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COMPANY REGISTRATION NUMBER: 07734036
Pioneer Diesels Ltd
Filleted Unaudited Financial Statements
30 April 2024
Pioneer Diesels Ltd
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
9,389
12,976
Current assets
Debtors
6
12,018
3,401
Cash at bank and in hand
8,898
3,647
--------
-------
20,916
7,048
Creditors: amounts falling due within one year
7
328,968
258,933
---------
---------
Net current liabilities
308,052
251,885
---------
---------
Total assets less current liabilities
( 298,663)
( 238,909)
---------
---------
Net liabilities
( 298,663)
( 238,909)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 298,763)
( 239,009)
---------
---------
Shareholders deficit
( 298,663)
( 238,909)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Pioneer Diesels Ltd
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 24 January 2025 , and are signed on behalf of the board by:
Mr M Jacob
Director
Company registration number: 07734036
Pioneer Diesels Ltd
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 1 Darwin Road, Long Eaton, Nottingham, NG10 3NW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company had net liabilities at both the start and end of the year and is supported by both the director and its parent company. The director of the company is satisfied that this support will continue to allow the company to trade as a going concern.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% straight line
Motor vehicles
-
25% reducing balance
Computer equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Computer equipment
Total
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
24,616
6,000
1,407
32,023
--------
-------
-------
--------
Depreciation
At 1 May 2023
11,640
6,000
1,407
19,047
Charge for the year
3,587
3,587
--------
-------
-------
--------
At 30 April 2024
15,227
6,000
1,407
22,634
--------
-------
-------
--------
Carrying amount
At 30 April 2024
9,389
9,389
--------
-------
-------
--------
At 30 April 2023
12,976
12,976
--------
-------
-------
--------
6. Debtors
2024
2023
£
£
Other debtors
12,018
3,401
--------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
111,194
112,912
Social security and other taxes
1,686
473
Other creditors
216,088
145,548
---------
---------
328,968
258,933
---------
---------
8. Director's advances, credits and guarantees
At the balance sheet date, the company owed the director £209,087 (2023: £138,547). The director's loan is interest free and repayable on demand. The director has stated he will not demand repayment of the loan until the company is in a position to do so.
9. Controlling party
The company is a wholly owned subsidiary of Pioneer Rail Services Limited. The registered office of the parent company is Lyndhurst, 1 Cranmer Street, Long Eaton, Nottingham, NG10 1NJ.