REGISTERED NUMBER: 04660124 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 29 February 2024 |
for |
PBM Management Limited |
REGISTERED NUMBER: 04660124 (England and Wales) |
Group Strategic Report, Report of the Director and |
Consolidated Financial Statements for the Year Ended 29 February 2024 |
for |
PBM Management Limited |
PBM Management Limited (Registered number: 04660124) |
Contents of the Consolidated Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Director | 3 |
Report of the Independent Auditors | 4 |
Consolidated Statement of Comprehensive Income | 8 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
PBM Management Limited |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
116 Duke Street |
Liverpool |
Merseyside |
L1 5JW |
PBM Management Limited (Registered number: 04660124) |
Group Strategic Report |
for the Year Ended 29 February 2024 |
The director presents his strategic report of the company and the group for the year ended 29 February 2024. |
REVIEW OF BUSINESS |
The principal activities of the group are converters and merchants of household and furnishing fabrics, banking in the form of providing loans, property rental, the provision of consultancy services and investment in associates. |
The group have continued to perform well during the year in spite of the recent economic uncertainty and difficult market conditions. |
Overall, turnover has decreased slightly by 6.5% but there has been an increase in interest received from loans and on cash reserves. |
The group have managed a range of cost pressures throughout the year which has led gross profit to increase by 3% to 37%. |
Due to the stage of projects, the groups interest in Associates performed well in the year, which means that the Group Net Profit has increased from 32% to 43%. |
The group's reserves at the year-end increased by 9% to £55,123,297. The reserves, together with the cash balances, are sufficient to manage foreign currency fluctuations, cost increases and any decline in the sector. |
The number of employees has remained consistent at 47. |
FUTURE DEVELOPMENTS |
In the next financial year, the group are upgrading their IT systems. This will modernise the group's |
infrastructure, improve access to information and provide a foundation to target growth. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group is exposed to fluctuations in demand that could arise due to changes in the economic climate. We manage this by ensuring that we have sufficient reserves to fund any period of decline. |
The group is exposed to foreign exchange risk as some products are purchased in US Dollars and sold in Sterling. We manage this risk by holding funds in US Dollars and Euros and by forward buying currency. |
The group is not exposed to interest rate risk as we have no external financing. |
The group also faces uncertainties due to changes in fashion and demographic trends which can result in stock obsolescence. To help reduce this uncertainty we actively research market trends to assist our design development and purchasing decisions. |
ON BEHALF OF THE BOARD: |
PBM Management Limited (Registered number: 04660124) |
Report of the Director |
for the Year Ended 29 February 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 29 February 2024. |
DIVIDENDS |
No dividends will be distributed for the year ended 29 February 2024. |
FUTURE DEVELOPMENTS |
Details of future developments are included within the Review of Business in the Strategic Report. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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, Xeinadin Audit 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 |
PBM Management Limited |
Opinion |
We have audited the financial statements of PBM Management Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the Consolidated Statement of 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, 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. |
Report of the Independent Auditors to the Members of |
PBM Management Limited |
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 Director 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 Director 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 Director. |
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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
PBM Management Limited |
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: |
Identifying and Assessing Potential Risks Related to Irregularities |
Enquiring of management, including obtaining and reviewing supporting documentation concerning the group's policies and procedures relating to: |
Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance |
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud |
the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations |
