Registration number:
P & D Manufacturing Limited
for the Year Ended 31 March 2021
P & D Manufacturing Limited
(Registration number: 03035814)
Balance Sheet
31 March 2021
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2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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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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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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P & D Manufacturing Limited
(Registration number: 03035814)
Balance Sheet
31 March 2021
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
P & D Manufacturing Limited
Notes to the Financial Statements
Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
21 Porte Marsh Road
Calne
Wiltshire
SN11 9BW
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.
Going concern
The financial statements have been prepared on a going concern basis.
The Directors consider there to be no material uncertainties affecting going concern due to the confidence in the Group’s funding position, no net debt and unencumbered assets. This has been considered in the context of the Covid-19 pandemic.
Audit report
P & D Manufacturing Limited
Notes to the Financial Statements
Year Ended 31 March 2021
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.
Foreign currency transactions and balances
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 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
P & D Manufacturing Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Leasehold property |
25% per annum straight line |
Other property, plant and equipment |
10%-25% per annum straight line and 15% per annum reducing balance |
Furniture, fittings & equipment |
10%-33% per annum straight line and 15% per annum reducing balance |
Motor vehicles |
20%-25% per annum straight line and 25% per annum reducing balance |
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 held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
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 |
over 10 years |
P & D Manufacturing Limited
Notes to the Financial Statements
Year Ended 31 March 2021
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.
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. 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.
P & D Manufacturing Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
P & D Manufacturing Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 April 2020 |
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At 31 March 2021 |
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Amortisation |
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At 1 April 2020 |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
- |
- |
P & D Manufacturing Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Tangible assets |
Long leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Motor vehicles |
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Cost or valuation |
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At 1 April 2020 |
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Additions |
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- |
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- |
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Disposals |
- |
- |
- |
( |
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At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
- |
( |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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P & D Manufacturing Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Total |
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Cost or valuation |
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At 1 April 2020 |
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Additions |
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Disposals |
( |
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At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
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Charge for the year |
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Eliminated on disposal |
( |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Included within the net book value of land and buildings above is £102,729 (2020 - £57,521) in respect of long leasehold land and buildings.
Stocks |
2021 |
2020 |
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Stock |
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Debtors |
Note |
2021 |
2020 |
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Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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P & D Manufacturing Limited
Notes to the Financial Statements
Year Ended 31 March 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
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Other creditors |
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Included in other creditors is £519,967 (2020 - £848,792) relating to a confidential invoice discounting agreement with Barclays Bank Plc, this balance is secured on the trade debts of the company.
Related party transactions |
Where the company has trading transactions and debtor and creditors balances with other 100% wholly owned subsidiaries within the group, the company has taken advantage of the exemption from disclosure as consolidated accounts are available. Although no detail is given, the total balances can be seen in the debtor and creditors notes to the accounts. All group balances are considered fully recoverable and are reviewed on a group level and each company is fully supported within the group.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
The parent of the largest group in which these financial statements are consolidated is
P & D Manufacturing Limited
Notes to the Financial Statements
Year Ended 31 March 2021
The address of Avon Manufacturing (Holdings) Limited is:
Units 137-145
South Liberty Lane
Bedminster
Bristol
Avon
BS3 2TL