Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-301700The principal activity of the Company throughout the year continued to be that of design and manufacturing engineers of bulk handling equipment.false2023-07-01false5554truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01427385 2023-07-01 2024-06-30 01427385 2022-07-01 2023-06-30 01427385 2024-06-30 01427385 2023-06-30 01427385 c:Director1 2023-07-01 2024-06-30 01427385 d:Buildings 2023-07-01 2024-06-30 01427385 d:Buildings 2024-06-30 01427385 d:Buildings 2023-06-30 01427385 d:Buildings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01427385 d:Buildings d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 01427385 d:Buildings d:ShortLeaseholdAssets 2023-07-01 2024-06-30 01427385 d:Buildings d:ShortLeaseholdAssets 2024-06-30 01427385 d:Buildings d:ShortLeaseholdAssets 2023-06-30 01427385 d:PlantMachinery 2023-07-01 2024-06-30 01427385 d:PlantMachinery 2024-06-30 01427385 d:PlantMachinery 2023-06-30 01427385 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01427385 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 01427385 d:MotorVehicles 2023-07-01 2024-06-30 01427385 d:MotorVehicles 2024-06-30 01427385 d:MotorVehicles 2023-06-30 01427385 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01427385 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 01427385 d:FurnitureFittings 2023-07-01 2024-06-30 01427385 d:FurnitureFittings 2024-06-30 01427385 d:FurnitureFittings 2023-06-30 01427385 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01427385 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 01427385 d:ComputerEquipment 2023-07-01 2024-06-30 01427385 d:ComputerEquipment 2024-06-30 01427385 d:ComputerEquipment 2023-06-30 01427385 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01427385 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 01427385 d:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 01427385 d:LeasedAssetsHeldAsLessee 2023-07-01 2024-06-30 01427385 d:Goodwill 2023-07-01 2024-06-30 01427385 d:Goodwill 2024-06-30 01427385 d:Goodwill 2023-06-30 01427385 d:FreeholdInvestmentProperty 2023-07-01 2024-06-30 01427385 d:FreeholdInvestmentProperty 2024-06-30 01427385 d:FreeholdInvestmentProperty 2023-06-30 01427385 d:FreeholdInvestmentProperty 2 2023-07-01 2024-06-30 01427385 d:FreeholdInvestmentProperty 3 2023-07-01 2024-06-30 01427385 d:CurrentFinancialInstruments 2024-06-30 01427385 d:CurrentFinancialInstruments 2023-06-30 01427385 d:Non-currentFinancialInstruments 2024-06-30 01427385 d:Non-currentFinancialInstruments 2023-06-30 01427385 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 01427385 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 01427385 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 01427385 d:Non-currentFinancialInstruments d:AfterOneYear 2023-06-30 01427385 d:ShareCapital 2024-06-30 01427385 d:ShareCapital 2023-06-30 01427385 d:CapitalRedemptionReserve 2024-06-30 01427385 d:CapitalRedemptionReserve 2023-06-30 01427385 d:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 01427385 d:RetainedEarningsAccumulatedLosses 2024-06-30 01427385 d:RetainedEarningsAccumulatedLosses 2023-06-30 01427385 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 01427385 d:AcceleratedTaxDepreciationDeferredTax 2023-06-30 01427385 d:TaxLossesCarry-forwardsDeferredTax 2024-06-30 01427385 d:TaxLossesCarry-forwardsDeferredTax 2023-06-30 01427385 d:RetirementBenefitObligationsDeferredTax 2024-06-30 01427385 d:RetirementBenefitObligationsDeferredTax 2023-06-30 01427385 d:OtherDeferredTax 2024-06-30 01427385 d:OtherDeferredTax 2023-06-30 01427385 c:FRS102 2023-07-01 2024-06-30 01427385 c:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 01427385 c:FullAccounts 2023-07-01 2024-06-30 01427385 c:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 01427385 4 2023-07-01 2024-06-30 01427385 6 2023-07-01 2024-06-30 01427385 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2024-06-30 01427385 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-06-30 01427385 d:Goodwill d:OwnedIntangibleAssets 2023-07-01 2024-06-30 01427385 f:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Registered number: 01427385










PHILFORD DESIGN ENGINEERS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

 
PHILFORD DESIGN ENGINEERS LIMITED
REGISTERED NUMBER: 01427385

BALANCE SHEET
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
4,375
8,125

Tangible assets
 6 
854,375
267,945

Investments
 7 
207,632
193,368

Investment property
 8 
-
200,000

  
1,066,382
669,438

Current assets
  

Stocks
 9 
823,462
1,075,457

Debtors: amounts falling due within one year
 10 
1,678,550
1,779,820

Cash at bank and in hand
  
444,730
305,712

  
2,946,742
3,160,989

Creditors: amounts falling due within one year
 11 
(793,928)
(969,595)

Net current assets
  
 
 
2,152,814
 
 
2,191,394

Creditors: amounts falling due after more than one year
 12 
(23,120)
(39,201)

Provisions for liabilities
  

Deferred tax
 13 
(153,281)
-

Net assets
  
3,042,795
2,821,631


Capital and reserves
  

Called up share capital 
  
100
100

Capital redemption reserve
 14 
339
339

Profit and loss account
 14 
3,042,356
2,821,192

  
3,042,795
2,821,631


Page 1

 
PHILFORD DESIGN ENGINEERS LIMITED
REGISTERED NUMBER: 01427385
    
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 13 March 2025.




