REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 May 2024 |
for |
Pruce Newman Pipework Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Year Ended 31 May 2024 |
for |
Pruce Newman Pipework Limited |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Statement of Directors' Responsibilities | 6 |
Report of the Independent Auditors | 7 |
Income Statement | 11 |
Other Comprehensive Income | 12 |
Balance Sheet | 13 |
Statement of Changes in Equity | 14 |
Cash Flow Statement | 15 |
Notes to the Cash Flow Statement | 16 |
Notes to the Financial Statements | 18 |
Pruce Newman Pipework Limited |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
1 Sopwith Crescent |
Wickford |
Essex |
SS11 8YU |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Strategic Report |
for the Year Ended 31 May 2024 |
The directors present the strategic report on the affairs of Pruce Newman Pipework Ltd a member of the group of companies comprising, Pruce Newman Group Limited, Pruce Newman (Holdings) Limited, Pruce Newman Pipework Limited and Pruce Newman Properties Limited, for the trading period ending 31st May 2024. Pruce Newman Pipework Limited is the sole trading business in the group and all revenue is currently generated by it. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Please refer to the detailed listing of Risks and Uncertainties and their mitigation detailed within the strategic report for the group as a whole. |
FUTURE DEVELOPMENTS AND GOING CONCERN |
The company is concentrating on expanding its client base in its target markets of chemical, agrichemical, petrochemical (fuel storage and on and off-shore Oil & Gas industries), sugar, and power generation industries. It believes that a wider spread of clients in these industries where its strong reputation for quality, safety and service provision will be valued ahead of cost factors. A particular focus has been placed on business development to increase a dwindling market share. |
In addition, it is continuing with its continuous Improvement and staff engagement projects which together with its sales strategy will ensure the profitable and sustainable growth of the business. |
The directors have prepared budgets for revenue and costs for the coming 12 months along with cashflow forecasts, which together indicate that the company will continue to trade profitably and within its current cash resources. Therefore, the directors have a reasonable expectation that the business will have adequate resources to meet its liabilities as they fall due for the foreseeable future and have consequently adopted the going concern basis in preparing these financial statements. |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Strategic Report |
for the Year Ended 31 May 2024 |
REVIEW OF BUSINESS |
The 2023-24 trading year gross turnover has increased since the previous trading year from £9.102 Million to £9.194 by 31st May 2024. The directors were able to deliver a reasonable gross profit margin from the turnover and maintain tight control of the company's costs which helped the business delivered trading profits for the year. |
Our business plan indicated that Gross profit for 2023-24 should be targeted at £2.49M on a £11M target turnover (GP of 22.64%) and this in fact fell to £2.336M on the actual turnover of £9.194 Million (GP of 25.41%) |
Overheads for the year increased by 4.7% compared to the previous year. They totalled some £2.232M resulting in an operating profit of £107,008. |
Looking forwards the company is confident of busy first Q1 of the new financial year, but expecting downturn in business during the autumn Q2 and beginning of Q3 period, with prospects of the work picking up late Q3 & Q4, as our client base work is seasonal and not many known large projects exists between our clients. |
ON BEHALF OF THE BOARD: |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Report of the Directors |
for the Year Ended 31 May 2024 |
The directors present their report with the financial statements of the company for the year ended 31 May 2024. |
PRINCIPAL ACTIVITY |
The company has continued to concentrate on its core skills in the fabrication and installation of bespoke piping systems for the chemical, agrichemical, petrochemical, sugar, and power generation industries. In addition, it has continued to provide bespoke structural steelwork constructions for these industries and has and will continue, to look to expand its activities in the fuel storage and on and off-shore Oil & Gas industries, and in the renewable energy sector. |
The business has continued to strive to expand its off-site fabrication activities and has and will continue to look for opportunities to deliver off-site fabricated pipe spools, skid structures and bespoke vessels, tanks, and general fabrications, produced in its workshops. |
In addition, the company has continued to look for opportunities to sell its Project Management expertise and is actively looking to work with complimentary contracting businesses, offering services such as Design, Civil Engineering, Tank and Vessel construction and Electrical, Control and Instrumentation, in order that it can offer turnkey solutions to its clients. |
Currently all of these activities are expected to be confined to the UK. |
DIVIDENDS |
The total distribution of dividends for the year ended 31st May 2024 will be £105,969. |
FUTURE DEVELOPMENTS |
Future developments of the company are covered in the strategic report. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
POLITICAL DONATIONS AND EXPENDITURE |
