REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30 April 2024 |
for |
Pentaxia Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements |
for the Year Ended 30 April 2024 |
for |
Pentaxia Limited |
Pentaxia Limited (Registered number: 06585543) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Notes to the Financial Statements | 13 |
Pentaxia Limited |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
6 Lichfield Street |
Burton-on-Trent |
Staffordshire |
DE14 3RD |
Pentaxia Limited (Registered number: 06585543) |
Strategic Report |
for the Year Ended 30 April 2024 |
The directors present their strategic report for the year ended 30 April 2024. |
PRINCIPAL ACTIVITY |
Pentaxia is a manufacturer of advanced composite tooling and component parts. The business produces these for international organisations operating across widely diversified industry sectors, including aerospace, automotive, motorsport, defence and space. |
In addition to long-term volume and repeat manufacturing activities, the business is capable of undertaking low-volume, initial prototyping, and tooling development projects. |
Our diversification across multiple industries ensures the Company is not reliant on a sole sector, ensuring greater organisational stability. The business remains highly dynamic as a world-class composite engineering company. Pentaxia also provides processing diversification with techniques for the manufacturing of advanced composite components, from traditional autoclave curing to highly specialized compression (press) moulding for which we are considered industry experts. |
Our continual investment in research and development activities, ensures the business is positioned as a leader in advanced composite manufacturing engineering. |
REVIEW OF BUSINESS |
The financial year 2023-2024 has been difficult for the composite industry and that is reflected in this years figures for Pentaxia. |
The high level of uncertainty in the market due to a combination of high energy prices as a result of the war in Ukraine, high inflation and political uncertainty both in the UK and the wider world has delayed much of the decision making in key markets such as automotive and aviation. This slow down has been reflected in the sales declining by £183,331 (1.7%) to £10,306,811, which is disappointing when set against the underlying inflation that has occurred during the same period. |
This resulted in an Operating Loss before Taxation increasing to £467,038. The Company continued its commitment to invest in Research and Development, but the reduction in the Tax Credits available for such work, meant that post tax losses were £373,901, compared to a profit of £49,779 the previous year. |
Towards the end of the financial year, the defence industry began to increase its purchasing in response to global uncertainty and this has produced additional opportunities for the company towards the end of the year and into the current year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The global instability that is occurring in various parts of the world, produces high levels of uncertainty and rapid changes in a range of costs that impact our business. We operate rigorous budgetary control and significant modelling of potential trends that may influence the business, so that we are prepared to respond to external factors that will inevitably impact our operations. |
The change of Government in the UK during 2024, will also impact the business environment, as the Government chooses a different direction of travel and tries to implement significant taxation and social changes. Such changes may also prove beneficial to our sector, but the Government is at an early stage in rolling out its proposals. |
KPI'S |
The Company's principal financial controls remain robust with the extensive day-to-day management of all key indicators and areas. The Senior Leadership team meet weekly to review ongoing business performance. The company utilises a wide range of KPIs including effective cash management, focusing on profitability and growth in turnover. |
Pentaxia Limited (Registered number: 06585543) |
Strategic Report |
for the Year Ended 30 April 2024 |
DEVELOPMENT AND PERFORMANCE |
The Company has continued to invest in research and development, focussing on the potential areas of increased demand. This means that we need to fully engage with our Customers to understand their next generation technological requirements. Significant achievements have been made with one particular process improvement enabling us to save on 97% electricity through new production methods. |
We have also continued the development of our planning and production systems in house. This has been a significant commitment, but now enables us to plan more effectively and provides significant data sets on production performance. As we begin to exploit this capability, we expect to see much tighter quoting and cost control, improving our overall competitive position. |
We are continually reviewing the potential for using the rapidly expanding AI capability that is becoming available to Companies such as ourselves. We see digital transformation as an important part of our ongoing development. |
ON BEHALF OF THE BOARD: |
Pentaxia Limited (Registered number: 06585543) |
Report of the Directors |
for the Year Ended 30 April 2024 |
The directors present their report with the financial statements of the company for the year ended 30 April 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 April 2024. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report. |
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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Pentaxia Limited |
Opinion |
We have audited the financial statements of Pentaxia Limited (the 'company') for the year ended 30 April 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, 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 30 April 2024 and of its loss 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 |
Pentaxia 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. |
Report of the Independent Auditors to the Members of |
Pentaxia Limited |
