Company registration number SC158127 (Scotland)
PARKBURN PRECISION HANDLING SYSTEMS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PARKBURN PRECISION HANDLING SYSTEMS LIMITED
COMPANY INFORMATION
Directors
A Lawson
C McFall
D Moore
D O'Hara
Secretary
C McFall
Company number
SC158127
Registered office
26 Whistleberry Industrial Estate
Hamilton
Lanarkshire
United Kingdom
ML3 0ED
Auditor
Azets Audit Services
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
PARKBURN PRECISION HANDLING SYSTEMS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Profit and loss account
9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Statement of cash flows
13
Notes to the financial statements
14 - 29
PARKBURN PRECISION HANDLING SYSTEMS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present the strategic report for the year ended 30 June 2024.

Business Review

The company is principally engaged in the manufacture and design of electrical switchgear and control units for the marine and food industries and the design and manufacture of integrated cable handling equipment for the marine industry.

 

The directors are delighted to present the second set of results for the company under employee ownership.

 

 

2024

2023

2022

 

 

£

£

£

 

Turnover

17,369,673

14,413,066

25,455,303

 

Gross profit

43.5%

38.6%

33.0%

 

Profit before tax

2,239,314

625,089

3,781,102

 

 

One of the deciding factors in the recent move towards an employee ownership structure was succession planning, ensuring that the company remains true to its core values, continues to be successful and meets its future growth plans.

 

The current trading company structure and business operations remain unchanged from prior years.

 

Turnover earned in 2024 was more than the previous year due to the number and stage of completion of key contracts in the year. These key contracts were completed at a higher gross margin compared to the previous year with the company managing it costs and resources well despite the wider current economic challenges and against a background of high inflation.

 

At the year end the company’s net assets were £2.7m (2023 - £2.0m) following distributions made to the Employee Ownership Trust.

 

The key performance indicators monitored by the directors are a combination of turnover, gross margin, underlying net profitability before one-off and discretionary costs, and cashflow. as well as progress with our in- house technical development. These indicators will vary in importance from time to time depending on stages of progress with long term contracts which form a substantial part of the company's business, and simplistic year to year comparisons of any of these indicators individually in isolation can be misleading. We are satisfied with the company's performance according to these indicators in total in the year under review.

Principal risks and uncertainties

A large element of the company's business depends upon successful tendering for contracts. The company seeks to maintain and improve its market share by maintaining strong relationships with key customers and suppliers, incorporating technological developments, and striving to improve efficiencies and reduce operating costs.

 

The company uses retained profits as long term finance for the business. Working capital is provided through maintaining positive cash reserves where possible. The company monitors cash flow as part of its day to day control procedures and company policy is to ensure that cash balances are sufficient to meet short term fluctuations in cash flow, arranging overdraft facilities only if necessary.

 

Whilst most sales are conducted in Sterling, the company is exposed to foreign exchange risk on a number of transactions.

 

The company's credit risk is primarily attributable to its trade debtors. Credit risk is managed by running credit checks on new customers, setting credit limits, monitoring customers‘ payment terms, and by regular review and pursuit of any overdue debt. Where possible, interim payments are arranged from customers on long term contracts.

PARKBURN PRECISION HANDLING SYSTEMS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

On behalf of the board

D O'Hara
Director
26 March 2025
PARKBURN PRECISION HANDLING SYSTEMS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 June 2024.

Principal activities

The company is principally engaged in the manufacture and design of electrical switchgear and control units for the marine and food industries and the design and manufacture of integrated cable handling equipment for the marine industry.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A Lawson
C McFall
D Moore
D O'Hara
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

Future developments

The directors are confident of a sustained market for the company's products and services in the long term and in the future profitability of the business. During the coming year, the directors will constantly check the company’s financial information and cashflow position against the turbulent macro economic conditions affecting every business.

Auditor

Azets Audit Services are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of financial instruments risks and uncertainties.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

PARKBURN PRECISION HANDLING SYSTEMS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
On behalf of the board
D O'Hara
Director
26 March 2025
PARKBURN PRECISION HANDLING SYSTEMS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -

The directors are responsible for preparing the annual report 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:

 

 

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.

