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Registration number: 3249002

PEI-Delta Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

PEI-Delta Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 12

 

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

PEI Delta Ltd
Furness Drive
Poulton Industrial Estate
Poulton Le Fylde
Lancashire
FY6 8JS

Accountants

Horne Brooke Shenton
Chartered Accountants15 Olympic Court Boardmans Way
Whitehills Business Park
Blackpool
FY4 5GU

 

PEI-Delta Limited

(Registration number: 3249002)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

54,725

38,525

Current assets

 

Stocks

5

160,313

189,605

Debtors

6

2,780,034

2,454,521

Cash at bank and in hand

 

648,062

758,240

 

3,588,409

3,402,366

Creditors: Amounts falling due within one year

7

(999,620)

(1,091,373)

Net current assets

 

2,588,789

2,310,993

Total assets less current liabilities

 

2,643,514

2,349,518

Provisions for liabilities

(20,512)

(19,136)

Net assets

 

2,623,002

2,330,382

Capital and Reserves

 

Called up share capital

11

10,500

10,500

Retained Earnings

2,612,502

2,319,882

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

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 Board on 24 January 2025 and signed on its behalf by:
 

Mr R Gallagher

Company secretary and director

 

PEI-Delta Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
PEI Delta Ltd
Furness Drive
Poulton Industrial Estate
Poulton Le Fylde
Lancashire
FY6 8JS
England

These financial statements were authorised for issue by the Board on 24 January 2025.

2

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
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial insruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
 
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 68 (2023 - 75).

 

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)

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)

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

4

Tangible Assets

Leasehold alterations
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 May 2023

7,190

146,923

41,909

242,915

438,937

Additions

26,737

-

989

1,967

29,693

At 30 April 2024

33,927

146,923

42,898

244,882

468,630

Depreciation

At 1 May 2023

6,451

132,708

41,076

220,177

400,412

Charge for the year

1,585

3,100

1,089

7,719

13,493

At 30 April 2024

8,036

135,808

42,165

227,896

413,905

Carrying amount

At 30 April 2024

25,891

11,115

733

16,986

54,725

At 30 April 2023

739

14,215

833

22,738

38,525

 

PEI-Delta Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Stocks

2024
 £

2023
 £

Raw materials and consumables

16,600

17,200

Long term contracts - work in progress

143,713

172,405

160,313

189,605

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,186,715

1,501,522

Amounts owed by related parties

12

1,197,567

135,201

Prepayments

 

64,175

73,827

Other debtors

 

331,577

743,971

   

2,780,034

2,454,521

7

Creditors

Creditors: amounts falling due within one year

Note

2024
 £

2023
 £

Due within one year

 

Bank loans and overdrafts

8

16,576

787

Trade creditors

 

304,254

295,141

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

7,820

7,820

Taxation and social security

 

275,931

348,234

Net wages

 

122,641

130,413

Directors loan account

 

52,230

83,128

Pension contributions unpaid

 

11,182

11,718

Accruals

 

30,515

27,333

Corporation tax

 

178,471

186,799

 

999,620

1,091,373

 

PEI-Delta Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank overdrafts

16,576

787

9

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 £206,478 (2023 - £200,943).

10

Dividends

 

2024

2023

 

£

£

Interim dividends paid

250,000

233,144

     

The directors are not proposing a final dividend for the year.

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Class A Shares of £1 each

9,000

9,000

9,000

9,000

Ordinary Class B Shares of £1 each

1,000

1,000

1,000

1,000

Ordinary Class C Shares of £1 each

500

500

500

500

10,500

10,500

10,500

10,500

 

PEI-Delta Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

12

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

At 30 April 2024
£

Directors loan account

-

8,006

8,006

 

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

PEI Delta Group Limited - Parent company of PEI Delta Limited
 During the year dividends of £250,000 were paid to PEI Delta Group Limited (2023: £233,144). At the balance sheet date the amount due (to)/from PEI Delta Group Limited was £1,189,561 (2023 - £135,201).
 

Summary of transactions with all entities with joint control or significant interest

PEI Omega Limited - 100% owned by PEI Delta Group Limited - parent company to PEI Delta Limited
 At 30th April 2024 PEI Delta Limited owed related company PEI Omega Limited £7,810 (2023: £7,810). No interest has been charged on this loan which is repayable on demand and classified in creditors due within one year.
 

Summary of transactions with other related parties

Related company where two of PEI Delta Limited's are directors and 50% shareholders. During the year a related company repaid PEI Delta Limited £554,360 at 30th April 2024 the related company loan was nil (2023: £554,360). No interest was charged on this loan.

13

Parent and ultimate parent undertaking

The company's immediate parent is PEI Delta Group Limited, incorporated in England and Wales. Registered office Furness Drive, Poulton Business Park, Poulton Le Fylde, FY6 8JS.

 The ultimate controlling party is Mr and Mrs Gallagher who own 100% of the share capital in PEI Delta Group Ltd as at 30th April 2024.