REGISTERED NUMBER: 14077294 (England and Wales) |
PBM HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
REGISTERED NUMBER: 14077294 (England and Wales) |
PBM HOLDINGS LIMITED |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
AUDITED CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 17 |
PBM HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Newland House |
The Point |
Weaver Road |
Lincoln |
Lincolnshire |
LN6 3QN |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
The year to 31 December 2022 included a group restructuring exercise with PBM Holdings Limited acquiring the full share capital of the following companies: |
- DMJ Drainage Limited |
- DMJ Civils Limited |
- DMJ Farming Limited |
- Howell Properties (Lincs) Limited |
These accounts include the trading results for PBM Holdings Limited and all of it's subsidiaries for the year ended 31 December 2022. |
REVIEW OF BUSINESS |
The results for the year and financial position of the group are shown in the annexed financial statements. |
2023 | 2022 |
£ | £ |
Turnover | 18,579,990 | 13,465,894 |
Cost of sales | 9,731,000 | 8,277,879 |
-------------------- |
Gross profit | 8,848,990 | 5,188,015 |
Gross profit margin % | 47.63 | 38.53 |
Profit on ordinary activities before taxation | 4,516,364 | 1,897,566 |
% of profit on ordinary activities before taxation | 24.31 | 14.09 |
The group traded well during the year with the highest turnover to date. Business levels have increased due to the group's reputation in the industry and commitment to delivering a high class and efficient service. The Directors are pleased to see that the gross profit margin has increased in the year to 47%. The directors are confident in the growth of the group through its investments into new plant and machinery and different service lines. |
The group undertakes drainage and civil work nationwide and as such is exposed to significant fuel and power costs. The 2023 trading year has seen these costs level out following fluctuations in previous years due to the war in Ukraine and Brexit. The Directors continually monitor areas of exposure to reduce the risk of any negative impact on future trading. |
The group has recently expanded its operations into farming. The Directors are confident that this will be another successful project for the group that will bring a good return on investment. |
The increase on previous margins are reflective of the continued improvements made by the directors and the DMJ team. The Directors are happy with the overall results of the company and its future prospects. |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group operates in a competitive market place of few customers and significant financial contracts. As such it is dependant upon the company to manage costs, quality of service and effective delivery of projects in order to maintain competitive. The group is therefore subject to a number of risks - |
- Fuel and power costs |
- Competitive pricing within the market |
- Geographical location of work sites |
These risks are being addressed by - |
- The size and growth of the group making it able to purchase products at competitive prices |
- The range of equipment and expertise of the team create a good reputation by providing a good service |
- The flexibility of the group to move team members and plant around the country is attractive to Nationwide customers and can be assessed as an asset. |
The UK economy is still recovering from the pandemic with uncertainty regarding inflation, interest rates and government policy changes. The group finance its operation through equipment finance, overdraft and loans. As with all financial instruments there are risks in respect of interest rates. In comparison to the size of the operation the interest rate risk is considered small and manageable by the group. |
Due to the nature and size of contract there is an inherent risk in respect of debts due from customers. The group try to maintain a diversified portfolio of projects to minimise this exposure. The management team monitor economic conditions and their client base closely to allow them to quickly adapt to any adverse changes. |
FUTURE DEVELOPMENTS |
The group continues to maintain its organic growth model for the drainage and civil work whilst exploring new service openings. |
