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REGISTERED NUMBER: 01117894 (England and Wales)











REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

PRIORY MECHANICAL SERVICES LIMITED

PRIORY MECHANICAL SERVICES LIMITED (REGISTERED NUMBER: 01117894)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


PRIORY MECHANICAL SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: B Kennedy
P P Molyneaux
P A Sponder
S Kennedy





SECRETARY: S Kennedy





REGISTERED OFFICE: Priory House
479 Godstone Road
Whyteleafe
Surrey
CR3 0BL





REGISTERED NUMBER: 01117894 (England and Wales)





AUDITORS: Sargeant Partnership LLP
Chartered Accountants
and Statutory Auditors
5 White Oak Square
London Road
Swanley
Kent
BR8 7AG

PRIORY MECHANICAL SERVICES LIMITED (REGISTERED NUMBER: 01117894)

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.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of plumbing, heating, air conditioning, ventilation and electrical engineering.

REVIEW OF BUSINESS
Priory Mechanical Services Limited has continued to maintain and grow our presence in London's high quality residential market which has also led on to opportunities in high end hospitality, education and science projects. We are fortunate to have built up a robust client base over the last 50 years, which has enabled us to work on some very prestigious projects in London and surrounding areas. In comparison to many firms in our sector Priory employee the majority of our skilled operatives that contribute to the successful delivery of our projects. We work hard on developing relationships with our supply chains, ensuring any third party representing Priory can maintain our high standards.

Priory is committed to training the next generation of engineers with opportunity's for apprenticeships across the board in our business. We see the lack of skilled trained operatives as a potential risk in future years which we will continue to invest to help mitigate the risk whist providing job opportunities and training.

The tendering opportunities and subsequent hit rate in securing projects continues to maintain buoyant despite the disruption and impact caused by the COVID-19 Pandemic and war in Ukraine. There has been a direct impact on the cost of materials causing extraordinary price increases which caused a negative impact on the margins of fixed price contract. Priory have been more aware and cautious in our approach to entering into fixed price contracts for works in 2024/25.

Despite a challenging year, we are pleased with the profit margins which indicates we are being competitive in the market place whilst highlighting a risk in reducing margins to secure projects if required. We maintain a strong cash position entering into 2024/25 with the full support of our holding company Priory Group Holdings Limited (Formerly B.K Limited).

We have a strong secured order book for 2024/25 which consist of nearly all repeat clients.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 May 2023 to the date of this report.

B Kennedy
P P Molyneaux
P A Sponder
S Kennedy


PRIORY MECHANICAL SERVICES LIMITED (REGISTERED NUMBER: 01117894)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 30 APRIL 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing 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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Sargeant Partnership LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





S Kennedy - Director


31 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRIORY MECHANICAL SERVICES LIMITED

Opinion
We have audited the financial statements of Priory Mechanical Services 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 profit 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PRIORY MECHANICAL SERVICES LIMITED


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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

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 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; or
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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
PRIORY MECHANICAL SERVICES 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:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISA's (UK).

In identifying and assessing risks of material misstatement in respect of irregularities including, fraud and non-compliance with laws and regulations, our procedures included the following:

- We obtained an understanding of the legal and regulatory frameworks applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK corporate taxation laws and the Data Protection Act.

-We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making inquiries to the management and directors. We corroborated our inquiries through our review of board minutes and papers provided to the audit engagement team.

-We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the audit engagement team included:

a) Identifying and assessing the design effectiveness of controls management has put in place to prevent and detect fraud;

b) Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

c) Challenging assumptions and judgements made by management in its significant accounting estimates;

d) Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations: and

e) Assessing the extent of compliance with the relevant laws and regulations.

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
PRIORY MECHANICAL SERVICES 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.




