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REGISTERED NUMBER: 06585543 (England and Wales)










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: Mr S J Ollier
Mrs J J Ollier
Mr T J J Ollier
Mrs J Holding





REGISTERED OFFICE: Pentaxia Limited
Alfreton Road
Derby
Derbyshire
DE21 4AG





REGISTERED NUMBER: 06585543 (England and Wales)





AUDITORS: Bourne & Co
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:





Mr S J Ollier - Director


23 October 2024

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.

Mr S J Ollier
Mrs J J Ollier
Mr T J J Ollier
Mrs J Holding

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:





Mr S J Ollier - Director


23 October 2024

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.




David Meadows (Senior Statutory Auditor)
for and on behalf of Bourne & Co
Statutory Auditors
6 Lichfield Street
Burton-on-Trent
Staffordshire
DE14 3RD

23 October 2024

Pentaxia Limited (Registered number: 06585543)

Income Statement
for the Year Ended 30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   

TURNOVER 3 10,306,811 10,492,142

Cost of sales 6,578,143 6,978,984
GROSS PROFIT 3,728,668 3,513,158

Distribution costs 79,170 72,820
Administrative expenses 4,309,057 3,607,005
4,388,227 3,679,825
(659,559 ) (166,667 )

Other operating income 192,521 56,580
OPERATING LOSS 5 (467,038 ) (110,087 )


Interest payable and similar expenses 6 30,816 76,166
LOSS BEFORE TAXATION (497,854 ) (186,253 )

Tax on loss 7 (123,953 ) (236,032 )
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(373,901

)

49,779

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 (373,901 ) 49,779


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(373,901

)

49,779

Pentaxia Limited (Registered number: 06585543)

Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 3,266,059 3,457,180
Investments 9 100 100
3,266,159 3,457,280

CURRENT ASSETS
Stocks 10 928,252 890,431
Debtors 11 2,221,420 2,916,126
Cash at bank 19,457 38,958
3,169,129 3,845,515
CREDITORS
Amounts falling due within one year 12 3,205,282 3,549,673
NET CURRENT (LIABILITIES)/ASSETS (36,153 ) 295,842
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,230,006

3,753,122

CREDITORS
Amounts falling due after more than one
year

13

(532,123

)

(684,892

)

PROVISIONS FOR LIABILITIES 17 (571,482 ) (567,928 )
NET ASSETS 2,126,401 2,500,302

CAPITAL AND RESERVES
Called up share capital 18 200 200
Share premium 19 79,900 79,900
Restricted reserve 19 124,616 113,955
Retained earnings 19 1,921,685 2,306,247
SHAREHOLDERS' FUNDS 2,126,401 2,500,302

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:





Mr S J Ollier - Director


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 200 2,266,713 79,900 103,710 2,450,523

Changes in equity
Total comprehensive income - 39,534 - 10,245 49,779
Balance at 30 April 2023 200 2,306,247 79,900 113,955 2,500,302

Changes in equity
Total comprehensive income - (384,562 ) - 10,661 (373,901 )
Balance at 30 April 2024 200 1,921,685 79,900 124,616 2,126,401

Pentaxia Limited (Registered number: 06585543)

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

1. STATUTORY INFORMATION

Pentaxia Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 4,832,998 4,881,130
Social security costs 501,262 467,260
Other pension costs 193,911 178,695
5,528,171 5,527,085

The average number of employees during the year was as follows:
30.4.24 30.4.23

Management 55 55
Production 92 101
147 156

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 290,816 213,748
Directors' pension contributions to money purchase schemes 13,349 10,138

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Information regarding the highest paid director is as follows:
30.4.24 30.4.23
£    £   
Emoluments etc 191,066 116,373
Pension contributions to money purchase schemes 13,349 10,138

5. OPERATING LOSS

The operating loss is stated after charging:

30.4.24 30.4.23
£    £   
Hire of plant and machinery 4,276 11,493
Other operating leases 393,299 321,576
Depreciation - owned assets 166,210 197,636
Depreciation - assets on hire purchase contracts 197,265 154,585
Loss on disposal of fixed assets 336 2,125
Auditors' remuneration 13,420 8,474
Foreign exchange differences 4,894 4,242

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.4.24 30.4.23
£    £   
Bank loan interest - 8,446
Hire purchase interest 30,816 67,720
30,816 76,166

