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REGISTERED NUMBER: 04354448 (England and Wales)















Group Strategic Report, Report of the Director and

Audited Consolidated Financial Statements for the Year Ended 28th February 2023

for

PENDLETON PROPERTY SERVICES LTD

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)






Contents of the Consolidated Financial Statements
for the Year Ended 28th February 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 19


PENDLETON PROPERTY SERVICES LTD

Company Information
for the Year Ended 28th February 2023







DIRECTOR: Mr L Morris



SECRETARY: Mr L Morris



REGISTERED OFFICE: 54 Cobden Street
Brindle Heath Industrial Park
Salford
Manchester
M6 6WF



REGISTERED NUMBER: 04354448 (England and Wales)



SENIOR STATUTORY AUDITOR: Andrew Carl Caunce FCCA



AUDITORS: Abrams Ashton-Chorley Limited
Statutory Auditor
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Group Strategic Report
for the Year Ended 28th February 2023

The directors present their strategic report for the year ended 28th February 2023. The results for the year and financial position of the group are as shown in the annexed financial statements.

Group profit before tax for the year amounted to £458k (2022: £4.5k loss). Turnover for the group has increased from £11.9m to £16.1m in the year and GP% has increased slightly from the previous year. The directors continue to monitor the group's performance on a daily basis and are focused on implementing tighter cost controls to maintain the gross profit margin. The directors are confident that the group is well positioned to grow profitably.

KEY PERFORMANCE INDICATORS (KPI)

The directors monitor progress on the group's strategy by reference to the following KPI's:

KPI 2023 2022

Sales growth/(decline) 35.8% 30%

Gross margin 22.7% 22.2%

The gross profit margin has remained consistent, this is a result of the group streamlining costs whilst maintaining quality of service. The group continues to win new tenders whilst maintaining existing contracts.

FUTURE DEVELOPMENTS

The group is focussed on maintaining existing contracts whilst also trying to win new tenders. The aim of the group currently is to improve profitability by implementing tighter cost controls whilst trying to remain competitive.

PRINCIPAL RISKS AND UNCERTAINTIES

Environmental Issues

The group continues to closely monitor and evaluate environmental and other regulatory matters which could have a major impact on its activities.

The group is keen to eliminate all injuries, unsafe practices and incidents of environmental harm from its activities. The health and safety of its employees, the local communities within which it operates and the environment is seen as a priority of the group.

Employees

The group's employment policies have been designed to meet the needs of its business, and follow best practice whilst complying with both current and anticipated legislation. Applied consistently throughout the group they provide a fair framework within which our employees work.

Financial Risk Management

The group's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk and interest rate cash flow risk through fluctuations in interest rates. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group.

The state of the economy and the construction sector specifically, is a risk which is outside the immediate control of the group; however, the directors carefully track future work opportunities in a bid to ensure continued profitability.

Trade Debtors:

Trade debtors are a significant financial asset of the group; these customers are large companies with strong credit ratings and formal procedures are in place to ensure that the collection of outstanding amounts is prioritised.

Working capital requirement:


PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Group Strategic Report
for the Year Ended 28th February 2023

The group's trading arrangements with customers and suppliers is supported by continuous negotiations throughout the supply chain and robust credit control procedures ensure that adequate working capital is available to meet its day to day requirements and allow the ongoing development of trading activities.

Credit Risk

The group has implemented policies that require appropriate credit checks on potential customers before sales are made.

Liquidity Risk

The group actively maintains short term debt finance that is designed to ensure the group has sufficient funds for operations.

Interest Rate Risk

The group has interest bearing liabilities and is exposed to the potential increases in interest rates. The financial strength of the group is such that increases can be afforded without significant risk to business continuity.

ON BEHALF OF THE BOARD:





Mr L Morris - Director


29th November 2023

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Report of the Director
for the Year Ended 28th February 2023

The director presents his report with the financial statements of the company and the group for the year ended 28th February 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of building maintenance and roofing contractors.

