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COMPANY REGISTRATION NUMBER: SC591736
Pacson Holdings Limited
Financial Statements
30 September 2024
Pacson Holdings Limited
Financial Statements
Year ended 30 September 2024
Contents
Page
Officers and professional advisers
1
Strategic report
2
Director's report
4
Director's responsibilities statement
5
Independent auditor's report to the member
6
Consolidated statement of comprehensive income
10
Consolidated statement of financial position
11
Company statement of financial position
12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated statement of cash flows
15
Notes to the financial statements
16
Pacson Holdings Limited
Officers and Professional Advisers
Director
K.D. Crawford
Company secretary
J.S. McLaren
Registered office
Unit F, Claverhouse Industrial Park
Dundee
Scotland
DD4 9UA
Auditor
BK Plus Audit Limited
Chartered Certified Accountants & Statutory Auditor
Stannergate House
41 Dundee Road West
Broughty Ferry
Dundee
DD5 1NB
Pacson Holdings Limited
Strategic Report
Year ended 30 September 2024
The directors present their strategic report for the year ended 30 September 2024.
PRINCIPAL ACTIVITIES AND REVIEW OF THE BUSINESS The principal activity of Pacson Holdings Limited is to act as the holding company of Pacson Limited. The principal activity of Pacson Limited continues to be that of design, manufacture and testing of high specification isolation valves and associated pressure containing equipment. FFY24 was a good year for the company, following almost a decade of disruption, and then a steep growth curve following the COVID pandemic, this was the first year to fully benefit from a reasonably stable market, improved customer connections and an increased qualified product range. The work done on efficiencies, the energy prices stabilising and an order book which reflected a higher proportion of repeat products all contributed to the results in these accounts. During FY24 and following the end of the year, our growth curve has flattened due to a number of geopolitical events, and so we are expecting FY25 to reflect a marginal increase on the results for FY24, however the longer term outlook remains positive for the market and the company. During FY24, Pacson have continued with the product development schedule and making further improvements in the company and the products, and so ensuring the company is well set up for FY25 and beyond. Pacson also has a number of products being reviewed in terms of readiness for the hydrogen and carbon capture initiatives, which will be worked on over the coming months and years to align with the energy market as it transitions.
LIQUIDITY RISK Cash resources are formally monitored weekly to ensure funds are always available to meet the group's requirements. CREDIT RISK The group undertakes periodic assessments of its external debtors in order to ensure that credit is not extended if there is any likelihood of default. The amount of exposure to individual customers is subject to a limit, and this is reassessed regularly by the accounts team reporting to the directors, and is supported by an external credit insurance facility. INTEREST RATE RISK The group does make use of bank borrowings to finance its operations during peak trading periods. Due to current cash resources, the directors do not deem it necessary at this time to hedge against interest rate fluctuations.
FINANCIAL PERFORMANCE INDICATORS The group measures its ongoing performance at every activity level against annual budgets and certain key performance indicators, including working capital controls.
RESULTS FOR THE PERIOD The group's profit for the period, after taxation, amounted to £788,220 (2023 - £342,634).
DEVELOPMENT AND PERFORMANCE OF THE GROUP'S BUSINESS OVER THE PERIOD The group continued with its principal activities based around the oil services industry.
POSITION AT THE PERIOD END The market conditions and order book at the year-end provide a high degree of confidence for the future.
FUTURE DEVELOPMENTS The group intends to continue to focus on its activities in the oil services industry and does not envisage any significant changes to the operations of the group over the next 12 months.
This report was approved by the board of directors on 29 May 2025 and signed on behalf of the board by:
K.D. Crawford
Director
Registered office:
Unit F, Claverhouse Industrial Park
Dundee
Scotland
DD4 9UA
Pacson Holdings Limited
Director's Report
Year ended 30 September 2024
The director presents his report and the financial statements of the group for the year ended 30 September 2024 .
