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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: Mr D M J Howell
Mrs C A Howell
Mrs C A Brennan





SECRETARY: Mrs C A Brennan





REGISTERED OFFICE: The Woodlands
Mablethorpe Road
Theddlethorpe
Lincolnshire
LN12 1NQ





REGISTERED NUMBER: 14077294 (England and Wales)





AUDITORS: Nicholsons Audit
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:





Mr D M J Howell - Director


18 September 2024

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.

Mr D M J Howell
Mrs C A Howell

Other changes in directors holding office are as follows:

Mrs C A Brennan - appointed 5 July 2023

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:





Mr D M J Howell - Director


18 September 2024

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.




Joanne Brown (Senior Statutory Auditor)
for and on behalf of Nicholsons Audit
Newland House
The Point
Weaver Road
Lincoln
Lincolnshire
LN6 3QN

18 September 2024

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 3,773,732 1,330,002

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 11 380 380
380 380

CURRENT ASSETS
Debtors 13 5,000 1,000
Cash at bank 300 -
5,300 1,000
CREDITORS
Amounts falling due within one year 14 1,450 1,100
NET CURRENT ASSETS/(LIABILITIES) 3,850 (100 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,230

280

CAPITAL AND RESERVES
Called up share capital 20 80 80
Retained earnings 21 4,150 200
SHAREHOLDERS' FUNDS 4,230 280

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 18 September 2024 and were signed on its behalf by:





Mr D M J Howell - Director


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 80 - 80
Dividends - (1,425,000 ) (1,425,000 )
Total comprehensive income - 1,425,200 1,425,200
Balance at 31 December 2022 80 200 280

Changes in equity
Dividends - (190,000 ) (190,000 )
Total comprehensive income - 193,950 193,950
Balance at 31 December 2023 80 4,150 4,230

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 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.

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
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.
Freehold property - not provided
Tenants improvements - 1% on cost
Plant and machinery - 15% on reducing balance
Drainage equipment - 15% on reducing balance and 5% on cost
Motor vehicles - 25% on reducing balance
Office equipment - 33% on cost and 15% on reducing balance

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
80 60

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 380
NET BOOK VALUE
At 31 December 2023 380
At 31 December 2022 380


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 - 5,000 1,000
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 5,000 1,000

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 - 200 300
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 1,250 800
6,163,686 3,630,529 1,450 1,100

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: £    £   
80 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 200
Profit for the year 193,950
Dividends (190,000 )
At 31 December 2023 4,150


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.