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: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows: |
- | the senior statutory auditor ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- | we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; |
- | we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the financial reporting legislation, Companies Act 2006, taxation legislation, anti-bribery, employment, and environmental and health and safety legislation; |
- | we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- | identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud my occur, by: |
- | making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of suspected and alleged fraud; and |
- | considering the internal controls in place to mitigate the risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- | performed analytical procedures to identify any unusual or unexpected relationships; |
- | tested journal entries to identify unusual transactions |
- | assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- | investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- | agreeing financial statement disclosures to underlying supporting documentation; |
- | enquiring of management as to actual and potential litigation and claims; and |
- | reviewing correspondence with HMRC, relevant regulators and the company's legal advisors. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation. |
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. |
Report of the Independent Auditors to the Members of |
Pentaxia Limited |
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 |
Statutory Auditors |
6 Lichfield Street |
Burton-on-Trent |
Staffordshire |
DE14 3RD |
Pentaxia Limited (Registered number: 06585543) |
Income Statement |
for the Year Ended 30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
4,388,227 | 3,679,825 |
(659,559 | ) | (166,667 | ) |
Other operating income |
OPERATING LOSS | 5 | ( |
) | ( |
) |
Interest payable and similar expenses | 6 |
LOSS BEFORE TAXATION | ( |
) | ( |
) |
Tax on loss | 7 | ( |
) | ( |
) |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR |
( |
) |
Pentaxia Limited (Registered number: 06585543) |
Other Comprehensive Income |
for the Year Ended 30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Pentaxia Limited (Registered number: 06585543) |
Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Share premium | 19 |
Restricted reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Pentaxia Limited (Registered number: 06585543) |
Statement of Changes in Equity |
for the Year Ended 30 April 2024 |
Called up |
share | Retained | Share | Restricted | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 May 2022 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 30 April 2023 |
Changes in equity |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 30 April 2024 |
Pentaxia Limited (Registered number: 06585543) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Pentaxia Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption 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. |
Preparation of consolidated financial statements |
The financial statements contain information about Pentaxia Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Westfield International Limited, Alfreton Road, Derby, Derbyshire, DE21 4AG. |
Critical accounting judgements and key sources of estimation uncertainty |
The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements: |
Stock provisions - stock provision for obsolete stocks are taken at 100% of the cost of materials ensuring they have a net realisable value of nil unless there is evidence that the materials can be utilised. Provisions require judgement to be made on any internal projects where the materials can be used for testing before provisions can be applied. |
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include: |
Plant and equipment assets - the expected useful life of an asset along with an assessment of its residual value is considered when it is purchased to determine the depreciation policy to be applied to that asset over its useful life. The estimate of residual value is reviewed throughout the life of the asset. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Pentaxia Limited (Registered number: 06585543) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation is provided |
at the following annual rates in order to write off each asset over its estimated useful life. |
Improvements to property | - in accordance with the property lease |
Plant and machinery | - 10% on a reducing balance basis |
Fixtures and fittings | - 10% on a reducing balance basis |
Computer equipment | - 20% on cost |
Intangible fixed assets |
Software costs are capitalised where the company obtains an ongoing right to use that software. Where such rights are conditional upon the payment of annual fees the initial costs are charged to the profit and loss account in the year of acquisition. |
Stocks |
Stocks of raw materials are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items on an average cost basis. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
Work in progress is included at the costs of production up to the stage of completion at the balance sheet date where such costs are lower than realisable value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Research and development |
Expenditure on research and development is charged to the profit and loss account in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pentaxia Limited (Registered number: 06585543) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Government grants |
Grants received towards revenue expenditure are recognised as other income in the year in which the revenue expenditure is incurred. |
Grants received towards capital expenditure are accounted for on the accruals basis and are released to the profit and loss account to match the depreciation policy of the asset to which they relate. |
Investments |
Unlisted investments are included at cost less any permanent diminution in value. |
Debtors and creditors |
Short term debtors are measured at transaction price less any impairment. Any losses arising from impairment are recognised in profit or loss. |