discussing among the engagement team including relevant internal specialists, including tax, valuations, pensions and IT regarding how and where fraud might occur in the financial statements and any potential indicators of fraud |
obtaining an understanding of the legal and regulatory framework that the group operates in, focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the group. The key laws and regulations we considered in this context included the Companies Act 2006, Pension legislation, Tax legislation, and Health and Safety requirements. |
Audit Response to Risks Identified |
In addition to the above, our procedures to respond to risks identified included the following: |
reviewing the Financial Statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations discussed above; |
enquiring of management concerning actual and potential litigation and claims; |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and |
in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
PBM Management Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
116 Duke Street |
Liverpool |
Merseyside |
L1 5JW |
PBM Management Limited (Registered number: 04660124) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 | 17,850,740 | 19,102,926 |
Cost of sales | 11,167,887 | 12,668,038 |
GROSS PROFIT | 6,682,853 | 6,434,888 |
Administrative expenses | 2,579,520 | 2,124,568 |
4,103,333 | 4,310,320 |
Other operating income | 9,807 | 58,933 |
GROUP OPERATING PROFIT | 5 | 4,113,140 | 4,369,253 |
Share of operating profit in |
Associates | 928,558 | 930,198 |
Income from fixed asset investments | 6 | 47,141 | 59,684 |
Interest receivable and similar income |
Group | 1,161,047 | 80,259 |
Associates | 398,962 | 522,981 |
1,607,150 | 662,924 |
6,648,848 | 5,962,375 |
Amounts written off investments |
Associates | 1,591,714 | 599,172 |
Gain/loss on revaluation of investments | 121,059 | (99,322 | ) |
8,361,621 | 6,462,225 |
Interest payable and similar expenses |
Group | 7 | (503 | ) | - |
Associates | (597,777 | ) | (383,997 | ) |
PROFIT BEFORE TAXATION | 7,763,341 | 6,078,228 |
Tax on profit | 8 | 1,875,887 | 1,115,146 |
PROFIT FOR THE FINANCIAL YEAR |
PBM Management Limited (Registered number: 04660124) |
Consolidated |
Statement of Comprehensive |
Income |
for the Year Ended 29 February 2024 |
29.2.24 | 28.2.23 |
£ | £ |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME |
Gain on property revaluation | - | 1,200,000 |
Share of Assoc Other Comprehensive Inc | 1,094,255 | - |
Income tax relating to components of other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
2,188,510 |
2,400,000 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
9,170,219 |
8,563,082 |
Profit attributable to: |
Owners of the parent | 5,809,329 | 4,461,026 |
Non-controlling interests | 78,125 | 502,056 |
5,887,454 | 4,963,082 |
Total comprehensive income attributable to: |
Owners of the parent | 9,092,094 | 8,061,026 |
Non-controlling interests | 78,125 | 502,056 |
9,170,219 | 8,563,082 |
PBM Management Limited (Registered number: 04660124) |
Consolidated Balance Sheet |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | - |
Tangible assets | 11 | 2,798,739 | 2,864,573 |
Investments | 12 |
Interest in associate | 7,431,566 | 5,303,835 |
10,230,305 | 8,168,408 |
CURRENT ASSETS |
Stocks | 13 | 2,956,875 | 2,990,184 |
Debtors: amounts falling due within one year |
14 |
4,910,127 |
4,948,888 |
Debtors: amounts falling due after more than one year |
14 |
8,801,900 |
7,941,198 |
Investments | 15 | 2,474,402 | 2,343,089 |
Cash at bank and in hand | 34,307,000 | 33,375,698 |
53,450,304 | 51,599,057 |
CREDITORS |
Amounts falling due within one year | 16 | 3,284,690 | 5,331,303 |
NET CURRENT ASSETS | 50,165,614 | 46,267,754 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
60,395,919 |
54,436,162 |
PROVISIONS FOR LIABILITIES | 17 | 29,629 | 1,581 |
NET ASSETS | 60,366,290 | 54,434,581 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 987 | 987 |
Share premium | 19 | 7,950,243 | 7,950,243 |
Revaluation reserve | 19 | 1,200,000 | 1,200,000 |
Fair value reserve | 19 | 1,094,255 | - |
Retained earnings | 19 | 47,032,506 | 41,223,177 |
SHAREHOLDER FUNDS | 57,277,991 | 50,374,407 |
NON-CONTROLLING INTERESTS | 20 | 3,088,299 | 4,060,174 |
TOTAL EQUITY | 60,366,290 | 54,434,581 |
The financial statements were approved by the director and authorised for issue on 28 November 2024 and were signed by: |
P Marshall - Director |
PBM Management Limited (Registered number: 04660124) |
Company Balance Sheet |
29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors: amounts falling due within one year |
14 |
Debtors: amounts falling due after more than one year |
14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 16 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 17 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Share premium | 19 |
Revaluation reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 3,645,335 | 2,753,602 |
