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Registered number: 04414992
Pressure Vessel Services Limited
Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Accountants' Report 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
Report to the directors on the preparation of the unaudited statutory accounts of Pressure Vessel Services Limited for the year ended 30 April 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pressure Vessel Services Limited which comprise the Income Statement, the Statement of Financial Position and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Pressure Vessel Services Limited , as a body, in accordance with the terms of our engagement letter dated . Our work has been undertaken solely to prepare for your approval the accounts of Pressure Vessel Services Limited and state those matters that we have agreed to state to the directors of Pressure Vessel Services Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pressure Vessel Services Limited and its directors as a body for our work or for this report.
It is your duty to ensure that Pressure Vessel Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Pressure Vessel Services Limited . You consider that Pressure Vessel Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Pressure Vessel Services Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
Cedar + Co.
30/01/2025
Cedar & Co.
Chartered Certified Accountants
The Greenhouse
106-108 Ashbourne Road
Derby
DE22 3AG
Page 1
Page 2
Statement of Financial Position
Registered number: 04414992
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 132,748 88,467
132,748 88,467
CURRENT ASSETS
Stocks 6 59,850 59,850
Debtors 7 323,066 281,271
Cash at bank and in hand 360,848 94,331
743,764 435,452
Creditors: Amounts Falling Due Within One Year 8 (346,056 ) (156,771 )
NET CURRENT ASSETS (LIABILITIES) 397,708 278,681
TOTAL ASSETS LESS CURRENT LIABILITIES 530,456 367,148
Creditors: Amounts Falling Due After More Than One Year 9 (88,085 ) (68,154 )
NET ASSETS 442,371 298,994
CAPITAL AND RESERVES
Called up share capital 10 2 2
Income Statement 442,369 298,992
SHAREHOLDERS' FUNDS 442,371 298,994
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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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Carol Holton
Director
Christopher Holton
Director
30/01/2025
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Pressure Vessel Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04414992 . The registered office is The Poplars, Coley Road, Coley, Halifax, West Yorkshire, HX3 7SA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and 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.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised over its estimated economic life.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing balance
Motor Vehicles 25% Reducing balance
Computer Equipment 33% Reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 8)
10 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 120,000
As at 30 April 2024 120,000
Amortisation
As at 1 May 2023 120,000
As at 30 April 2024 120,000
Net Book Value
As at 30 April 2024 -
As at 1 May 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 May 2023 56,353 201,470 4,086 261,909
Additions - 85,500 - 85,500
As at 30 April 2024 56,353 286,970 4,086 347,409
Depreciation
As at 1 May 2023 51,023 118,822 3,597 173,442
Provided during the period 800 40,256 163 41,219
As at 30 April 2024 51,823 159,078 3,760 214,661
Net Book Value
As at 30 April 2024 4,530 127,892 326 132,748
As at 1 May 2023 5,330 82,648 489 88,467
6. Stocks
2024 2023
£ £
Stock 59,850 59,850
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 323,066 277,943
Other debtors - 3,328
323,066 281,271
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 29,119 13,319
Trade creditors 6,048 332
Bank loans and overdrafts 10,000 9,973
Other creditors 129,894 84,095
Taxation and social security 170,995 49,052
346,056 156,771
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 70,549 40,591
Bank loans 17,536 27,563
88,085 68,154
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
11. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mrs Carol Holton 82,672 (110,138 ) 169,361 - 141,894
The above loan is unsecured, interest free and repayable on demand.
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