DIVIDENDS
Interim dividends per share were paid as follows:

1st March 2022 £665.00
15th May 2022 £120.00

The directors recommend that no final dividend be paid.

The total dividend distribution (after accounting for dividend waivers) for the year ended 28th February 2023 was £386,000.

DIRECTORS
The directors during the year under review were:

K J Greenhalgh - Resigned 11th August 2023
L Morris

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Report of the Director
for the Year Ended 28th February 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:




Mr L Morris - Director


29th November 2023

Report of the Independent Auditors to the Members of
Pendleton Property Services Ltd

Opinion
We have audited the financial statements of Pendleton Property Services Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 28th February 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 28th February 2023 and of the group's profit for the 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 director's 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 group's and the parent 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Pendleton Property Services Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 the director determines 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 director is responsible for assessing the group's and the parent 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Pendleton Property Services Ltd


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the building maintenance sector;
- 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, taxation legislation and data protection, anti-bribery, employment, environmental regulations and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 3 were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Pendleton Property Services Ltd


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 a Report of the Auditors 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.




Andrew Carl Caunce FCCA (Senior Statutory Auditor)
for and on behalf of Abrams Ashton-Chorley Limited
Statutory Auditor
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

29th November 2023

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Consolidated
Income Statement
for the Year Ended 28th February 2023

28.2.23 28.2.22
Notes £    £   

REVENUE 16,162,040 11,897,208

Cost of sales 12,479,191 9,260,450
GROSS PROFIT 3,682,849 2,636,758

Administrative expenses 3,183,873 2,639,893
498,976 (3,135 )

Other operating income - 20,870
OPERATING PROFIT 4 498,976 17,735

Interest receivable and similar income 1,257 5,924
500,233 23,659

Interest payable and similar expenses 5 42,311 28,212
PROFIT/(LOSS) BEFORE TAXATION 457,922 (4,553 )

Tax on profit/(loss) 6 69,740 33,083
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

388,182

(37,636

)
Profit/(loss) attributable to:
Owners of the parent 388,182 (37,636 )

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Consolidated
Other Comprehensive Income
for the Year Ended 28th February 2023

28.2.23 28.2.22
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 388,182 (37,636 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

388,182

(37,636

)

Total comprehensive income attributable to:
Owners of the parent 388,182 (37,636 )

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Consolidated Balance Sheet
28th February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 9 1,116,399 1,272,435
Investments 10 - -
1,116,399 1,272,435

CURRENT ASSETS
Inventories 11 40,298 55,254
Debtors 12 3,402,561 2,971,212
Cash at bank and in hand 394 138,650
3,443,253 3,165,116
CREDITORS
Amounts falling due within one year 13 3,266,530 2,811,205
NET CURRENT ASSETS 176,723 353,911
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,293,122

1,626,346

CREDITORS
Amounts falling due after more than one
year

14

(582,633

)

(892,145

)

PROVISIONS FOR LIABILITIES 18 (117,757 ) (143,651 )
NET ASSETS 592,732 590,550

CAPITAL AND RESERVES
Called up share capital 19 1,000 1,000
Revaluation reserve 20 449,731 449,731
Retained earnings 20 142,001 139,819
SHAREHOLDERS' FUNDS 592,732 590,550

The financial statements were approved by the director and authorised for issue on 29th November 2023 and were signed by:





Mr L Morris - Director


PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Company Balance Sheet
28th February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 9 1,116,399 1,272,435
Investments 10 1,000 1,000
1,117,399 1,273,435

CURRENT ASSETS
Debtors 12 50,533 349,932
Cash at bank - 1,849
50,533 351,781
CREDITORS
Amounts falling due within one year 13 436,109 784,095
NET CURRENT LIABILITIES (385,576 ) (432,314 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

731,823

841,121

CREDITORS
Amounts falling due after more than one
year

14

(132,633

)

(242,145

)