Joanne Brown (Senior Statutory Auditor)
for and on behalf of Sargeant Partnership LLP
Chartered Accountants
and Statutory Auditors
5 White Oak Square
London Road
Swanley
Kent
BR8 7AG

31 January 2025

PRIORY MECHANICAL SERVICES LIMITED (REGISTERED NUMBER: 01117894)

INCOME STATEMENT
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

TURNOVER 20,002,098 17,879,654

Cost of sales 17,419,889 15,406,389
GROSS PROFIT 2,582,209 2,473,265

Administrative expenses 2,626,220 2,511,935
(44,011 ) (38,670 )

Other operating income 525,150 444,540
OPERATING PROFIT 4 481,139 405,870

Interest receivable and similar income 9,159 3,585
490,298 409,455

Interest payable and similar expenses 5 5,158 5,226
PROFIT BEFORE TAXATION 485,140 404,229

Tax on profit 6 160,625 126,716
PROFIT FOR THE FINANCIAL
YEAR

324,515

277,513

PRIORY MECHANICAL SERVICES LIMITED (REGISTERED NUMBER: 01117894)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 324,515 277,513


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR

324,515

277,513

PRIORY MECHANICAL SERVICES LIMITED (REGISTERED NUMBER: 01117894)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 301,059 193,539

CURRENT ASSETS
Stocks 9 25,768 23,970
Debtors 10 5,261,470 4,125,953
Cash at bank 1,710,885 1,011,826
6,998,123 5,161,749
CREDITORS
Amounts falling due within one year 11 5,151,995 3,617,834
NET CURRENT ASSETS 1,846,128 1,543,915
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,147,187

1,737,454

CREDITORS
Amounts falling due after more than one
year

12

(122,234

)

(57,175

)

PROVISIONS FOR LIABILITIES 15 (47,761 ) (27,602 )
NET ASSETS 1,977,192 1,652,677

CAPITAL AND RESERVES
Called up share capital 16 196,000 196,000
Retained earnings 17 1,781,192 1,456,677
SHAREHOLDERS' FUNDS 1,977,192 1,652,677

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





S Kennedy - Director


PRIORY MECHANICAL SERVICES LIMITED (REGISTERED NUMBER: 01117894)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 May 2022 196,000 1,265,331 1,461,331

Changes in equity
Dividends - (86,167 ) (86,167 )
Total comprehensive income - 277,513 277,513
Balance at 30 April 2023 196,000 1,456,677 1,652,677

Changes in equity
Total comprehensive income - 324,515 324,515
Balance at 30 April 2024 196,000 1,781,192 1,977,192

PRIORY MECHANICAL SERVICES LIMITED (REGISTERED NUMBER: 01117894)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Priory Mechanical Services 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.

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 Priory Mechanical Services 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, Priory Group Holdings Limited (Formerly B.K. Limited), Priory House, 479 Godstone Road, Whyteleafe, Surrey, CR3 0BL.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Provisions Against Retentions

The only key estimation of uncertainty within the financial statements is the provision against unreceived retentions at the finalisation of a project. There are various reasons that the full retention is not received which include customers going into administration or customers refusing to pay the full retention due to variations and defects to the original contract.

A provision of 65% has been set against the total retentions owing balance.

PRIORY MECHANICAL SERVICES LIMITED (REGISTERED NUMBER: 01117894)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Turnover
Revenue is recognised at the point when an application is raised. The application is either accepted or subsequently adjusted once discussed with the customer. Once this has been agreed the payment certificate and invoice are raised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 10% per annum on cost
Plant and machinery - 25% per annum on reducing balance
Motor vehicles - 25% per annum on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 written off in the year in which it is incurred.


PRIORY MECHANICAL SERVICES LIMITED (REGISTERED NUMBER: 01117894)

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.

