REGISTERED NUMBER: 09288660 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 29 February 2024 |
for |
Pentagon Sport (Cheshire) Ltd |
REGISTERED NUMBER: 09288660 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 29 February 2024 |
for |
Pentagon Sport (Cheshire) Ltd |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Contents of the Consolidated Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 5 |
Consolidated Profit and Loss Account | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 |
Pentagon Sport (Cheshire) Ltd |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTORS: |
SECRETARIES: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
and Statutory Auditors |
Ebenezer House |
Ryecroft |
Newcastle under Lyme |
Staffordshire |
ST5 2BE |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Group Strategic Report |
for the Year Ended 29 February 2024 |
The Pentagon Sport (Cheshire) Limited group continuously invests in its structure, manufacturing and integrity of the business to support the organic growth of the group. |
The investment has led to year on year growth with turnover at £15.7m, increased from £15.0m in full year 2023, with gross profit of 45.12% and net profit of 14.76%. |
Pentagon prides itself on its investment into people, investing into new talent, developing and supporting current employees through training and management. We look to improve the skills of the workforce, offering internal and external training in their specific areas to support & drive the business forward. |
The investment over the last few years into our manufacturing department has promoted innovation and development of our in house product production. The capital purchases we have made, and continue to make, have allowed us to increase our turnover in the manufacturing centre and use the additional capacity to manufacture for third party companies. The third party customer's demand helps balance the seasonality of our core business customers. |
The board is very happy with the performance of the business and have set targets for FY25 to continue to grow the business in our core markets, move into new markets which align to our key skill set and to drive down cost through efficiencies and partnerships with our supply chain. |
We are looking to improve our FY25 performance to hit a group turnover of £16.0m. We have also invested in our sales team to expand into different market sectors combined with exploring adding to our third party manufacturing opportunities. |
Our future plans will see us invest more into our manufacturing department, continue investing into our people and manage our pipeline and forecasting more effectively to react better to growth. It is a fundamental objective to maintain a sustainable organic growth plan, and the group has taken the time during the year to focus on a wider spread of market sectors. |
KEY PERFORMANCE INDICATORS |
The key performance indicator detailed above is recognised as an integral part of monitoring the business, along with gross margin and net margin. |
2024 2023 |
Turnover growth 4.79% 38.15% |
Gross profit 45.12% 44.47% |
Net profit 14.76% 14.82% |
It is the responsibility of the commercial team to regularly monitor and review these figures and report the results and any corrective actions to the board. |
The directors are happy with the company's performance against those indicators, especially during the challenges presented during recent times. |
PRINCIPAL RISKS AND UNCERTAINTIES |
There are certain risks, which could materially and adversely impact the company's results compared to expectation. A summary of the key risks is set out below. This is not an exhaustive list of the factors that could adversely impact company profitability. |
FINANCIAL INSTRUMENTS |
The group uses various financial instruments; these include cash and various items, such as trade debtors and trade creditors, that arise directly from its operations. |
The existence of these financial instruments exposes the company to several financial risks which are described in more detail below. |
The main risks arising from the group's financial instruments are categorised as market risk, credit risk and liquidity risk. The directors review and agree policies for managing these risks and they are summarised below. |
