Registration number:
PEI-Delta Limited
for the Year Ended 30 April 2024
PEI-Delta Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
PEI-Delta Limited
Company Information
Directors |
Mr R Gallagher Mr Howard Benson Mrs C Gallagher Mr Neil Huckerby Mr Gavin Frost Mr Tom Sayer Mr John Clifton |
Company secretary |
Mr R Gallagher |
Registered office |
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Accountants |
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PEI-Delta Limited
(Registration number: 3249002)
Balance Sheet as at 30 April 2024
Note |
2024 |
2023 |
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Fixed Assets |
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Tangible Assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and Reserves |
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Called up share capital |
10,500 |
10,500 |
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Retained Earnings |
2,612,502 |
2,319,882 |
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Shareholders' funds |
2,623,002 |
2,330,382 |
For the financial 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.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
Approved and authorised by the
Mr R Gallagher
Company secretary and director
PEI-Delta Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A small entities - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency is £ sterling.
Going concern
The financial statements have been prepared on a going concern basis.
PEI-Delta Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
The key sources of judgements, estimates and assumptions about the carrying values of assets and liabilities that have a significant effect on the amounts recognised in the financial statements are detailed in the accounting policies below and relate to |
- Revenue recognition |
- Contract revenue recognition |
- Stocks - Long term contracts WIP |
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the period in respect of ordinary activities and stated after other sales taxes and exclusive of Value Added Tax plus any adjustment made in respect of amounts included in turnover on contracts which is in excess of payments on account is classified as amounts recoverable on contracts and is separately disclosed within debtors.
Contract revenue recognition
In respect of long term contracts and contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long term contracts and contracts for ongoing services is recognised by reference to the stage completion.
Where the substance of a contract is that the contractual obligations are performed gradually over time, revenue is recognised as contract activity progresses to reflect the partial performance of our contractual obligations. The amount of revenue included reflect the accrual of the right to consideration as contract activity progressess by reference to value of the work performed.
Government grants
Whether of a capital or revenue nature, government grants have been recognised on an accruals basis and recognised in the accounts in the period in which is becomes receivable.
Grants of a revenue nature are recognised in "other operating income" within the profit or loss in the same period as the related expenditure. This includes the government Coronavirus Job Retention Scheme ('Furlough'). The company has not directly benefited from any other forms of government assistance.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
PEI-Delta Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
33% reducing balance / 1 year straight line |
Fixtures and fittings |
20% reducing balance |
Office equipment |
33% reducing balance |
Leasehold alterations |
Straight line over remaining term of lease |
Motor vehicles |
Straight line over the remaining term of lease |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
PEI-Delta Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Where contracts are ongoing at the company's financial year end, or the final account was not issued although work completed, these contracts have been accounted for following the principals of accounting for long term contracts under FRS102.
Attributable profit to the accounting date has been accounted for on contracts where the contract has been certified by the directors as at such a stage it is appropriate to take profit. Attributable profit has only been recognised where the outcome of the contract together with its associated costs is assessable with reasonable certainty.
Attributable profit is accounted for as that part of total profit currently estimated to arise over the duration of the contract, after allowing for estimated remedial and maintenance costs and increases in costs so far as not recoverable under the terms of the contract, that fairly reflects the profit attributable to that part of the work performed at the accounting date.
Amounts included in turnover on contracts which is in excess of payments on account is classified as amounts recoverable on contracts and is seperately disclosed within debtors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
PEI-Delta Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Recognition and measurement
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
PEI-Delta Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Share options in parent company PEI Delta Group Limited granted to employees of its wholly owned subsidiary PEI Delta Limited are as follows:
Further options granted over B shares of parent conpany PEI Delta Group Limited (including amounts granted to directors) |
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Date EMI options granted |
23/03/2015 |
Total number of options granted |
453 |
Option payment on grant |
£1 per option |
Market value on grant of option |
£39.97 per share |
Option period |
10 years from grant |
Options exercised in year |
None |
Options exercised as at 30/4/2024 |
None |
Options surrendered in year |
None |
Options surrendered as at 30/4/2024 |
152 |
Options granted over A shares of parent company PEI Delta Group Limited (including amounts granted to directors) |
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Date EMI options granted |
5/7/2019 |
Total number of options granted |
6,085 |
Option payment on grant |
£20,000 / £10,000 per option |
Market value on grant of option |
£75.17 per share |
Option period |
10 years from grant |
Options exercised in year |
None |
Options exercised as at 30/4/2024 |
None |
Options surrendered in year |
None |
Options surrendered as at 30/4/2024 |
1,826 |
These remaining Share Options may only be exercised in the event of a takeover of the company within a period of 10 years from the grant of the Option.
Following the company's year end date, the parent company PEI Delta Group Limited, granted new EMI options.
A Ordinary share EMI options for 608 A shares were granted 28th June 2024. The option period is 10 years from grant of the option.
B Ordinary share EMI options for 356 B shares were granted 28th June 2024 and exercised 1st July 2024.
PEI-Delta Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Tangible Assets |
Leasehold alterations |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Total |
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Cost or valuation |
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At 1 May 2023 |
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Additions |
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- |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
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Charge for the year |
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At 30 April 2024 |
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Carrying amount |
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At 30 April 2024 |
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At 30 April 2023 |
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PEI-Delta Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Stocks |
2024 |
2023 |
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Raw materials and consumables |
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Long term contracts - work in progress |
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Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Net wages |
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Directors loan account |
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Pension contributions unpaid |
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Accruals |
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Corporation tax |
178,471 |
186,799 |
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PEI-Delta Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Loans and borrowings |
2024 |
2023 |
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Current loans and borrowings |
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Bank overdrafts |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet concerning operating leases is £
Dividends |
2024 |
2023 |
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£ |
£ |
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Interim dividends paid |
250,000 |
233,144 |
The directors are not proposing a final dividend for the year.
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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9,000 |
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9,000 |
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1,000 |
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1,000 |
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500 |
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500 |
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PEI-Delta Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Related party transactions |
Transactions with directors |
2024 |
At 1 May 2023 |
Advances to director |
At 30 April 2024 |
Directors loan account |
- |
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Advances to directors |
During the year, an advance was made to a director for £8,006. This loan is interest free and repayable on demand.
Summary of transactions with parent
Summary of transactions with all entities with joint control or significant interest
Summary of transactions with other related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is