P. PRITCHARD SHEET METAL LIMITED |
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BALANCE SHEET |
AS AT 31 MARCH 2024 |
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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. |
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For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. |
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Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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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. |
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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. |
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Signed on behalf of the board |
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S J Davies |
Director |
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Date approved by the board: 18 October 2024 |
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P. PRITCHARD SHEET METAL LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
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1 |
GENERAL INFORMATION |
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P. Pritchard Sheet Metal Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is: |
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Unit 15 White Horse Business Park |
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Stanford in the Vale |
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Oxfordshire |
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SN7 8NY |
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The financial statements are presented in Sterling, which is the functional currency of the company. |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Basis of preparation of financial statements |
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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. |
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Revenue recognition |
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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. |
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Plant and machinery |
Reducing balance basis at 25% per annum |
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Motor vehicles |
Reducing balance basis at 25% per annum |
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Computer equipment |
Reducing balance basis at 25% per annum |
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Leasehold property |
Straight line basis at 33.3% per annum |
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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. |
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Financial Instruments |
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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. |
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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. |
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P. PRITCHARD SHEET METAL LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
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6 |
TANGIBLE ASSETS |
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Plant and machinery |
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Motor vehicles |
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Computer equipment |
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Leasehold property |
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Total |
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£ |
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£ |
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£ |
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£ |
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£ |
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Cost |
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At 1 April 2023 |
1,351,681 |
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102,407 |
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42,006 |
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1,494 |
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1,497,588 |
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Additions |
832 |
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- |
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9,522 |
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- |
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10,354 |
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At 31 March 2024 |
1,352,513 |
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102,407 |
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51,528 |
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1,494 |
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1,507,942 |
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Accumulated depreciation and impairments |
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At 1 April 2023 |
944,254 |
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5,120 |
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28,348 |
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1,494 |
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979,216 |
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Charge for year |
101,961 |
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24,322 |
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5,023 |
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- |
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131,306 |
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At 31 March 2024 |
1,046,215 |
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29,442 |
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33,371 |
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1,494 |
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1,110,522 |
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Net book value |
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At 1 April 2023 |
407,427 |
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97,287 |
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13,658 |
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- |
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518,372 |
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At 31 March 2024 |
306,298 |
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72,965 |
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18,157 |
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- |
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397,420 |
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7 |
DEBTORS |
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2024 |
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2023 |
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£ |
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£ |
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Trade debtors |
189,005 |
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237,631 |
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Prepayments and accrued income |
19,726 |
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22,436 |
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Other debtors |
876,950 |
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808,518 |
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1,085,681 |
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1,068,585 |
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8 |
CREDITORS: Amounts falling due within one year |
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2024 |
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2023 |
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£ |
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£ |
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Bank loans and overdrafts |
63,453 |
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60,902 |
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Trade creditors |
73,402 |
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94,803 |
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Taxation and social security |
152,489 |
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89,306 |
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Hire purchase contracts and finance leases |
60,352 |
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60,352 |
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Accruals and deferred income |
11,261 |
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9,396 |
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Other creditors |
29,061 |
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19,061 |
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390,018 |
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333,820 |
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P. PRITCHARD SHEET METAL LIMITED |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
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9 |
CREDITORS: Amounts falling due after more than one year |
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2024 |
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2023 |
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£ |
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£ |
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Bank loans and overdrafts |
102,665 |
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166,118 |
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Hire purchase contracts and finance leases |
81,192 |
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141,544 |
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183,857 |
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307,662 |
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10 |
SECURED DEBTS |
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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. |
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The hire purchase contracts and finance leases are secured on the assets concerned. |
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11 |
CONTINGENCIES AND COMMITMENTS |
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Other Commitments |
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Amounts falling due under operating leases: |
2024 |
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2023 |
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£ |
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In less than one year |
36,000 |
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44,400 |
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In more than one but less than five years |
125,000 |
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131,000 |
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In more than five years |
282,500 |
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312,500 |
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443,500 |
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487,900 |
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12 |
RELATED PARTY TRANSACTIONS |
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The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members: |
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Pritchard Davies Holdings Limited |
Parent company |
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During the year, the following transactions with related parties took place: |
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S J Davies |
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Director |
2024 |
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2023 |
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£ |
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Director's loan account |
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Amount owed to Director |
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20,061 |
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10,061 |
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