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Company registration number: 01317083







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


PITTER COMMERCIALS LIMITED






































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PITTER COMMERCIALS LIMITED
 


 
COMPANY INFORMATION


Directors
C J Pitter 
S M Pitter 
I A Cargill 
P M Phillips 
L C Pitter 




Registered number
01317083



Registered office
Botley Road Garage
West End

Southampton

SO30 3HA




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


PITTER COMMERCIALS LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 9


 


PITTER COMMERCIALS LIMITED
REGISTERED NUMBER:01317083



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
390,016
476,006

Investments
 5 
106,691
106,691

  
496,707
582,697

Current assets
  

Stocks
  
2,282,863
2,254,329

Debtors: amounts falling due after more than one year
 6 
-
400,000

Debtors: amounts falling due within one year
 6 
1,142,413
476,946

Cash at bank and in hand
  
1,730,248
1,976,437

  
5,155,524
5,107,712

Creditors: amounts falling due within one year
 7 
(3,374,614)
(3,317,038)

Net current assets
  
 
 
1,780,910
 
 
1,790,674

Total assets less current liabilities
  
2,277,617
2,373,371

Creditors: amounts falling due after more than one year
 8 
(122,635)
(331,117)

Provisions for liabilities
  

Deferred tax
  
(90,402)
(89,456)

  
 
 
(90,402)
 
 
(89,456)

Net assets
  
2,064,580
1,952,798

Page 1

 


PITTER COMMERCIALS LIMITED
REGISTERED NUMBER:01317083


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
£
£

Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
2,063,580
1,951,798

  
2,064,580
1,952,798


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

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

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

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




L C Pitter
Director

Date: 26 June 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 


PITTER COMMERCIALS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Pitter Commercials Limited is a private company limited by shares, registered in England. The address of its registered office, which is the same as its principal place of business, is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The following principal accounting policies have been applied:

 
2.2

Revenue

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

Sale of goods

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

Rendering of services

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

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 


PITTER COMMERCIALS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

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

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

 
2.5

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line method and on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
Land - nil, buildings - fully depreciated
Plant and machinery
-
At various rates based on economic useful life
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
15% reducing balance
Computer equipment
-
Straight line over 3 years

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

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

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Stocks

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

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


3.


Employees

The average monthly number of employees, including directors, during the year was 31 (2023 - 29).

Page 4

PITTER COMMERCIALS LIMITED
  
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024



4.


Tangible fixed assets






Land and buildings
Plant and machinery
Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2024
82,962
188,104
634,965
25,950
152,065
1,084,046


Additions
-
10,357
57,014
19,385
5,370
92,126


Disposals
-
-
(182,854)
-
-
(182,854)



At 31 December 2024

82,962
198,461
509,125
45,335
157,435
993,318



Depreciation


At 1 January 2024
65,962
146,962
249,610
21,680
123,826
608,040


Charge for the year on owned assets
-
7,383
97,014
2,766
12,973
120,136


Disposals
-
-
(124,874)
-
-
(124,874)



At 31 December 2024

65,962
154,345
221,750
24,446
136,799
603,302



Net book value



At 31 December 2024
17,000
44,116
287,375
20,889
20,636
390,016



At 31 December 2023
17,000
41,142
385,355
4,270
28,239
476,006

Page 5
 


PITTER COMMERCIALS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
106,691



At 31 December 2024
106,691





6.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
-
400,000

-
400,000


2024
2023
£
£

Due within one year

Trade debtors
505,003
274,706

Other debtors
587,339
153,952

Prepayments and accrued income
50,071
48,288

1,142,413
476,946


Please refer to note 13 for further details on Debtors.

Page 6

 


PITTER COMMERCIALS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
100,000
100,000

Trade creditors
1,355,287
1,398,249

Amounts owed to group undertakings
1,090,966
1,046,000

Corporation tax
124,402
38,331

Other taxation and social security
146,376
125,696

Obligations under finance lease and hire purchase contracts
32,719
41,522

Other creditors
60,741
79,244

Accruals and deferred income
464,123
487,996

3,374,614
3,317,038


Lloyds Bank Plc have a first legal charge over a £117,600 cash account as part of the banks guarantee of £168,000 with IVECO on the company's behalf. Lloyds Bank Plc also have an unlimited debenture incorporating a fixed and floating charge over the remaining assets of the company.
Balances with group undertakings are repayable upon demand and interest free.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
83,333
183,333

Net obligations under finance leases and hire purchase contracts
39,302
147,784

122,635
331,117


Page 7

 


PITTER COMMERCIALS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
100,000
100,000


100,000
100,000


Amounts falling due 2-5 years

Bank loans
83,333
183,333


83,333
183,333


183,333
283,333



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
32,106
41,522

Between 1-5 years
112,193
147,784

144,299
189,306


11.


Capital commitments


At 31 December 2024 the Company had capital commitments as follows:

2024
2023
£
£


Contracted for but not provided in these financial statements
139,334
17,847

139,334
17,847

Page 8

 


PITTER COMMERCIALS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £88,035 (2023 - £82,363). Contributions totalling £7,123 (2023 - £7,173) were payable to the fund at the reporting date and are included in creditors.


13.


Related party transactions

Included within other debtors is a loan balance of £400,000 (2023: £400,000) due from Pitter Properties Limited, a company under common control. The amount is repayable upon demand, is unsecured and interest free.


14.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 26 June 2025 by Andrew Galliers FCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 9