Pneumatic Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71A-71B Roman Way, Ribbleton, Preston, PR2 5BE.
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts , on the basis that the group of which this is the parent qualifies as a small group . The financial statements present information about the company as an individual entity and not about its group .
The majority of the year under report took place amidst a challenging operational background due to the impact of the Covid-19 pandemic. Although some customers temporarily closed, all of the group’s trading locations remained open with a reduced level of staff. The group supplied products to certain industries deemed ‘essential’ by the government and adapted to the new circumstances caused by the pandemic and specifically the facilitation of appropriate social distancing and hygiene procedures throughout all sites. In spite of these challenges the group still reports significant profits, the majority delivered through like for like sales rather than from in year acquisitions, demonstrating a robust underlying demand for its products and services across the industries which it serves.
The group made use of available government financial support for which it was eligible, such as the CJR scheme. The group’s banking partner also provided support in the form of a £3m CBIL scheme loan, additional short-term facilities from asset-backed lending and deferred capital repayments.
Management information shows that trading since the balance sheet date has been profitable and ahead of 2020 on a cumulative like for like basis. The directors have also produced and referred to prudent group cash flow forecasts and at the time of signing the financial statements, the group has headroom in its various facilities in excess of £5.5m. Confirmation has also been provided by key creditors that they will not seek repayment for at least twelve months from the date of the financial statements being approved. Taken together, these points indicate that the group will be able to meet all its liabilities as they are projected to fall due for payment over the next twelve months, leading the directors to conclude that there are no material uncertainties over adopting the going concern basis at the time of signing the financial statements and furthermore look to the future with an optimistic outlook.
Basic financial assets, which include #tErm6 , 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.
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.
Basic financial liabilities, including creditors and loans from fellow group companies, 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 paymen ts 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.
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.
The average monthly number of persons (including directors) employed by the company during the year was:
As the income statement has been omitted from the filing copy of the financial statements , the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006 :
The auditor's report was unqualified.
At the year end the company was party to a cross company guarantee covering group borrowings, at the balance sheet date the security given in this respect was limited to a total of £5,159,564.
The company has taken advantage of the exemption conferred by section 33 FRS 102, namely from disclosing any transactions entered into between two or more members of the group. Provided that any subsidiary which is party to the transaction is wholly owned by such a member.
The parent company is R&G Fluid Power Group Limited, a company incorporated in England and Wales. The registered office of R&G Fluid Power Group Limited is 71A Roman Way, Longridge Road, Ribbleton, Preston, PR2 5BE.
The only group in which the results of the company are consolidated is that headed by R&G Fluid Power Group Limited. Copies of these financial statements can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.