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Company Registration Number: NI622116
 
 
PDEL Limited
 
Unaudited Financial Statements
 
for the financial year ended 31 March 2024



PDEL Limited
DIRECTOR AND OTHER INFORMATION

 
Director Paul Doran
 
 
Company Registration Number NI622116
 
 
Registered Office 12 Carnmoney Road
Newtownabbey
Antrim
BT36 6HN
Ireland
 
 
Accountants Quarter
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
 
Bankers Barclays Bank PLC
  17 Castle Place
  Belfast
  BT1 1EL
  Northern Ireland



PDEL Limited

CHARTERED ACCOUNTANTS REPORT
to the Director on the Compilation of the unaudited financial statements of PDEL Limited
for the financial year ended 31 March 2024
 
In accordance with the engagement letter and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled for your approval the financial statements of the company for the financial year ended 31 March 2024 as set out on pages  to 14 which comprise the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
 
This report is made solely to the director of PDEL Limited, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company’s Director that we have done so, and state those matters that we have agreed to state to them in this 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 its director for our work or for this report.
 
We have carried out this engagement in accordance with guidance issued by Chartered Accountants Ireland and we compiled the financial statements in accordance with the guidance contained in Compilation Engagements Technical Statement and the International Standard on Related Services 4410 (Revised), Compilation Engagements from the accounting records and information and explanations supplied to us by the directors, and have complied with the relevant ethical guidance laid down by Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.
 
You have acknowledged on the Statement of Financial Position for the year ended 31 March 2024 your duty to ensure that PDEL Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of PDEL Limited. You consider that PDEL Limited is exempt from the statutory audit requirement for the financial year.
 
We have not been instructed to carry out an audit or a review of the financial statements of PDEL Limited. For this reason, we have not verified the adequacy, accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
 
 
 
__________________________________
QUARTER
Chartered Accountants
St Anne's House
15 Church Street
Cathedral Quarter
Belfast
BT1 1PG
 
30 July 2024



PDEL Limited
Company Registration Number: NI622116
STATEMENT OF FINANCIAL POSITION
as at 31 March 2024

2024 2023
Notes £ £
 
Non-Current Assets
Property, plant and equipment 4 31,768 35,858
Financial assets 5 906,336 1,012,966
───────── ─────────
Non-Current Assets 938,104 1,048,824
───────── ─────────
 
Current Assets
Inventories 6 42,480 38,810
Receivables 7 80,219 101,587
Cash and cash equivalents 47,428 48,813
Client bank balances 24,254 20,195
───────── ─────────
194,381 209,405
───────── ─────────
Payables: amounts falling due within one year 8 (87,998) (95,377)
───────── ─────────
Net Current Assets 106,383 114,028
───────── ─────────
Total Assets less Current Liabilities 1,044,487 1,162,852
 
Payables:
amounts falling due after more than one year 9 (10,689) (20,388)
 
Provisions for liabilities 11 (1,893) (2,192)
───────── ─────────
Net Assets 1,031,905 1,140,272
═════════ ═════════
 
Equity
Called up share capital 1 1
Retained earnings 1,031,904 1,140,271
───────── ─────────
Equity attributable to owners of the company 1,031,905 1,140,272
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
The company has taken advantage of the exemption under section 444 not to file the Income Statement and Director's Report.
           
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Director and authorised for issue on 30 July 2024
           
           
           
________________________________          
Paul Doran          
Director          
           



PDEL Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2024

   
1. General Information
 
PDEL Limited is a company limited by shares incorporated in the United Kingdom. The registered office of the company is 12 Carnmoney Road, Newtownabbey, Antrim, BT36 6HN, Ireland which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 March 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Revenue
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Property, plant and equipment and depreciation
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows:
 
  Short leasehold property - 10% Reducing Balance
  Fixtures, fittings and equipment - 20% Reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Financial assets
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Income Statement in the year in which it is receivable.
 
Work in progress
Work in progress is reflected in the accounts at the expected revenue due for work carried out during the period that has not yet been invoiced.
 
Trade and other receivables
Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other payables
Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position 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 tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was 12, (2023 - 15).
 
  2024 2023
  Number Number
 
No of Employees 12 15
  ═════════ ═════════
         
4. Property, plant and equipment
  Short Fixtures, Total
  leasehold fittings and  
  property equipment  
  £ £ £
Cost
At 1 April 2023 31,686 24,562 56,248
Additions - 810 810
  ───────── ───────── ─────────
At 31 March 2024 31,686 25,372 57,058
  ───────── ───────── ─────────
Depreciation
At 1 April 2023 8,426 11,964 20,390
Charge for the financial year 2,326 2,574 4,900
  ───────── ───────── ─────────
At 31 March 2024 10,752 14,538 25,290
  ───────── ───────── ─────────
Carrying amount
At 31 March 2024 20,934 10,834 31,768
  ═════════ ═════════ ═════════
At 31 March 2023 23,260 12,598 35,858
  ═════════ ═════════ ═════════
     
5. Financial fixed assets
  Other
  investments
   
Investments £
Cost or Valuation
At 1 April 2023 1,012,966
Additions (55,498)
Disposals (50,000)
Revaluations (1,132)
  ─────────
At 31 March 2024 906,336
  ─────────
Carrying amount
At 31 March 2024 906,336
  ═════════
At 31 March 2023 1,012,966
  ═════════
       
6. Inventories 2024 2023
  £ £
 
Work in progress 42,480 38,810
  ═════════ ═════════
       
7. Receivables 2024 2023
  £ £
 
Trade receivables 75,950 87,744
Other debtors 2,593 2,443
Prepayments and accrued income 1,676 11,400
  ───────── ─────────
  80,219 101,587
  ═════════ ═════════
       
8. Payables 2024 2023
Amounts falling due within one year £ £
 
Bank loan 10,978 10,978
Other loan - 12,540
Client creditor balances 24,254 20,195
Trade payables 6,795 5,502
Taxation  (Note 10) 42,858 37,901
Director's current account 613 5,761
Accruals 2,500 2,500
  ───────── ─────────
  87,998 95,377
  ═════════ ═════════
       
9. Payables 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 10,689 20,388
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 8) 10,978 23,518
Repayable between one and two years 10,689 20,388
  ───────── ─────────
  21,667 43,906
  ═════════ ═════════
 
       
10. Taxation 2024 2023
  £ £
 
Payables:
VAT 38,106 33,281
PAYE / NI 4,752 4,620
  ───────── ─────────
  42,858 37,901
  ═════════ ═════════
         
11. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 2,192 2,192 1,702
Charged to profit and loss (299) (299) 490
  ───────── ───────── ─────────
At financial year end 1,893 1,893 2,192
  ═════════ ═════════ ═════════
       
12. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 March 2024.
           
13. Related party transactions
 
Midmar LLP

PDEL Limited is a member of Midmar LLP.  

As at 1 April 2023 PDEL Limited, by way of capital account, had invested £585,880 in Midmar LLP. During the financial year PDEL Ltd made net transactions totalling £55,498 to or on behalf of Midmar LLP, which includes a loss share of £12,968 from Midmar LLP. As at 31 March 2024 PDEL Limited had invested, by way of capital account, £530,382 in Midmar LLP.

During the year ended 31 March 2024, Midmar LLP charged PDEL Ltd £50,000, exclusive of VAT, which was paid during the year.
   
14. Events After the End of the Reporting Period
 
There have been no significant events affecting the company since the financial year-end.