ACCOUNTS - Final Accounts preparation
ACCOUNTS - Final Accounts preparation
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Registered number:
FOR THE YEAR ENDED 31 MARCH 2023
Whitings LLP
Chartered Accountants
Fenland House
15B Hostmoor Avenue
March
Cambridgeshire
PE15 OAX
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P.J. THORY LIMITED
COMPANY INFORMATION
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P.J. THORY LIMITED
CONTENTS
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P.J. THORY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The company's principal activities during the year continued to be that of haulage contractors, general building materials merchants, demolition and plant contractors.
The directors wish to present a balanced and comprehensive review of the development and performance of the company during the year and its position at the end of the year. Their review is consistent with the size and nature of the business and is written in the context of risks and uncertainties faced.
The company have enjoyed an increase in turnover due to the significant demand for the company’s good and services primarily from its customers in the construction industry. Despite this, and like many companies in the construction industry, the company has experienced significant rising costs across the board as a result of soaring inflation which has led to a fall in gross profit margin, operating profit and profit before tax. The directors are keen to maintain the financial performance of the current year, but remain mindful of the continued tumultuous economic and political environment in which the company and its customers operate, which may have a negative impact on the company and the industries it serves going forwards. As a result the directors are keen to consolidate its position in the market and continue whilst seeking out avenues for growth and cost saving where they arise.
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P.J. THORY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Competitive markets - The company operates in highly competitive markets, which is subject to external political factors such as high level health and safety regulations and changes in commodity prices affecting both customers and suppliers of the group. The company manages these risks by agreeing terms with its main suppliers and maintaining strong relationships with a wide range of customers by providing a range of value added services which should provide some stability.
Fuel costs - a significant cost to the company, fuel prices and supply levels can be significantly influenced by international, political and economic circumstances resulting in higher prices, increased volatility of prices, supply restrictions, shortages or interruptions which could adversely affect the company's operations. Furthermore, the company may be unable to pass these costs on to customers. The board continually monitor risk and seek out the best price possible from its suppliers to ensure that this significant cost to the company does not significantly erode margins. Driver costs - another significant cost to the company, wages rates and general availability of labour can be affected by shortages experienced as a result of macroeconomic factors. The board seek to mitigate the impact this has on the company by offering its drivers competitive remuneration packages. Regulation - the company operates in industries which are subject to numerous laws and regulations covering a wide range of matters including health & safety, employment (including working time, wages and legislation covering mandatory breaks) and other operating issues, in particular the Goods Vehicles (Licensing of Operators) Act 1995. The board have implemented operational policies and procedures to ensure compliance with existing laws and regulations, as well as implementing procedures to monitor changes. As mentioned in the business review, the directors remain cautious in light of the tumultuous economic and political environment which could have a negative impact on the company and the industry going forwards. The directors remain vigilant to how this may impact the business in the short and long term and will seek to take appropriate actions to minimise the business impact going forwards whilst continuing to meet customer demand.
Due to the nature of trade, the directors monitor turnover, gross profit, gross margin and cash at bank as the Key Performance Indicators (KPI's) to measure performance of the company and report that:
Turnover for the year has increased by 25.6% (2022 - increased by 27.8%) from £19,097,653 to £23,989,929. Gross profit has increased by 3.4% (2022 - increased by 60.6%) from £3,603,682 to £3,725,019. Gross profit margin is 15.5% (2022 - 18.9%). Cash at bank at the year end totals £63,857 (2022 - £179,128)
This report was approved by the board and signed on its behalf.
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P.J. THORY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £360,241 (2022 - £509,640).
The company paid a dividend of £Nil in the year (2022: £250,000).
The directors do not recommend the payment of a final dividend for the year (2022: £Nil).
The directors who served during the year were:
There are no future developments in the Company that would require disclosure in the accounts.