M J Phillips
Director

The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
PHILFORD DESIGN ENGINEERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Philford Design Engineers Limited is a private company limited by shares, incorporated in England and Wales (registered number: 01427385). Its registered office is Unit 35 Aldwarke Wharf Business Park, Waddington Way, Rotherham, South Yorkshire, United Kingdom, S65 3SH. The principal activity of the Company throughout the year continued to be that of design and manufacturing engineers of bulk handling equipment.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
PHILFORD DESIGN ENGINEERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income. 
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 4

 
PHILFORD DESIGN ENGINEERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Short-term leasehold property
-
20%
straight line
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
15%
reducing balance
Computer equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 5

 
PHILFORD DESIGN ENGINEERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as bank and cash balances, trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at the transaction price and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Page 6

 
PHILFORD DESIGN ENGINEERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the greatest level of uncertainty are addressed below:
(i) Stock and work in progress valuation
Management make estimates regarding the value of stock and work in progress related to contracts. Such estimates are based on the stage of completion of a particular contract and managements knowledge and past experience of the contracts and industry in general. The amount relating to such estimates at the year end is £687,279 (2023 - £989,144) and is included within stocks.


4.


Employees

The average monthly number of employees, including directors, during the year was 55 (2023 - 54).


5.


Intangible assets




Goodwill

£



Cost


At 1 July 2023
15,000



At 30 June 2024

15,000



Amortisation


At 1 July 2023
6,875


Charge for the year on owned assets
3,750



At 30 June 2024

10,625



Net book value



At 30 June 2024
4,375



At 30 June 2023
8,125



Page 7

 
PHILFORD DESIGN ENGINEERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

6.


Tangible fixed assets





Freehold property
Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£
£



Cost


At 1 July 2023
-
93,397
515,672
37,956
55,280
141,765
844,070


Additions
-
6,715
117,907
-
4,071
5,046
133,739


Disposals
-
-
(23,022)
-
-
(24,249)
(47,271)


Transfers between classes
544,041
-
-
-
-
-
544,041



At 30 June 2024

544,041
100,112
610,557
37,956
59,351
122,562
1,474,579



Depreciation


At 1 July 2023
-
90,110
321,552
7,728
33,380
123,355
576,125


Charge for the year on owned assets
-
1,700
49,440
7,557
3,559
10,239
72,495


Charge for the year on financed assets
-
-
17,112
-
-
-
17,112


Disposals
-
-
(21,716)
-
-
(23,812)
(45,528)



At 30 June 2024

-
91,810
366,388
15,285
36,939
109,782
620,204



Net book value



At 30 June 2024
544,041
8,302
244,169
22,671
22,412
12,780
854,375



At 30 June 2023
-
3,287
194,120
30,228
21,900
18,410
267,945

On 30 June 2024, freehold property was reclassified from investment property at its open market value.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
51,334
68,446

Page 8

 
PHILFORD DESIGN ENGINEERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

7.


Fixed asset investments





Investments in subsidiary companies
Other fixed asset investments
Total

£
£
£



Cost or valuation


At 1 July 2023
100
193,268
193,368


Revaluations
-
14,264
14,264



At 30 June 2024
100
207,532
207,632




Investments in subsidiary companies relates to the Company's 100% ownership of Philford Batching
Plant Limited, a company incorporated in the United Kingdom. 
                                                                                                                                                                                  Other fixed asset investments with a cost of £100,000 (2023: £100,000) are included at market value at
the balance sheet date.


8.


Investment property


Freehold investment property

£





At 1 July 2023
200,000


Additions at cost
1,000


Disposals
(38,939)


Surplus on revaluation
381,980


Transfers between classes
(544,041)



At 30 June 2024
-

Investment property consists of freehold land and buildings. As of 30 June 2024, the property was revalued at its open market value, as determined by the directors.
On 30 June 2024, the investment property was reclassified as a fixed asset at its open market value.




Page 9

 
PHILFORD DESIGN ENGINEERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

9.


Stocks

2024
2023
£
£

Raw materials and consumables
136,183
86,313

Work in progress
687,279
989,144

823,462
1,075,457



10.


Debtors

2024
2023
£
£


Trade debtors
1,536,048
1,507,772

Other debtors
53,791
210,262

Prepayments and accrued income
88,711
39,857

Deferred taxation
-
21,929

1,678,550
1,779,820


Inclued in other debtors are directors loan accounts totalling £NIL (2023: £126,614).


11.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
647,327
704,067

Other taxation and social security
80,332
113,413

Obligations under hire purchase contracts
47,686
22,401

Other creditors
302
99

Accruals and deferred income
18,281
129,615

793,928
969,595


included in creditors falling due within one year are secured liabilities in respect of obligations under hire purchase contracts of £47,686 (2023: £22,401).
Included in other creditors are directors loan accounts totalling £201 (2023: £NIL).

Page 10

 
PHILFORD DESIGN ENGINEERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Obligations under hire purchase contracts
23,120
39,201


included in creditors falling due after more than one year are secured liabilities in respect of obligations under hire purchase contracts of £23,120 (2023: £39,201).


13.


Deferred taxation




2024


£






At beginning of year
(21,929)


Charged to profit or loss
175,210



At end of year
153,281

The deferred taxation balance is made up as follows:

2024
2023
£
£


Fixed asset timing differences
70,702
58,364

Short term timing differences
(400)
(1,470)

Losses and other deductions
(13,722)
(78,823)

Capital gains
96,701
-

153,281
(21,929)


14.


Reserves

Profit and loss account

Included within the profit and loss reserves are non-distributable amounts totalling £334,217 (2023: £118,508).

Page 11

 
PHILFORD DESIGN ENGINEERS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £74,519 (2023: £71,199). Contributions totalling £1,600 (2023: £14,298) were payable to the fund at the balance sheet date and are included in creditors.


16.


Controlling party

The controlling party is M J Phillips by virtue of his majority ownership of the share capital of the Company.

 
Page 12