MARKET RISK |
The directors are constantly monitoring both the quality and price of the products it acquires and the range of goods it supplies to minimise the market risk. |
CREDIT RISK |
To counteract the risk of bad debts the business has increased the use of credit checking and monitoring facilities to assess the risk to the group. If a significant risk is identified then a further review is made and where appropriate protective actions are undertaken. |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Group Strategic Report |
for the Year Ended 29 February 2024 |
LIQUIDITY RISK |
The business has a very strong relationship with its bank. The company has the facilities available to meet its needs on an ongoing basis. These facilities are reviewed on a regular basis, by both the bank and the management, and are in accordance with the needs of the group. |
FUTURE DEVELOPMENTS |
The directors are keen to expand the core business, through organic sustainable growth, supply chain partnerships, and through strategic acquisition opportunities. |
The business has a continued re-investment programme replacing equipment with newer technology to enable the group to compete in increasingly competitive markets, which is constantly reviewed in line with business opportunities. |
ON BEHALF OF THE BOARD: |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Report of the Directors |
for the Year Ended 29 February 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 29 February 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of providing playground equipment and installation. |
DIVIDENDS |
The total distribution of dividends for the year ended 29 February 2024 will be £ 1,868,486 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 March 2023 to the date of this report. |
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. |
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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Thompson Wright Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Pentagon Sport (Cheshire) Ltd |
Opinion |
We have audited the financial statements of Pentagon Sport (Cheshire) Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the Consolidated Profit and Loss Account, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 29 February 2024 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 |
Pentagon Sport (Cheshire) Ltd |
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. |
Report of the Independent Auditors to the Members of |
Pentagon Sport (Cheshire) Ltd |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of playground equipment and installation. |
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment and health and safety legislation and FSC and PEFC compliance; |
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
- performed analytical procedures to identify any unusual or unexpected relationships; |
- tested journal entries to identify unusual transactions; |
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
- investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- agreeing financial statement disclosures to underlying supporting documentation; |
- reading the minutes of meetings of those charged with governance; |
- enquiring of management as to actual and potential litigation and claims; and |
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Pentagon Sport (Cheshire) Ltd |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
and Statutory Auditors |
Ebenezer House |
Ryecroft |
Newcastle under Lyme |
Staffordshire |
ST5 2BE |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Consolidated Profit and Loss Account |
for the Year Ended 29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 15,672,823 | 14,955,712 |
Cost of sales | 8,601,216 | 8,305,022 |
GROSS PROFIT | 7,071,607 | 6,650,690 |
Administrative expenses | 5,154,410 | 5,547,889 |
1,917,197 | 1,102,801 |
Other operating income | 271,637 | 1,120,990 |
OPERATING PROFIT | 5 | 2,188,834 | 2,223,791 |
Interest receivable and similar income | 143,081 | 3,040 |
2,331,915 | 2,226,831 |
Interest payable and similar expenses | 6 | 18,052 | 10,768 |
PROFIT BEFORE TAXATION | 2,313,863 | 2,216,063 |
Tax on profit | 7 | 540,261 | 337,696 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,773,602 | 1,878,367 |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Consolidated Other Comprehensive Income |
