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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: M R Bischof
A P Snell





SECRETARIES: Mrs K Snell
Mrs S J Bischof





REGISTERED OFFICE: Ebenezer House
Ryecroft
Newcastle-under-Lyme
Staffordshire
ST5 2BE





REGISTERED NUMBER: 09288660 (England and Wales)





AUDITORS: Thompson Wright Limited
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:





M R Bischof - Director


26 November 2024

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.

M R Bischof
A P Snell

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:





M R Bischof - Director


26 November 2024

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.




Richard Thompson BA (Hons) FCA Dip PFS (Senior Statutory Auditor)
for and on behalf of Thompson Wright Limited
Chartered Accountants
and Statutory Auditors
Ebenezer House
Ryecroft
Newcastle under Lyme
Staffordshire
ST5 2BE

26 November 2024

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 1,773,602 1,878,367
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 20,804 25,037
Investments 12 2,211,645 2,211,645
2,232,449 2,236,682

CURRENT ASSETS
Debtors 14 2,454,715 2,835,114
Cash at bank 522,804 347,088
2,977,519 3,182,202
CREDITORS
Amounts falling due within one year 15 1,289,643 247,891
NET CURRENT ASSETS 1,687,876 2,934,311
TOTAL ASSETS LESS CURRENT LIABILITIES 3,920,325 5,170,993

PROVISIONS FOR LIABILITIES 20 5,201 6,259
NET ASSETS 3,915,124 5,164,734

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 2,789,083 4,038,694
SHAREHOLDERS' FUNDS 3,915,124 5,164,734

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 26 November 2024 and were signed on its behalf by:





M R Bischof - Director


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 106 4,470,964 1,091,902

Changes in equity
Reduction in share capital (6 ) - -
Dividends - (1,134,603 ) -
Total comprehensive income - 702,333 -
Balance at 28 February 2023 100 4,038,694 1,091,902

Changes in equity
Reduction in share capital (6 ) - -
Dividends - (1,868,486 ) -
Total comprehensive income - 618,875 -
Balance at 29 February 2024 94 2,789,083 1,091,902
Capital
redemption Other Total
reserve reserves equity
£    £    £   
Balance at 1 March 2022 - 34,032 5,597,004

Changes in equity
Reduction in share capital 6 - -
Dividends - - (1,134,603 )
Total comprehensive income - - 702,333
Balance at 28 February 2023 6 34,032 5,164,734

Changes in equity
Reduction in share capital 7 - 1
Dividends - - (1,868,486 )
Total comprehensive income - - 618,875
Balance at 29 February 2024 13 34,032 3,915,124

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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

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
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.
Improvements to property - 10% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost and 20% on cost

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
111 117

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 38,923
Additions 2,542
At 29 February 2024 41,465
DEPRECIATION
At 1 March 2023 13,886
Charge for year 6,775
At 29 February 2024 20,661
NET BOOK VALUE
At 29 February 2024 20,804
At 28 February 2023 25,037

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 2,211,645
NET BOOK VALUE
At 29 February 2024 2,211,645
At 28 February 2023 2,211,645


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 1,807,322 182,087 273,517
Amounts owed by group undertakings - - - 420,016
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 1,191 38,820
4,618,411 4,257,118 2,454,715 2,835,114

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 99,058 16,421
Amounts owed to group undertakings - - 883,377 -
Amounts owed to associates 4,135 - - -
Tax 255,698 372,615 228,895 88,401
Social security and other taxes 129,730 131,855 831 21,028
VAT 262,416 456,571 15,391 95,990
Other creditors 92,198 236,691 - 12,779
Accruals and deferred income 514,058 716,689 62,091 13,272
2,385,940 2,845,933 1,289,643 247,891

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 8,392 36,030
Between one and five years - 3,701
8,392 39,731

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 5,201 6,259

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 6,259
Provided during year (1,058 )
Balance at 29 February 2024 5,201

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,182 Ordinary A 1p 22 22
1,995 Ordinary B 1p 20 22
2,182 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 4,038,694 1,091,902 6 34,032 5,164,634
Profit for the year 656,242 656,242
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 2,789,083 1,091,902 13 34,032 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.