Contracts has been obtained to maintain the level of activity well into 2025 and beyond. The group has secured projects through 2024/2025 of circa £25,000,000. Agricultural drainage works has remained positive into 2024 with the higher rain fall securing a healthy order book through to Autumn 2024. |
Investment in modern plant and machinery has continued beyond the year end to facilitate the awarded contracts. |
ON BEHALF OF THE BOARD: |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
£593.75 | - 30 April 2023 |
£593.75 | - 31 July 2023 |
£593.75 | - 30 September 2023 |
£593.75 | - 31 December 2023 |
£2,375.00 |
The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31 December 2023 will be £ 190,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
EVENTS SINCE THE YEAR END |
Investment into new plant, machinery and drainage equipment has continued post year end to facilitate the future contracts won by the company. |
Many of the large scale contracts have progressed into the next financial year and the Directors remain confident that profitability on the works being completed will be maintained from 2023 levels. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are 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 directors are 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 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are 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 each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PBM HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of PBM Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, 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 31 December 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 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 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 directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements. |
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 Directors. |
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 directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PBM HOLDINGS LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
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: |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the organisation and determined that the most significant are those that relate to the reporting framework (FRS102), the Companies Act 2006 and the relevant tax compliance. |
We understood how the organisation is complying with those frameworks by making enquiries of management and those charged with governance, and we corroborated our enquiries by reviewing board minutes and reviewing third party correspondence, including correspondence with HMRC. |
We assessed the susceptibility of the financial statements to material misstatement, including how fraud might occur by meeting with management from various parts of the business to understand where they considered there was susceptibility to fraud. We considered the controls that the organisation has established to address risks identified, or that otherwise prevent, deter and detect fraud and also reviewed how these had operated in the year. |
Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk along with procedures to identify non-compliance with such laws and regulations identified in the paragraphs above along with areas where management override of controls may be relevant. These procedures included assessing the appropriateness of presentation of separately disclosed items with a focus on manual journals and journals indicating large or unusual transactions based on our understanding of the organisation. These procedures were designed to provide reasonable assurance that the financial statements were free from material fraud or error. |
We also considered the risk associated with completeness of income and whether this could have a material impact on the financial statements. We also considered the risk associated with completeness of income and work in progress valuation and whether these could have a material impact on the financial statements. Work was targeted in these areas. |
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The audit was planned to ensure that the more complex areas were performed by more experienced members of the audit team and there were no areas of the audit which were considered to require external experts to be appointed by the audit team. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PBM HOLDINGS LIMITED |