for the Year Ended 29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,773,602 | 1,878,367 |
OTHER COMPREHENSIVE INCOME |
Purchase of own shares | (37,367 | ) | (76,588 | ) |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(37,367 |
) |
(76,588 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,736,235 | 1,801,779 |
Total comprehensive income attributable to: |
Owners of the parent | 1,736,235 | 1,801,779 |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Consolidated Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 134,206 | 281,514 |
Tangible assets | 11 | 1,082,445 | 983,704 |
Investments | 12 |
Interest in joint venture |
Share of gross assets | 1 | - |
1,216,652 | 1,265,218 |
CURRENT ASSETS |
Stocks | 13 | 650,784 | 668,424 |
Debtors | 14 | 4,618,411 | 4,257,118 |
Cash at bank and in hand | 1,901,021 | 2,879,971 |
7,170,216 | 7,805,513 |
CREDITORS |
Amounts falling due within one year | 15 | 2,385,940 | 2,845,933 |
NET CURRENT ASSETS | 4,784,276 | 4,959,580 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 6,000,928 | 6,224,798 |
CREDITORS |
Amounts falling due after more than one year | 16 | (164,767 | ) | (280,400 | ) |
PROVISIONS FOR LIABILITIES | 20 | (253,457 | ) | (229,444 | ) |
NET ASSETS | 5,582,704 | 5,714,954 |
CAPITAL AND RESERVES |
Called up share capital | 21 | 94 | 100 |
Share premium | 22 | 1,091,902 | 1,091,902 |
Capital redemption reserve | 22 | 13 | 6 |
Other reserves | 22 | 34,032 | 34,032 |
Retained earnings | 22 | 4,456,663 | 4,588,914 |
SHAREHOLDERS' FUNDS | 5,582,704 | 5,714,954 |
The financial statements were approved by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by: |
M R Bischof - Director |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Company Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 20 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium | 22 |
Capital redemption reserve | 22 |
Other reserves | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 656,242 | 778,921 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Consolidated Statement of Changes in Equity |
for the Year Ended 29 February 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 March 2022 | 106 | 3,921,738 | 1,091,902 |
Changes in equity |
Reduction in share capital | (6 | ) | - | - |
Dividends | - | (1,134,603 | ) | - |
Total comprehensive income | - | 1,801,779 | - |
Balance at 28 February 2023 | 100 | 4,588,914 | 1,091,902 |
Changes in equity |
Reduction in share capital | (6 | ) | - | - |
Dividends | - | (1,868,486 | ) | - |
Total comprehensive income | - | 1,736,235 | - |
Balance at 29 February 2024 | 94 | 4,456,663 | 1,091,902 |
Capital |
redemption | Other | Total |
reserve | reserves | equity |
£ | £ | £ |
Balance at 1 March 2022 | - | 34,032 | 5,047,778 |
Changes in equity |
Reduction in share capital | 6 | - | - |
Dividends | - | - | (1,134,603 | ) |
Total comprehensive income | - | - | 1,801,779 |
Balance at 28 February 2023 | 6 | 34,032 | 5,714,954 |
Changes in equity |
Reduction in share capital | 7 | - | 1 |
Dividends | - | - | (1,868,486 | ) |
Total comprehensive income | - | - | 1,736,235 |
Balance at 29 February 2024 | 13 | 34,032 | 5,582,704 |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Company Statement of Changes in Equity |
for the Year Ended 29 February 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 March 2022 |
Changes in equity |
Reduction in share capital | (6 | ) | - | - |
Dividends | - | ( |
) | - |
Total comprehensive income | - | - |
Balance at 28 February 2023 |
Changes in equity |
Reduction in share capital | (6 | ) | - | - |
Dividends | - | ( |
) | - |
Total comprehensive income | - | - |
Balance at 29 February 2024 |
Capital |
redemption | Other | Total |
reserve | reserves | equity |
£ | £ | £ |
Balance at 1 March 2022 |
Changes in equity |
Reduction in share capital | 6 | - | - |
Dividends | - | - | ( |
) |
Total comprehensive income |
Balance at 28 February 2023 |
Changes in equity |
Reduction in share capital | 7 | - | 1 |
Dividends | - | - | ( |
) |
Total comprehensive income |
Balance at 29 February 2024 |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Consolidated Cash Flow Statement |
