Company registration number 00079350 (England and Wales)
PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
COMPANY INFORMATION
Directors
Mr A Steele
Mrs S Russell
Mrs J Irvine
Secretary
Mr A Steele
Company number
00079350
Registered office
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
Auditor
Sumer Audit
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
Business address
Steeles Garage
102 Goring Way
Goring by Sea
Worthing
BN12 4TY
PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 19
PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Fair review of the business

The directors consider the company's result and state of affairs to be satisfactory.

 

For the rental properties, the directors consider the occupancy levels and the rental yield achieved to be the key performance indicators.

 

All of the properties are let. The commercial properties are all let on long leases whilst the residential properties are let on 6 month and 1 year Assured Shorthold Tenancies.

 

Rental income has been depressed in recent years due to redevelopment and then gradual letting of the properties but all of the properties are now occupied. The rental income increased to £133,956 in 2023/2024 from £106,093 in 2022/2023.

 

The directors do not believe that there will be any more significant changes in income in future years but anticipate regular annual inflationary increases.

Principal risks and uncertainties

The company is an investment company with a portfolio of residential and commercial properties held for letting. The principal risks that the board have identified are the risk of tenancy defaults and risks connected with general property market conditions.

 

The company has a mixed portfolio of residential and commercial properties which management consider the best option to reduce reliance on one sector of the rental market.

 

As described in the notes the financial statements have been prepared on a going concern basis. The portfolio continues to be well occupied and the directors have considered the potential impact on the business of possible future scenarios.

 

The company's healthy asset and cash standing and robust business plan seeks to mitigate all risks as far as possible.

By order of the board

Mr A Steele
Director
17 September 2024
PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities
The principal activity of the company continued to be that of management and rental of own properties.
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr A Steele
Mrs S Russell
Mrs J Irvine
Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £nil (2023: £370,000). The directors do not recommend payment of a further dividend.

Financial instruments
Treasury operations and financial instruments
The company manages the liquidity and interest risks associated with the company's activities.

The company has various financial assets and liabilities such as trade debtors and creditors arising directly from its operations.
Liquidity risk
The company manages its cash requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.
Interest rate risk
The company is exposed to cash flow interest rate risk on deposits. The company reduces its exposure to changes in interest rates by reviewing the terms in place with current and other bankers.
Credit risk
Investments of cash surpluses are made through banks and companies which must fulfil credit rating criteria approved by the Board.

All customers who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.
Future developments

The directors have identified no future developments requiring disclosure.

Auditor

The auditor, Sumer Audit, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
By order of the board
Mr A Steele
Director
17 September 2024
PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

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 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.

PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
- 5 -
Opinion

We have audited the financial statements of Paine Manwaring & Lephard Public Limited Company (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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:

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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
- 6 -
Matters on which we are required to report by exception

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.

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 the directors 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 have 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.

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

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and

non-compliance with laws and regulations, our procedures included the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the company for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: the valuation of investment properties and compliance with the UK Companies Act.

In addition to the above, our procedures to respond to risks identified included the following:

PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
- 7 -

Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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.

Robert Dowling FCA (Senior Statutory Auditor)
For and on behalf of Sumer Audit
17 September 2024
Chartered Accountants
Statutory Auditor
Worthing
Sumer Audit is the trading name of Sumer Auditco Limited
PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Revenue
3
133,956
106,093
Cost of sales
(11,506)
(34,433)
Gross profit
122,450
71,660
Administrative expenses
(90,117)
(63,741)
Operating profit
4
32,333
7,919
Investment income
768
329
Profit before taxation
33,101
8,248
Tax on profit
7
(8,300)
3,940
Profit and total comprehensive income for the financial year
24,801
12,188

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Non-current assets
Investment property
9
2,183,001
2,183,001
Current assets
Trade and other receivables
10
48,301
67,926
Cash and cash equivalents
43,581
11,876
91,882
79,802
Current liabilities
11
(32,484)
(45,205)
Net current assets
59,398
34,597
Total assets less current liabilities
2,242,399
2,217,598
Provisions for liabilities
Deferred tax liability
12
14,500
14,500
(14,500)
(14,500)
Net assets
2,227,899
2,203,098
Equity
Called up share capital
13
50,000
50,000
Share premium account
4,792
4,792
Non-distributable retained earnings
14
790,328
790,328
Distributable retained earnings
1,382,779
1,357,978
Total equity
2,227,899
2,203,098
The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
Mr A Steele
Director
Company registration number 00079350 (England and Wales)
PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Share capital
Share premium account
Non-distri-butable retained earnings
Distribut-able retained earnings
Total
Notes
£
£
£
£
£
Balance at 1 April 2022
50,000
4,792
840,788
1,665,330
2,560,910
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
(50,460)
62,648
12,188
Dividends
8
-
-
-
(370,000)
(370,000)
Balance at 31 March 2023
50,000
4,792
790,328
1,357,978
2,203,098
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
-
24,801
24,801
Balance at 31 March 2024
50,000
4,792
790,328
1,382,779
2,227,899
PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
18
30,937
(26,285)
Investing activities
Proceeds from disposal of investment property
-
0
382,981
Interest received
768
329
Net cash generated from investing activities
768
383,310
Financing activities
Dividends paid
-
0
(370,000)
Net cash used in financing activities
-
(370,000)
Net increase/(decrease) in cash and cash equivalents
31,705
(12,975)
Cash and cash equivalents at beginning of year
11,876
24,851
Cash and cash equivalents at end of year
43,581
11,876
PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
1
Accounting policies
Company information

