Physical Development Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 11424584 (England and Wales)

Unaudited Financial Statements

for the Period 1 July 2021 to 31 August 2022

for

Physical Development Ltd

Page

Chartered Accountants' Report

1

Statement of Financial Position

2

Notes to the Financial Statements

4

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Physical Development Ltd for the period ended 31 August 2022 which comprise the Income Statement, Statement of Financial Position 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Physical Development Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Physical Development Ltd and state those matters that we have agreed to state to the Board of Directors of Physical Development Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Physical Development Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Physical Development Ltd 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 Physical Development Ltd. You consider that Physical Development Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Physical Development Ltd. 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.

Haggards Crowther Professional Services LLP

Chartered Accountants

2nd Floor, Heathmans House

19 Heathmans Road

London

SW6 4TJ

30 March 2023

FIXED ASSETS

Intangible assets

4

30,200

45,600

Tangible assets

5

56,640

28,019

86,840

73,619

CURRENT ASSETS

Debtors

6

234,127

94,738

Cash at bank

32,016

137,437

266,143

232,175

CREDITORS

Amounts falling due within one year

7

134,530

113,769

NET CURRENT ASSETS

131,613

118,406

TOTAL ASSETS LESS CURRENT LIABILITIES

218,453

192,025

CREDITORS

Amounts falling due after more than one year

8

(80,323

)

(107,386

)

PROVISIONS FOR LIABILITIES

(9,913

)

(4,053

)

NET ASSETS

128,217

80,586

CAPITAL AND RESERVES

Called up share capital

18

18

Share premium

9

8,918

8,918

Fair value reserve

9

50,999

50,999

Retained earnings

9

68,282

20,651

128,217

80,586

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2023 and were signed on its behalf by:

Mr D A R Gyles - Director

1.	STATUTORY INFORMATION

Physical Development Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 11424584 and its registered address is 10 Firtree Close, Sandhurst, Berkshire, United Kingdom, GU47 8HU.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared in accordance with the micro-entity provisions of the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable to the Micro-entities Regime.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements.

Turnover

Turnover is stated net of VAT. Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the services provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Intangible assets

Intangible assets are initially measured at cost. After initial recognitions, intangible assets are measured at fair value less any accumulated amortisation and any accumulated impairment losses.

Franchise license areas - 20% on a straight-line basis

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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 future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 60 (2021 - 20 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST OR VALUATION

At 1 July 2021

and 31 August 2022

66,000

AMORTISATION

At 1 July 2021

20,400

Charge for period

15,400

At 31 August 2022

35,800

NET BOOK VALUE

At 31 August 2022

30,200

At 30 June 2021

45,600

Cost or valuation at 31 August 2022 is represented by:

Other

intangible

assets

£

Valuation in 2021

26,999

Valuation in 2022

39,001

66,000

5.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 July 2021

23,235

19,056

42,291

Additions

32,335

10,113

42,448

At 31 August 2022

55,570

29,169

84,739

DEPRECIATION

At 1 July 2021

7,106

7,166

14,272

Charge for period

8,952

4,875

13,827

At 31 August 2022

16,058

12,041

28,099

NET BOOK VALUE

At 31 August 2022

39,512

17,128

56,640

At 30 June 2021

16,129

11,890

28,019

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

30.6.21

£

£

Trade debtors

223,171

83,641

Other debtors

10,956

11,097

234,127

94,738

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

30.6.21

£

£

Bank loans and overdrafts

18,163

1,526

Trade creditors

45,324

20,641

Taxation and social security

51,422

70,528

Other creditors

19,621

21,074

134,530

113,769

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.22

30.6.21

£

£

Bank loans

80,275

107,386

Other creditors

48

-

80,323

107,386

9.

RESERVES

Fair

Retained

Share

value

earnings

premium

reserve

Totals

£

£

£

£

At 1 July 2021

20,651

8,918

50,999

80,568

Profit for the period

136,759

136,759

Dividends

(89,128

)

(89,128

)

At 31 August 2022

68,282

8,918

50,999

128,199

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other debtors is a loan from Mr Chick, in the amount of £2,613 (2021: £2,549) and Mr Scroby of £66 (2021: £66). The outstanding balances are unsecured, not subject to interest and payable on demand.

Included in other creditors is a loan from Mr Gyles, in the amount of £2,205 (2021: £2,244). The outstanding balances are unsecured, not subject to interest and payable on demand.

Included in long term creditors is a loan from Mr Scroby of £42,058. The outstanding balance is unsecured, subject to interest of 2.5% after a 6 month interest free period and payable within 10 years.