Director
The director who served the company during the year was as follows:
K.D. Crawford
Dividends
The director does not recommend the payment of a dividend.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 29 May 2025 and signed on behalf of the board by:
K.D. Crawford
Director
Registered office:
Unit F, Claverhouse Industrial Park
Dundee
Scotland
DD4 9UA
Pacson Holdings Limited
Director's Responsibilities Statement
Year ended 30 September 2024
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and the profit or loss of the group for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments 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 director is 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. He is 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.
Pacson Holdings Limited
Independent Auditor's Report to the Member of Pacson Holdings Limited
Year ended 30 September 2024
Opinion
We have audited the financial statements of Pacson Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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 group's and of the parent company's affairs as at 30 September 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's or the parent 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 director 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 director is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's 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: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of the director
As explained more fully in the director's responsibilities statement, the director is 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 director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has 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 auditors report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance is 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. In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulations we have carried out the following: - Ensured that the engagement team have the appropriate competence, capabilities and skills to identify or recognise non-compliance with laws and regulations; - Identified the specific laws and regulations applicable to the entity through discussions with directors and management and through our own knowledge of the sector; - Focused on the laws and regulations we consider may have a direct effect on the financial statements, including FRS 102, the Companies Act 2006 and tax compliance legislation; - Reviewed the financial statement disclosures and tested these to supporting documentation to assess compliance with applicable laws and regulations; - Made enquiries of management; and - Ensured the engagement team remained alert to instances of non-compliance throughout the audit. In identifying and assessing the risk of material misstatement due to irregularities, including fraud and how it may occur, the potential for management bias and the override of controls we have: - Obtained an understanding of the entity's operations, including the nature of its sources of revenue and of to understand the types of transactions, account balances, financial disclosures and business risks that may result in risk of material misstatement; - Vouched balances and reconciling items in key control account reconciliations to supporting documentation; - Carried out detailed testing, on a sample basis, to verify the completeness, existence and accuracy of transactions and balances; - Made enquiries of management as to where they consider there was a susceptibility to fraud, and their knowledge of any actual, suspected or alleged fraud; - Performed analytical procedures to identify any significant or unusual transactions; - Investigated the business rationale behind any significant or unusual transactions We did not identify any matters relating to non-compliance with laws and regulations, or relating to fraud. Because of the inherent limitations of an audit, there is an unavoidable risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. In addition, the further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 auditor's report. Use of our report
This report is made solely to the company's member, 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 member 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 member as a body, for our audit work, for this report, or for the opinions we have formed.
Karen Henderson
(Senior Statutory Auditor)
For and on behalf of
BK Plus Audit Limited
Chartered Certified Accountants & Statutory Auditor
Stannergate House
41 Dundee Road West
Broughty Ferry
Dundee
DD5 1NB
29 May 2025
Pacson Holdings Limited
Consolidated Statement of Comprehensive Income
Year ended 30 September 2024
2024
2023
Note
£
£
Turnover
4
13,803,701
9,516,672
Other operating income
5
100,000
50,000
-------------
------------
13,903,701
9,566,672
Raw material and consumables
6,544,409
3,933,862
Staff costs
8
3,875,743
3,382,008
Depreciation and other amounts written off tangible and intangible fixed assets
382,064
200,212
Other operating expenses
1,583,577
1,349,117
-------------
------------
Operating profit
6
1,517,908
701,473
Interest payable and similar expenses
10
495,588
358,839
-------------
------------
Profit before taxation
1,022,320
342,634
Tax on profit
11
234,100
------------
---------
Profit for the financial year and total comprehensive income
788,220
342,634
------------
---------
All the activities of the group are from continuing operations.