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P.J. THORY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
The auditors, Whitings LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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P.J. THORY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF P.J. THORY LIMITED
We have audited the financial statements of P.J. Thory Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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P.J. THORY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF P.J. THORY LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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P.J. THORY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF P.J. THORY LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• Enquiry of management around the actual and potential litigation and claims;
• Reviewing financial statements disclosures and testing supporting documentation to assess compliance with applicable laws and regulations; • Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and reviewing accounting estimates for bias; and • We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Goods Vehicles (licensing of Operators) Act 1995, taxation legislation, General Data Protection Regulation, employment, health and safety legislation.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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P.J. THORY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF P.J. THORY LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditor
Fenland House
15B Hostmoor Avenue
Cambridgeshire
PE15 OAX
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P.J. THORY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023
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P.J. THORY LIMITED
REGISTERED NUMBER: 01280198
BALANCE SHEET
AS AT 31 MARCH 2023
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P.J. THORY LIMITED
REGISTERED NUMBER: 01280198
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 32 form part of these financial statements.
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P.J. THORY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
P.J. Thory Limited is a private company limited by shares. The company was incorporated in England and Wales with registration number 01280198. The registered office is White Walls, Eldernell Lane, Coates, Peterborough, Cambridgeshire, PE7 2DD.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company's ultimate parent undertaking, P J Thory Holdings Limited, includes the Company in its consolidated financial statements. The consolidated financial statements of P J Thory Holdings Limited are prepared in accordance with FRS 102 and are available to the public and may be obtained from the address given on the company information page.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of P J Thory Holdings Limited as at 31 March 2023 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
a) Site works done for customers - preliminary expenses incurred prior to awarding of contract are written off when incurred in accordance with FRS 102 Paragraph 23. Subsequent costs are capitalised as Work in Progress and this cost, less estimated residual value, is written-off over expected life of the project in accordance with FRS 102 Paragraph 23. b) Site works carried out on own developments - preliminary expenses and other development project costs are capitalised as Stocks and Work in Progress as incurred where there is positive expectation of eventual profit contribution and then written-off, less any estimated net residual value, over the expected life of the project in accordance with FRS 102 Paragraph 23.
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method and reducing balance method..
Depreciation is provided on the following bases:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Provision are made where an event has taken place that gives the Company a legal or constructive oligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet. Depreciation - The company makes an estimation of each tangible fixed assets useful life and respective residual value. Depreciation is then charged to the Profit and loss account over this useful life to reflect the reduction in value. Depreciation charged to the Profit and Loss account during the year is disclosed in note 14. Revenue - Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Stocks - Due to the nature of stocks held by the company the cost is based on the best estimate of management whom have in depth knowledge of the industry, the costs factor in expenses incurred on bringing each product to its present location and condition. Stock held in the account at the year end totals £1.778 mil (2022: £1.524mil). Work in Progress - Included in the stock figure is work in progress representing site works carried out on the company's own developments. The project costs are capitalised as incurred where there is a positive expectation of eventual profit contribution and written off over the expected life of the project. Provisions - The Company provide for amounts within the account where there is an obligation at the reporting date as a result of a past event, where, in the opinion of management it is probable that a transfer of economic benefits will flow from the company to settle the obligation and these benefits can be estimated reliably.
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The whole of the turnover is attributable to haulage contracting, general building material supply, demolition and plant contracting.
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
12.Taxation (continued)
Future increases to the UK Corporation tax rates were substantively enacted to increase the main rate of
corporation tax from 19% to a rate between 19% and 25% with effect from 1 April 2023. The deferred tax liabilities do reflect these rates.
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
14.Tangible fixed assets (continued)
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Bank loans are secured by fixed charges over the assets of the company.
Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The bank loans are secured by fixed charges over the assets of the company.
Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.
Interest on loans repayable in more than five years;
Bank loan - charged at 2.6% per annum over the Bank of England base rate.
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Share premium account
Profit and loss account
There is a charge on some of the company's property and assets as security relating to ASR Recycling Ltd.
There are cross guarantees between P J Thory Limited and the parent company relating to outstanding loans included within note 22.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £305,770 (2022: £266,813). Contributions totaling £31,204 (2022: £26,828) were payable to the fund at the balance sheet date and are included in creditors.
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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P.J. THORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
32.Related party transactions (continued)
The Company is a subsidiary undertaking of P J Thory Holdings Limited, registered address of White Walls, Eldernell Lane, Coates, Whittlesey, Peterborough, PE7 2DD. The ultimate controlling parties were Mr J P Thory and Mr T D Thory, who are the directors and shareholders of P J Thory Holdings Limited.
The largest and smallest group in which the results of the Company are consolidated is that headed by P J Thory Holdings Limited, incorporated in England and Wales. The consolidated financial statements of the groups are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
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