PROVISIONS FOR LIABILITIES 18 (117,757 ) (143,651 )
NET ASSETS 481,433 455,325

CAPITAL AND RESERVES
Called up share capital 19 1,000 1,000
Revaluation reserve 20 449,731 449,731
Retained earnings 20 30,702 4,594
SHAREHOLDERS' FUNDS 481,433 455,325

Company's profit for the financial year 412,108 110,971

The financial statements were approved by the director and authorised for issue on 29th November 2023 and were signed by:





Mr L Morris - Director


PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Consolidated Statement of Changes in Equity
for the Year Ended 28th February 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st March 2021 1,000 331,455 449,731 782,186

Changes in equity
Dividends - (154,000 ) - (154,000 )
Total comprehensive income - (37,636 ) - (37,636 )
Balance at 28th February 2022 1,000 139,819 449,731 590,550

Changes in equity
Dividends - (386,000 ) - (386,000 )
Total comprehensive income - 388,182 - 388,182
Balance at 28th February 2023 1,000 142,001 449,731 592,732

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Company Statement of Changes in Equity
for the Year Ended 28th February 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st March 2021 1,000 47,623 449,731 498,354

Changes in equity
Dividends - (154,000 ) - (154,000 )
Total comprehensive income - 110,971 - 110,971
Balance at 28th February 2022 1,000 4,594 449,731 455,325

Changes in equity
Dividends - (386,000 ) - (386,000 )
Total comprehensive income - 412,108 - 412,108
Balance at 28th February 2023 1,000 30,702 449,731 481,433

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Consolidated Cash Flow Statement
for the Year Ended 28th February 2023

28.2.23 28.2.22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (50,279 ) 280,843
Interest paid (29,776 ) (15,563 )
Interest element of hire purchase payments
paid

(12,535

)

(12,649

)
Tax paid - (38,400 )
Net cash from operating activities (92,590 ) 214,231

Cash flows from investing activities
Purchase of tangible fixed assets - (56,721 )
Sale of tangible fixed assets 20,000 52,197
Interest received 1,257 4,128
Net cash from investing activities 21,257 (396 )

Cash flows from financing activities
Loan repayments in year (200,000 ) (150,000 )
Capital repayments in year (132,568 ) (118,965 )
Amount introduced by directors 419,300 145,100
Amount withdrawn by directors (6,559 ) (272,768 )
Equity dividends paid (386,000 ) (154,000 )
Net cash from financing activities (305,827 ) (550,633 )

Decrease in cash and cash equivalents (377,160 ) (336,798 )
Cash and cash equivalents at beginning of
year

2

138,650

475,448

Cash and cash equivalents at end of year 2 (238,510 ) 138,650

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 28th February 2023

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
28.2.23 28.2.22
£    £   
Profit/(loss) before taxation 457,922 (4,553 )
Depreciation charges 184,026 167,304
Profit on disposal of fixed assets (20,000 ) (17,499 )
Finance costs 42,311 28,212
Finance income (1,257 ) (5,924 )
663,002 167,540
Decrease/(increase) in inventories 14,956 (13,634 )
Increase in trade and other debtors (731,821 ) (301,240 )
Increase in trade and other creditors 3,584 428,177
Cash generated from operations (50,279 ) 280,843

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 28th February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 394 138,650
Bank overdrafts (238,904 ) -
(238,510 ) 138,650
Year ended 28th February 2022
28.2.22 1.3.21
£    £   
Cash and cash equivalents 138,650 475,448


PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 28th February 2023

3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.3.22 Cash flow changes At 28.2.23
£    £    £    £   
Net cash
Cash at bank
and in hand 138,650 (138,256 ) 394
Bank overdrafts - (238,904 ) (238,904 )
138,650 (377,160 ) (238,510 )
Debt
Finance leases (368,601 ) 132,568 - (264,023 )
Debts falling due
within 1 year (200,000 ) - - (200,000 )
Debts falling due
after 1 year (650,000 ) 200,000 - (450,000 )
(1,218,601 ) 332,568 - (914,023 )
Total (1,079,951 ) (44,592 ) - (1,152,533 )

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements
for the Year Ended 28th February 2023

1. STATUTORY INFORMATION

Pendleton Property Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition
Revenue is the value of services, net of value added tax provided to customers during the year.