The company made no political donations during the year. |
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. |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Report of the Directors |
for the Year Ended 31 May 2024 |
AUDITORS |
The auditors, Sygma Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Statement of Directors' Responsibilities |
for the Year Ended 31 May 2024 |
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. |
Report of the Independent Auditors to the Members of |
Pruce Newman Pipework Limited |
Opinion |
We have audited the financial statements of Pruce Newman Pipework Limited (the 'company') for the year ended 31 May 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31 May 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. |
Report of the Independent Auditors to the Members of |
Pruce Newman Pipework Limited |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, 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. |
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 six, 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 |
Pruce Newman Pipework 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: |
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material |
misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit |
evidence regarding the assessed risks of material misstatement due to fraud, through designing |
and implementing appropriate responses to those assessed risks; and to respond appropriately to |
instances of fraud or suspected fraud identified during the audit. However, the primary |
responsibility for the prevention and detection of fraud rests with both management and those |
charged with governance of the company. |
Our approach was as follows: |
- we obtained an understanding of the legal and regulatory requirements applicable to the |
company and considered that the most significant are the Companies Act 2006, International |
Financial Reporting Standards, and UK taxation legislation. |
- we obtained an understanding of how the company complies with these requirements by |
discussions with management and those charged with governance. |
- we assessed the risk of material misstatement of the financial statements, including the risk of |
material misstatement due to fraud and how it might occur, by holding discussions with |
management and those charged with governance. |
- we inquired of management and those charged with governance as to any known instances of |
non-compliance or suspected non-compliance with laws and regulations. |
- based on this understanding, we designed specific appropriate audit procedures to identify |
instances of non-compliance with laws and regulations. This included making enquiries of |
management and those charged with governance and obtaining additional corroborative evidence |
as required. |
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 |
Pruce Newman Pipework 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 |
1 Sopwith Crescent |
Wickford |
Essex |
SS11 8YU |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Income Statement |
for the Year Ended 31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
103,966 | 211,392 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
107,147 | 211,499 |
Interest payable and similar expenses |
5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Other Comprehensive Income |
for the Year Ended 31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT 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 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Statement of Changes in Equity |
for the Year Ended 31 May 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 June 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 May 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 May 2024 |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Cash Flow Statement |
for the Year Ended 31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of intangible fixed assets | ( |
) |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
New loans in year |
Loan repayments in year | ( |
) | ( |
) |
Equity dividends paid | ( |
) | ( |
) |
Loan to group undertakings | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
(820,755 |
) |
1,414,519 |
Cash and cash equivalents at end of year |
2 |
( |
) |
( |
) |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Notes to the Cash Flow Statement |
for the Year Ended 31 May 2024 |
1. | RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM OPERATIONS |
31.5.24 | 31.5.23 |
£ | £ |
Profit for the financial year |
Depreciation charges |
Loss/(profit) on disposal of fixed assets | ( |
) |
Finance costs | 33,317 | 27,174 |
Finance income | (139 | ) | (107 | ) |
Taxation | ( |
) | ( |
) |
186,871 | 291,184 |
(Increase)/decrease in stocks | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Decrease in trade and other creditors | ( |
) | ( |
) |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 May 2024 |
31.5.24 | 1.6.23 |
£ | £ |
Cash and cash equivalents | 233,361 | 42,454 |
Bank overdrafts | ( |
) | ( |
) |
(479,495 | ) | (820,755 | ) |
Year ended 31 May 2023 |
31.5.23 | 1.6.22 |
£ | £ |
Cash and cash equivalents | 42,454 | 1,414,519 |
Bank overdrafts | ( |
) |
(820,755 | ) | 1,414,519 |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Notes to the Cash Flow Statement |
for the Year Ended 31 May 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.6.23 | Cash flow | At 31.5.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 42,454 | 190,907 | 233,361 |
