IRIS Accounts Production v24.2.0.383 03796710 Board of Directors 1.8.23 31.7.24 31.7.24 Medium entities true false true true false false true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. 'A' Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh037967102023-07-31037967102024-07-31037967102023-08-012024-07-31037967102022-07-31037967102022-08-012023-07-31037967102023-07-3103796710ns15:EnglandWales2023-08-012024-07-3103796710ns14:PoundSterling2023-08-012024-07-3103796710ns10:Director12023-08-012024-07-3103796710ns10:PrivateLimitedCompanyLtd2023-08-012024-07-3103796710ns10:MediumEntities2023-08-012024-07-3103796710ns10:Audited2023-08-012024-07-3103796710ns10:Medium-sizedCompaniesRegimeForDirectorsReport2023-08-012024-07-3103796710ns10:Medium-sizedCompaniesRegimeForAccounts2023-08-012024-07-3103796710ns10:FullAccounts2023-08-012024-07-3103796710ns10:OrdinaryShareClass12023-08-012024-07-3103796710ns10:Director22023-08-012024-07-3103796710ns10:RegisteredOffice2023-08-012024-07-3103796710ns5:CurrentFinancialInstruments2024-07-3103796710ns5:CurrentFinancialInstruments2023-07-3103796710ns5:Non-currentFinancialInstruments2024-07-3103796710ns5:Non-currentFinancialInstruments2023-07-3103796710ns5:ShareCapital2024-07-3103796710ns5:ShareCapital2023-07-3103796710ns5:CapitalRedemptionReserve2024-07-3103796710ns5:CapitalRedemptionReserve2023-07-3103796710ns5:RetainedEarningsAccumulatedLosses2024-07-3103796710ns5:RetainedEarningsAccumulatedLosses2023-07-3103796710ns5:ShareCapital2022-07-3103796710ns5:RetainedEarningsAccumulatedLosses2022-07-3103796710ns5:CapitalRedemptionReserve2022-07-3103796710ns5:RetainedEarningsAccumulatedLosses2022-08-012023-07-3103796710ns5:CapitalRedemptionReserve2022-08-012023-07-3103796710ns5:RetainedEarningsAccumulatedLosses2023-08-012024-07-3103796710ns5:CapitalRedemptionReserve2023-08-012024-07-3103796710ns5:PlantMachinery2023-08-012024-07-3103796710ns5:ComputerEquipment2023-08-012024-07-3103796710ns5:OwnedAssets2023-08-012024-07-3103796710ns5:OwnedAssets2022-08-012023-07-3103796710112023-08-012024-07-3103796710112022-08-012023-07-3103796710142023-08-012024-07-3103796710142022-08-012023-07-3103796710ns10:OrdinaryShareClass12022-08-012023-07-3103796710ns5:PlantMachinery2023-07-3103796710ns5:ComputerEquipment2023-07-3103796710ns5:PlantMachinery2024-07-3103796710ns5:ComputerEquipment2024-07-3103796710ns5:PlantMachinery2023-07-3103796710ns5:ComputerEquipment2023-07-3103796710ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-3103796710ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-3103796710ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-07-3103796710ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-07-3103796710ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-07-3103796710ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-07-3103796710ns5:Secured2024-07-3103796710ns5:Secured2023-07-3103796710ns5:DeferredTaxation2023-07-3103796710ns5:DeferredTaxation2023-08-012024-07-3103796710ns5:DeferredTaxation2024-07-3103796710ns10:OrdinaryShareClass12024-07-31
REGISTERED NUMBER: 03796710 (England and Wales)















P & H CONTRACT SERVICES LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024






P & H CONTRACT SERVICES LIMITED (REGISTERED NUMBER: 03796710)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


P & H CONTRACT SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: S D Gent
P J Houston





REGISTERED OFFICE: Depot 2
Unit 5 Finlan Road
Stakehill Industrial Estate
Middleton
Greater Manchester
M24 2RW





REGISTERED NUMBER: 03796710 (England and Wales)





AUDITORS: DJH Audit Limited
Accountants
Statutory Auditors
The Exchange
5 Bank Street
Bury
BL9 0DN

P & H CONTRACT SERVICES LIMITED (REGISTERED NUMBER: 03796710)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024


The directors present their strategic report for the year ended 31 July 2024.