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. |
for and on behalf of |
Newland House |
The Point |
Weaver Road |
Lincoln |
Lincolnshire |
LN6 3QN |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Period |
29.4.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
Notes | £ | £ |
REVENUE | 18,579,990 | 13,465,894 |
Cost of sales | 9,731,000 | 8,277,879 |
GROSS PROFIT | 8,848,990 | 5,188,015 |
Administrative expenses | 4,528,199 | 3,679,187 |
4,320,791 | 1,508,828 |
Other operating income | 52,458 | 73,229 |
OPERATING PROFIT | 4 | 4,373,249 | 1,582,057 |
Interest receivable and similar income | 8,425 | - |
4,381,674 | 1,582,057 |
Gain/loss on revaluation of assets | 409,419 | 459,506 |
4,791,093 | 2,041,563 |
Interest payable and similar expenses | 5 | 274,729 | 143,997 |
PROFIT BEFORE TAXATION | 4,516,364 | 1,897,566 |
Tax on profit | 6 | 742,632 | 567,564 |
PROFIT FOR THE FINANCIAL YEAR |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 | - | - |
Property, plant and equipment | 10 | 12,276,796 | 8,558,609 |
Investments | 11 | 2,587,500 | 1,218,100 |
14,864,296 | 9,776,709 |
CURRENT ASSETS |
Inventories | 12 | 3,102,460 | 527,706 |
Debtors | 13 | 4,475,758 | 3,766,274 |
Cash at bank | 42,864 | - |
7,621,082 | 4,293,980 |
CREDITORS |
Amounts falling due within one year | 14 | 6,163,686 | 3,630,529 |
NET CURRENT ASSETS | 1,457,396 | 663,451 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
16,321,692 |
10,440,160 |
CREDITORS |
Amounts falling due after more than one year | 15 | (3,299,753 | ) | (1,715,216 | ) |
PROVISIONS FOR LIABILITIES | 19 | (2,342,056 | ) | (1,634,875 | ) |
NET ASSETS | 10,679,883 | 7,090,069 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 80 | 80 |
Share premium | 21 | 24,902 | 24,902 |
Revaluation reserve | 21 | 805,925 | 475,811 |
Capital redemption reserve | 21 | 40 | 40 |
Retained earnings | 21 | 9,848,936 | 6,589,236 |
SHAREHOLDERS' FUNDS | 10,679,883 | 7,090,069 |
The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by: |
Mr D M J Howell - Director |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Property, plant and equipment | 10 |
Investments | 11 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 193,950 | 1,425,200 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 29 April 2022 | - | 7,233,074 | 24,902 |
Changes in equity |
Issue of share capital | 80 | - | - |
Dividends | - | (1,575,000 | ) | - |
Total comprehensive income | - | 1,330,002 | - |
Transfers | - | (398,840 | ) | - |
Balance at 31 December 2022 | 80 | 6,589,236 | 24,902 |
Changes in equity |
Dividends | - | (190,000 | ) | - |
Total comprehensive income | - | 3,773,732 | - |
Transfers | - | (324,032 | ) | - |
Balance at 31 December 2023 | 80 | 9,848,936 | 24,902 |
Capital |
Revaluation | redemption | Total |
reserve | reserve | equity |
£ | £ | £ |
Balance at 29 April 2022 | 99,081 | 40 | 7,357,097 |
Changes in equity |
Issue of share capital | - | - | 80 |
Dividends | - | - | (1,575,000 | ) |
Total comprehensive income | - | - | 1,330,002 |
Transfers | (44,993 | ) | - | (443,833 | ) |
Deferred tax movement on |
revaluation | (22,110 | ) | - | (22,110 | ) |
Assets revaluation | 443,833 | - | 443,833 |
Balance at 31 December 2022 | 475,811 | 40 | 7,090,069 |
Changes in equity |
Dividends | - | - | (190,000 | ) |
Total comprehensive income | - | - | 3,773,732 |
Transfers | (54,209 | ) | - | (378,241 | ) |
Deferred tax movement on |
revaluation | 6,082 | - | 6,082 |
Assets revaluation | 378,241 | - | 378,241 |
Balance at 31 December 2023 | 805,925 | 40 | 10,679,883 |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Changes in equity |
Issue of share capital | - |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Period |
29.4.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 4,265,736 | 3,316,866 |
Interest paid | (44,251 | ) | (61,870 | ) |
Interest element of hire purchase payments paid | (230,478 | ) | (82,127 | ) |
Tax paid | (8,425 | ) | (243,795 | ) |
Net cash from operating activities | 3,982,582 | 2,929,074 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (5,321,552 | ) | (3,533,073 | ) |
Purchase of fixed asset investments | (1,419,690 | ) | (175,000 | ) |
Sale of tangible fixed assets | 566,250 | 237,705 |
Sale of fixed asset investments | 152,000 | - |
Acquisition of subsidiary | - | 627,563 |