for the Year Ended 29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,093,480 | 2,258,142 |
Interest paid | (7,062 | ) | (7,808 | ) |
Interest element of hire purchase payments paid | (10,990 | ) | (2,960 | ) |
Government grants | - | 3,000 |
Tax paid | (677,965 | ) | (43,771 | ) |
Net cash from operating activities | 1,397,463 | 2,206,603 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (390,655 | ) | (289,057 | ) |
Purchase of fixed asset investments | (1 | ) | - |
Sale of tangible fixed assets | - | 16,707 |
Interest received | 143,081 | 3,040 |
Net cash from investing activities | (247,575 | ) | (269,310 | ) |
Cash flows from financing activities |
Loan repayments in year | (50,000 | ) | (50,000 | ) |
Purchase of own shares | (37,367 | ) | (76,588 | ) |
Loans from related parties | 4,134 | - |
Capital repayments in year | (53,244 | ) | 27,234 |
Amount introduced by directors | 8,871 | 7,775 |
Amount withdrawn by directors | (132,746 | ) | - |
Equity dividends paid | (1,868,486 | ) | (1,134,603 | ) |
Net cash from financing activities | (2,128,838 | ) | (1,226,182 | ) |
(Decrease)/increase in cash and cash equivalents | (978,950 | ) | 711,111 |
Cash and cash equivalents at beginning of year | 2 | 2,879,971 | 2,168,860 |
Cash and cash equivalents at end of year | 2 | 1,901,021 | 2,879,971 |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 29 February 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
£ | £ |
Profit before taxation | 2,313,863 | 2,216,063 |
Depreciation charges | 438,266 | 388,941 |
Loss on disposal of fixed assets | 957 | 9,738 |
Government grants | - | (3,000 | ) |
Finance costs | 18,052 | 10,768 |
Finance income | (143,081 | ) | (3,040 | ) |
2,628,057 | 2,619,470 |
Decrease in stocks | 17,640 | 266,248 |
Increase in trade and other debtors | (192,617 | ) | (112,570 | ) |
Decrease in trade and other creditors | (359,600 | ) | (515,006 | ) |
Cash generated from operations | 2,093,480 | 2,258,142 |
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 29 February 2024 |
29.2.24 | 1.3.23 |
£ | £ |
Cash and cash equivalents | 1,901,021 | 2,879,971 |
Year ended 28 February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 2,879,971 | 2,168,860 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 1.3.23 | Cash flow | changes | At 29.2.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 2,879,971 | (978,950 | ) | 1,901,021 |
2,879,971 | (978,950 | ) | 1,901,021 |
Debt |
Finance leases | (182,862 | ) | 53,244 | - | (129,618 | ) |
Debts falling due |
within 1 year | (50,000 | ) | 50,000 | (50,000 | ) | (50,000 | ) |
Debts falling due |
after 1 year | (150,000 | ) | - | 50,000 | (100,000 | ) |
(382,862 | ) | 103,244 | - | (279,618 | ) |
Total | 2,497,109 | (875,706 | ) | - | 1,621,403 |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Notes to the Consolidated Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Pentagon Sport (Cheshire) Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on a going concern basis which assumes the Group will have sufficient funds to continue to pay its debts as and when they fall due and thus continue to trade. The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future based on its forecasts and projections. In making their assessment, the directors have considered a period of at least 12 months from the date of signing these financial statements. |
Basis of consolidation |
The group accounts consolidate the accounts of the group and its subsidiary at 29 February 2024. All companies have coterminous year ends. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believe to be reasonable under the circumstances. |
Critical accounting estimates and assumptions |
The company makes estimates and assumptions concerning the future. The resulting account estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
Revenue is recognised as the company becomes entitled to consideration for the goods and services supplied. |
Turnover is attributable to the principle activity of the company which is carried out entirely within the United Kingdom. |
All turnover is derived from UK customers. |
Goodwill |
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. |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Useful economic life of tangible assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The usual economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