Revenue is recognised when the following conditions are satisfied:

- the group has transferred to the buyer the significant risks and rewards of ownership of the goods
- the amount of revenue and related costs can be measured reliably
- for long term contracts the stage of completion is based upon review of the contract progress and the proportion of the costs incurred for work performed compared to the estimated total cost of the contract after making allowances for uncertainties

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 2% on cost
Improvements to property - 10% on cost
Plant and machinery - 15% on cost
Office equipment - 15% on cost and 10% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 33.3% on cost

Impairment of Assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Costs include a relevant proportion of the overheads according to the stage of completion.

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28th February 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group 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. They 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
All the group's financial assets fall to be classified as basic financial assets under Section 11 of FRS 102 and the group therefore holds no other financial assets.

Basic financial liabilities
Basic financial liabilities, including creditors, 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 receipts 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
All the group's financial liabilities fall to be classified as basic financial liabilities under Section 11 of FRS 102 and the company therefore has no other financial instruments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 balance sheet date.


PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28th February 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The group makes payments to employee's personal pension plans. Contributions are charged to the profit and loss account in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS
28.2.23 28.2.22
£    £   
Wages and salaries 3,001,765 2,534,656
Social security costs 44,962 31,542
Other pension costs 51,282 51,944
3,098,009 2,618,142

The average number of employees during the year was as follows:
28.2.23 28.2.22

Directors/management 3 3
Productive staff 45 25
Administrative staff 46 35
94 63

The average number of employees by undertakings that were proportionately consolidated during the year was 91 (2022 - 60 ) .

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28th February 2023

3. EMPLOYEES AND DIRECTORS - continued

28.2.23 28.2.22
£    £   
Directors' remuneration 270,071 228,982

Information regarding the highest paid director is as follows:
28.2.23 28.2.22
£    £   
Emoluments etc 168,630 127,541

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

28.2.23 28.2.22
£    £   
Plant hire 1,728,719 1,452,393
Depreciation - owned assets 26,557 54,059
Depreciation - assets on hire purchase contracts 157,469 113,245
Profit on disposal of fixed assets (20,000 ) (17,499 )
Auditors' remuneration 16,237 15,800

5. INTEREST PAYABLE AND SIMILAR EXPENSES
28.2.23 28.2.22
£    £   
Bank loan interest 29,776 15,563
Hire purchase 12,535 12,649
42,311 28,212

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
28.2.23 28.2.22
£    £   
Current tax:
UK corporation tax 95,634 -

Deferred tax (25,894 ) 33,083
Tax on profit/(loss) 69,740 33,083

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28th February 2023

8. DIVIDENDS
28.2.23 28.2.22
£    £   
Ordinary shares of £1 each
Interim 386,000 154,000

9. PROPERTY, PLANT AND EQUIPMENT

Group
Improvements
Long to Plant and
leasehold property machinery
£    £    £   
COST OR VALUATION
At 1st March 2022 925,000 13,500 13,060
Additions - - -
Disposals - - -
At 28th February 2023 925,000 13,500 13,060
DEPRECIATION
At 1st March 2022 55,500 13,500 13,060
Charge for year 18,500 - -
Eliminated on disposal - - -
At 28th February 2023 74,000 13,500 13,060
NET BOOK VALUE
At 28th February 2023 851,000 - -
At 28th February 2022 869,500 - -

Office Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1st March 2022 46,970 1,454,363 53,633 2,506,526
Additions - 27,990 - 27,990
Disposals - (26,563 ) - (26,563 )
At 28th February 2023 46,970 1,455,790 53,633 2,507,953
DEPRECIATION
At 1st March 2022 41,361 1,057,037 53,633 1,234,091
Charge for year 561 164,965 - 184,026
Eliminated on disposal - (26,563 ) - (26,563 )
At 28th February 2023 41,922 1,195,439 53,633 1,391,554
NET BOOK VALUE
At 28th February 2023 5,048 260,351 - 1,116,399
At 28th February 2022 5,609 397,326 - 1,272,435