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 3,554 74,388
Tax on loss (123,953 ) (236,032 )

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 (497,854 ) (186,253 )
Loss multiplied by the standard rate of corporation tax in the UK of 19%
(2023 - 19%)

(94,592

)

(35,388

)

Effects of:
Expenses not deductible for tax purposes 8,092 8,398
Income not taxable for tax purposes - (465 )
Capital allowances in excess of depreciation - (57,106 )
Depreciation in excess of capital allowances 22,786 -
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 1,361,585 3,690,192 113,979
Additions 7,783 47,558 13,907
Disposals - - -
At 30 April 2024 1,369,368 3,737,750 127,886
DEPRECIATION
At 1 May 2023 337,672 1,453,519 31,459
Charge for year 70,945 227,008 8,634
At 30 April 2024 408,617 1,680,527 40,093
NET BOOK VALUE
At 30 April 2024 960,751 2,057,223 87,793
At 30 April 2023 1,023,913 2,236,673 82,520

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 22,467 424,655 5,612,878
Additions - 103,442 172,690
Disposals - (336 ) (336 )
At 30 April 2024 22,467 527,761 5,785,232
DEPRECIATION
At 1 May 2023 22,467 310,581 2,155,698
Charge for year - 56,888 363,475
At 30 April 2024 22,467 367,469 2,519,173
NET BOOK VALUE
At 30 April 2024 - 160,292 3,266,059
At 30 April 2023 - 114,074 3,457,180

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 May 2023 2,263,227
Additions 47,117
At 30 April 2024 2,310,344
DEPRECIATION
At 1 May 2023 620,080
Charge for year 197,265
At 30 April 2024 817,345
NET BOOK VALUE
At 30 April 2024 1,492,999
At 30 April 2023 1,643,147

9. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 May 2023
and 30 April 2024 100
NET BOOK VALUE
At 30 April 2024 100
At 30 April 2023 100

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:

Pentaxia Research Limited
Registered office: Pentaxia Ltd, Alfreton Road, Derby, DE21 4AG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

10. STOCKS
30.4.24 30.4.23
£    £   
Stocks 440,569 351,178
Work-in-progress 269,619 477,728
Finished goods 218,064 61,525
928,252 890,431

11. DEBTORS
30.4.24 30.4.23
£    £   
Amounts falling due within one year:
Trade debtors 1,783,218 2,038,335
Other debtors - 2,112
Tax 167,172 626,170
Prepayments 271,030 245,090
2,221,420 2,911,707

Amounts falling due after more than one year:
Other debtors - 4,419

Aggregate amounts 2,221,420 2,916,126

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Bank loans and overdrafts (see note 14) 952,553 1,291,159
Hire purchase contracts (see note 15) 179,472 281,358
Trade creditors 324,214 628,622
Amounts owed to group undertakings 700,664 740,564
Social security and other taxes 173,877 147,890
Value added tax 280,276 292,541
Other creditors 368,516 5,959
Accrued expenses 211,114 147,282
Deferred government grants 14,596 14,298
3,205,282 3,549,673

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) 400,756 556,213
Deferred government grants 131,367 128,679
532,123 684,892

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 952,553 1,291,159

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 225,151 333,711
Between one and five years 434,049 619,023
659,200 952,734

Finance charges repayable:
Within one year 45,679 52,353
Between one and five years 33,293 62,810
78,972 115,163

Net obligations repayable:
Within one year 179,472 281,358
Between one and five years 400,756 556,213
580,228 837,571

Non-cancellable operating leases
30.4.24 30.4.23
£    £   
Within one year 36,249 119,003
Between one and five years 23,671 64,912
59,920 183,915

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 952,553 1,291,159
Hire purchase contracts 580,228 837,571
1,532,781 2,128,730

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 567,928
Accelerated capital allowances 3,554
Balance at 30 April 2024 571,482

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
200 Ordinary £1 200 200

19. RESERVES
Retained Share Restricted
earnings premium reserve Totals
£    £    £    £   

At 1 May 2023 2,306,247 79,900 113,955 2,500,102
Deficit for the year (373,901 ) (373,901 )
Grant transfer (10,661 ) - 10,661 -
At 30 April 2024 1,921,685 79,900 124,616 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.