Interest received | 8,425 | - |
Net cash from investing activities | (6,014,567 | ) | (2,842,805 | ) |
Cash flows from financing activities |
New loans in year | - | 50,000 |
Loan repayments in year | (181,662 | ) | (113,571 | ) |
Capital repayments in year | 2,888,986 | 886,415 |
Amount introduced by directors | 455,888 | 1,645,376 |
Amount withdrawn by directors | (1,066,120 | ) | (991,945 | ) |
Equity dividends paid | (190,000 | ) | (1,575,000 | ) |
Net cash from financing activities | 1,907,092 | (98,725 | ) |
Decrease in cash and cash equivalents | (124,893 | ) | (12,456 | ) |
Cash and cash equivalents at beginning of year | 2 | (12,456 | ) | - |
Cash and cash equivalents at end of year | 2 | (137,349 | ) | (12,456 | ) |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
29.4.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Profit before taxation | 4,516,364 | 1,897,566 |
Depreciation charges | 1,395,790 | 1,016,403 |
Profit on disposal of fixed assets | (50,966 | ) | (48,178 | ) |
Gain on revaluation of fixed assets | (409,419 | ) | (459,506 | ) |
Finance costs | 274,729 | 143,997 |
Finance income | (8,425 | ) | - |
5,718,073 | 2,550,282 |
(Increase)/decrease in inventories | (2,574,754 | ) | 765,272 |
Increase in trade and other debtors | (94,252 | ) | (1,076,419 | ) |
Increase in trade and other creditors | 1,216,669 | 1,077,731 |
Cash generated from operations | 4,265,736 | 3,316,866 |
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 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 42,864 | - |
Bank overdrafts | (180,213 | ) | (12,456 | ) |
(137,349 | ) | (12,456 | ) |
Period ended 31 December 2022 |
31.12.22 | 29.4.22 |
£ | £ |
Bank overdrafts | (12,456 | ) | - |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank | - | 42,864 | 42,864 |
Bank overdrafts | (12,456 | ) | (167,757 | ) | (180,213 | ) |
(12,456 | ) | (124,893 | ) | (137,349 | ) |
Debt |
Finance leases | (2,954,765 | ) | (2,888,986 | ) | (5,843,751 | ) |
Debts falling due within 1 year | (181,700 | ) | 38,740 | (142,960 | ) |
Debts falling due after 1 year | (264,804 | ) | 142,922 | (121,882 | ) |
(3,401,269 | ) | (2,707,324 | ) | (6,108,593 | ) |
Total | (3,413,725 | ) | (2,832,217 | ) | (6,245,942 | ) |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | ACQUISITION OF SUBSIDIARY |
Acquisition of subsidiary £627,563 represents the subsidiary companies cash and cash equivalents at 1 January 2022. |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
PBM Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The group financial statements consolidate the financial statements of PBM Holdings Limited and all its subsidiary undertakings drawn up to 31 December each year. Control comprises the power to govern the financial and operating policies of the investee via control of the issued share capital of those companies. |
Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control and continue to be consolidated until the date that such control ceases. The financial statements of the subsidiaries are prepared for the same reporting year as the parent company, using consistent accounting policies. |
The parent company has taken advantage of section 408 of the companies act 2006 and has not included its own income statements in these financial statements. |
Significant judgements and estimates |
The director make estimates and assumptions about the future. These estimates and assumptions impact recognised assets and liabilities, as well as revenue, expenses and other disclosures. These estimates are based on historical experience and on various assumptions considered reasonable under the prevailing conditions. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. The estimates and assumptions that may have a significant effect on the carrying amounts of assets and liabilities within the financial year include: |
Tangible fixed assets are measured at cost, less accumulated depreciation and any impairments. Depreciation takes place over the estimated useful life, down to the assessed residual value. The carrying amount of the company's fixed assets is tested as soon as changed conditions show that the need for a revaluation or impairment review has arisen. |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Website - amortisation rate - 33% straight line. |
Property, plant and equipment |