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28th February 2023

9. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Cost or valuation at 28th February 2023 is represented by:

Improvements
Long to Plant and
leasehold property machinery
£    £    £   
Valuation in 2019 471,912 - -
Cost 453,088 13,500 13,060
925,000 13,500 13,060

Office Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
Valuation in 2019 - - - 471,912
Cost 46,970 1,455,790 53,633 2,036,041
46,970 1,455,790 53,633 2,507,953

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1st March 2022 600,411
Additions 27,990
At 28th February 2023 628,401
DEPRECIATION
At 1st March 2022 219,087
Charge for year 157,469
At 28th February 2023 376,556
NET BOOK VALUE
At 28th February 2023 251,845
At 28th February 2022 381,324

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28th February 2023

9. PROPERTY, PLANT AND EQUIPMENT - continued

Company
Long Office Motor
leasehold equipment vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1st March 2022 925,000 10,800 1,454,363 2,390,163
Additions - - 27,990 27,990
Disposals - - (26,563 ) (26,563 )
At 28th February 2023 925,000 10,800 1,455,790 2,391,590
DEPRECIATION
At 1st March 2022 55,500 5,191 1,057,037 1,117,728
Charge for year 18,500 561 164,965 184,026
Eliminated on disposal - - (26,563 ) (26,563 )
At 28th February 2023 74,000 5,752 1,195,439 1,275,191
NET BOOK VALUE
At 28th February 2023 851,000 5,048 260,351 1,116,399
At 28th February 2022 869,500 5,609 397,326 1,272,435

Cost or valuation at 28th February 2023 is represented by:

Long Office Motor
leasehold equipment vehicles Totals
£    £    £    £   
Valuation in 2019 471,912 - - 471,912
Cost 453,088 10,800 1,455,790 1,919,678
925,000 10,800 1,455,790 2,391,590

If leasehold property had not been revalued it would have been included at the following historical cost:

28.2.23 28.2.22
£    £   
Cost 453,088 453,088
Aggregate depreciation 117,965 117,965

Leasehold property was valued on an open market basis on 31st January 2019 by Edwards & Company (MRICS, RICS) .

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28th February 2023

9. PROPERTY, PLANT AND EQUIPMENT - continued

Company

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1st March 2022 600,411
Additions 27,990
At 28th February 2023 628,401
DEPRECIATION
At 1st March 2022 219,087
Charge for year 157,469
At 28th February 2023 376,556
NET BOOK VALUE
At 28th February 2023 251,845
At 28th February 2022 381,324

10. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1st March 2022
and 28th February 2023 1,000
NET BOOK VALUE
At 28th February 2023 1,000
At 28th February 2022 1,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

DLP Services (Northern) Limited
Registered office: 54 Cobden Street,Salford, England
Nature of business: Building maintenance and roofing contractors
%
Class of shares: holding
Ordinary £1 100.00
28.2.23 28.2.22
£    £   
Aggregate capital and reserves 112,301 136,228
Profit for the year 851,073 351,392

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28th February 2023

10. FIXED ASSET INVESTMENTS - continued


11. STOCKS

Group
28.2.23 28.2.22
£    £   
Stocks 40,298 55,254

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
28.2.23 28.2.22 28.2.23 28.2.22
£    £    £    £   
Trade debtors 2,475,698 1,890,043 - -
Amounts recoverable on contract 836,689 695,897 - -
Other debtors 31,122 29,233 17,569 17,569
Directors' current accounts - 300,472 - 303,085
VAT 32,721 29,278 32,721 29,278
Prepayments and accrued income 26,331 26,289 243 -
3,402,561 2,971,212 50,533 349,932

