Pirtek (Watford) Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—8

1. General Information

Pirtek (Watford) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03043171 . The registered office is Unit 10 The Empire Centre, Imperial Way, Watford, Hertfordshire, WD24 4YH.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of 10 years.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are .... It is amortised to the profit and loss account over its estimated economic life of 10 years.

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	10 years straight line
Plant & Machinery	10 years straight line
Motor Vehicles	3 years straight line
Fixtures & Fittings	10 years straight line
Computer Equipment	5 years straight line

2.6. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

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Pirtek (Watford) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.7. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.8. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 7 (2024: 7)

4. Intangible Assets

	Goodwill	Other	Total
	£	£	£
Cost
As at 1 April 2024	120,000	40,000	160,000

As at 31 March 2025	120,000	40,000	160,000

Amortisation
As at 1 April 2024	120,000	40,000	160,000

As at 31 March 2025	120,000	40,000	160,000

Net Book Value
As at 31 March 2025	-	-	-

As at 1 April 2024	-	-	-

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Pirtek (Watford) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

5. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 April 2024	9,507	21,672	120,804	58,127
Additions	-	-	39,906	-
Disposals	-	-	(34,124 )	-

As at 31 March 2025	9,507	21,672	126,586	58,127

Depreciation
As at 1 April 2024	9,507	21,171	76,162	57,941
Provided during the period	-	235	40,580	54
Disposals	-	-	(34,124 )	-

As at 31 March 2025	9,507	21,406	82,618	57,995

Net Book Value
As at 31 March 2025	-	266	43,968	132

As at 1 April 2024	-	501	44,642	186


	Computer Equipment	Total
	£	£
Cost
As at 1 April 2024	109,573	319,683
Additions	-	39,906
Disposals	-	(34,124 )

As at 31 March 2025	109,573	325,465

Depreciation
As at 1 April 2024	105,154	269,935
Provided during the period	2,823	43,692
Disposals	-	(34,124 )

As at 31 March 2025	107,977	279,503

Net Book Value
As at 31 March 2025	1,596	45,962

As at 1 April 2024	4,419	49,748

6. Stocks

	2025	2024
	£	£
Materials	84,302	69,258

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Pirtek (Watford) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

7. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	147,919	148,268
Amounts owed by participating interests	66,333	26,333
Other debtors	34,133	26,008

	248,385	200,609
Due after more than one year
Amounts owed by group undertakings	58,353	58,353

	306,738	258,962

8. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	28,787	22,182
Trade creditors	105,280	91,045
Bank loans and overdrafts	10,440	10,183
Other creditors	57,089	56,775
Taxation and social security	44,088	41,209

	245,684	221,394

9. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	36,727	36,611
Bank loans	2,651	13,091

	39,378	49,702

10. Loans

An analysis of the maturity of loans is given below:

	2025	2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	10,440	10,183

	2025	2024
	£	£
Amounts falling due between one and five years:
Bank loans	2,651	13,091

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Pirtek (Watford) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

11. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	28,787	22,182
Later than one year and not later than five years	36,727	36,611

	65,514	58,793

	65,514	58,793

12. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	50,000	50,000

13. Capital Commitments

	2025	2024
	£	£
At the end of the period	-	21,200

At the end of the period, the company had capital commitments contracted for but not provided in these financial statements

14. Related Party Disclosures

Transactions with directors

All directors remuneration was paid under the normal market conditions.

Summary of transactions with other related parties

AW Hydraulic Services Ltd, Macbeth Ltd, Sageglen Ltd, Dappleflair Ltd, Berkshire Hydraulic Solutions Ltd and Metaldance Ltd.

All above listed companies are under the common control of Mr A & Mrs A Williams.

At the year end there were outstanding loans from Sageglen Ltd, Berkshire Hydraulic Solutions Ltd and AW Hydraulic Services Ltd. The loan due to Dappleflair Ltd has now been repaid in full.

All sales and purchases with entities under common control were conducted under normal market conditions.

Loans to related parties	Other related parties	Total
2025	£	£
At start of period	26,333	26,333
Repaid	40,000	40,000

At end of period	66,333	66,333

	Other related parties	Total
2024	£	£
At start of period	26,333	26,333


At end of period	26,333	26,333

Terms of loans to related parties

...CONTINUED

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Pirtek (Watford) Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

14. Related Party Disclosures - continued

There are no repayment terms attached to the loan to entities under common control and no interest charged. The loan is repayable on demand.

Loans from related parties	Other related parties	Total
2025	£	£
At start of period	-	-


At end of period	-	-

	Other related parties	Total
2024	£	£
At start of period	1,112	1,112
Repaid	(1,112)	(1,112)

At end of period	-	-

Terms of loans from related parties

There are no repayment terms attached to the loan from entities under common control and no interest charged. This loan has now been repaid in full.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	5		45,962		49,748

			45,962		49,748
CURRENT ASSETS
Stocks	6	84,302		69,258
Debtors	7	306,738		258,962
Cash at bank and in hand		239,082		226,377

		630,122		554,597
Creditors: Amounts Falling Due Within One Year	8	(245,684 )		(221,394 )

NET CURRENT ASSETS (LIABILITIES)			384,438		333,203

TOTAL ASSETS LESS CURRENT LIABILITIES			430,400		382,951

Creditors: Amounts Falling Due After More Than One Year	9		(39,378 )		(49,702 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(10,045 )		(10,088 )

NET ASSETS			380,977		323,161

CAPITAL AND RESERVES
Called up share capital	12		50,000		50,000
Profit and Loss Account			330,977		273,161

SHAREHOLDERS' FUNDS			380,977		323,161