Fair Review of the Business including Key Performance Indicators
The directors consider the profit achieved on ordinary activities before taxation to be satisfactory, taking into account the current state of affairs around the world after the Covid pandemic.

The directors are pleased with the turnover of £14.01m (2023: £16.28m). The gross profit margin for the year increased by 0.27%.

The company recorded an operating profit before exceptional costs of £494k (2023: £703k).

The company’s statement of financial position shows a net worth of £1.24m in the year and is considered to represent a healthy state of affairs.

Business Review
The principal activity of the company in the year under review continues to be the provision of logistical solutions. There have not been any significant changes in the company’s principal activities in the year under review. The directors are not aware of any likely changes in the company’s activities in the next year.

Revenue decreased by 13.9% during the year primarily due to the end of a major contract.

During the year, the sole customer of P&H Contract Services Limited served notice of its intention to terminate the service contract in place. The service contract came to an end, and all obligations discharged, at the end of July 2024. The cost control plan that was implemented by management in the wake of the notice of termination has served to mitigate undue costs and the business has continued to be able to pay all debts as they fall due.

Management is satisfied that the company has sufficient cash reserves to meet any final costs arising after the year end and intends to keep the company active on the register as a non-trading entity.

There have been no significant events since the statement of financial position date.

Principal Risks and Uncertainties
Whilst the company takes a responsible and balanced approach towards risk management it also recognises that risk is an inherent part of the business and, as with all businesses, sone risks may be beyond its control.

Liquidity Risk
In terms of financial risk management, the company considers that it has limited exposure to the various aspects of financial risk. The company aims to mitigate liquidity risk by closely managing the cash generated by its operating business.

Interest Rate Risk
The company's exposure to interest rate risk relates primarily to the company's long term and short term financial instruments. However, the directors do not consider this to be a significant risk.

Foreign Currency Risk
The company trades primarily in the UK, therefore the level of foreign currency risk is extremely low.

ON BEHALF OF THE BOARD:





S D Gent - Director



P & H CONTRACT SERVICES LIMITED (REGISTERED NUMBER: 03796710)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

16 January 2025

P & H CONTRACT SERVICES LIMITED (REGISTERED NUMBER: 03796710)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


The directors present their report with the financial statements of the company for the year ended 31 July 2024.

PRINCIPAL ACTIVITY
The principal activity in the year under review was that of the provision of logistical solutions.

DIVIDENDS
Dividends of £1,433,425 have been distributed for the year ended 31 July 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report.

S D Gent
P J Houston

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen, in accordance with s414C(11) of the Companies Act, to set out in the company's strategic report information which would otherwise be required by Schedule 7 of the 'Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008' to be contained in the report of the directors.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

P & H CONTRACT SERVICES LIMITED (REGISTERED NUMBER: 03796710)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 JULY 2024


AUDITORS
DJH Audit Limited has indicated its willingness to be reappointed for another term and appropriate arrangements are being made for it to be deemed reappointed as auditor in the absence of an Annual General Meeting.

ON BEHALF OF THE BOARD:





S D Gent - Director


16 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
P & H CONTRACT SERVICES LIMITED


Opinion
We have audited the financial statements of P & H Contract Services Limited (the 'company') for the year ended 31 July 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
P & H CONTRACT SERVICES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our planning process:
- We enquired of management the systems and controls the company has in place, the areas of the financial
statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known,
suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We
determined that the following were most relevant: FRS 102, Companies Act 2006 and Health & Safety at Work
1974.
- We considered the incentives and opportunities that exist in the company, including the extent of management
bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment
accordingly.
- Using our knowledge of the company, together with the discussions held with the company at the planning stage,
we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our
procedures according to this risk assessment.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
P & H CONTRACT SERVICES LIMITED

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been
appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting
estimates, in particular in relation to depreciation, recoverability of trade and intercompany debtors, inventory
impairment.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations.
- Testing key revenue lines, for evidence of management bias.
- Obtaining third-party confirmation of material bank balances.
- Documenting and verifying all significant related party balances and transactions.
- Reviewing documentation such as the company board minutes, for discussions of irregularities including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors 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 the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Kate Hughes (Senior Statutory Auditor)
for and on behalf of DJH Audit Limited
Accountants
Statutory Auditors
The Exchange
5 Bank Street
Bury
BL9 0DN