Stocks |
Stocks and work in progress 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 stocks to their present location and condition. |
Financial instruments |
The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments. |
(i) Financial assets |
Basic financial assets, including trade and other receivables, loans to related companies and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Profit and Loss Account, 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. |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group 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. |
Investments in subsidiaries and associates |
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and |
subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss. |
A subsidiary is an entity controlled by the company . Control is the power to govern the financial and |
operating policies of the entity so as to obtain benefits from its activities. |
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. |
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Licensing fees | 867,496 | 789,087 |
Supply & Installation | 13,854,739 | 12,815,865 |
Repairs | 72,225 | 85,034 |
Web shop orders | 391,297 | 1,013,693 |
Other | 487,066 | 252,033 |
15,672,823 | 14,955,712 |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 4,048,055 | 3,839,114 |
Social security costs | 402,928 | 378,735 |
Other pension costs | 113,125 | 205,142 |
4,564,108 | 4,422,991 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Office staff | 32 | 51 |
Workshop staff | 22 | 18 |
Operations staff | 57 | 48 |
2024 | 2023 |
£ | £ |
Directors' remuneration | 393,019 | 196,308 |
Directors' pension contributions to money purchase schemes | 24,733 | 3,678 |
Information regarding the highest paid director for the year ended 29 February 2024 is as follows: |
2024 |
£ |
Emoluments etc | 126,141 |
Pension contributions to money purchase schemes | 1,321 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 266,734 | 220,302 |
Other operating leases | 321,631 | 317,484 |
Depreciation - owned assets | 236,662 | 197,113 |
Depreciation - assets on hire purchase contracts | 54,295 | 44,520 |
Loss on disposal of fixed assets | 957 | 9,738 |
Goodwill amortisation | 147,308 | 147,308 |
Foreign exchange differences | 1,962 | 3,627 |
Auditors remuneration | 24,000 | 21,000 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank loan interest | 4,840 | 7,808 |
Corporation tax interest | 2,222 | - |
Hire purchase | 10,990 | 2,960 |
18,052 | 10,768 |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2024 | 2023 |
£ | £ |
Current tax: |
UK corporation tax | 516,247 | 284,215 |
Prior year tax adjustment | - | 965 |
Total current tax | 516,247 | 285,180 |
Deferred tax | 24,014 | 52,516 |
Tax on profit | 540,261 | 337,696 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
£ | £ |
Profit before tax | 2,313,863 | 2,216,063 |
Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2023 - 19 %) |
439,634 |
421,052 |
Effects of: |
Expenses not deductible for tax purposes | 645 | 32,080 |
Depreciation in excess of capital allowances | 32,868 | 41,991 |
Adjustments to tax charge in respect of previous periods | - | 965 |
R&D deduction | (48,644 | ) | (158,392 | ) |
Change in tax rate | 115,758 | - |
Total tax charge | 540,261 | 337,696 |
Tax effects relating to effects of other comprehensive income |
2024 |
Gross | Tax | Net |
£ | £ | £ |
Purchase of own shares | (37,367 | ) | - | (37,367 | ) |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Purchase of own shares | (76,588 | ) | - | (76,588 | ) |
8. | INDIVIDUAL PROFIT AND LOSS ACCOUNT |
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. |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary A shares of 1p each |
Interim | 992,486 | 213,329 |
Ordinary B shares of 1p each |
Interim | - | 213,328 |
Ordinary C shares of 1p each |
Interim | 780,000 | 314,162 |
Ordinary D shares of 1p each |
Interim | - | 314,162 |
Ordinary E shares of 1p each |
Interim | - | 8,880 |
Ordinary F shares of 1p each |
Interim | - | 8,880 |
Ordinary G shares of 1p each |
Interim | - | 10,579 |
Ordinary H shares of 1p each |
Interim | - | 10,579 |
Ordinary I shares of 1p each |
Interim | 96,000 | 40,704 |