Freehold property | - |
Tenants improvements | - |
Plant and machinery | - |
Drainage equipment | - |
Motor vehicles | - |
Office equipment | - |
Freehold property contains only land and as such is not depreciated. |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Inventories and work in progress |
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport and handling costs in bringing inventories to their present location and condition. |
Work in progress is valued on the basis of direct costs plus attributable overheads based on a normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress. |
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. |
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. |
Research and development |
Where expenditure on research and development does not meet the criteria for capitalisation it is written off in the year in which it is incurred. |
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 operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Fixed asset investments |
Fixed asset investments are initially measured at cost. After initial recognition, fixed asset investments are revalued or impaired periodically on an open market basis by the Directors. |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | EMPLOYEES AND DIRECTORS |
Period |
29.4.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries | 3,907,190 | 2,495,874 |
Social security costs | 390,348 | 279,287 |
Other pension costs | 72,958 | 50,455 |
4,370,496 | 2,825,616 |
The average number of employees during the year was as follows: |
Period |
29.4.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
Directors | 4 | 3 |
Head office and admin | 12 | 11 |
Operations | 64 | 46 |
The average number of employees by undertakings that were proportionately consolidated during the year was 80 (2022 - 60 ) . |
Period |
29.4.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Directors' remuneration | 233,625 | 91,162 |
Directors' pension contributions to money purchase schemes | 2,642 | 1,321 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 1 |
Information regarding the highest paid director for the year ended 31 December 2023 is as follows: |
Year Ended |
31.12.23 |
£ |
Emoluments etc | 66,667 |
Pension contributions to money purchase schemes | 1,321 |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
Period |
29.4.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Hire of plant and machinery | 1,135,177 | 515,952 |
Other operating leases | 83,833 | 105,000 |
Depreciation - owned assets | 565,359 | 491,076 |
Depreciation - assets on hire purchase contracts | 830,431 | 525,323 |
Profit on disposal of fixed assets | (50,966 | ) | (48,178 | ) |
Auditors' remuneration | 9,000 | 8,500 |
Formation costs | - | 420 |
Research and development | 88,149 | 153,633 |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
29.4.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Bank interest | 21 | - |
Corporation tax interest | - | 11,900 |
Bank loan interest | 28,110 | 46,444 |
HMRC interest and charges | 16,120 | 3,526 |
Hire purchase | 230,478 | 82,127 |
274,729 | 143,997 |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
Period |
29.4.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax | 29,369 | - |
Under / (over) provision | - | (227,286 | ) |
Total current tax | 29,369 | (227,286 | ) |
Deferred tax | 713,263 | 794,850 |
Tax on profit | 742,632 | 567,564 |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
29.4.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Profit before tax | 4,516,364 | 1,897,566 |
Profit multiplied by the standard rate of corporation tax in the UK of 23.520 % (2022 - 19 %) |
1,062,249 |
360,538 |
Effects of: |
Expenses not deductible for tax purposes | 4,132 | 1,686 |
Capital allowances in excess of depreciation | (921,326 | ) | (464,328 | ) |
Utilisation of tax losses | 224,864 | 227,357 |
Adjustments to tax charge in respect of previous periods | - | (227,286 | ) |
Research & Development enhanced deduction | (19,441 | ) | (37,947 | ) |
Gain on revaluation of assets | (96,298 | ) | (87,306 | ) |
Deferred tax timing differences | 713,257 | 794,850 |
Group relief | (224,805 | ) | - |
Total tax charge | 742,632 | 567,564 |
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. |
8. | DIVIDENDS |
Period |
29.4.22 |
Year Ended | to |
31.12.23 | 31.12.22 |
£ | £ |