Functional currency
The functional currency of the Company is the Great British Pound ("GBP "). And the figures are shown to the nearest pound.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short-term deposits with an original maturity date of three months or less.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,801,742 2,622,536
Social security costs 270,965 267,959
Other pension costs 96,450 123,778
3,169,157 3,014,273

The average number of employees during the year was as follows:
2024 2023

Directors 4 4
Employees 51 49
55 53

2024 2023
£    £   
Directors' remuneration 134,721 157,126

PRIORY MECHANICAL SERVICES LIMITED (REGISTERED NUMBER: 01117894)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 1,669 1,669
Depreciation - owned assets 35,136 32,049
Depreciation - assets on hire purchase contracts 25,945 21,755
Profit on disposal of fixed assets (368 ) (12,047 )
Auditors' remuneration 10,000 10,000

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Hire purchase 5,158 5,226

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 140,466 99,114

Deferred tax 20,159 27,602
Tax on profit 160,625 126,716

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim - 86,167

PRIORY MECHANICAL SERVICES LIMITED (REGISTERED NUMBER: 01117894)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

8. TANGIBLE FIXED ASSETS
Long Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 May 2023 18,000 121,116 264,446 403,562
Additions - 10,369 221,787 232,156
Disposals - (32,712 ) (136,823 ) (169,535 )
At 30 April 2024 18,000 98,773 349,410 466,183
DEPRECIATION
At 1 May 2023 3,006 56,334 150,683 210,023
Charge for year 1,800 16,924 42,357 61,081
Eliminated on disposal - (23,959 ) (82,021 ) (105,980 )
At 30 April 2024 4,806 49,299 111,019 165,124
NET BOOK VALUE
At 30 April 2024 13,194 49,474 238,391 301,059
At 30 April 2023 14,994 64,782 113,763 193,539

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 May 2023 123,941
Additions 177,044
Disposals (85,747 )
At 30 April 2024 215,238
DEPRECIATION
At 1 May 2023 50,536
Charge for year 25,945
Eliminated on disposal (49,824 )
At 30 April 2024 26,657
NET BOOK VALUE
At 30 April 2024 188,581
At 30 April 2023 73,405

PRIORY MECHANICAL SERVICES LIMITED (REGISTERED NUMBER: 01117894)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

9. STOCKS
2024 2023
£    £   
Stocks 25,768 23,970

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,827,364 1,663,073
Amounts owed by group undertakings 5,570 -
Amounts owed by associates 200,041 6,000
Other debtors 2,696,988 2,246,576
VAT 483,724 163,878
Prepayments and accrued income 47,783 46,426
5,261,470 4,125,953

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) 23,555 14,210
Trade creditors 4,536,088 3,065,779
Amounts owed to group undertakings 144,369 114,862
Amounts owed to associates - 69,785
Tax 245,010 164,460
Social security and other taxes 140,157 112,081
Other creditors 4,809 6,045
Directors' loan accounts - 1,872
Accruals and deferred income 58,007 68,740
5,151,995 3,617,834

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 13) 122,234 57,175

PRIORY MECHANICAL SERVICES LIMITED (REGISTERED NUMBER: 01117894)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

13. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Net obligations repayable:
Within one year 23,555 14,210
Between one and five years 122,234 57,175
145,789 71,385

14. SECURED DEBTS

Barclays Bank Plc has a fixed and floating charge over the undertaking and all property and assets of the company and Priory Group Holdings Limited (Formerly B.K Limited).

15. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 47,761 27,602

Deferred
tax
£   
Balance at 1 May 2023 27,602
Movement 20,159
Balance at 30 April 2024 47,761

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £1 196,000 196,000

PRIORY MECHANICAL SERVICES LIMITED (REGISTERED NUMBER: 01117894)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

17. RESERVES
Retained
earnings
£   

At 1 May 2023 1,456,677
Profit for the year 324,515
At 30 April 2024 1,781,192

18. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The company owes director B Kennedy £NIL (2023: £936) at the year end.

The company owes director S Kennedy £NIL (2023: £936) at the year end.

19. 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.

20. ULTIMATE CONTROLLING PARTY

The company's immediate and ultimate parent company is Priory Group Holdings Limited (Formerly B.K. Limited). The ultimate controlling parties are Mr B Kennedy and Mr S Kennedy by virtue of their shareholdings in Priory Group Holdings Limited (incorporated in England and Wales).