16 January 2025

P & H CONTRACT SERVICES LIMITED (REGISTERED NUMBER: 03796710)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 JULY 2024

2024 2023
Notes £    £   

REVENUE 3 14,011,493 16,278,513

Cost of sales (11,694,595 ) (13,630,287 )
GROSS PROFIT 2,316,898 2,648,226

Administrative expenses (1,823,055 ) (1,945,225 )
OPERATING PROFIT 6 493,843 703,001

Interest receivable and similar income 42,803 3,844
536,646 706,845

Interest payable and similar expenses 7 (9,747 ) (18,048 )
PROFIT BEFORE TAXATION 526,899 688,797

Tax on profit 8 (135,585 ) (103,447 )
PROFIT FOR THE FINANCIAL YEAR 391,314 585,350

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

391,314

585,350

P & H CONTRACT SERVICES LIMITED (REGISTERED NUMBER: 03796710)

STATEMENT OF FINANCIAL POSITION
31 JULY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Property, plant and equipment 10 4,972 6,417

CURRENT ASSETS
Inventories 11 - 49,194
Debtors 12 1,267,466 1,999,903
Cash at bank and in hand 1,415,844 1,718,527
2,683,310 3,767,624
CREDITORS
Amounts falling due within one year 13 (1,451,005 ) (1,311,319 )
NET CURRENT ASSETS 1,232,305 2,456,305
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,237,277

2,462,722

CREDITORS
Amounts falling due after more than one
year

14

-

(183,334

)
NET ASSETS 1,237,277 2,279,388

CAPITAL AND RESERVES
Called up share capital 18 61 61
Capital redemption reserve 19 48 48
Retained earnings 19 1,237,168 2,279,279
SHAREHOLDERS' FUNDS 1,237,277 2,279,388

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2025 and were signed on its behalf by:





S D Gent - Director


P & H CONTRACT SERVICES LIMITED (REGISTERED NUMBER: 03796710)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 August 2022 61 2,193,929 48 2,194,038

Changes in equity
Dividends - (500,000 ) - (500,000 )
Total comprehensive income - 585,350 - 585,350
Balance at 31 July 2023 61 2,279,279 48 2,279,388

Changes in equity
Dividends - (1,433,425 ) - (1,433,425 )
Total comprehensive income - 391,314 - 391,314
Balance at 31 July 2024 61 1,237,168 48 1,237,277

P & H CONTRACT SERVICES LIMITED (REGISTERED NUMBER: 03796710)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024


1. STATUTORY INFORMATION

P & H Contract Services Limited is a private company, limited by shares, incorporated in England and Wales. The company's registered number is 03796710 and the registered office address is Depot 2, Unit 5 Finlan Road, Stakehill Industrial Estate, Middleton, Manchester, M24 2RW.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
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.

During the year, the sole customer of P&H Contract Services Limited served notice of its intention to terminate the service contract in place. The service contract came to an end, and all obligations discharged, at the end of July 2024. The cost control plan that was implemented by management in the wake of the notice of termination has served to mitigate undue costs and the business has continued to be able to pay all debts as they fall due.

Management is satisfied that the company has sufficient cash reserves to meet any final costs arising after the year end and intends to keep the company active. It is therefore considered appropriate that the financial statements have been prepared on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 33.7.

Significant judgements and estimates
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.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Estimating the useful economic life of an asset and the anticipated residual value are considered the key judgement in calculating an appropriate depreciation charge.

Making judgement based on historical experience on the level of provision required for bad debts. Further information received after the statement of financial position date may impact on the level of provision required.

Making judgement based on historical experience on the level of provision required for impairment of inventories. Further information received after the statement of financial position date may impact on the level of provision required.

P & H CONTRACT SERVICES LIMITED (REGISTERED NUMBER: 03796710)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued

Revenue
Revenue is recognised at the fair value of the consideration receivable for logistic solution services provided in the normal course of business by the statement of financial position date, and is shown net of VAT and other sales related taxes.

Revenue is recognised when a service has been provided to a customer.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Computer equipment - 33% on cost

The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises.

