Pedrollo Distribution Limited iXBRL

Company Registration Number: 02829921

Pedrollo Distribution Limited

Financial Statements

for the financial year ended 31 March 2023

Pedrollo Distribution Limited

DIRECTORS AND OTHER INFORMATION

Directors	Denis Coleman Buckley
	Patrick Daniel Buckley
	Tadhg Buckley
	Thomas Palmer
Company Registration Number	02829921
Registered Office and Business Address	Crossfield Fort
	Crossfield Road Industrial Estate
	Lichfield
	WS13 6RJ
	United Kingdom
Independent Auditors	Thos. Goodall & Son
	Chartered Certified Accountants and Registered Auditors
	Link House
	Boreenmanna Road
	Cork
	Republic of Ireland
Bankers	Barclays
	Leicester
	LE872BB

INDEPENDENT AUDITOR'S REPORT

to the Shareholders of Pedrollo Distribution Limited

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Pedrollo Distribution Limited ('the company') for the financial year ended 31 March 2023 which comprise the Balance Sheet and the related notes to the financial statements, including significant accounting policies set out in note . The financial reporting framework that has been applied in their preparation is applicable Law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities).

In our opinion the financial statements: -give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its loss for the financial year then ended; -have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and -have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 Auditor's 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 UK, including the FRC'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.

Conclusions relating to going concern

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 the date 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.

Other Information

The other information comprises the information included in the annual report other than the financial statements and our Auditor's 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.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept; or
-	the financial statements are not in agreement with the accounting records and returns; or
-	certain disclosures of directors' remuneration specified by law are not made; or
-	we have not received all the information and explanations we require for our audit; or
-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report.

Responsibilities of directors for the financial statements

The directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 Auditor's 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:

We obtain an understanding of the legal and regulatory frameworks that are applicable to the Company and determine the most relevant of these to be FRS102 and the Companies Act. We consider the size and complexity of transactions and the level of judgement attaching to certain transactions. Enquiries are made of management regarding fraud or suspected fraud during the year as well as enquiry of subsequent events which may bring to light fraud post balance sheet. Our audit methodology is substantive and analytical. If a fraud or other irregularity comes to light in our testing it may necessitate further enquiry or testing.

A further description of our responsibilities for the audit of the financial statements is contained in the appendix to this report, located at page , which is to be read as an integral part of our report.

Use of our report

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 auditor's 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.

__________________________________

Thomas Dunlea (Senior Statutory Auditor)

for and on behalf of

THOS. GOODALL & SON

Chartered Certified Accountants and Registered Auditors

Link House

Boreenmanna Road

Cork

Republic of Ireland

27 November 2023

Pedrollo Distribution Limited

APPENDIX TO THE INDEPENDENT AUDITOR'S REPORT

Further information regarding the scope of our responsibilities as auditor

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

-

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

-	Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.

-	Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

-

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the company to cease to continue as a going concern.

-	Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Pedrollo Distribution Limited

Company Registration Number: 02829921

BALANCE SHEET

as at 31 March 2023

			2023		2022
		Notes	£		£
Fixed Assets

Tangible assets		4	87,482		101,326
			─────────		─────────
Current Assets

Stocks		5	1,677,679		1,326,866
Debtors		6	1,143,763		921,760
Cash and cash equivalents			674,548		739,571
			─────────		─────────
			3,495,990		2,988,197
			─────────		─────────
Creditors: amounts falling due within one year		7	(1,496,967)		(1,487,426)
			─────────		─────────
Net Current Assets			1,999,023		1,500,771
			─────────		─────────
Total Assets less Current Liabilities			2,086,505		1,602,097
Provisions for liabilities		9	(4,660)		(7,762)
			─────────		─────────
Net Assets			2,081,845		1,594,335
			═════════		═════════
Capital and Reserves

Called up share capital			51		51
Retained earnings			2,081,794		1,594,284
			─────────		─────────
Equity attributable to owners of the company			2,081,845		1,594,335
			═════════		═════════
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).

The company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.

Approved by the Board and authorised for issue on 27 November 2023 and signed on its behalf by

________________________________
Thomas Palmer
Director
________________________________

Tadhg Buckley

Director

Pedrollo Distribution Limited

NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 31 March 2023

1.	General Information
	Pedrollo Distribution Limited is a company limited by shares incorporated and registered in the United Kingdom. The registered number of the company is 02829921. The registered office of the company is Crossfield Fort, Crossfield Road Industrial Estate, Lichfield, WS13 6RJ, United Kingdom which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.

