Registration number:
Poole Dick Associates Limited
for the Year Ended 28 February 2021
Poole Dick Associates Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Poole Dick Associates Limited
Company Information
Directors |
Mr Andrew John Bayley Mr Stephen Daniel Lowndes Mr Martin Brownsill |
Company secretary |
Mrs Debra Potter |
Registered office |
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Solicitors |
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Auditors |
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Poole Dick Associates Limited
(Registration number: 01477221)
Balance Sheet as at 28 February 2021
Note |
2021 |
2020 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,214 |
1,214 |
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Share premium reserve |
114,705 |
114,705 |
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Capital redemption reserve |
588 |
588 |
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Profit and loss account |
319,823 |
294,361 |
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Shareholders' funds |
436,330 |
410,868 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Poole Dick Associates Limited
Notes to the Financial Statements for the Year Ended 28 February 2021
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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
The financial statements of Poole Dick Associates Limited have been prepared in compliance with United Kingdom Accounting Standards, including Financial reporting Standard 102, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland" (FRS102) and the Companies Act 2006.
Basis of preparation
These financial statements are prepared on a going concern basis, under the historical cost convention.
The preparation of financial statements in conformity with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies.
The financial statements are presented in sterling which is also the functional currency of the company.
Going concern
The company made a profit after tax of £387,174 during the year ended 28th February 2021 (2020 profit £362,641), and as of that date, the Company had net assets of £436,330 (2020 net assets £410,868).
While the company has been benefiting from substantially improved trading, the Covid-19 pandemic has resulted in significant uncertainties in the world economy as detailed in the subsequent events note below.
However, the directors are optimistic about the company's future and are still confident of a continuous trade, which they can continue to build on.
The company has the continued support of the directors, who will also assist the company meet their financial liabilities for the next year, should the need arise.The directors therefore have a reasonable expectation that the Company has adequate resources to continue in operational existence for the forseeable future. However, as at the date of signing these financial statements Poole Dick Associates Ltd had applied and received a loan borrowing under the UK governments Coronavirus Bounce Back Loan scheme of £50,000 which commenced repayment from June 2021.
The financial statements are therefore prepared on the going concern basis.
Poole Dick Associates Limited
Notes to the Financial Statements for the Year Ended 28 February 2021
Audit report
Changes in circumstances
Subsequent Events - COVID-19 Pandemic
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Judgements
Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on items in the financial statements where these judgements have been made include: |
1. As with most UK companies, we are still unsure about the impact following the Brexit vote now the UK has left the EU. We are involved in the construction and property development sectors which are usually at the forefront of economic cycles. We have to make significant judgements as to how we feel the economy will perform in the forthcoming years and how that will effect our investment in skilled employees working in key positions and possible further office investments, which we are monitoring closely. |
2. The calculation of tax liabilities involves uncertainties in the application of complex tax laws. Determining tax provisions therefore requires judgement on the treatment of certain transactions. Deferred tax is recognised on tax losses not yet used and on temporary differences where it is probable that there will be a taxable revenue against which these can be offset. Management has made judgements as to the probability of future taxable revenues being generated against which tax losses will be available for offset. |
Poole Dick Associates Limited
Notes to the Financial Statements for the Year Ended 28 February 2021
Key sources of estimation uncertainty
1. Tangible Fixed Assets - the depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. The carrying amount is £26,331 (2020 -£28,476).
2. Impairmant of Debtors - The Company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. The amount excludes Amounts Recoverable on Contracts separately disclosed. The carrying amount is £558,212 (2020 -£461,050).
3. Amounts Recoverable on Contracts - the Company values work done in the year including estimates of amounts not invoiced, and is recognised by reference to the estimated stage of completion at the balance sheet date. The carrying amount is £57,921 (2020 -£81,415).
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 and 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.
Contract revenue recognition
Turnover in respect of long term contracts and contracts for ongoing services represents the value of work done in the year including estimates of amounts not invoiced, and is recognised by reference to the stage of completion at the balance sheet date.
Government grants
Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the company will comply wth all the attached conditions.
Government grants relating to costs are deferred and recognised in the profit and loss account over the period necessary to match them with the costs that they are intended to compensate.
Government grants related to property, plant and equipment are included in non-current liabilities as deferred government grants and are credited to the profit and loss account on a straight line basis over the expected lives of the related assets.
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.
Poole Dick Associates Limited
Notes to the Financial Statements for the Year Ended 28 February 2021
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.
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 |
Fixture, fittings and equipment |
20%-33% reducing balance |
Computer equipment |
33.3% straight line |
Intangible assets
Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation is charged so as to allocate the cost of intangibles less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the following useful economic lives:
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 |
Software |
20% straight line |
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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold 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.
