Company registration number 06199529 (England and Wales)
PKF SMITH COOPER HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PKF SMITH COOPER HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PKF SMITH COOPER HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
4
3
3
Current assets
Debtors
5
3,062,665
2,559,502
Cash at bank and in hand
54,472
280,624
3,117,137
2,840,126
Creditors: amounts falling due within one year
6
(3,109,115)
(2,832,104)
Net current assets
8,022
8,022
Net assets
8,025
8,025
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
8,024
8,024
Total equity
8,025
8,025
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered 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 22 November 2024 and are signed on its behalf by:
Mr J Bagley
Director
Company registration number 06199529 (England and Wales)
PKF SMITH COOPER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
PKF Smith Cooper Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Prospect House, 1 Prospect Place, Pride Park, Derby, United Kingdom, DE24 8HG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
PKF Smith Cooper Holdings Limited is a wholly owned subsidiary of SHH101 LLP and the results of PKF Smith Cooper Holdings Limited are included in the consolidated financial statements of SHH101 LLP which are available from the company's registered office address.
The Directors remain confident that the company is well placed to mitigate any additional risks arising. The Directors believe strong cash reserves held and additional funding available to the company are sufficient to provide additional levels of risk mitigation such that the Directors are confident that the current economy will not adversely affect the on-going viability of the company.
1.2
Going concern
The directors have prepared budgets and cashflow forecasts to March 2025 on an individual and group level and up to date management accounts and consider that the group will continue to operate within its overdraft facility for 12 months from the date of signing the Balance Sheet. The overdraft facility is due for renewal in July 2025 and there is no reason to believe that it will not be extended.true
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents net invoiced sales of services, excluding value added tax.
Turnover is recognised when the right to income for services provided arises.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
PKF SMITH COOPER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
216
196
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
3
3
PKF SMITH COOPER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
60,000
Other debtors
3,062,665
2,499,502
3,062,665
2,559,502
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
60,000
Taxation and social security
557,885
943,048
Other creditors
2,551,230
1,829,056
3,109,115
2,832,104
The bank facilities are secured by cross guarantees and debentures held by PKF Smith Cooper Audit Ltd, SHH101 LLP, Infuse Technology Ltd and PKF Smith Cooper Systems Ltd, all of whom are either subsidiaries or related parties.
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Daniel Sowden
Statutory Auditor:
BHP LLP
Date of audit report:
26 November 2024
9
Related party disclosures
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
PKF SMITH COOPER HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sales
Sales
2024
2023
£
£
Entities with control, joint control or significant influence over the company
3,062,665
2,499,502
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
3,109,115
2,772,104
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
3,062,665
2,499,502
11
Parent company
The ultimate parent company of PKF Smith Cooper Holdings Limited is SHH101 LLP, a limited liability partnership incorporated in England and Wales. SHH101 LLP prepares group consolidated accounts, which includes the entity's financial statements. A copy of the consolidated statements are available from the registered office of Prospect House, 1 Prospect Place, Derby, DE24 8HG.
12
Prior period adjustment
Comparative figures for debtors and creditors in the financial statements have been reclassified to ensure comparability with the current period.
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.