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Inventories
Inventories held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

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 and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.


P & H CONTRACT SERVICES LIMITED (REGISTERED NUMBER: 03796710)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 future taxable profits.

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.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the income statement in the year they are payable.

3. REVENUE

All revenue is attributable to the principal activity of the company, being the provision of logistical solutions, and arose in the United Kingdom.

P & H CONTRACT SERVICES LIMITED (REGISTERED NUMBER: 03796710)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 7,190,048 7,878,286
Social security costs 729,526 806,280
Other pension costs 147,727 164,429
8,067,301 8,848,995

The average number of employees during the year was as follows:
2024 2023

Administrative 33 36
Distribution 182 213
215 249

5. DIRECTORS' REMUNERATION

2024 2023
£ £
Remuneration for qualifying services 89,502 73,586

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 3,455 2,150
Fees payable to the statutory auditor 14,625 14,625
Other operating lease charges 27,030 27,668

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 9,747 18,048

P & H CONTRACT SERVICES LIMITED (REGISTERED NUMBER: 03796710)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 131,934 101,045
Under/(over) provision in prior period (178 ) -
Total current tax 131,756 101,045

Deferred tax 3,829 2,402
Tax on profit 135,585 103,447

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 526,899 688,797
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

131,725

172,199

Effects of:
Expenses not deductible for tax purposes 1,222 336
Capital allowances in excess of depreciation (1,013 ) (2,275 )
Group relief - (69,215 )
Deferred tax movement 3,829 2,402
Overprovision in prior year (178 ) -
Total tax charge 135,585 103,447

9. DIVIDENDS
2024 2023
£    £   
'A' Ordinary shares of £1 each
Interim 1,433,425 500,000

P & H CONTRACT SERVICES LIMITED (REGISTERED NUMBER: 03796710)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


10. PROPERTY, PLANT AND EQUIPMENT
Plant and Computer
machinery equipment Totals
£    £    £   
COST
At 1 August 2023 5,529 14,601 20,130
Additions - 2,010 2,010
At 31 July 2024 5,529 16,611 22,140
DEPRECIATION
At 1 August 2023 4,120 9,593 13,713
Charge for year 512 2,943 3,455
At 31 July 2024 4,632 12,536 17,168
NET BOOK VALUE
At 31 July 2024 897 4,075 4,972
At 31 July 2023 1,409 5,008 6,417

11. INVENTORIES
2024 2023
£    £   
Inventories - 49,194

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,071,663 332,816
Amounts owed by group undertakings - 1,318,047
Other debtors 179,189 -
Deferred tax asset 5,651 9,480
Prepayments and accrued income 10,963 339,560
1,267,466 1,999,903

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) - 100,000
Trade creditors 368,163 522,584
Amounts owed to group undertakings 160,000 19,820
Corporation tax 131,934 101,045
Social security and other taxes 729,600 521,586
Other creditors 2,612 31,659
Accruals and deferred income 58,696 14,625
1,451,005 1,311,319

P & H CONTRACT SERVICES LIMITED (REGISTERED NUMBER: 03796710)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 15) - 183,334

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - 100,000

Amounts falling due between one and two years:
Bank loans - 1-2 years - 100,000

Amounts falling due between two and five years:
Bank loans - 2-5 years - 83,334

16. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 283,334

The bank loan was secured by way of a debenture over the assets of the company.

17. DEFERRED TAX
£   
Balance at 1 August 2023 (9,480 )
Provided during year 3,829
Balance at 31 July 2024 (5,651 )

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
61 'A' Ordinary £1 61 61

P & H CONTRACT SERVICES LIMITED (REGISTERED NUMBER: 03796710)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024


19. RESERVES

Capital redemption reserve
This represents the nominal value of shares repurchased and still held at the end of the reporting period.

Retained earnings
This represents cumulative profits and losses net of distributions to shareholders.

20. ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of Millfield Holdings Limited, a company incorporated in England & Wales with registered number 10045486 and registered office at Depot 2, Unit 5 Finlan Road, Stakehill Industrial Estate, Middleton, Manchester, England, M24 2RW.

Millfield Holdings Limited prepares consolidated financial statements including the financial statements of this company and these are available from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.

The ultimate controlling party is S D Gent.