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Registration number: 06638136

P. S. Pendergood Limited

Unaudited Financial Statements

31 August 2024

image-name

 

P. S. Pendergood Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
P. S. Pendergood Limited
for the Year Ended 31 August 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of P. S. Pendergood Limited for the year ended 31 August 2024 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of P. S. Pendergood Limited, as a body, in accordance with the terms of our engagement letter dated 3 October 2019. Our work has been undertaken solely to prepare for your approval the accounts of P. S. Pendergood Limited and state those matters that we have agreed to state to the Board of Directors of P. S. Pendergood Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P. S. Pendergood Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that P. S. Pendergood Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of P. S. Pendergood Limited. You consider that P. S. Pendergood Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of P. S. Pendergood Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

30 July 2025

 

P. S. Pendergood Limited

(Registration number: 06638136)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

6,700

-

Tangible assets

6

65,817

70,404

 

72,517

70,404

Current assets

 

Stocks

296,826

273,690

Debtors

7

1,982,138

1,667,319

Cash at bank and in hand

 

132,889

1,712

 

2,411,853

1,942,721

Creditors: Amounts falling due within one year

8

(1,590,116)

(954,190)

Net current assets

 

821,737

988,531

Total assets less current liabilities

 

894,254

1,058,935

Creditors: Amounts falling due after more than one year

8

(78,222)

(121,267)

Provisions for liabilities

-

(2,843)

Net assets

 

816,032

934,825

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

815,932

934,725

Total equity

 

816,032

934,825

 

P. S. Pendergood Limited

(Registration number: 06638136)
Balance Sheet as at 31 August 2024 (continued)

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 July 2025 and signed on its behalf by:
 

.........................................

D J Gulliford

Director

 

P. S. Pendergood Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
379 Princesway
Team Valley Trading Estate
GATESHEAD
NE11 0TU

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

P. S. Pendergood Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

2% straight line basis

Plant and equipment

25% reducing balance basis

Furniture, fittings and office equipment

20% and 3 years straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired licences are shown at historical cost.

Licences acquired in a business combination are recognised at fair value at the acquisition date.

Licences have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line basis

Licences

5 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

P. S. Pendergood Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

P. S. Pendergood Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 15).

4

Exceptional items

Included in administrative expenses are write offs of loan balances owed to and from two related party companies that have now been dissolved. The net effect of the write offs is an expense of £130,449 to the profit and loss account.

 

P. S. Pendergood Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

5

Intangible assets

Goodwill
 £

Licences
 £

Total
£

Cost or valuation

At 1 September 2023

562,202

-

562,202

Additions

-

7,309

7,309

At 31 August 2024

562,202

7,309

569,511

Amortisation

At 1 September 2023

562,202

-

562,202

Amortisation charge

-

609

609

At 31 August 2024

562,202

609

562,811

Carrying amount

At 31 August 2024

-

6,700

6,700

6

Tangible assets

Land and buildings
£

Plant and equipment
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 September 2023

74,114

23,858

48,741

146,713

Additions

-

-

3,620

3,620

At 31 August 2024

74,114

23,858

52,361

150,333

Depreciation

At 1 September 2023

15,643

21,627

39,039

76,309

Charge for the year

1,482

557

6,168

8,207

At 31 August 2024

17,125

22,184

45,207

84,516

Carrying amount

At 31 August 2024

56,989

1,674

7,154

65,817

At 31 August 2023

58,471

2,231

9,702

70,404

 

P. S. Pendergood Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

7

Debtors

2024
£

2023
£

Trade debtors

405,151

97,005

Amounts owed by group undertakings and undertakings in which the company has a participating interest

1,270,650

1,223,340

Other debtors

306,337

346,974

1,982,138

1,667,319

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

1,017,057

546,170

Trade creditors

 

280,003

276,434

Taxation and social security

 

37,937

4,338

Corporation tax liability

 

17,710

17,710

Other creditors

 

237,409

109,538

 

1,590,116

954,190

Due after one year

 

Loans and borrowings

9

78,222

121,267

Included in other creditors is £117,640 (2023 - £nil) owed under an invoice discounting facility which is secured by a fixed and floating charge over the assets of the company.

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

1,017,057

546,170

2024
£

2023
£

Non-current loans and borrowings

Other borrowings

78,222

121,267

 

P. S. Pendergood Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £3,348 (2023 - £6,198).

The total amount of guarantees not included in the balance sheet is £949,155 (2023 - £1,018,031). The company is party to a legal charge providing its assets as security over the bank facilities of its parent company.

11

Related party transactions

Transactions with directors

2024

At 1 September 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 August 2024
£

D J Gulliford

Loan to director

-

217,820

(219,786)

-

-

1,966

-

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2.25% on advances to directors.

12

Parent and ultimate parent undertaking

The company's immediate parent is Calmcast Limited, incorporated in England and Wales.