Pacson Holdings Limited
Consolidated Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
12
2,721,504
3,034,057
Tangible assets
13
568,918
532,194
------------
------------
3,290,422
3,566,251
Current assets
Stocks
15
6,017,190
5,201,631
Debtors
16
4,062,715
3,707,650
Cash at bank and in hand
122,992
45,082
-------------
------------
10,202,897
8,954,363
Creditors: amounts falling due within one year
18
7,934,164
8,254,736
-------------
------------
Net current assets
2,268,733
699,627
------------
------------
Total assets less current liabilities
5,559,155
4,265,878
Creditors: amounts falling due after more than one year
19
975,552
606,907
Provisions
Taxation including deferred tax
21
136,412
------------
------------
Net assets
4,447,191
3,658,971
------------
------------
Capital and reserves
Called up share capital
24
4,300,000
4,300,000
Profit and loss account
25
147,191
( 641,029)
------------
------------
Shareholder funds
4,447,191
3,658,971
------------
------------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 29 May 2025 , and are signed on behalf of the board by:
K.D. Crawford
Director
Company registration number: SC591736
Pacson Holdings Limited
Company Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Investments
14
4,300,000
4,300,000
------------
------------
Total assets less current liabilities
4,300,000
4,300,000
------------
------------
Capital and reserves
Called up share capital
24
4,300,000
4,300,000
------------
------------
Shareholder funds
4,300,000
4,300,000
------------
------------
The profit for the financial year of the parent company was £Nil (2023: £Nil).
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the board of directors and authorised for issue on 29 May 2025 , and are signed on behalf of the board by:
K.D. Crawford
Director
Company registration number: SC591736
Pacson Holdings Limited
Consolidated Statement of Changes in Equity
Year ended 30 September 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 October 2022
4,300,000
( 983,663)
3,316,337
Profit for the year
342,634
342,634
------------
---------
------------
Total comprehensive income for the year
342,634
342,634
At 30 September 2023
4,300,000
( 641,029)
3,658,971
Profit for the year
788,220
788,220
------------
---------
------------
Total comprehensive income for the year
788,220
788,220
------------
---------
------------
At 30 September 2024
4,300,000
147,191
4,447,191
------------
---------
------------
Pacson Holdings Limited
Company Statement of Changes in Equity
Year ended 30 September 2024
Called up share capital
Profit and loss account
Total
£
£
£
At 1 October 2022
4,300,000
4,300,000
Profit for the year
At 30 September 2023
4,300,000
4,300,000
Profit for the year
------------
----
------------
At 30 September 2024
4,300,000
4,300,000
------------
----
------------
Pacson Holdings Limited
Consolidated Statement of Cash Flows
Year ended 30 September 2024
2024
2023
Note
£
£
Cash flows from operating activities
Profit for the financial year
788,220
342,634
Adjustments for:
Depreciation of tangible assets
139,286
117,011
Amortisation of intangible assets
257,168
83,201
Interest payable and similar expenses
495,588
358,839
Gains on disposal of tangible assets
( 14,390)
Tax on profit
234,100
Accrued expenses
295,173
454,865
Changes in:
Stocks
( 815,559)
( 1,759,028)
Trade and other debtors
( 355,065)
( 934,727)
Trade and other creditors
( 1,084,421)
2,554,278
------------
------------
Cash generated from operations
( 59,900)
1,217,073
Interest paid
( 495,588)
( 358,839)
---------
------------
Net cash (used in)/from operating activities
( 555,488)
858,234
---------
------------
Cash flows from investing activities
Purchase of tangible assets
( 182,121)
( 217,876)
Proceeds from sale of tangible assets
20,501
Purchase of intangible assets
( 240,315)
( 726,129)
Disposal of intangible assets
295,700
---------
------------
Net cash used in investing activities
( 106,235)
( 944,005)
---------
------------
Cash flows from financing activities
Net (advances to)/proceeds received from, associated undertakings
( 95)
194,804
Net advance/(repayment) of hire purchase agreements
200,360
( 50,237)
---------
------------
Net cash from financing activities
200,265
144,567
---------
------------
Net (decrease)/increase in cash and cash equivalents
( 461,458)
58,796
Cash and cash equivalents at beginning of year
(1,879,986)
(1,938,782)
------------
------------
Cash and cash equivalents at end of year
17
( 2,341,444)
( 1,879,986)
------------
------------
Pacson Holdings Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit F, Claverhouse Industrial Park, Dundee, DD4 9UA, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The group has made a profit before tax for the year of £1,022,320 (2023 - £342,634). The directors' comments on the trading conditions which have given rise to these profits, as well their comments on the group's trading position since the year end are provided in the Review of the business in the Strategic report on page 2. The group has seen a significant upturn in the level of sales orders during 2025, and this has significantly improved the group's sales, profitability and cashflow expectations for the period following the date of approval of these financial statements. Consequently, the directors can confirm that after making reasonable enquiries they have reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group's trading forecast and financial projections, which take into account the anticipated improvements in trading performance, including significant sales growth, and which include the continuation of existing bank funding and continued support from the group's owner, indicate that the group plans to operate within cash generated. For this reason, the group continues to adopt the going concern basis in preparing these financial statements.
