REGISTERED NUMBER: |
P & H CONTRACT SERVICES LIMITED |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
P & H CONTRACT SERVICES LIMITED (REGISTERED NUMBER: 03796710) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JULY 2024 |
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. |
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: |
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. |
for and on behalf of |
Accountants |
Statutory Auditors |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
P & H CONTRACT SERVICES LIMITED (REGISTERED NUMBER: 03796710) |
STATEMENT OF COMPREHENSIVE |
INCOME |
FOR THE YEAR ENDED 31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ |
REVENUE | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Administrative expenses | ( |
) | ( |
) |
OPERATING PROFIT | 6 |
Interest receivable and similar income |
536,646 | 706,845 |
Interest payable and similar expenses | 7 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 8 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
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 |
CURRENT ASSETS |
Inventories | 11 |
Debtors | 12 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 13 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Capital redemption reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 31 July 2024 |
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 |
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 |
Plant and machinery | - |
Computer equipment | - |
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 |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administrative | 33 | 36 |
Distribution | 182 | 213 |
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 |
Fees payable to the statutory auditor |
Other operating lease charges |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest |
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 |
Under/(over) provision in prior period | (178 | ) | - |
Total current tax |
Deferred tax |
Tax on profit |
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 |
Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
Effects of: |
Expenses not deductible for tax purposes |
Capital allowances in excess of depreciation | ( |
) | ( |
) |
Group relief | ( |
) |
Deferred tax movement |
Overprovision in prior year | ( |
) |
Total tax charge | 135,585 | 103,447 |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
'A' Ordinary shares of £1 each |
Interim |
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 |
Additions |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
11. | INVENTORIES |
2024 | 2023 |
£ | £ |
Inventories |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Deferred tax asset |
Prepayments and accrued income |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Trade creditors |
Amounts owed to group undertakings |
Corporation tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
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) |
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 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The bank loan was secured by way of a debenture over the assets of the company. |
17. | DEFERRED TAX |
£ |
Balance at 1 August 2023 | ( |
) |
Provided during year |
Balance at 31 July 2024 | ( |
) |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
'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. |