Ordinary shares of £1 each |
Interim | 190,000 | 1,575,000 |
9. | INTANGIBLE FIXED ASSETS |
Group |
Website |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 3,995 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 | 3,995 |
NET BOOK VALUE |
At 31 December 2023 | - |
At 31 December 2022 | - |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | PROPERTY, PLANT AND EQUIPMENT |
Group |
Freehold | Tenants | Plant and |
property | improvements | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 270,367 | 101,460 | 2,804,572 |
Additions | 6,737 | - | 1,249,490 |
Disposals | - | - | (24,250 | ) |
Revaluations | - | - | - |
At 31 December 2023 | 277,104 | 101,460 | 4,029,812 |
DEPRECIATION |
At 1 January 2023 | - | 2,629 | 940,415 |
Charge for year | - | 1,015 | 345,043 |
Eliminated on disposal | - | - | (4,062 | ) |
Revaluation adjustments | - | - | - |
At 31 December 2023 | - | 3,644 | 1,281,396 |
NET BOOK VALUE |
At 31 December 2023 | 277,104 | 97,816 | 2,748,416 |
At 31 December 2022 | 270,367 | 98,831 | 1,864,157 |
Drainage | Motor | Office |
equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 5,723,327 | 1,935,213 | 250,303 | 11,085,242 |
Additions | 2,843,708 | 1,179,569 | 42,048 | 5,321,552 |
Disposals | - | (710,587 | ) | - | (734,837 | ) |
Revaluations | (29,590 | ) | - | - | (29,590 | ) |
At 31 December 2023 | 8,537,445 | 2,404,195 | 292,351 | 15,642,367 |
DEPRECIATION |
At 1 January 2023 | 816,793 | 689,736 | 77,060 | 2,526,633 |
Charge for year | 619,353 | 401,383 | 28,996 | 1,395,790 |
Eliminated on disposal | - | (238,491 | ) | - | (242,553 | ) |
Revaluation adjustments | (314,299 | ) | - | - | (314,299 | ) |
At 31 December 2023 | 1,121,847 | 852,628 | 106,056 | 3,365,571 |
NET BOOK VALUE |
At 31 December 2023 | 7,415,598 | 1,551,567 | 186,295 | 12,276,796 |
At 31 December 2022 | 4,906,534 | 1,245,477 | 173,243 | 8,558,609 |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | PROPERTY, PLANT AND EQUIPMENT - continued |
Group |
Cost or valuation at 31 December 2023 is represented by: |
Freehold | Tenants | Plant and |
property | improvements | machinery |
£ | £ | £ |
Valuation in 2022 | - | - | (44,713 | ) |
Cost | 277,104 | 101,460 | 4,074,525 |
277,104 | 101,460 | 4,029,812 |
Drainage | Motor | Office |
equipment | vehicles | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2022 | (72,000 | ) | - | - | (116,713 | ) |
Valuation in 2023 | (29,590 | ) | - | - | (29,590 | ) |
Cost | 8,639,035 | 2,404,195 | 292,351 | 15,788,670 |
8,537,445 | 2,404,195 | 292,351 | 15,642,367 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Drainage | Motor |
machinery | equipment | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 269,500 | 3,359,210 | 1,067,316 | 4,696,026 |
Additions | 893,300 | 2,729,100 | 1,149,279 | 4,771,679 |
Disposals | - | - | (598,234 | ) | (598,234 | ) |
Reclassification/transfer | 410,000 | (167,895 | ) | (143,022 | ) | 99,083 |
At 31 December 2023 | 1,572,800 | 5,920,415 | 1,475,339 | 8,968,554 |
DEPRECIATION |
At 1 January 2023 | 48,020 | 332,309 | 197,490 | 577,819 |
Charge for year | 84,272 | 438,725 | 307,434 | 830,431 |
Eliminated on disposal | - | - | (165,035 | ) | (165,035 | ) |
Reclassification/transfer | 113,775 | (196,627 | ) | (78,343 | ) | (161,195 | ) |
At 31 December 2023 | 246,067 | 574,407 | 261,546 | 1,082,020 |
NET BOOK VALUE |
At 31 December 2023 | 1,326,733 | 5,346,008 | 1,213,793 | 7,886,534 |
At 31 December 2022 | 221,480 | 3,026,901 | 869,826 | 4,118,207 |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | FIXED ASSET INVESTMENTS |
Group |
Unlisted |
investments |
£ |
COST OR VALUATION |
At 1 January 2023 | 1,218,100 |
Additions | 1,419,690 |
Disposals | (175,000 | ) |
Revaluations | 124,710 |
At 31 December 2023 | 2,587,500 |
NET BOOK VALUE |
At 31 December 2023 | 2,587,500 |
At 31 December 2022 | 1,218,100 |
Cost or valuation at 31 December 2023 is represented by: |
Unlisted |
investments |
£ |
Valuation in 2022 | 62,691 |
Valuation in 2023 | 124,709 |
Cost | 2,400,100 |
2,587,500 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
12. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Valuation | 49,569 | - |
Stocks | 117,000 | 93,000 |
Work-in-progress | 2,935,891 | 434,706 |
3,102,460 | 527,706 |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 2,066,402 | 1,928,705 |
Amounts owed by group undertakings | 5,000 | - |