Disclosure exemptions
The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:
(a) Disclosures in respect of each class of share capital have not been presented.
(b) No cash flow statement has been presented for the company.
(c) Disclosures in respect of financial instruments have not been presented.
(d) No disclosure has been given for the aggregate remuneration of key management personnel.
Consolidation
The financial statements consolidate the financial statements of Pacson Holdings Limited and all of its subsidiary undertakings.
The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.
The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported during the year for revenue and costs. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements and estimates have had the most significant impact on amounts recognised in the financial statements. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Stock provision In arriving at the valuation of stock it may be necessary for management to make an assessment over the carrying value of stock items and, where applicable, apply a provision to amend this carrying value to an approximation to net realisable value. These provisions are arrived at using management's knowledge and understanding of the business and the industry in which it operates and focuses on potentially obsolete or old items for which the full value may no longer be recoverable. Bad debt provision During the course of the year and during the year end process, management are required to determine whether any debts should be regarded as bad debts. This process is based on their knowledge of the business coupled with post year end information identifying debts not recovered relating to the previous financial period. Provision for liquidated damages Management uses post year end information and correspondence with customers to estimate provisions for liquidated damages. These are costs that are expected to be incurred in relation to goods and services provided late to other parties. Liquidated damages provisions are only released when there is a reasonable expectation that these costs will not be payable in the future. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the useful economic lives and residual values of the assets. Useful lives and residual values are reassessed annually. They are assessed where necessary to reflect current estimates based on economic utilisation and physical condition. Useful economic lives of intangible assets The annual amortisation charge for intangible assets is sensitive to changes in the useful economic lives of the assets. Useful lives and residual values are reassessed annually. They are assessed where necessary to reflect current estimates based on economic utilisation.