PARKBURN PRECISION HANDLING SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PARKBURN PRECISION HANDLING SYSTEMS LIMITED
- 6 -
Opinion

We have audited the financial statements of Parkburn Precision Handling Systems Limited (the 'company') for the year ended 30 June 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

PARKBURN PRECISION HANDLING SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PARKBURN PRECISION HANDLING SYSTEMS LIMITED
- 7 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

PARKBURN PRECISION HANDLING SYSTEMS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PARKBURN PRECISION HANDLING SYSTEMS LIMITED
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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 an auditor's report 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 Samborek
Senior Statutory Auditor
For and on behalf of Azets Audit Services
26 March 2025
Chartered Accountants
Statutory Auditor
Titanium 1
Kings Inch Place
Renfrew
United Kingdom
PA4 8WF
PARKBURN PRECISION HANDLING SYSTEMS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
17,369,673
14,413,066
Cost of sales
(9,811,386)
(8,846,914)
Gross profit
7,558,287
5,566,152
Administrative expenses
(5,327,855)
(4,949,535)
Other operating income
9,836
9,615
Operating profit
4
2,240,268
626,232
Interest receivable and similar income
7
192
-
0
Interest payable and similar expenses
8
(1,146)
(1,143)
Profit before taxation
2,239,314
625,089
Tax on profit
9
(297,242)
171,894
Profit for the financial year
1,942,072
796,983

The profit and loss account has been prepared on the basis that all operations are continuing operations.

PARKBURN PRECISION HANDLING SYSTEMS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 10 -
2024
2023
£
£
Profit for the year
1,942,072
796,983
Other comprehensive income
-
-
Total comprehensive income for the year
1,942,072
796,983
PARKBURN PRECISION HANDLING SYSTEMS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
1,068,521
1,166,420
Current assets
Stocks
11
314,020
368,154
Debtors
12
2,626,788
4,092,293
Cash at bank and in hand
2,308,516
1,694,237
5,249,324
6,154,684
Creditors: amounts falling due within one year
13
(3,186,297)
(4,808,470)
Net current assets
2,063,027
1,346,214
Total assets less current liabilities
3,131,548
2,512,634
Creditors: amounts falling due after more than one year
14
-
0
(4,342)
Provisions for liabilities
Provisions
16
461,206
498,858
(461,206)
(498,858)
Government grants
18
-
0
(6,164)
Net assets
2,670,342
2,003,270
Capital and reserves
Called up share capital
20
2,000
2,000
Profit and loss reserves
2,668,342
2,001,270
Total equity
2,670,342
2,003,270
The financial statements were approved by the board of directors and authorised for issue on 26 March 2025 and are signed on its behalf by:
D O'Hara
Director
Company Registration No. SC158127
PARKBURN PRECISION HANDLING SYSTEMS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
2,000
6,679,787
6,681,787
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
796,983
796,983
Distribution to employee ownership trust
-
(5,475,500)
(5,475,500)
Balance at 30 June 2023
2,000
2,001,270
2,003,270
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
1,942,072
1,942,072
Distribution to employee ownership trust
-
(1,275,000)
(1,275,000)
Balance at 30 June 2024
2,000
2,668,342
2,670,342
PARKBURN PRECISION HANDLING SYSTEMS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
1,925,928
2,333,814
Interest paid
(1,146)
(1,143)
Income taxes refunded/(paid)
5,034
(250,957)
Net cash inflow from operating activities
1,929,816
2,081,714
Investing activities
Purchase of tangible fixed assets
(32,768)
(38,441)
Interest received
192
-
0
Net cash used in investing activities
(32,576)
(38,441)
Financing activities
Payment of finance leases obligations
(7,961)
(7,961)
Distribution to employee ownership trust
(1,275,000)
(5,475,500)
Net cash used in financing activities
(1,282,961)
(5,483,461)
Net increase/(decrease) in cash and cash equivalents
614,279
(3,440,188)
Cash and cash equivalents at beginning of year
1,694,237
5,134,425
Cash and cash equivalents at end of year
2,308,516
1,694,237
PARKBURN PRECISION HANDLING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
1
Accounting policies
Company information

Parkburn Precision Handling Systems Limited is a private company limited by shares incorporated in Scotland. The registered office is 26 Whistleberry Industrial Estate, Hamilton, Lanarkshire, United Kingdom, ML3 0ED.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. In satisfaction of this responsibility the directors have considered the company's ability to meet its liabilities as they fall due. trueThis assessment considers the company's principal risks and is dependent on a number of factors including financial performance and conversion of sales opportunities.

 

The directors have prepared detailed financial projections for a period extending over 12 months from the date of approval of these financial statements. These projections have also been sensitised to reflect plausible downside scenarios.