Short term creditors are measured at transaction price less any impairment. Any losses arising from impairment are recognised in profit or loss. |
3. | TURNOVER |
The turnover and loss before taxation are attributable to the one principal activity of the company. |
4. | EMPLOYEES AND DIRECTORS |
30.4.24 | 30.4.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
30.4.24 | 30.4.23 |
Management | 55 | 55 |
Production | 92 | 101 |
Pentaxia Limited (Registered number: 06585543) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
30.4.24 | 30.4.23 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
30.4.24 | 30.4.23 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
5. | OPERATING LOSS |
The operating loss is stated after charging: |
30.4.24 | 30.4.23 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
Auditors' remuneration |
Foreign exchange differences |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
30.4.24 | 30.4.23 |
£ | £ |
Bank loan interest |
Hire purchase interest |
7. | TAXATION |
Analysis of the tax credit |
The tax credit on the loss for the year was as follows: |
30.4.24 | 30.4.23 |
£ | £ |
Current tax: |
Research and development tax |
credit | (127,507 | ) | (310,420 | ) |
Deferred tax |
Tax on loss | ( |
) | ( |
) |
Pentaxia Limited (Registered number: 06585543) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
7. | TAXATION - continued |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
30.4.24 | 30.4.23 |
£ | £ |
Loss before tax | ( |
) | ( |
) |
Loss multiplied by the standard rate of corporation tax in the UK of (2023 - |
( |
) |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
credit paid at a lower rate |
Research and development tax relief | (71,461 | ) | (174,822 | ) |
Losses surrendered to group companies | 11,222 | 23,351 |
Total tax credit | (123,953 | ) | (236,032 | ) |
8. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Pentaxia Limited (Registered number: 06585543) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
8. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 May 2023 |
Additions |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
Charge for year |
At 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
9. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Pentaxia Limited (Registered number: 06585543) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
9. | FIXED ASSET INVESTMENTS - continued |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Pentaxia Ltd, Alfreton Road, Derby, DE21 4AG |
Nature of business: |
% |
Class of shares: | holding |
10. | STOCKS |
30.4.24 | 30.4.23 |
£ | £ |
Stocks |
Work-in-progress |
Finished goods |
11. | DEBTORS |
30.4.24 | 30.4.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Tax |
Prepayments |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
Value added tax | 280,276 | 292,541 |
Other creditors |
Accrued expenses |
Deferred government grants |
Pentaxia Limited (Registered number: 06585543) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Hire purchase contracts (see note 15) |
Deferred government grants |
14. | LOANS |
An analysis of the maturity of loans is given below: |
30.4.24 | 30.4.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
30.4.24 | 30.4.23 |
£ | £ |
Gross obligations repayable: |
Within one year |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
30.4.24 | 30.4.23 |
£ | £ |
Within one year |
Between one and five years |
Pentaxia Limited (Registered number: 06585543) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.24 | 30.4.23 |
£ | £ |
Bank overdrafts |
Hire purchase contracts | 580,228 | 837,571 |
The hire purchase debts are secured on the assets to which they relate. |
The bank loans and overdrafts are secured by a floating charge over all assets of the company. The bank overdrafts includes an invoice discounting facility that is secured over the trade debtors that these advances relate to. |
17. | PROVISIONS FOR LIABILITIES |
30.4.24 | 30.4.23 |
£ | £ |
Deferred tax | 571,482 | 567,928 |
Deferred |
tax |
£ |
Balance at 1 May 2023 |
Accelerated capital allowances | 3,554 |
Balance at 30 April 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.24 | 30.4.23 |
value: | £ | £ |
Ordinary | £1 | 200 | 200 |
19. | RESERVES |
Retained | Share | Restricted |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 May 2023 | 2,500,102 |
Deficit for the year | ( |
) | ( |
) |
Grant transfer | (10,661 | ) | - | 10,661 | - |
At 30 April 2024 | 2,126,201 |
20. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Pentaxia Limited (Registered number: 06585543) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
21. | GOVERNMENT GRANTS |
During the year ended 30 April 2013 the company received grants of £63,863 towards the cost of equipment. The grants are recognised as "other income" over the life of the assets to which they relate, with the balance included as "deferred income". During the year, £2,004 (2023: £2,474) was thus recognised. At 30 April 2024 the deferred grants amount carried forward was £18,037. |
During the year ended 30 April 2015 the company received a grant totalling £159,000 from Derby City Council. This is a mixed capital and revenue grant recognised in accordance with the accounting policy. During the year, £2,772 (2023: £3,422) was recognised as income. At 30 April 2024 the deferred grants amount carried forward was £24,947. |
During the year ended 30 April 2024 the company received £19,205, being the balance of a £125,000 grant from Derby City Council. This is a mixed capital and revenue grant recognised in accordance with the accounting policy. During the year, £11,442 (2023: £10,579) was recognised as income. At 30 April 2024 the deferred grants amount carried forward was £102,979. |
A condition of the above grants are that they are recognised as a restricted fund. Accordingly the income recognised in the year along with the tax arising thereon and the deferred tax on the capital element of the grant has been transferred to a separate restricted reserve. |
During the year ended 30th April 2024 the company received grants of £100,441 towards research and development projects, this amount has been recognised as income within the year. |