Revenue recognition
The turnover shown in the profit and loss account represents sales value amounts recognised on the despatch of high specification isolation valves and associated pressure containment equipment, stated net of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of comprehensive income.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill on consolidation
-
10% straight line
Deferred development expenditure
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
The group requires to undertake product improvement and new product development in order to meet the evolving standards required by the industry and customers, and, thereby, stay competitive. The group's policy is to defer expenditure on product improvement and development and then start to amortise deferred expenditure from the point at which the improved or developed products do not require further significant development and sales of the improved or developed products commence. The improvement or development expenditure is the actual direct costs incurred in making prototypes of enhanced existing products or new products. The costs are transferred to deferred development expenditure from stock and work in progress on completion of the prototypes. Additionally, where the group uses a customer sales order to develop a variant or enhanced version of an existing product, then the group's policy is to defer the value of costs incurred on those sales orders in excess of the normal costs for the product in its existing version, and then amortise the deferred expenditure from the point when the sales of the variant product commence. The amortisation period has been updated and increased to 10 years, which is the directors' view of the minimum period the company will be able to benefit from sales of new specification products at higher gross profit margins. Where the directors become aware that the new specification products will have a shorter sales period than 10 years, then the deferred development expenditure will be either amortised over the new shorter life or written off where no further sales are expected. The group does not undertake pure research work.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10-25% straight line
Fixtures and fittings
-
10-25% straight line
Motor vehicles
-
25% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stock, which represents raw materials as well as manufactured components for use in the group's sale products, is valued at cost. Cost includes all costs of purchase as well costs of conversion and other costs incurred in bringing the stock to its present location and condition, including materials purchased, labour and attributable overheads. Work in progress Work in progress, which includes production for unfulfilled sales orders and production for development of prototypes of improved existing products and new products, is valued on the basis of direct costs plus attributable overheads based on normal activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:
2024
2023
£
£
Sale of goods
13,803,701
9,516,672
-------------
------------
The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2024
2023
£
£
United Kingdom
2,415,031
3,871,982
Overseas
11,388,670
5,644,690
-------------
------------
13,803,701
9,516,672
-------------
------------
5. Other operating income
2024
2023
£
£
Management charges receivable
100,000
50,000
---------
--------
6. Operating profit
Operating profit or loss is stated after charging/crediting:
2024
2023
£
£
Gains on disposal of tangible assets
( 14,390)
Foreign exchange differences
1,030
8,712
Operating lease rent
183,000
185,000
---------
---------
7. Auditor's remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
18,160
16,500
--------
--------
Fees payable to the company's auditor and its associates for other services:
Other non-audit services
5,177
4,388
--------
--------
8. Staff costs
The average number of persons employed by the group during the year, including the director, amounted to:
2024
2023
No.
No.
Production staff
69
57
Administrative staff
10
10
Management staff
8
6
----
----
87
73
----
----
The aggregate payroll costs incurred during the year, relating to the above, were:
2024
2023
£
£
Wages and salaries
3,408,602
2,979,042
Social security costs
356,727
308,480
Other pension costs
110,414
94,486
------------
------------
3,875,743
3,382,008
------------
------------
9. Director's remuneration for the group
The director's aggregate remuneration in respect of qualifying services was:
2024
2023
£
£
Remuneration
243,647
213,619
Company contributions to defined contribution pension plans
17,085
15,692
---------
---------
260,732
229,311
---------
---------
The number of directors who accrued benefits under company pension plans was as follows:
2024
2023
No.
No.
Defined contribution plans
2
2
----
----
Remuneration of the highest paid director in respect of qualifying services:
2024
2023
£
£
Aggregate remuneration
131,005
109,535
Company contributions to defined contribution pension plans
9,009
7,616
---------
---------
140,014
117,151
---------
---------
There is no distinction between directors and key management personnel.
10. Interest payable and similar expenses
2024
2023
£
£
Interest on banks loans and overdrafts
307,150
235,709
Interest on obligations under finance leases and hire purchase contracts
188,438
123,130
---------
---------
495,588
358,839
---------
---------
11. Tax on profit
Major components of tax income
2024
2023
£
£
Current tax:
UK current tax income
97,688
Deferred tax:
Origination and reversal of timing differences
136,412
---------
----
Tax on profit
234,100
---------
----
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 25 %).
2024
2023
£
£
Profit on ordinary activities before taxation
1,022,320
342,634
------------
---------
Profit on ordinary activities by rate of tax
255,580
85,659
Adjustment to tax charge in respect of prior periods
114,996
Effect of expenses not deductible for tax purposes
16,643
18,831
Effect of capital allowances and depreciation
12,896
24,179
Utilisation of tax losses
( 166,015)
( 128,669)
------------
---------
Tax on profit
234,100
------------
---------
12. Intangible assets
Group
Goodwill
Development costs
Total
£
£
£
Cost
At 1 October 2023
753,225
2,874,615
3,627,840
Additions
240,315
240,315
Disposals
( 295,700)
( 295,700)
---------
------------
------------
At 30 September 2024
753,225
2,819,230
3,572,455
---------
------------
------------
Amortisation
At 1 October 2023
395,445
198,338
593,783
Charge for the year
75,323
181,845
257,168
---------
------------
------------
At 30 September 2024
470,768
380,183
850,951
---------
------------
------------
Carrying amount
At 30 September 2024
282,457
2,439,047
2,721,504
---------
------------
------------
At 30 September 2023
357,780
2,676,277
3,034,057
---------
------------
------------
The company has no intangible assets.
