRECTOR
S J Davies
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Unit 15 White Horse Business Park
Stanford in the Vale
Oxfordshire
SN7 8NY
COMPANY REGISTRATION NUMBER
03745820 England and Wales
P. PRITCHARD SHEET METAL LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
Notes 2024 2023
£ £
FIXED ASSETS
Intangible assets 5 2,375 3,875
Tangible assets 6 397,420 518,372
399,795 522,247
CURRENT ASSETS
Stock 99,328 112,677
Debtors 7 1,085,681 1,068,585
Cash at bank and in hand 233,930 171,601
1,418,939 1,352,863
CREDITORS: Amounts falling due within one year 8 390,018 333,820
NET CURRENT ASSETS 1,028,921 1,019,043
TOTAL ASSETS LESS CURRENT LIABILITIES 1,428,716 1,541,290
CREDITORS: Amounts falling due after more than one year 9 183,857 307,662
Provisions for liabilities and charges 99,355 98,490
NET ASSETS 1,145,504 1,135,138
CAPITAL AND RESERVES
Called up share capital 100 100
Distributable profit and loss account 1,145,404 1,135,038
SHAREHOLDER'S FUNDS 1,145,504 1,135,138
P. PRITCHARD SHEET METAL LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
S J Davies
Director
Date approved by the board: 18 October 2024
P. PRITCHARD SHEET METAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1 GENERAL INFORMATION
P. Pritchard Sheet Metal Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Unit 15 White Horse Business Park
Stanford in the Vale
Oxfordshire
SN7 8NY
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable and represents the fabrication of sheet metal and the provision of powder coating services, stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Grant Income
Grant income has been recognised under the accrual model, where income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Intangible fixed assets
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.
Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 10 years.
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new expectations.
P. PRITCHARD SHEET METAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Plant and machinery Reducing balance basis at 25% per annum
Motor vehicles Reducing balance basis at 25% per annum
Computer equipment Reducing balance basis at 25% per annum
Leasehold property Straight line basis at 33.3% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Financial Instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets are measured at cost and are assessed at the end of each reporting period for objective evidence of impairment. Where objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
P. PRITCHARD SHEET METAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
P. PRITCHARD SHEET METAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease.
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
P. PRITCHARD SHEET METAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including the director) during the year was:
2024 2023
Average number of employees 11 13
5 INTANGIBLE FIXED ASSETS
Goodwill
£
Cost
At 1 April 2023 15,000
At 31 March 2024 15,000
Accumulated amortisation and impairments
At 1 April 2023 11,125
Charge for year 1,500
At 31 March 2024 12,625
Net book value
At 1 April 2023 3,875
At 31 March 2024 2,375
P. PRITCHARD SHEET METAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
6 TANGIBLE ASSETS
Plant and machinery Motor vehicles Computer equipment Leasehold property Total
£ £ £ £ £
Cost
At 1 April 2023 1,351,681 102,407 42,006 1,494 1,497,588
Additions 832 - 9,522 - 10,354
At 31 March 2024 1,352,513 102,407 51,528 1,494 1,507,942
Accumulated depreciation and impairments
At 1 April 2023 944,254 5,120 28,348 1,494 979,216
Charge for year 101,961 24,322 5,023 - 131,306
At 31 March 2024 1,046,215 29,442 33,371 1,494 1,110,522
Net book value
At 1 April 2023 407,427 97,287 13,658 - 518,372
At 31 March 2024 306,298 72,965 18,157 - 397,420
7 DEBTORS
2024 2023
£ £
Trade debtors 189,005 237,631
Prepayments and accrued income 19,726 22,436
Other debtors 876,950 808,518
1,085,681 1,068,585
8 CREDITORS: Amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 63,453 60,902
Trade creditors 73,402 94,803
Taxation and social security 152,489 89,306
Hire purchase contracts and finance leases 60,352 60,352
Accruals and deferred income 11,261 9,396
Other creditors 29,061 19,061
390,018 333,820
P. PRITCHARD SHEET METAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
9 CREDITORS: Amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 102,665 166,118
Hire purchase contracts and finance leases 81,192 141,544
183,857 307,662
10 SECURED DEBTS
A fixed and floating charge is secured over all assets and undertakings of the company in respect of a loan taken out by the parent company, Pritchard Davies Holdings Limited. At the year end, this loan is due to be repaid within 1 year.
The hire purchase contracts and finance leases are secured on the assets concerned.
11 CONTINGENCIES AND COMMITMENTS
Other Commitments
Amounts falling due under operating leases: 2024 2023
£ £
In less than one year 36,000 44,400
In more than one but less than five years 125,000 131,000
In more than five years 282,500 312,500
443,500 487,900
12 RELATED PARTY TRANSACTIONS
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
Pritchard Davies Holdings Limited Parent company
During the year, the following transactions with related parties took place:
S J Davies
Director 2024 2023
£ £
Director's loan account Amount owed to Director 20,061 10,061
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