PIER (UK) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
Company Registration No. 04277266 (England and Wales)
PIER (UK) LIMITED
COMPANY INFORMATION
Directors
Mr S Quinn
Mr B Doran
Ms M Hughes
Ms K Kuczynska
(Appointed 28 March 2022)
Secretary
Ms M Hughes
Company number
04277266
Registered office
Unit 8
Sankey Valley Industrial Estate
Earlestown
Newton-le-Willows
WA12 8DN
Accountants
DSG
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
PIER (UK) LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Accountants' report
3
Statement of comprehensive income
4
Balance sheet
5 - 6
Statement of changes in equity
7
Notes to the financial statements
8 - 17
PIER (UK) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2022
- 1 -
The directors present the strategic report for the year ended 31 August 2022.
Review of the business
The results for the company show a pre-tax profit of £2,801,793 (2021: £1,843,865) for the year on sales of £12,295,501 (2021: £10,295,666).
The company has net assets of £7,413,517 (2021: £5,030,214).
Principal risks and uncertainties
The management of the business and the execution of the company's strategy are subject to a number of risks.
The key business risks and uncertainties affecting the company are considered to relate to the economy in general and the building trade in particular. Other key factors include competition from both national and independent builders merchants, employee retention, and product availability.
Credit risk is a constant risk and all new customers are reviewed and their financial position assessed before acceptance. The debt from existing customers is monitored on a regular basis to reduce the cash flow risk.
Key performance indicators
The directors are of the opinion that the key performance indicators are turnover and gross profit margin. The increase in turnover and the slight slight decrease in the gross margin in the year was a reflection of the general economic environment.
Mr S Quinn
Director
13 July 2023
PIER (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2022
- 2 -
The directors present their annual report and financial statements for the year ended 31 August 2022.
Principal activities
The principal activity of the company continued to be that of vacuum excavation.
Results and dividends
The results for the year are set out on page 4.
Ordinary dividends were paid amounting to £406,831. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr S Quinn
Mr B Doran
Ms M Hughes
Ms K Kuczynska
(Appointed 28 March 2022)
Financial instruments
The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans. The company uses interest rate derivatives to manage the mix of fixed and variable rate debt so as to reduce its exposure to changes in interest rates.
Investments of cash surpluses, borrowings and derivative instruments are made through banks and companies which must fulfil credit rating criteria approved by the Board.
All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Post reporting date events
In the opinion of the directors there were no post balance sheet events.
Future developments
The external commercial environment is expected to remain competitive in 2023. Strategies have been implemented which will ensure that the company remains competitive going forward.
On behalf of the board
Mr S Quinn
Director
13 July 2023
PIER (UK) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PIER (UK) LIMITED FOR THE YEAR ENDED 31 AUGUST 2022
- 3 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pier (UK) Limited for the year ended 31 August 2022 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Pier (UK) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Pier (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Pier (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pier (UK) Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Pier (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pier (UK) Limited. You consider that Pier (UK) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Pier (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
DSG
13 July 2023
Chartered Accountants
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
PIER (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2022
- 4 -
2022
2021
Notes
£
£
Turnover
3
12,295,501
10,295,666
Cost of sales
(8,000,015)
(7,218,886)
Gross profit
4,295,486
3,076,780
Administrative expenses
(1,495,229)
(1,245,625)
Other operating income
1,500
12,710
Operating profit
4
2,801,757
1,843,865
Interest receivable and similar income
7
36
Profit before taxation
2,801,793
1,843,865
Tax on profit
8
(11,659)
(139,146)
Profit for the financial year
2,790,134
1,704,719
The notes on pages 8 to 17 form part of these financial statements.
PIER (UK) LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2022
31 August 2022
- 5 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
10
868,941
776,783
Current assets
Debtors
11
6,441,768
4,765,479
Cash at bank and in hand
1,250,474
913,544
7,692,242
5,679,023
Creditors: amounts falling due within one year
12
(1,108,240)
(1,357,825)
Net current assets
6,584,002
4,321,198
Total assets less current liabilities
7,452,943
5,097,981
Creditors: amounts falling due after more than one year
13
(40,000)
Provisions for liabilities
Deferred tax liability
15
39,426
27,767
(39,426)
(27,767)
Net assets
7,413,517
5,030,214
Capital and reserves
Called up share capital
17
1,000
1,000
Profit and loss reserves
7,412,517
5,029,214
Total equity
7,413,517
5,030,214
For the financial year ended 31 August 2022 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
For the financial year ended 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
PIER (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2022
31 August 2022
- 6 -
The financial statements were approved by the board of directors and authorised for issue on 13 July 2023 and are signed on its behalf by:
Mr S Quinn
Director
Company Registration No. 04277266
PIER (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2022
- 7 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2020
1,000
3,927,461
3,928,461
Year ended 31 August 2021:
Profit and total comprehensive income for the year
-
1,704,719
1,704,719
Dividends
9
-
(602,966)
(602,966)
Balance at 31 August 2021
1,000
5,029,214
5,030,214
Year ended 31 August 2022:
Profit and total comprehensive income for the year
-
2,790,134
2,790,134
Dividends
9
-
(406,831)
(406,831)
Balance at 31 August 2022
1,000
7,412,517
7,413,517
PIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2022
- 8 -
1
Accounting policies
Company information
Pier (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 8, Sankey Valley Industrial Estate, Earlestown, Newton-le-Willows, WA12 8DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of SNC Holdings (NW) Limited.