13. Tangible assets
Group
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
3,925,164
974,072
37,533
4,936,769
Additions
144,747
6,324
31,050
182,121
Disposals
( 110,219)
( 291,959)
( 32,610)
( 434,788)
------------
---------
--------
------------
At 30 September 2024
3,959,692
688,437
35,973
4,684,102
------------
---------
--------
------------
Depreciation
At 1 October 2023
3,415,748
965,558
23,269
4,404,575
Charge for the year
122,665
8,577
8,044
139,286
Disposals
( 110,218)
( 291,959)
( 26,500)
( 428,677)
------------
---------
--------
------------
At 30 September 2024
3,428,195
682,176
4,813
4,115,184
------------
---------
--------
------------
Carrying amount
At 30 September 2024
531,497
6,261
31,160
568,918
------------
---------
--------
------------
At 30 September 2023
509,416
8,514
14,264
532,194
------------
---------
--------
------------
The company has no tangible assets.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Group
Plant and machinery
Motor vehicles
Total
£
£
£
At 30 September 2024
348,047
27,945
375,992
---------
--------
---------
At 30 September 2023
301,645
9,442
311,087
---------
--------
---------
14. Investments
The group has no investments.
Company
Shares in group undertakings
£
Cost
At 1 October 2023 and 30 September 2024
4,864,603
------------
Impairment
At 1 October 2023 and 30 September 2024
564,603
------------
Carrying amount
At 1 October 2023 and 30 September 2024
4,300,000
------------
At 30 September 2023
4,300,000
------------
Subsidiaries, associates and other investments
Details of the investments in which the parent company has an interest of 20% or more are as follows:
Class of share
Percentage of shares held
Subsidiary undertakings
Pacson Limited
Ordinary
100
The registered address for the subsidiary is Unit F, Claverhouse Industrial Park, Dundee, Scotland DD4 9UA.
The subsidiary's results are included within the consolidation.
15. Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
4,008,199
2,794,786
Work in progress
2,008,991
2,406,845
------------
------------
----
----
6,017,190
5,201,631
------------
------------
----
----
16. Debtors
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade debtors
3,404,539
2,385,876
Prepayments and accrued income
53,730
95,621
Other debtors
604,446
1,226,153
------------
------------
----
----
4,062,715
3,707,650
------------
------------
----
----
17. Cash and cash equivalents
Cash and cash equivalents comprise the following:
2024
2023
£
£
Cash at bank and in hand
122,992
45,082
Bank overdrafts
( 2,464,436)
( 1,925,068)
------------
------------
( 2,341,444)
( 1,879,986)
------------
------------
18. Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans and overdrafts
2,464,436
1,925,068
Trade creditors
2,943,717
3,318,931
Amounts owed to other related parties
684,782
684,877
Accruals and deferred income
1,170,164
874,991
Corporation tax
97,688
Social security and other taxes
104,277
321,834
Obligations under finance leases and hire purchase contracts
71,534
95,667
Other creditors
397,566
1,033,368
------------
------------
----
----
7,934,164
8,254,736
------------
------------
----
----
The bank borrowings are secured by means of a bond and floating charge over the assets of the group. Included within Other creditors is a loan from Scottish Enterprise. A total amount of £62,916 (2023 - £201,333) is outstanding at the year-end and this is included in Creditors: amounts falling due within one year, as the balance is due to be fully repaid within the next year. The loan attracts a fixed rate of interest of 9% and is secured by a bond and floating charge. Also included within Other creditors is a loan from Close Brothers. A total amount of £933,754 (2023 - £617,081) is outstanding at the year-end and this is split between Creditors: amounts falling due within one year and Creditors: amounts falling due after more than one year, on the basis of agreed instalment payments over 5 years. This loan has an effective interest rate charge of 5.99% over the Bank of England's base rate. Also included within Other creditors is a loan from Outfund. A total amount of £NIL (2023 - £591,346) was outstanding at the year-end and is included in Creditors: amounts falling due within one year, due to agreed instalment payments over 1 year. This loan has an effective interest rate charge of 13.7%.
19. Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Obligations under finance leases and hire purchase contracts
275,650
51,157
Other creditors
699,902
555,750
---------
---------
----
----
975,552
606,907
---------
---------
----
----
20. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
113,418
114,383
Later than 1 year and not later than 5 years
335,156
64,244
---------
---------
----
----
448,574
178,627
Less: future finance charges
( 101,390)
( 31,803)
---------
---------
----
----
Present value of minimum lease payments
347,184
146,824
---------
---------
----
----
21. Provisions
Group
Deferred tax (note 22)
£
At 1 October 2023
Additions
136,412
---------
At 30 September 2024
136,412
---------
The company does not have any provisions.
22. Deferred tax
The deferred tax included in the statement of financial position is as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Included in provisions (note 21)
136,412
---------
----
----
----
The deferred tax account consists of the tax effect of timing differences in respect of:
Group
Company
2024
2023
2024
2023
£
£
£
£
Accelerated capital allowances
137,416
123,877
Unused tax losses
( 122,935)
Pension plan obligations
( 1,004)
( 942)
---------
---------
----
----
136,412
---------
---------
----
----
23. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 110,414 (2023: £ 94,486 ).
24. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
A Ordinary shares of £ 1 each
4,300,000
4,300,000
4,300,000
4,300,000
------------
------------
------------
------------
25. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses.
26. Analysis of changes in net debt
At 1 Oct 2023
Cash flows
At 30 Sep 2024
£
£
£
Cash at bank and in hand
45,082
77,910
122,992
Bank overdrafts
(1,925,068)
(539,368)
(2,464,436)
Debt due within one year
(780,544)
24,228
(756,316)
Debt due after one year
(51,157)
(224,493)
(275,650)
------------
---------
------------
( 2,711,687)
( 661,723)
( 3,373,410)
------------
---------
------------
27. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Not later than 1 year
183,000
183,000
Later than 1 year and not later than 5 years
488,000
671,000
---------
---------
----
----
671,000
854,000
---------
---------
----
----
Pacson Holdings Limited
Notes to the Financial Statements (continued)
Year ended 30 September 2024
28. Related party transactions
Group
Evotek Limited is an associated company by virtue of common ownership and control. During the year, the company received funds amounting to £16,000 (2023 - £40,000) from Evotek Limited. At the year-end, the amount due by Pacson Limited to Evotek Limited was £197,162 (2023 - £177,258). This balance is disclosed in Creditors: amounts falling due within one year as Amounts owed to group and other related undertakings. B&A Hydraulics Limited is an associated company by virtue of common ownership and control. During the year, the company charged B&A Hydraulics Limited £100,00 (2023 - £50,000) for the management services of a common director and for a share of other overheads paid by the company. In addition, during the year, the company received loan funds amounting to £80,000 (2023 - £200,000) from B&A Hydraulics Limited. At the year-end, the amount due by the company to B&A Hydraulics Limited was £487,620 (2023 - - £507,620). This balance is disclosed in Creditors: amounts falling due within one year as Amounts owed to group and other related undertakings.
29. Controlling party
The group is under the control of K.D. Crawford , the managing director, during the current and prior year, via his 100% controlling interest in the company.