REGISTERED NUMBER: 05179798 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PXA LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A C May

REGISTERED OFFICE:

Unit 3C

Nelson Park West

Admiral Business Park

Cramlington

Northumberland

NE23 1WG

REGISTERED NUMBER:

05179798 (England and Wales)

ACCOUNTANTS:

RMT Ribchesters

Accountants and Business Advisors

Finchale House

Belmont Business Park

Durham

DH1 1TW

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

2,020,861

244,578

2,020,861

244,578

CURRENT ASSETS

Debtors

6

602,415

496,942

Cash at bank

229,735

720,144

832,150

1,217,086

CREDITORS

Amounts falling due within one year

7

928,492

669,170

NET CURRENT (LIABILITIES)/ASSETS

(96,342

)

547,916

TOTAL ASSETS LESS CURRENT LIABILITIES

1,924,519

792,494

CREDITORS

Amounts falling due after more than one year

8

(1,221,102

)

(31,521

)

PROVISIONS FOR LIABILITIES

(44,901

)

(61,145

)

NET ASSETS

658,516

699,828

CAPITAL AND RESERVES

Called up share capital

11

200

200

Revaluation reserve

12

16,070

21,426

Retained earnings

642,246

678,202

SHAREHOLDERS' FUNDS

658,516

699,828

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 May 2025 and were signed by:

A C May - Director

1.	STATUTORY INFORMATION

PXA Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover derives from the principal activity of the company which is that of freight management services. Income from this activity is recognised as the services are delivered.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Long leasehold

-

straight line basis over term of lease

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants

Government grants relating to revenue are recognised as income on a systematic basis over the periods in which the entity recognises the related costs from which the grant is intended to compensate.

Financial instruments

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

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

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

Going concern

The directors have considered the profitability and forecast cashflows of the business for a period in excess of 12 months from the expected date of the approval of these financial statements. They consider that the company has reasonable expectation of meeting its commitments. The going concern basis of accountancy has therefore been adopted.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2023 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

40,000

AMORTISATION

At 1 January 2024

and 31 December 2024

40,000

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

-

544,041

544,041

Additions

1,836,648

42,701

1,879,349

Disposals

-

(59,366

)

(59,366

)

At 31 December 2024

1,836,648

527,376

2,364,024

DEPRECIATION

At 1 January 2024

-

299,463

299,463

Charge for year

5,466

62,195

67,661

Eliminated on disposal

-

(23,961

)

(23,961

)

At 31 December 2024

5,466

337,697

343,163

NET BOOK VALUE

At 31 December 2024

1,831,182

189,679

2,020,861

At 31 December 2023

-

244,578

244,578

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 January 2024

156,740

Transfer to ownership

(46,000

)

At 31 December 2024

110,740

DEPRECIATION

At 1 January 2024

84,214

Charge for year

18,131

Transfer to ownership

(31,748

)

At 31 December 2024

70,597

NET BOOK VALUE

At 31 December 2024

40,143

At 31 December 2023

72,526

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

397,960

267,743

Other debtors

204,455

229,199

602,415

496,942

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

33,302

10,648

Hire purchase contracts (see note 9)

15,126

36,159

Trade creditors

327,360

268,384

Taxation and social security

444,520

333,379

Other creditors

108,184

20,600

928,492

669,170

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

1,211,220

19,522

Hire purchase contracts (see note 9)

9,882

11,999

1,221,102

31,521

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,041,354

-

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

15,126

36,159

Between one and five years

9,882

11,999

25,008

48,158

Non-cancellable

operating leases

2024

2023

£

£

Within one year

12,719

154,507

Between one and five years

-

12,719

12,719

167,226

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Hire purchase contracts

25,008

48,158

Bank Loan

1,225,000

-

1,250,008

48,158

The liabilities are secured on the assets to which they relate.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

4

Ordinary A

£1

4

4

196

Ordinary B

£1

196

196

200

200

12.

RESERVES

Revaluation

reserve

£

At 1 January 2024

21,426

Transfer

(5,356

)

At 31 December 2024

16,070

13.	RELATED PARTY DISCLOSURES

During the year the directors made interest free loans to the company, the amount outstanding on these loans as at 31 December 2024 was £6,493 (2023: £1,386).

Included within Other Debtors is an amount due to a company whose director is also a director of this company. At the balance sheet date the amount outstanding was £90,781.(2023: £89,194)