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Registered number: 03058130









PERCY INGLE HOLDINGS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
PERCY INGLE HOLDINGS LIMITED
REGISTERED NUMBER: 03058130

CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
  
73,312
106,817

Investment property
  
25,824,658
25,956,458

  
25,897,970
26,063,275

Current assets
  

Debtors: amounts falling due within one year
 7 
56,697
98,674

Current asset investments
 9 
520,038
500,000

Cash at bank and in hand
 8 
888,238
673,271

  
1,464,973
1,271,945

Creditors: amounts falling due within one year
  
(824,886)
(655,245)

Net current assets
  
 
 
640,087
 
 
616,700

Total assets less current liabilities
  
26,538,057
26,679,975

Provisions for liabilities
  

Deferred tax
  
(2,858,270)
(2,522,352)

  
 
 
(2,858,270)
 
 
(2,522,352)

Net assets
  
23,679,787
24,157,623


Capital and reserves
  

Called up share capital 
  
9,697
9,697

Investment property reserve
  
22,717,971
23,023,353

Profit and loss account
  
952,119
1,124,573

  
23,679,787
24,157,623


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

Page 1

 
PERCY INGLE HOLDINGS LIMITED
REGISTERED NUMBER: 03058130
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 September 2024.




M Ingle Esq
P D Ingle Esq
Director
Director

The notes on pages 6 to 14 form part of these financial statements.

Page 2

 
PERCY INGLE HOLDINGS LIMITED
REGISTERED NUMBER: 03058130

COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
14,990
14,990

Current assets
  

Debtors: amounts falling due within one year
 7 
7,388
300,587

Current asset investments
 9 
520,038
500,000

Cash at bank and in hand
 8 
468,939
134,312

  
996,365
934,899

Creditors: amounts falling due within one year
  
(106,929)
(65,444)

Net current assets
  
 
 
889,436
 
 
869,455

  

  

Net assets
  
904,426
884,445


Capital and reserves
  

Called up share capital 
  
9,697
9,697

Profit and loss account brought forward
  
874,748
874,778

Profit for the year
  
514,255
282,826

Other changes in the profit and loss account

  

(494,274)
(282,856)

Profit and loss account carried forward
  
894,729
874,748

  
904,426
884,445


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the consolidated statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 September 2024.


M Ingle Esq
P D Ingle Esq
Director
Director

The notes on pages 6 to 14 form part of these financial statements.

Page 3

 
PERCY INGLE HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
9,697
24,682,867
1,144,307
25,836,871


Comprehensive income for the year

Loss for the year
-
-
(1,396,392)
(1,396,392)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(282,856)
(282,856)

Transfer to/from profit and loss account
-
-
1,659,514
1,659,514

Transfer between other reserves
-
(1,659,514)
-
(1,659,514)



At 1 January 2023
9,697
23,023,353
1,124,573
24,157,623


Comprehensive income for the year

Profit for the year
-
-
16,438
16,438

Fair value adjustments
-
-
15,726
15,726


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(510,000)
(510,000)

Transfer to/from profit and loss account
-
-
305,382
305,382

Transfer between other reserves
-
(305,382)
-
(305,382)


At 31 December 2023
9,697
22,717,971
952,119
23,679,787


The notes on pages 6 to 14 form part of these financial statements.

Page 4

 
PERCY INGLE HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
9,697
874,778
884,475


Comprehensive income for the year

Profit for the year
-
282,826
282,826

Dividends: Equity capital
-
(282,856)
(282,856)



At 1 January 2023
9,697
874,748
884,445


Comprehensive income for the year

Profit for the year
-
514,255
514,255

Fair value adjustments
-
15,726
15,726

Dividends: Equity capital
-
(510,000)
(510,000)


At 31 December 2023
9,697
894,729
904,426


The notes on pages 6 to 14 form part of these financial statements.

Page 5

 
PERCY INGLE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Percy Ingle Holdings Limited ("the Company") is a company limited by shares, incorporated in England and Wales on 18 May 1995. The company registration number is 03058130. The business address is Suite 106 Grangewood House, Oakwood Hill Industrial Estate, Oakwood Hill, Loughton, Essex, IG10 3TZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 July 2014.

Page 6

 
PERCY INGLE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 7

 
PERCY INGLE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 8

 
PERCY INGLE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 9

 
PERCY INGLE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets

Group






Motor vehicles

£



Cost or valuation


At 1 January 2023
134,019



At 31 December 2023

134,019



Depreciation


At 1 January 2023
27,202


Charge for the year on owned assets
33,505



At 31 December 2023

60,707



Net book value



At 31 December 2023
73,312



At 31 December 2022
106,817


5.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
14,990



At 31 December 2023
14,990





Page 10

 
PERCY INGLE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Investment property

Group


Freehold investment property

£



Valuation


At 1 January 2023
25,956,458


Additions at cost
173,582


Surplus on revaluation
(305,382)



At 31 December 2023
25,824,658

The 2023 valuations were made by the directors, on an open market value for existing use basis.

2023
2022
£
£

Revaluation reserves


At 1 January 2023
23,023,353
24,682,867

Net deficit in movement properties
(305,382)
(1,659,514)

At 31 December 2023
22,717,971
23,023,353



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
7,123,628
6,950,044

Accumulated depreciation and impairments
(4,016,939)
(4,016,939)

3,106,689
2,933,105

The 2023 valuations were made by the directors, on an open market value for existing use basis.


Page 11

 
PERCY INGLE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
49,309
91,286
-
-

Amounts owed by group undertakings
-
-
-
293,199

Other debtors
7,388
7,388
7,388
7,388

56,697
98,674
7,388
300,587



8.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
888,238
673,271
468,939
134,312



9.


Current asset investments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Investments
520,038
500,000
520,038
500,000


10.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts owed to group undertakings
-
-
96,689
-

Other taxation and social security
3,510
2,811
-
-

Other creditors
579,687
463,547
5,737
60,941

Accruals and deferred income
241,689
188,887
4,503
4,503

824,886
655,245
106,929
65,444


Page 12

 
PERCY INGLE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve consists of the accumulated fair value gains and losses recognised in the profit and loss account.

Profit and loss account

The profit and loss account consists of distributable reserves arising from cumulative historical profits and losses less any distributions made.


12.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £71,299 (2022 - £44,125). No contributions (2022 - £Nil) were payable to the fund at the balance sheet date.


13.


Income under operating leases - lessor

At 31 December 2023 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
Group
£
£


Not later than 1 year
740,246
779,233

Later than 1 year and not later than 5 years
2,857,016
2,869,016

Later than 5 years
4,344,573
5,054,923

7,941,835
8,703,172


14.


Related party transactions

Company
The Company has taken advantage of the exemption, under FRS 102 paragraph 1.12 and paragraph 33.1A, from disclosing transactions with key management and from disclosing other related party transactions as they are with other companies that are wholly owned within the Group.
The directors had an interest in dividends paid during the year of £707,856
 (2022 - £282,856).
Group
Key management personnel compensation paid during the year was £11,375 (2022 - £476,501).

Page 13

 
PERCY INGLE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Controlling party

The Company regards D P Ingle Esq, as its ultimate controlling party.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 9 September 2024 by Stuart Moon (Senior statutory auditor) on behalf of Barnes Roffe LLP.

 
Page 14