2.	Summary of Significant Accounting Policies
	The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
	Statement of compliance
	The financial statements of the company for the financial year ended 31 March 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
	Basis of preparation
	The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
	Turnover
	Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
	Tangible assets and depreciation
	Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
		Long leasehold improvement	-	10% Straight line
		Plant and machinery	-	25% Reducing balance
		Fixtures, fittings and equipment	-	15% Reducing Balance
		Motor vehicles	-	25% Reducing balance
		Computer equipment	-	33.33% Straight line
	The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
	Leasing
	Rentals payable under operating leases are dealt with in the Profit and Loss Account as incurred over the period of the rental agreement.
	Stocks
	Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
	Trade and other debtors
	Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
	Provisions
	Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
	Trade and other creditors
	Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
	Employee benefits
	The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
	Taxation and deferred taxation
	Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
	Foreign currencies
	Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
	Ordinary share capital
	The ordinary share capital of the company is presented as equity.

3.	Employees
	The average monthly number of employees, including directors, during the financial year was 21, (2022 - 21).

4.	Tangible assets
		Long	Plant and	Fixtures,	Motor	Computer	Total
		leasehold	machinery	fittings and	vehicles	equipment
		improvement		equipment
		£	£	£	£	£	£
	Cost
	At 1 April 2022	71,097	34,033	60,393	71,690	15,875	253,088
	Additions	-	2,291	4,980	-	5,746	13,017
		─────────	─────────	─────────	─────────	─────────	─────────
	At 31 March 2023	71,097	36,324	65,373	71,690	21,621	266,105
		─────────	─────────	─────────	─────────	─────────	─────────
	Depreciation
	At 1 April 2022	58,651	24,387	36,478	27,569	4,677	151,762
	Charge for the financial year	7,110	2,698	3,961	7,035	6,057	26,861
		─────────	─────────	─────────	─────────	─────────	─────────
	At 31 March 2023	65,761	27,085	40,439	34,604	10,734	178,623
		─────────	─────────	─────────	─────────	─────────	─────────
	Net book value
	At 31 March 2023	5,336	9,239	24,934	37,086	10,887	87,482
		═════════	═════════	═════════	═════════	═════════	═════════
	At 31 March 2022	12,446	9,646	23,915	44,121	11,198	101,326
		═════════	═════════	═════════	═════════	═════════	═════════

5.	Stocks	2023	2022
		£	£
	Finished goods and goods for resale	1,677,679	1,326,866
		═════════	═════════
	The replacement cost of stock did not differ significantly from the figures shown.

6.	Debtors	2023	2022
		£	£
	Trade debtors	1,033,841	804,516
	Amounts owed by group undertakings	34,370	19,500
	Other debtors	2,613	22,270
	Prepayments and accrued income	72,939	75,474
		─────────	─────────
		1,143,763	921,760
		═════════	═════════

7.	Creditors	2023	2022
	Amounts falling due within one year	£	£
	Trade creditors	510,078	640,381
	Amounts owed to group undertakings	362,695	330,698
	Taxation  (Note 8)	472,481	426,153
	Other creditors	(54)	-
	Accruals	151,767	90,194
		─────────	─────────
		1,496,967	1,487,426
		═════════	═════════

8.	Taxation	2023	2022
		£	£
	Creditors:
	VAT	303,787	218,039
	Corporation tax	151,742	182,085
	PAYE / NI	16,952	26,029
		─────────	─────────
		472,481	426,153
		═════════	═════════

9.	Provisions for liabilities
	The amounts provided for deferred taxation are analysed below:
		Capital	Total	Total
		allowances
			2023	2022
		£	£	£
	At financial year start	7,762	7,762	6,554
	Charged to profit and loss	(3,102)	(3,102)	1,208
		─────────	─────────	─────────
	At financial year end	4,660	4,660	7,762
		═════════	═════════	═════════

10.	Capital commitments
	The company had no material capital commitments at the financial year-ended 31 March 2023.

11.	Related party transactions
	The company has availed of the exemption under FRS 102 Section 1A in relation to the disclosure of transactions with group undertakings.

12.	Parent and ultimate parent company
	The company regards Veronese Limited as its parent company.
	The companys ultimate parent undertaking is Electrical and Pump Services Limited.
	Electrical and Pump Services Limited is regarded as both the controlling party and the ultimate controlling party.
	The parent of the largest group in which the results are consolidated is Electrical and Pump Services Limited.
	Electrical and Pump Services Limited is registered in Ireland.

13.	Post-Balance Sheet Events
	There have been no significant events affecting the company since the financial year-end.