Poole Dick Associates Limited
Notes to the Financial Statements for the Year Ended 28 February 2021
Stocks
Work in progress is valued at the lower of cost and net realisable value. Cost is based on the labour charged to specific jobs for providing services together with associated expenses and attributable overheads.
Long term contracts are assessed on a contract by contract basis and where a contract can be assessed with reasonable certainty, contract costs and turnover are recognised in the profit and loss account by reference to the percentage stage of completion at the balance sheet date. Where a contract can not be asessed with reasonable certainty, turnover is only recognised to the extent that the contract costs incurred are expected to be recovered. Any forseeable losses on a contract are recognised immediately in the profit and loss account.
Amounts recoverable on long term contracts are stated at cost plus recognised profits less forseeable losses and invoices raised on account. The net amount is disclosed in debtors.
Payments on account in excess of amounts recoverable on long term contacts are included in creditors.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.
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.
Provisions
The Company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, for which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable plus employers national insurance for the period of holiday leave.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Poole Dick Associates Limited
Notes to the Financial Statements for the Year Ended 28 February 2021
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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.
Financial instruments
Classification
Recognition and measurement
Inter group debt, directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment.
Impairment
Government grants |
The amount of grants recognised in the financial statements was £
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Poole Dick Associates Limited
Notes to the Financial Statements for the Year Ended 28 February 2021
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 March 2020 |
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At 28 February 2021 |
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Amortisation |
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At 1 March 2020 |
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Amortisation charge |
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At 28 February 2021 |
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Carrying amount |
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At 28 February 2021 |
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At 29 February 2020 |
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Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Computer equipment |
Total |
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Cost or valuation |
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At 1 March 2020 |
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Additions |
- |
- |
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At 28 February 2021 |
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Depreciation |
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At 1 March 2020 |
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Charge for the year |
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At 28 February 2021 |
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Carrying amount |
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At 28 February 2021 |
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At 29 February 2020 |
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Included within the net book value of land and buildings above is £Nil (2020 - £Nil) in respect of freehold land and buildings and £885 (2020 - £1,068) in respect of long leasehold land and buildings.
Poole Dick Associates Limited
Notes to the Financial Statements for the Year Ended 28 February 2021
Debtors |
Note |
2021 |
2020 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £7,986 (2020 - £24,465).
Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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736 |
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736 |
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160 |
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160 |
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318 |
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318 |
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Poole Dick Associates Limited
Notes to the Financial Statements for the Year Ended 28 February 2021
Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Bank borrowings |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Bank borrowings
The bank loan is secured by a fixed and floating charge over all assets of the company dated 13th March 2019.
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The loan issued under the Coronavirus regulations provided by the UK government provided the loan withoiut any security and backed by government guarantee. The loan is interest free for the first year until June 2021 and the repayments of capital and interest are over 5 years in equal monthluy instalments. |
Other borrowings
Loans from directors are denominated in £ Sterling with a nominal interest rate of 0%, and the final instalment is due on 28 February 2020. The carrying amount at year end is £3,004 (2020 - £Nil). The loans are unsecured |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2021 |
2020 |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Poole Dick Associates Limited
Notes to the Financial Statements for the Year Ended 28 February 2021
Dividends |
Final dividends paid
2021 |
2020 |
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Final dividend of £
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Final dividend of £
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Final dividend of £
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Interim dividends paid
2021 |
2020 |
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Interim dividend of £
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Interim dividend of £
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Recommended final dividends paid and not recognised in the accounts
The directors are recommending the following final dividends:
£- (2020 - £ |
£- (2020 - £ |
£- (2020 - £ |
These dividends have not been accrued in the Balance Sheet.
Related party transactions |
Key management compensation
2021 |
2020 |
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Salaries and other short term employee benefits |
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Post-employment benefits |
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Directors' remuneration
During the year the number of directors who were receiving benefits and share incentives was as follows:
2021 |
2020 |
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Accruing benefits under money purchase pension scheme |
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Summary of transactions with other related parties
Poole Dick Associates Limited
Notes to the Financial Statements for the Year Ended 28 February 2021
The Bury office is subject to a 10 year full repairing lease expiring on 30 September 2025 at an initial rent of £28,700. The first rent review is after 5 years to be agreed between the Company and the Poole Dick Associates Directors Retirement Benefit Scheme. In the event that no agreement can be reached the new rent is to be determined by an Expert.
The Keele office is subject to a new 5 year full repairing lease dated on 6 September 2018 at an initial annual rent of £25,000 per annum. Review dates are every anniversary of the date of the lease.
Amounts owed by group undertakings PDA Holdings Ltd at year end has a balance of £105,250 to be repaid.
Parent and ultimate parent undertaking |
The company's immediate parent is