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
28.2.23 28.2.22 28.2.23 28.2.22
£    £    £    £   
Bank loans and overdrafts (see note 15) 438,904 200,000 227 -
Hire purchase contracts (see note 16) 131,390 126,456 131,390 126,456
Trade creditors 1,310,790 1,556,605 10,026 91
Amounts owed to group undertakings - - 250,185 639,414
Tax 95,634 - - -
Social security and other taxes 773,812 718,918 14,239 11,618
Directors' current accounts 112,269 - 22,935 -
Accrued expenses 403,731 209,226 7,107 6,516
3,266,530 2,811,205 436,109 784,095

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
28.2.23 28.2.22 28.2.23 28.2.22
£    £    £    £   
Bank loans (see note 15) 450,000 650,000 - -
Hire purchase contracts (see note 16) 132,633 242,145 132,633 242,145
582,633 892,145 132,633 242,145

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28th February 2023

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
28.2.23 28.2.22 28.2.23 28.2.22
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 238,904 - 227 -
Bank loans 200,000 200,000 - -
438,904 200,000 227 -
Amounts falling due between one and two years:
Bank loans - 1-2 years 200,000 200,000 - -
Amounts falling due between two and five years:
Bank loans - 2-5 years 250,000 450,000 - -

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
28.2.23 28.2.22
£    £   
Gross obligations repayable:
Within one year 144,462 138,749
Between one and five years 144,313 264,231
288,775 402,980

Finance charges repayable:
Within one year 13,072 12,293
Between one and five years 11,680 22,086
24,752 34,379

Net obligations repayable:
Within one year 131,390 126,456
Between one and five years 132,633 242,145
264,023 368,601

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28th February 2023

16. LEASING AGREEMENTS - continued

Company
Hire purchase contracts
28.2.23 28.2.22
£    £   
Gross obligations repayable:
Within one year 144,462 138,749
Between one and five years 144,313 264,231
288,775 402,980

Finance charges repayable:
Within one year 13,072 12,293
Between one and five years 11,680 22,086
24,752 34,379

Net obligations repayable:
Within one year 131,390 126,456
Between one and five years 132,633 242,145
264,023 368,601

Company
Non-cancellable operating leases
28.2.23 28.2.22
£    £   
Within one year 13,873 -
Between one and five years 22,129 -
36,002 -

17. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
28.2.23 28.2.22 28.2.23 28.2.22
£    £    £    £   
Hire purchase contracts 264,023 368,601 264,023 368,601

The Hire Purchase contracts are secured on the assets to which they relate.

The group's bankers also hold a security over the business property, 54 Cobden Street, Salford.

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28th February 2023

18. PROVISIONS FOR LIABILITIES

Group Company
28.2.23 28.2.22 28.2.23 28.2.22
£    £    £    £   
Deferred tax 117,757 143,651 117,757 143,651

Group
Deferred
tax
£   
Balance at 1st March 2022 143,651
Accelerated capital allowances (25,894 )
Revaluation adjustment
Balance at 28th February 2023 117,757

Company
Deferred
tax
£   
Balance at 1st March 2022 143,651
Accelerated capital allowances (25,894 )
Balance at 28th February 2023 117,757

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
1,000 Ordinary £1 1,000 1,000

20. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st March 2022 139,819 449,731 589,550
Profit for the year 388,182 - 388,182
Dividends (386,000 ) - (386,000 )
At 28th February 2023 142,001 449,731 591,732

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 28th February 2023

20. RESERVES - continued

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st March 2022 4,594 449,731 454,325
Profit for the year 412,108 - 412,108
Dividends (386,000 ) - (386,000 )
At 28th February 2023 30,702 449,731 480,433


21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 28th February 2023 and 28th February 2022:

28.2.23 28.2.22
£    £   
K J Greenhalgh
Balance outstanding at start of year 116,196 28,628
Amounts advanced 4,921 137,568
Amounts repaid (133,000 ) (50,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (11,883 ) 116,196

L Morris
Balance outstanding at start of year 184,276 142,380
Amounts advanced 1,638 136,996
Amounts repaid (286,300 ) (95,100 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (100,386 ) 184,276

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director Mr L Morris, by virtue of his 80% ownership of the company's issued share capital.