Other debtors | 132,531 | 246,173 |
Staff loans | 46,792 | 41,262 | - | - |
Directors' current accounts | 1,641,326 | 1,031,094 | - | - |
Tax | 435,916 | 435,916 |
VAT | 122,767 | 64,369 |
Prepayments | 25,024 | 18,755 |
4,475,758 | 3,766,274 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 323,173 | 144,156 |
Other loans (see note 16) | - | 50,000 |
Hire purchase contracts (see note 17) | 2,665,880 | 1,504,353 |
Trade creditors | 2,630,192 | 1,385,616 |
Credit card control | 55,925 | 114,315 | - | - |
Amounts owed to group undertakings | 5,000 | - |
Corporation tax | 52,327 | 31,383 |
Social security and other taxes | 358,729 | 87,188 |
Pension control | 32,960 | 11,629 | - | - |
Accruals and deferred income | 39,500 | 301,889 |
6,163,686 | 3,630,529 |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Bank loans (see note 16) | 121,882 | 264,804 |
Hire purchase contracts (see note 17) | 3,177,871 | 1,450,412 |
3,299,753 | 1,715,216 |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
16. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 180,213 | 12,456 |
Bank loans | 142,960 | 131,700 |
Other loans | - | 50,000 |
323,173 | 194,156 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years | 117,753 | 142,980 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years | 4,129 | 121,824 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 2,665,880 | 1,504,353 |
Between one and five years | 3,177,871 | 1,450,412 |
5,843,751 | 2,954,765 |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 201,834 | 60,000 |
Between one and five years | 686,856 | 240,000 |
888,690 | 300,000 |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2023 | 2022 |
£ | £ |
Bank overdraft | 180,213 | - |
Bank loans | 264,842 | - |
Hire purchase contracts | 5,843,751 | 2,954,765 |
6,288,806 | 2,954,765 |
The bank overdraft facility and finance lease liabilities are secured by charges over the company's assets and personal guarantees given by the company's directors. |
Creditors amounts falling due within one year on which security has been given includes finance lease liabilities of £2,665,880 (2022 - £1,504,353). |
Creditors amounts falling due after more than one year on which security has been given includes finance lease liabilities of £3,177,871 (2022 - £1,450,412). |
19. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 2,342,056 | 1,634,875 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 1,634,875 |
Charge to Income Statement during year | 713,263 |
Balance at start of year |
Movement on revaluation | (6,082 | ) |
Balance at 31 December 2023 | 2,342,056 |
The deferred tax account consist of the tax effect of timing differences in respect of: |
2022 | 2022 |
£ | £ |
Accelerated capital allowances | 2,295,206 | 1,619,203 |
Investment asset revaluation | 46,850 | 15,673 |
2,342,056 | 1,634,875 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 80 | 80 |
PBM HOLDINGS LIMITED (REGISTERED NUMBER: 14077294) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
21. | RESERVES |
Group |
Capital |
Retained | Share | Revaluation | redemption |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 January 2023 | 6,589,236 | 24,902 | 475,811 | 40 | 7,089,989 |
Profit for the year | 3,773,732 | 3,773,732 |
Dividends | (190,000 | ) | (190,000 | ) |
Transfers | (324,032 | ) | - | (54,209 | ) | - | (378,241 | ) |
Deferred tax movement on |
revaluation | - | - | 6,082 | - | 6,082 |
Assets revaluation | - | - | 378,241 | - | 378,241 |
At 31 December 2023 | 9,848,936 | 24,902 | 805,925 | 40 | 10,679,803 |
Company |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the year ended 31 December 2023 and the period ended 31 December 2022: |
2023 | 2022 |
£ | £ |
D M J Howell |
Balance outstanding at start of year | 1,031,094 | 1,684,529 |
Amounts advanced | 1,066,120 | 991,861 |
Amounts repaid | (455,888 | ) | (1,645,296 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 1,641,326 | 1,031,094 |
All advances made to directors are unsecured, repayable on demand and with no interest charged. |
23. | RELATED PARTY DISCLOSURES |
£60,000 of property rent on a commercial basis relates to property owned by a relative of Mr D M Howell. Included within creditors is £205,000 or property rent in respect of previous periods. Contractor sales made during the previous year on commercial terms were outstanding at the year end. |