P. PRITCHARD SHEET METAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2025
Company Registration Number: 03745820
P. PRITCHARD SHEET METAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
CONTENTS PAGES
Company information 1
Balance sheet 2 to 3
Notes to the financial statements 4 to 10
P. PRITCHARD SHEET METAL LIMITED
COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2025
DIRECTOR
S J Davies
SECRETARY
The company does not have an appointed secretary
REGISTERED OFFICE
Unit 15, White Horse Business Park
Stanford in the Vale
Oxfordshire
SN7 8NY
COMPANY REGISTRATION NUMBER
03745820 England and Wales
P. PRITCHARD SHEET METAL LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
Notes 2025 2024
£ £
FIXED ASSETS
Intangible assets 5 875 2,375
Tangible assets 6 737,328 397,420
738,203 399,795
CURRENT ASSETS
Stock 107,507 99,328
Debtors 7 1,148,344 1,085,681
Cash at bank and in hand 38,731 233,930
1,294,582 1,418,939
CREDITORS: Amounts falling due within one year 8 353,152 390,018
NET CURRENT ASSETS 941,430 1,028,921
TOTAL ASSETS LESS CURRENT LIABILITIES 1,679,633 1,428,716
CREDITORS: Amounts falling due after more than one year 9 379,308 183,857
Provisions for liabilities and charges 140,093 99,355
NET ASSETS 1,160,232 1,145,504
CAPITAL AND RESERVES
Called up share capital 100 100
Distributable profit and loss account 1,160,132 1,145,404
SHAREHOLDER'S FUNDS 1,160,232 1,145,504
P. PRITCHARD SHEET METAL LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
These accounts have been prepared and delivered in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.
For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
Members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report.
Signed on behalf of the board
S J Davies
Director
Date approved by the board: 13 October 2025
P. PRITCHARD SHEET METAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
1 GENERAL INFORMATION
P. Pritchard Sheet Metal Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is:
Unit 15, White Horse Business Park
Stanford in the Vale
Oxfordshire
SN7 8NY
The financial statements are presented in Sterling, which is the functional currency of the company.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation of financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 Section 1A smaller entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS 102') and the Companies Act 2006.
Revenue recognition
Turnover is measured at the fair value of consideration received or receivable and represents the fabrication of sheet metal and the provision of powder coating services, stated net of trade discounts and value added tax.
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity.
Grant Income
Grant income has been recognised under the accrual model, where income is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
Intangible fixed assets
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. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.
Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 10 years.
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 expectations.
P. PRITCHARD SHEET METAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Tangible fixed assets
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives.
Plant and machinery Reducing balance basis at 25% per annum
Motor vehicles Reducing balance basis at 25% per annum
Computer equipment Reducing balance basis at 25% per annum
Leasehold property Straight line basis at 33.3% per annum
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses.
Financial Instruments
A financial asset or financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through the profit and loss account.
Basic financial assets and financial liabilities are initially recognised at transaction price and measured at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. They are subsequently carried at their amortised cost using the effective interest rate method, less any provision for impairment. If the effect of the time value of money is immaterial, they are measured at cost less impairment.
Basic financial assets and liabilities which are measured at cost or amortised cost are reviewed for objective impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss account immediately.
Any reversals of impairment are recognised in the profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset or liability which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.
Financing transactions are measured at the present value of the future receipts discounted at a market rate of interest. They are subsequently measured at amortised costs using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
P. PRITCHARD SHEET METAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account.
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Stock
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis.
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment.
Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and subsequently at amortised cost.
P. PRITCHARD SHEET METAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…)
Leases
Leases are classified as finance leases when they transfer substantially all the risks and rewards of ownership of the leased assets to the company. Other leases that do not transfer substantially all the risks and rewards of ownership of the leased assets to the company are classified as operating leases.
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease.
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account.
Payments applicable to operating leases are charged against profit on a straight line basis over the lease term.
Taxation
Taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period.
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods based on current tax rates and laws. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Pensions
The company operates a defined contribution pension scheme. The amount charged to the profit and loss account in respect of pension costs and other post-retirement benefits is the amount payable in the year. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments in the balance sheet.
P. PRITCHARD SHEET METAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements.
4 EMPLOYEES
The average number of persons employed by the company (including the director) during the year was:
2025 2024
Average number of employees 13 11
5 INTANGIBLE FIXED ASSETS
Goodwill
£
Cost
At 1 April 2024 15,000
At 31 March 2025 15,000
Accumulated amortisation and impairments
At 1 April 2024 12,625
Charge for year 1,500
At 31 March 2025 14,125
Net book value
At 1 April 2024 2,375
At 31 March 2025 875
P. PRITCHARD SHEET METAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
6 TANGIBLE ASSETS
Plant and machinery Motor vehicles Computer equipment Leasehold property Total
£ £ £ £ £
Cost
At 1 April 2024 1,352,513 102,407 51,528 1,494 1,507,942
Additions 458,570 70,109 5,325 - 534,004
Disposals (115,650) - - - (115,650)
At 31 March 2025 1,695,433 172,516 56,853 1,494 1,926,296
Accumulated depreciation and impairments
At 1 April 2024 1,046,215 29,442 33,371 1,494 1,110,522
Charge for year 150,454 19,702 5,147 - 175,303
Disposals (96,857) - - - (96,857)
At 31 March 2025 1,099,812 49,144 38,518 1,494 1,188,968
Net book value
At 1 April 2024 306,298 72,965 18,157 - 397,420
At 31 March 2025 595,621 123,372 18,335 - 737,328
7 DEBTORS
2025 2024
£ £
Trade debtors 221,050 189,005
Prepayments and accrued income 10,899 19,726
Other debtors 916,395 876,950
1,148,344 1,085,681
8 CREDITORS: Amounts falling due within one year
2025 2024
£ £
Bank loans and overdrafts 66,132 63,453
Trade creditors 97,957 73,402
Taxation and social security 40,302 152,489
Hire purchase contracts and finance leases 128,165 60,352
Accruals and deferred income 11,555 11,261
Other creditors 9,041 29,061
353,152 390,018
P. PRITCHARD SHEET METAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
9 CREDITORS: Amounts falling due after more than one year
2025 2024
£ £
Bank loans and overdrafts 36,533 102,665
Hire purchase contracts and finance leases 342,775 81,192
379,308 183,857
10 SECURED DEBTS
A fixed and floating charge is secured over all assets and undertakings of the company in respect of a loan taken out by the parent company, Pritchard Davies Holdings Limited. At the year end, this loan is due to be repaid within 1 year.
The company has a bank loan with Funding Circle which S and M Davies have agreed to be personal guarantors on. The full amount borrowed amounts to £262,500 and this is due to be repaid over a 5 year period and at an interest rate of 4.9%.
The hire purchase contracts and finance leases are secured on the assets concerned.
11 CONTINGENCIES AND COMMITMENTS
Other Commitments
Amounts falling due under operating leases: 2025 2024
£ £
In less than one year 30,000 36,000
In more than one but less than five years 125,000 125,000
In more than five years 252,500 282,500
407,500 443,500
12 RELATED PARTY TRANSACTIONS
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members:
Pritchard Davies Holdings Limited Parent company
During the year, the following transactions with related parties took place:
S J Davies
Director 2025 2024
£ £
Director's loan account Amount owed to director 41 20,061
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