Bank overdrafts | (863,209 | ) | 150,353 | (712,856 | ) |
(820,755 | ) | (479,495 | ) |
Debt |
Debts falling due within 1 year | (49,977 | ) | (251 | ) | (50,228 | ) |
Debts falling due after 1 year | (344,783 | ) | 50,187 | (294,596 | ) |
(394,760 | ) | 49,936 | (344,824 | ) |
Total | (1,215,515 | ) | 391,196 | (824,319 | ) |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Pruce Newman Pipework Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
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. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Office equipment | - |
Motor vehicles | - |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks and work in progress |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Work in progress recognises the amount of revenue accrued in accordance with the progress of contract activity by reference to the value of work performed. The amount of revenue recognised reflects any uncertainties surrounding the value of the contract activity. |
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. |
Hire purchase and leasing commitments |
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. |
3. | EMPLOYEES AND DIRECTORS |
31.5.24 | 31.5.23 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
31.5.24 | 31.5.23 |
Administration | 25 | 25 |
Manufacturing | 61 | 56 |
31.5.24 | 31.5.23 |
£ | £ |
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: |
31.5.24 | 31.5.23 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.5.24 | 31.5.23 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Loss/(profit) on disposal of fixed assets | ( |
) |
Intellectual property costs amortisation |
Auditors' remuneration |
Auditors' remuneration for non audit work |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.5.24 | 31.5.23 |
£ | £ |
Bank interest |
Bank loan interest |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
6. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
31.5.24 | 31.5.23 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) | ( |
) |
Deferred tax | ( |
) | ( |
) |
Tax on profit | ( |
) | ( |
) |
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: |
31.5.24 | 31.5.23 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Utilisation of tax losses | ( |
) |
Adjustments to tax charge in respect of previous periods | ( |
) | ( |
) |
R&D claim | (31,874 | ) | (235,884 | ) |
Deferred tax adjustment | (9,476 | ) | (4,021 | ) |
Total tax credit | (49,855 | ) | (206,370 | ) |
7. | DIVIDENDS |
31.5.24 | 31.5.23 |
£ | £ |
Ordinary shares of £1 each |
Interim |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
8. | INTANGIBLE FIXED ASSETS |
Intellectual |
property |
costs |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
AMORTISATION |
At 1 June 2023 |
Amortisation for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
9. | TANGIBLE FIXED ASSETS |
Plant and | Office | Motor |
machinery | equipment | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
10. | STOCKS |
31.5.24 | 31.5.23 |
£ | £ |
Stocks |
Work-in-progress |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade debtors |
Retentions | 13,803 | 73,639 |
Amounts owed by group undertakings |
Employee loans | 500 | - |
Prepayments and accrued income |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Trade creditors |
Construction contract |
creditors | 54,912 | 116,178 |
Tax |
Social security and other taxes |
VAT | 310,509 | 325,372 |
Other creditors and accruals |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans (see note 14) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
31.5.24 | 31.5.23 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
14. | LOANS - continued |
31.5.24 | 31.5.23 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 123,334 | 163,334 |
The bank overdraft represents an invoice financing arrangement. |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.5.24 | 31.5.23 |
£ | £ |
Within one year |
Between one and five years |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.24 | 31.5.23 |
£ | £ |
Bank overdrafts |
Bank loans |
The bank loans and overdrafts are secured via a cross-guarantee provided by Pruce Newman Pipework Limited, Pruce Newman Properties Limited, Pruce Newman (Holdings) Limited and Pruce Newman Group Limited, and via a legal charge over the freehold property that is owned by Pruce Newman Properties Limited. |
17. | PROVISIONS FOR LIABILITIES |
31.5.24 | 31.5.23 |
£ | £ |
Deferred tax | 30,930 | 40,406 |
Pruce Newman Pipework Limited (Registered number: 01111151) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
17. | PROVISIONS FOR LIABILITIES - continued |
Deferred |
tax |
£ |
Balance at 1 June 2023 |
Accelerated capital allowances | (9,476 | ) |
Balance at 31 May 2024 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
value: | £ | £ |
Ordinary | £1 | 110,000 | 110,000 |
19. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 June 2023 | 2,190,166 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 May 2024 | 2,207,882 |
20. | ULTIMATE PARENT COMPANY |
Pruce Newman Group Limited is regarded by the directors as being the company's ultimate parent company. |
21. | ULTIMATE CONTROLLING PARTY |
Pruce Newman Pipework Limited is a wholly owned subsidiary of Pruce Newman (Holdings) Limited, which is a wholly owned subsidiary of Pruce Newman Group Limited. The ultimate controlling party of the group is the Directors of Pruce Newman Group Limited. The registered office of Pruce Newman Group Limited is: |
C/o Pruce Newman Pipework |
Ayton Road |
Wymondham |
Norfolk |
NR18 0QJ |