1,868,486 | 1,134,603 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 | 1,472,975 |
AMORTISATION |
At 1 March 2023 | 1,191,461 |
Amortisation for year | 147,308 |
At 29 February 2024 | 1,338,769 |
NET BOOK VALUE |
At 29 February 2024 | 134,206 |
At 28 February 2023 | 281,514 |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 March 2023 | 281,343 | 649,811 | 387,215 |
Additions | - | 174,295 | 97,019 |
Disposals | - | (29,350 | ) | (188,160 | ) |
At 29 February 2024 | 281,343 | 794,756 | 296,074 |
DEPRECIATION |
At 1 March 2023 | 77,402 | 295,216 | 259,804 |
Charge for year | 28,135 | 130,571 | 47,514 |
Eliminated on disposal | - | (29,103 | ) | (188,008 | ) |
At 29 February 2024 | 105,537 | 396,684 | 119,310 |
NET BOOK VALUE |
At 29 February 2024 | 175,806 | 398,072 | 176,764 |
At 28 February 2023 | 203,941 | 354,595 | 127,411 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 March 2023 | 323,891 | 38,923 | 1,681,183 |
Additions | 116,799 | 2,542 | 390,655 |
Disposals | (756 | ) | - | (218,266 | ) |
At 29 February 2024 | 439,934 | 41,465 | 1,853,572 |
DEPRECIATION |
At 1 March 2023 | 51,171 | 13,886 | 697,479 |
Charge for year | 77,962 | 6,775 | 290,957 |
Eliminated on disposal | (198 | ) | - | (217,309 | ) |
At 29 February 2024 | 128,935 | 20,661 | 771,127 |
NET BOOK VALUE |
At 29 February 2024 | 310,999 | 20,804 | 1,082,445 |
At 28 February 2023 | 272,720 | 25,037 | 983,704 |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST |
At 1 March 2023 |
and 29 February 2024 | 46,200 | 225,275 | 271,475 |
DEPRECIATION |
At 1 March 2023 | 16,940 | 39,500 | 56,440 |
Charge for year | 9,240 | 45,055 | 54,295 |
At 29 February 2024 | 26,180 | 84,555 | 110,735 |
NET BOOK VALUE |
At 29 February 2024 | 20,020 | 140,720 | 160,740 |
At 28 February 2023 | 29,260 | 185,775 | 215,035 |
Company |
Computer |
equipment |
£ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
12. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in joint |
venture |
£ |
COST |
Additions | 1 |
At 29 February 2024 | 1 |
NET BOOK VALUE |
At 29 February 2024 | 1 |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
The list of jointly controlled entities is as follows; |
Name | Registered office | Nature of business | Interest |
Pentagon+ Limited | Ebenezer House, Ryecroft, Newcastle, England, ST5 2BE |
Playground installer and supplier |
50% Ordinary shares |
Pentagon+ Limited has net liabilities of £8,024 as at 29 February 2024, the Pentagon Sport (Cheshire) Ltd group's share of these liabilities has not been recognised in the consolidated financial statements as its liability is limited to the nominal value of the share capital it owns of £1. |
The list of subsidiaries is as follows; |
Name | Registered office | Nature of business | Interest |
Pentagon Sport Limited | Ebenezer House, Ryecroft, Newcastle, England, ST5 2BE |
Playground installer and supplier |
100% Ordinary shares |
13. | STOCKS |
Group |
2024 | 2023 |
£ | £ |
Stocks | 606,812 | 630,122 |
Work-in-progress | 43,972 | 38,302 |
650,784 | 668,424 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 2,041,539 | 1,807,322 |
Amounts owed by group undertakings | - | - |
Other debtors | 20,428 | 150,456 |
Tax recoverable - S455 | 558,397 | 513,596 | 558,397 | 513,596 |
Directors' current accounts | 1,713,040 | 1,589,165 | 1,713,040 | 1,589,165 |
Prepayments | 285,007 | 196,579 |
4,618,411 | 4,257,118 |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 50,000 | 50,000 |
Hire purchase contracts (see note 18) | 64,851 | 52,462 |
Trade creditors | 1,012,854 | 829,050 |
Amounts owed to group undertakings | - | - |
Amounts owed to associates | 4,135 | - | - | - |
Tax | 255,698 | 372,615 |
Social security and other taxes | 129,730 | 131,855 |
VAT | 262,416 | 456,571 | 15,391 | 95,990 |
Other creditors | 92,198 | 236,691 |
Accruals and deferred income | 514,058 | 716,689 |
2,385,940 | 2,845,933 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans (see note 17) | 100,000 | 150,000 |
Hire purchase contracts (see note 18) | 64,767 | 130,400 |
164,767 | 280,400 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on | demand: |
Bank loans | 50,000 | 50,000 |
Amounts falling due between one and two years: |
Bank loans - 1-2 years | 50,000 | 50,000 |
Amounts falling due between two and five years: |