Paine Manwaring & Lephard Public Limited Company is a company limited by shares and incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared on the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going-concern basis. The directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. As a property investment company, the portfolio comprises residential properties and commercial properties, all of which are occupied at full rent. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.true

1.3
Revenue

Revenue comprises operating lease income, which is recognised on a straight line basis over the term of the lease agreements, where agreements include incentives or similar arrangements those are recognised on a straight line basis over the period of the lease, and is shown net of VAT and other sales related taxes.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including trade and other payables 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.

 

Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment properties

Directors have based their valuation on the formal valuations of the investment properties that were undertaken by Spratt and Son, Chartered Surveyors in 19 November 2021. They believe that the fair value represents a materially accurate reflection in property values in the local area since the last valuation date. These valuations were undertaken in accordance with The Royal Institution of Chartered Surveyors Valuation Standards. The properties were previously valued by the directors with reference to the formal valuations, changes in market conditions, increases in rental yields and the recent sales prices on property sales in the local area.

3
Revenue

An analysis of the company's revenue is as follows:

2024
2023
£
£
Revenue analysed by class of business
Rental income
133,956
106,093
2024
2023
£
£
Revenue analysed by geographical market
United Kingdom
133,956
106,093
PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Revenue
(Continued)
- 15 -
2024
2023
£
£
Other revenue
Interest income
768
329
4
Operating profit
2024
2023
Operating profit for the year is stated after charging:
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
8,400
4,800
(Profit)/loss on disposal of investment property
-
0
19
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Executive directors
2
2
Non-executive directors
1
1
Management
1
1
Total
4
4

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
64,000
46,917
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
54,000
36,917
PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
7
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
8,300
3,660
Changes in tax rates
-
0
(7,600)
Total deferred tax
8,300
(3,940)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
33,101
8,248
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2023: 19.00%)
6,289
1,567
Tax effect of expenses that are not deductible in determining taxable profit
48
1,817
Under/(over) provided in prior years
-
0
(525)
Rounding
(17)
(57)
Difference between current and deferred tax rate
1,980
(6,742)
Taxation charge/(credit) for the year
8,300
(3,940)
8
Dividends
2024
2023
£
£
Final paid
-
0
370,000
9
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
2,183,001

The fair value of the investment properties has been assessed by the directors and been based on a formal valuation carried out on 19 November 2021 by Spratt & Son Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Investment property
(Continued)
- 17 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
1,389,271
1,389,271
Accumulated depreciation
-
-
Carrying amount
1,389,271
1,389,271
10
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
50
5,694
Other receivables
13,951
19,632
14,001
25,326
Deferred tax asset (note 12)
34,300
42,600
48,301
67,926
11
Current liabilities
2024
2023
£
£
Trade payables
16,019
16,378
Other payables
9,370
22,377
Accruals and deferred income
7,095
6,450
32,484
45,205
12
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Tax losses
-
-
34,300
42,600
Fair value gains on investment properties
14,500
14,500
-
-
14,500
14,500
34,300
42,600
PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
12
Deferred taxation
(Continued)
- 18 -
There were no deferred tax movements in the year.
13
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

14
Non-distributable retained earnings
2024
2023
£
£
At the beginning of the year
790,328
840,788
Non distributable profits in the year
-
(50,460)
At the end of the year
790,328
790,328

The non-distributable retained earnings reserve shows separately the fair value gains, net of any deferred tax, arising on the investment properties, which have passed through profit or loss in the income statement.

15
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
£
£
Within one year
63,097
107,497
Between two and five years
63,862
122,321
126,959
229,818
16
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows:

2024
2023
£
£
Aggregate compensation
64,000
46,917
PAINE MANWARING & LEPHARD PUBLIC LIMITED COMPANY
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
17
Ultimate controlling party

The company is a subsidiary of Kinfauns Investments LLC, a company incorporated in Texas, USA. In the directors' opinion Kinfauns Investments LLC is controlled by a discretionary family trust.

18
Cash generated from/(absorbed by) operations
2024
2023
£
£
Profit for the year after tax
24,801
12,188
Adjustments for:
Taxation charged/(credited)
8,300
(3,940)
Investment income
(768)
(329)
(Gain)/loss on disposal of investment property
-
0
19
Movements in working capital:
Decrease/(increase) in trade and other receivables
11,325
(1,597)
Decrease in trade and other payables
(12,721)
(32,626)
Cash generated from/(absorbed by) operations
30,937
(26,285)
19
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
11,876
31,705
43,581
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