SNC Holdings (NW) Limited is a company incorporated in Great Britain and registered in England and Wales. The registered office is Unit 8 Sankey Valley Industrial Estate, Earlestown, Newton-Le-Willows, Merseyside, WA12 8DN.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
PIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 9 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
Not depreciated
Plant and equipment
20% reducing balance
Fixtures and fittings
10% reducing balance
Computers
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
PIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 10 -
1.7
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
PIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 11 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
PIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
1
Accounting policies
(Continued)
- 12 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no estimates and assumptions that are considered to have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
PIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 13 -
3
Turnover and other revenue
2022
2021
£
£
Turnover analysed by class of business
Services
12,295,501
10,295,666
2022
2021
£
£
Turnover analysed by geographical market
United Kingdom
12,295,501
10,295,666
2022
2021
£
£
Other revenue
Interest income
36
-
Grants received
-
4,130
4
Operating profit
2022
2021
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses
1,106
55
Government grants
-
(4,130)
Depreciation of owned tangible fixed assets
56,827
44,789
Operating lease charges
2,256,474
2,157,897
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
86
79
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
3,502,452
3,444,398
Pension costs
133,371
67,502
3,635,823
3,511,900
PIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
- 14 -
6
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
148,048
148,978
Company pension contributions to defined contribution schemes
79,260
15,030
227,308
164,008
7
Interest receivable and similar income
2022
2021
£
£
Interest income
Other interest income
36
8
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
182,310
Adjustments in respect of prior periods
(29,062)
Total current tax
153,248
Deferred tax
Origination and reversal of timing differences
11,659
(14,102)
Total tax charge
11,659
139,146
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2022
2021
£
£
Profit before taxation
2,801,793
1,843,865
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
532,341
350,334
Tax effect of expenses that are not deductible in determining taxable profit
132
98
Adjustments in respect of prior years
(29,062)
Group relief
(519,492)
(173,852)
Permanent capital allowances in excess of depreciation
(12,981)
5,828
Deferred tax
11,659
(14,200)
Taxation charge for the year
11,659
139,146
PIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
8
Taxation
(Continued)
- 15 -
Factors that may affect future tax charges
Finance Act 2021 included provisions to increase the corporation tax rate from 19% to 25% with effect from 1 April 2023.
9
Dividends
2022
2021
£
£
Final paid
317,385
226,545
Interim paid
89,446
376,421
406,831
602,966
10
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 September 2021
566,335
311,756
59,239
41,890
979,220
Additions
43,505
99,388
2,708
3,384
148,985
At 31 August 2022
609,840
411,144
61,947
45,274
1,128,205
Depreciation and impairment
At 1 September 2021
158,765
22,686
20,986
202,437
Depreciation charged in the year
47,243
3,782
5,802
56,827
At 31 August 2022
206,008
26,468
26,788
259,264
Carrying amount
At 31 August 2022
609,840
205,136
35,479
18,486
868,941
At 31 August 2021
566,335
152,991
36,553
20,904
776,783
11
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
1,998,877
1,428,118
Corporation tax recoverable
14,817
Amounts owed by group undertakings
4,108,292
3,057,977
Other debtors
223,743
154,980
Prepayments and accrued income
110,856
109,587
6,441,768
4,765,479
PIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
11
Debtors
(Continued)
- 16 -
Amounts owed by group undertakings are interest free, have no fixed date of repayment and are repayable upon demand.
12
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Bank loans
14
9,167
Trade creditors
372,442
370,614
Corporation tax
182,310
Other taxation and social security
74,488
82,465
Other creditors
67,245
85,565
Accruals and deferred income
594,065
627,704
1,108,240
1,357,825
Included within bank loans is £nil (2021: £9,167) in respect of a Coronavirus Bounce Back Loan.