Bank loans - 2-5 years | 50,000 | 100,000 |
Included in bank loans is a loan which is repayable over 6 years from the date of drawdown. The loan carries variable interest at 2.34% p.a. above base. Repayments are made monthly. |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year | 64,851 | 52,462 |
Between one and five years | 64,767 | 130,400 |
129,618 | 182,862 |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 342,212 | 310,823 |
Between one and five years | 814,248 | 792,630 |
In more than five years | 134,583 | 296,083 |
1,291,043 | 1,399,536 |
Company |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
19. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 129,618 | 182,862 |
Hire purchase creditors are secured on the related fixed assets. |
20. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 253,457 | 229,444 |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
20. | PROVISIONS FOR LIABILITIES - continued |
Group |
Deferred |
tax |
£ |
Balance at 1 March 2023 | 229,444 |
Provided during year | 24,013 |
Balance at 29 February 2024 | 253,457 |
Company |
Deferred |
tax |
£ |
Balance at 1 March 2023 |
Provided during year | ( |
) |
Balance at 29 February 2024 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary A | 1p | 22 | 22 |
Ordinary B | 1p | 20 | 22 |
Ordinary C | 1p | 22 | 22 |
1,995 | Ordinary D | 1p | 20 | 22 |
187 | Ordinary E | 1p | 2 | - |
187 | Ordinary F | 1p | 2 | - |
NIL | Ordinary G | 1p | - | 3 |
NIL | Ordinary H | 1p | - | 3 |
638 | Ordinary I | 1p | 6 | 6 |
94 | 100 |
Allotted and issued: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
187 | Ordinary E shares | 1p | 2 | - |
187 | Ordinary F shares | 1p | 2 | - |
4 | - |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
22. | RESERVES |
Group |
Capital |
Retained | Share | redemption | Other |
earnings | premium | reserve | reserves | Totals |
£ | £ | £ | £ | £ |
At 1 March 2023 | 4,588,914 | 1,091,902 | 6 | 34,032 | 5,714,854 |
Profit for the year | 1,773,602 | 1,773,602 |
Dividends | (1,868,486 | ) | (1,868,486 | ) |
Purchase of own shares | (37,367 | ) | - | - | - | (37,367 | ) |
Reduction of share capital | - | - | 7 | - | 7 |
At 29 February 2024 | 4,456,663 | 1,091,902 | 13 | 34,032 | 5,582,610 |
Company |
Capital |
Retained | Share | redemption | Other |
earnings | premium | reserve | reserves | Totals |
£ | £ | £ | £ | £ |
At 1 March 2023 | 5,164,634 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Purchase of own shares | (37,367 | ) | - | - | - | (37,367 | ) |
Reduction of share capital | - | - | 7 | - | 7 |
At 29 February 2024 | 3,915,030 |
On 15 December 2023, the company purchased 319 Ordinary G shares from Mr T Hanson and 319 H Shares from Mrs A Asenbryl. |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 29 February 2024 and 28 February 2023: |
2024 | 2023 |
£ | £ |
A P Snell |
Balance outstanding at start of year | 833,919 | 833,919 |
Amounts advanced | 70,164 | - |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 904,083 | 833,919 |
M R Bischof |
Balance outstanding at start of year | 746,375 | 746,375 |
Amounts advanced | 62,582 | - |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 808,957 | 746,375 |
Pentagon Sport (Cheshire) Ltd (Registered number: 09288660) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
24. | RELATED PARTY DISCLOSURES |
Pentagon Sport (South) Limited |
Sales to the above connected company during the year amounted to £1,406,560 (2023 £1,555,065). Purchases from the company during the year amounted to £84,147 (2023 £221,029). There were no balances to or from the company at the balance sheet date. |
Pentagon+ Limited |
Included within creditors due within one year is the balance due to the above connected company. No interest has been charged and the balance is repayable on demand. At the balance sheet date, the amount due to that company was £4,134 (2023 - £Nil). Sales to the company during the year amounted to £937,151 (2023 £Nil). Purchases from the company during the year amounted to £692,903 (2023 £Nil). |
Cheshire Artificial Grass Limited |
Sales to the above connected company during the year amounted to £4,718 (2023 £302). Purchases from the company during the year amounted to £35,937 (2023 £131,905). There were no balances to or from the company at the balance sheet date. |