 

Based on these projections, the directors have a reasonable expectation that the company has adequate resources, including the ability to raise finance if required, and sufficient levers available to meet its obligations as they fall due and continue in operational existence for the foreseeable future.

 

The directors therefore consider that it is appropriate to prepare the financial statements on the going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from long term contracts and contracts for on-going services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. If it is not possible to distinguish between the research phase and the development phase, the expenditure is treated as if it were all incurred for the research phase.

PARKBURN PRECISION HANDLING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
4% on cost
Plant and equipment
20% on cost
Fixtures and fittings
15% on cost
Computers
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

PARKBURN PRECISION HANDLING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.8
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

No element of profit is included in the valuation of short term work in progress. Provision is made for any foreseeable losses on short term contracts where appropriate.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

PARKBURN PRECISION HANDLING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

PARKBURN PRECISION HANDLING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

PARKBURN PRECISION HANDLING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’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.

PARKBURN PRECISION HANDLING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Warranty, design defect and stock provisions

a) On products generally

The company provides, at time of delivery, for warranty costs expected to be incurred on its products. This is based on a percentage of turnover, and accords with the company’s previous history of incurring remedial cost on products.

 

b) Technological design provision

The company designs and builds products for customers which in certain cases include new designs involving cutting edge technology, and which are not capable of being fully tested before their delivery to customers and their use by those customers, or indeed by their customers in due course. Based on previous experience of additional costs incurred by the company after full testing/usage of such products, management has judged it is prudent and appropriate to make provision at time of product delivery for such potential additional costs. These costs are included in the financial statements within the warranty provision. The technological design provision is arrived at based on management's view of the degree of technological design risk together with actual experience of additional cost on previous products, to estimate the potential additional cost. Any actual costs incurred are then charged against the provision. When management are satisfied that the product has been fully tested, and all potential additional costs have been incurred, any remaining provision for that product is released.

 

c) Stock provision

Management makes key estimates regarding the provision for stock held for use in long-term contracts. Stock items typically have a long life and are used across multiple projects. If an item is not expected to be used in a profitable future project, or has not been used for 12 months, a provision is made. This assessment is formally reviewed at year-end. The provision is sensitive to changes in project timelines and customer demand. However, no significant technological changes are expected to impact the usability of stock.

Accounting for long term contracts

The company recognises profit on long term contracts once their outcome can be assessed with reasonable certainty. The percentage completion is calculated by reference to actual cost incurred to date compared to estimated cost. Estimated costs are based on management's detailed budgets and projections as assessed at commencement of the contract, and updated for variations or changes in contract specifications.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
4,979,418
4,586,928
Overseas
12,390,255
9,826,138
17,369,673
14,413,066
PARKBURN PRECISION HANDLING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Other revenue
Interest income
192
-
Grants received
9,836
9,615
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
18,246
25,200
Research and development costs
118,063
103,884
Government grants
(9,836)
(9,615)
Fees payable to the company's auditor for the audit of the company's financial statements
28,350
27,000
Depreciation of owned tangible fixed assets
130,667
143,400
Operating lease charges
110
3,762
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Office and management
17
17
Technical
51
47
Total
68
64

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
3,862,609
3,263,332
Social security costs
435,425
386,602
Pension costs
73,218
64,476
4,371,252
3,714,410
PARKBURN PRECISION HANDLING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
607,148
587,961
Company pension contributions to defined contribution schemes
3,274
4,117
610,422
592,078

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

 

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
183,774
183,594
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
192
-
0
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
192
-
0
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
3
-
Other finance costs:
Interest on finance leases and hire purchase contracts
1,143
1,143
1,146
1,143
PARKBURN PRECISION HANDLING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
235,605
-
0
Adjustments in respect of prior periods
-
0
(21,251)
Total current tax
235,605
(21,251)
Deferred tax
Origination and reversal of timing differences
61,637
(150,643)
Total tax charge/(credit)
297,242
(171,894)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
2,239,314
625,089
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
559,829
128,143
Tax effect of expenses that are not deductible in determining taxable profit
3,058
15,368
Adjustments in respect of prior years
-
0
(21,251)
Research and development tax credit
(245,569)
(266,542)
Fixed asset differences
-
0
(471)
Changes in deferred tax rates
-
0
(27,141)
Movement in deferred tax not recognised
(20,076)
-
0
Taxation charge/(credit) for the year
297,242
(171,894)
PARKBURN PRECISION HANDLING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
10
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 July 2023
2,351,034
387,818
37,300
131,125
2,907,277
Additions
-
0
-
0
19,109
13,659
32,768
At 30 June 2024
2,351,034
387,818
56,409
144,784
2,940,045
Depreciation and impairment
At 1 July 2023
1,269,122
368,923
5,876
96,936
1,740,857
Depreciation charged in the year
73,875
15,067
7,812
33,913
130,667
At 30 June 2024
1,342,997
383,990
13,688
130,849
1,871,524
Carrying amount
At 30 June 2024
1,008,037
3,828
42,721
13,935
1,068,521
At 30 June 2023
1,081,912
18,895
31,424
34,189
1,166,420