13
Creditors: amounts falling due after more than one year
2022
2021
Notes
£
£
Bank loans
14
40,000
Included within bank loans is £nil (2021: £40,000) in respect of a Coronavirus Bounce Back Loan.
14
Loans and overdrafts
2022
2021
£
£
Bank loans
49,167
Payable within one year
9,167
Payable after one year
40,000
15
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2022
2021
Balances:
£
£
Accelerated capital allowances
39,426
27,767
PIER (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2022
15
Deferred taxation
(Continued)
- 17 -
2022
Movements in the year:
£
Liability at 1 September 2021
27,767
Charge to profit or loss
11,659
Liability at 31 August 2022
39,426
16
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
133,371
67,502
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
17
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
18
Related party transactions
The company has taken advantage of the reduced disclosure exemption available under Financial Reporting Standard 102 relating to the disclosure of related party transactions between wholly owned group companies.
No other transactions with related parties were undertaken such as are required to be disclosed Financial Reporting Standard 102.
19
Ultimate controlling party
The ultimate parent company is SNC Holdings (NW) Limited, a company incorporated in Great Britain and registered in England and Wales. The registered office is Unit 8 Sankey Valley Industrial Estate, Earlestown, Newton-Le-Willows, Merseyside, WA12 8DN. SNC Holdings (NW) Limited prepares consolidated financial statements which includes Pier (UK) Limited.
The smallest and largest group into which the results of this entity are consolidated is that headed by SNC Holdings (NW) Limited
SNC Holdings (NW) Limited is controlled by Mr S Quinn.
2022-08-312021-09-01falseCCH SoftwareCCH Accounts Production 2023.200Mr S QuinnMr B DoranMs K KuczynskaMs Karolina KuczynskaMs M Hughes042772662021-09-012022-08-3104277266bus:Director12021-09-012022-08-3104277266bus:Director22021-09-012022-08-3104277266bus:CompanySecretaryDirector12021-09-012022-08-3104277266bus:Director32021-09-012022-08-3104277266bus:CompanySecretary12021-09-012022-08-3104277266bus:Director42021-09-012022-08-3104277266bus:RegisteredOffice2021-09-012022-08-31042772662022-08-31042772662020-09-012021-08-3104277266core:RetainedEarningsAccumulatedLosses2020-09-012021-08-3104277266core:RetainedEarningsAccumulatedLosses2021-09-012022-08-31042772662021-08-3104277266core:LeaseholdImprovements2022-08-3104277266core:PlantMachinery2022-08-3104277266core:FurnitureFittings2022-08-3104277266core:ComputerEquipment2022-08-3104277266core:LeaseholdImprovements2021-08-3104277266core:PlantMachinery2021-08-3104277266core:FurnitureFittings2021-08-3104277266core:ComputerEquipment2021-08-3104277266core:CurrentFinancialInstrumentscore:WithinOneYear2022-08-3104277266core:CurrentFinancialInstrumentscore:WithinOneYear2021-08-3104277266core:Non-currentFinancialInstrumentscore:AfterOneYear2022-08-3104277266core:Non-currentFinancialInstrumentscore:AfterOneYear2021-08-3104277266core:CurrentFinancialInstruments2022-08-3104277266core:CurrentFinancialInstruments2021-08-3104277266core:ShareCapital2022-08-3104277266core:ShareCapital2021-08-3104277266core:RetainedEarningsAccumulatedLosses2022-08-3104277266core:RetainedEarningsAccumulatedLosses2021-08-3104277266core:ShareCapital2020-08-3104277266core:RetainedEarningsAccumulatedLosses2020-08-3104277266core:LeaseholdImprovements2021-09-012022-08-3104277266core:PlantMachinery2021-09-012022-08-3104277266core:FurnitureFittings2021-09-012022-08-3104277266core:ComputerEquipment2021-09-012022-08-3104277266core:UKTax2021-09-012022-08-3104277266core:UKTax2020-09-012021-08-310427726612021-09-012022-08-310427726612020-09-012021-08-3104277266core:LeaseholdImprovements2021-08-3104277266core:PlantMachinery2021-08-3104277266core:FurnitureFittings2021-08-3104277266core:ComputerEquipment2021-08-31042772662021-08-3104277266core:Non-currentFinancialInstruments2022-08-3104277266core:Non-currentFinancialInstruments2021-08-3104277266bus:PrivateLimitedCompanyLtd2021-09-012022-08-3104277266bus:FRS1022021-09-012022-08-3104277266bus:AuditExemptWithAccountantsReport2021-09-012022-08-3104277266bus:FullAccounts2021-09-012022-08-31xbrli:purexbrli:sharesiso4217:GBP