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COMPANY REGISTRATION NUMBER: 06439181
P & D Specialist Services Limited
Filleted Unaudited Financial Statements
30 April 2024
P & D Specialist Services Limited
Financial Statements
Year Ended 30 April 2024
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 8
P & D Specialist Services Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed Assets
Tangible assets
5
326,101
469,501
Current Assets
Stocks
40,560
67,313
Debtors
6
2,902,953
2,791,961
Cash at bank and in hand
42,674
333,909
------------
------------
2,986,187
3,193,183
Creditors: amounts falling due within one year
7
1,907,690
1,681,574
------------
------------
Net Current Assets
1,078,497
1,511,609
------------
------------
Total Assets Less Current Liabilities
1,404,598
1,981,110
Creditors: amounts falling due after more than one year
8
45,316
------------
------------
Net Assets
1,404,598
1,935,794
------------
------------
Capital and Reserves
Called up share capital
10
1,000
1,000
Profit and loss account
1,403,598
1,934,794
------------
------------
Shareholders Funds
1,404,598
1,935,794
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
P & D Specialist Services Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Mr P J Musgrave
Director
Company registration number: 06439181
P & D Specialist Services Limited
Notes to the Financial Statements
Year Ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 91-97 Saltergate, Chesterfield S40 1LA. The companies place of business is Units 1-3 Old Council Depot, Brookfield Industrial Estate, Tansley, Derbyshire DE4 5ND.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
Notwithstanding the challenging trading climate, the company has continued to operate profitably and intends to expand into additional areas of expertise to complement its existing specialist portfolio. The company maintains the ongoing support of its directors and financial institution. The directors have evaluated the company's future profitability and anticipate enhancements in trading performance and cash flow. Consequently, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover is recognised in the profit and loss account when, and to the extent that, the company obtains a right to consideration in exchange for its performance. A right to consideration is obtained when some, but not all, of its contractual obligations have been fulfilled. Where the company has partially performed its contractual obligations, it recognises revenue to the extent that it has obtained the right to consideration through its performance. Recoverable on Contracts The value of work in progress comprises the costs incurred on contracts plus an appropriate proportion of overheads and attributable profit. Fees invoiced on account are deducted from the value of work in progress and the balance is separately disclosed in trade and other receivables as amounts recoverable on contracts, unless such fees exceed the value of work in progress on any contract when the excess is separately disclosed in trade and other payables as fees invoiced in advance. Profit is recognised on a percentage completion basis when the outcome of a contract or project can be reasonable foreseen. Provision is made in full for estimated losses. Where the outcome of a contract cannot be reasonably foreseen, profit is taken on completion.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and law that have been enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Property improvements
-
20% straight line
Plant & machinery
-
20% reducing balance / 20% straight line
Fixtures & fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Financial instruments
Debtors and creditors with no stated interest rate, and repayable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 36 (2023: 36 ).
5. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 May 2023
2,800
5,113,946
50,593
884,245
6,051,584
Additions
6,298
553
60,740
67,591
Disposals
( 216,720)
( 216,720)
-------
------------
--------
---------
------------
At 30 April 2024
2,800
5,120,244
51,146
728,265
5,902,455
-------
------------
--------
---------
------------
Depreciation
At 1 May 2023
2,800
4,818,896
39,327
721,060
5,582,083
Charge for the year
139,027
2,899
49,643
191,569
Disposals
( 197,298)
( 197,298)
-------
------------
--------
---------
------------
At 30 April 2024
2,800
4,957,923
42,226
573,405
5,576,354
-------
------------
--------
---------
------------
Carrying amount
At 30 April 2024
162,321
8,920
154,860
326,101
-------
------------
--------
---------
------------
At 30 April 2023
295,050
11,266
163,185
469,501
-------
------------
--------
---------
------------
6. Debtors
2024
2023
£
£
Trade debtors
561,290
339,088
Amounts owed by group undertakings
1,800,403
1,803,581
Deferred tax asset
66,274
67,052
Prepayments and accrued income
195,269
81,882
Corporation tax repayable
26,953
Amounts recoverable on contracts
235,414
468,179
Other debtors
17,350
32,179
------------
------------
2,902,953
2,791,961
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
363,100
421,739
Corporation tax
11,325
Social security and other taxes
82,190
135,703
Other creditors
1,462,400
1,112,807
------------
------------
1,907,690
1,681,574
------------
------------
The obligations under finance leases and hire purchase contracts are secured against the assets for which the finance was raised.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
45,316
----
--------
The obligations under finance leases and hire purchase contracts are secured against the assets for which the finance was raised.
9. Secured liabilities
The aggregate amount of secured liabilities, secured on the assets of the company at the year end amounted to £45,316 (2023: £123,334)
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1,000
1,000
1,000
1,000
-------
-------
-------
-------
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
96,523
107,988
Later than 1 year and not later than 5 years
172,083
269,606
---------
---------
268,606
377,594
---------
---------
12. Related party transactions
The company has taken advantage of exemption conferred by FRS 102 S33.1A, removing the requirement to disclose transactions between group companies. On 25 January 2018, the P&D Specialist Services Employee Ownership Trust 2018 ("EOT") purchased 60% of the ordinary share capital of the parent company, P&D Specialist Services Holdings Limited, following which the company became an employee owned company. The funding for the transaction was achieved through a mix of loans from the previous owners of the business and bank debt. These loans are held within the EOT, however the company and the parent company are guarantors on the loans to the EOT. At the balance sheet date, the EOT has total loan obligations of £2,613,133 (2023: £3,121,015). During the year, the company made distributions of £638,932 (2023: £838,222) to the EOT. The present obligation to make the future loan payments is that of the EOT. The directors are of the opinion that de-facto control does not exist and therefore excluded the assets and liabilities of the EOT from these financial statements and consolidated accounts have not been prepared. During the year the company provided and received loans from group companies and related parties . The balance outstanding due (to)/from group companies and related parties at 30 April 2024 are as follows:
2024 2023
£
Amount owed from group companies 1,800,403 1,803,581
Outstanding balances with entities are unsecured and interest free. The loans are repayable on demand .
13. Controlling party
On 25 January 2018 the P&D Specialist Services Employee Ownership Trust 2018 became the beneficial owner of 60% of the ordinary share capital of the parent company, P&D Specialist Services Holdings Limited. The shares are held by P&D Specialist Services Trustees Limited in its capacity as corporate trustee.