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Plant and equipment
-
0
7,980
11
Stocks
2024
2023
£
£
Raw materials and consumables
314,020
368,154
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,313,949
3,072,028
Gross amounts owed by contract customers
222,959
624,059
Other debtors
65,208
278,344
Prepayments and accrued income
24,672
56,225
2,626,788
4,030,656
Deferred tax asset (note 17)
-
0
61,637
2,626,788
4,092,293
PARKBURN PRECISION HANDLING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
15
4,342
7,961
Trade creditors
405,754
1,612,024
Corporation tax
240,639
-
0
Other taxation and social security
115,084
118,591
Deferred income
18
2,135,006
3,014,702
Other creditors
18,380
7,797
Accruals
267,092
47,395
3,186,297
4,808,470
14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
15
-
0
4,342
15
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
4,342
7,961
In two to five years
-
0
4,342
4,342
12,303

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Finance lease liabilities are secured over the assets to which they relate.

16
Provisions for liabilities
2024
2023
£
£
Warranty & design provisions
461,206
498,858
PARKBURN PRECISION HANDLING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
16
Provisions for liabilities
(Continued)
- 26 -
Movements on provisions:
Warranty & design provisions
£
At 1 July 2023
498,858
Reversal or utlisation of provision
(37,652)
At 30 June 2024
461,206
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
-
(66,611)
Tax losses and other deductions
-
128,248
-
61,637
2024
Movements in the year:
£
Asset at 1 July 2023
(61,637)
Charge to profit or loss
61,637
Liability at 30 June 2024
-

 

PARKBURN PRECISION HANDLING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
18
Deferred income
2024
2023
£
£
Arising from government grants
-
6,164
Other deferred income
2,135,006
3,014,702
2,135,006
3,020,866
Included in the financial statements as follows:
Current liabilities
2,135,006
3,014,702
Shown as deferred income on the face of the balance sheet
-
0
6,164
2,135,006
3,020,866
19
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
73,218
64,476

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

20
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2,000
2,000
2,000
2,000

Ordinary Shares are the only form of share capital held and no special rights are attached to the shares.

21
Financial commitments, guarantees and contingent liabilities

The bank facilities are secured by a bond and floating charge over the company's assets and a first legal charge over the company's property.

PARKBURN PRECISION HANDLING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
22
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
65,528
43,186
Between two and five years
98,643
9,341
164,171
52,527
23
Related party transactions

As shown in the Statement of Changes in Equity, a distribution of £1,275,000 (2023: £5,475,500) was made to the Parkburn Precision Handling Systems Limited Employee Ownership Trust during the year.

 

The directors have assessed that key management personnel consists of all directors and all amounts are disclosed at note 6.

24
Ultimate controlling party

The ultimate controlling party is Parkburn Precision Handling Systems Limited Employee Ownership Trust, an employee owned trust.

25
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
1,942,072
796,983
Adjustments for:
Taxation charged/(credited)
297,242
(171,894)
Finance costs
1,146
1,143
Investment income
(192)
-
0
Depreciation and impairment of tangible fixed assets
130,667
143,400
Decrease in provisions
(37,652)
(258,026)
Decrease in deferred income
(6,164)
(10,124)
Movements in working capital:
Decrease in stocks
54,134
41,187
Decrease in debtors
1,403,868
1,083,786
Decrease in creditors
(979,497)
(116,780)
(Decrease)/increase in deferred income
(879,696)
824,139
Cash generated from operations
1,925,928
2,333,814
PARKBURN PRECISION HANDLING SYSTEMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
26
Analysis of changes in net funds
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
1,694,237
614,279
2,308,516
Obligations under finance leases
(12,303)
7,961
(4,342)
1,681,934
622,240
2,304,174
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