The financial statements were approved by the director and authorised for issue on |
PBM Management Limited (Registered number: 04660124) |
Consolidated Statement of Changes in Equity |
for the Year Ended 29 February 2024 |
Called up |
share | Retained | Share | Revaluation |
capital | earnings | premium | reserve |
£ | £ | £ | £ |
Balance at 1 March 2022 | 987 | 36,762,151 | 7,950,243 | - |
Changes in equity |
Total comprehensive income | - | 4,461,026 | - | 1,200,000 |
Balance at 28 February 2023 | 987 | 41,223,177 | 7,950,243 | 1,200,000 |
Changes in equity |
Total comprehensive income | - | 5,809,329 | - | - |
Balance at 29 February 2024 | 987 | 47,032,506 | 7,950,243 | 1,200,000 |
Fair |
value | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 March 2022 | - | 44,713,381 | 4,608,118 | 49,321,499 |
Changes in equity |
Dividends | - | - | (1,050,000 | ) | (1,050,000 | ) |
Total comprehensive income | - | 5,661,026 | 502,056 | 6,163,082 |
Balance at 28 February 2023 | - | 50,374,407 | 4,060,174 | 54,434,581 |
Changes in equity |
Dividends | - | - | (1,050,000 | ) | (1,050,000 | ) |
Total comprehensive income | 1,094,255 | 6,903,584 | 78,125 | 6,981,709 |
Balance at 29 February 2024 | 1,094,255 | 57,277,991 | 3,088,299 | 60,366,290 |
PBM Management Limited (Registered number: 04660124) |
Company Statement of Changes in Equity |
for the Year Ended 29 February 2024 |
Called up |
share | Retained | Share | Revaluation | Total |
capital | earnings | premium | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 March 2022 |
Changes in equity |
Total comprehensive income | - | - | ( |
) |
Balance at 28 February 2023 |
Changes in equity |
Total comprehensive income | - | - |
Balance at 29 February 2024 |
PBM Management Limited (Registered number: 04660124) |
Consolidated Cash Flow Statement |
for the Year Ended 29 February 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 6,217,492 | 4,931,951 |
Interest paid | (503 | ) | - |
Share of associates operating profit | (928,558 | ) | (930,198 | ) |
Share of associates fv adjustment | (1,591,714 | ) | (599,171 | ) |
Tax paid | (1,488,748 | ) | (1,019,451 | ) |
Net cash from operating activities | 2,207,969 | 2,383,131 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (96,675 | ) | (60,605 | ) |
Sale of tangible fixed assets | 35,500 | 22,400 |
Sale of fixed asset investments | (3,163 | ) | (7,929 | ) |
Purchase of current asset investments | (352,867 | ) | (607,951 | ) |
Sale of current asst investments | 342,613 | 558,372 |
Interest received | 1,161,047 | 80,259 |
Dividends received | 47,141 | 59,684 |
Net cash from investing activities | 1,133,596 | 44,230 |
Cash flows from financing activities |
Amount introduced by directors | - | 1,916,051 |
Amount withdrawn by directors | (1,360,263 | ) | (169,299 | ) |
Dividends paid to minority interests | (1,050,000 | ) | (1,050,000 | ) |
Net cash from financing activities | (2,410,263 | ) | 696,752 |
Increase in cash and cash equivalents | 931,302 | 3,124,113 |
Cash and cash equivalents at beginning of year |
2 |
33,375,698 |
30,251,585 |
Cash and cash equivalents at end of year |
2 |
34,307,000 |
33,375,698 |
PBM Management Limited (Registered number: 04660124) |
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 |
29.2.24 | 28.2.23 |
£ | £ |
Profit before taxation | 7,763,341 | 6,078,228 |
Depreciation charges | 135,449 | 349,717 |
Profit on disposal of fixed assets | (5,277 | ) | (14,471 | ) |
(Gain)/loss on revaluation of fixed assets | (121,059 | ) | 99,322 |
Removal of income from associates | 908,328 | 245,000 |
Finance costs | 598,280 | 383,997 |
Finance income | (1,607,150 | ) | (662,924 | ) |
7,671,912 | 6,478,869 |
Decrease/(increase) in stocks | 33,309 | (448,974 | ) |
Increase in trade and other debtors | (1,406,948 | ) | (499,103 | ) |
Decrease in trade and other creditors | (80,781 | ) | (598,841 | ) |
Cash generated from operations | 6,217,492 | 4,931,951 |
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 | 34,307,000 | 33,375,698 |
Year ended 28 February 2023 |
28.2.23 | 1.3.22 |
£ | £ |
Cash and cash equivalents | 33,375,698 | 30,251,585 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.3.23 | Cash flow | At 29.2.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 33,375,698 | 931,302 | 34,307,000 |
33,375,698 | 931,302 | 34,307,000 |
Liquid resources |
Current asset investments | 2,343,089 | 131,313 | 2,474,402 |
2,343,089 | 131,313 | 2,474,402 |
Total | 35,718,787 | 1,062,615 | 36,781,402 |
PBM Management Limited (Registered number: 04660124) |
Notes to the Consolidated Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
PBM Management Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 04660124 and the registered office is Marshall House, Rake Lane, Manchester M27 8LJ. |
The presentation and functional currency of the financial statements is the Pound Sterling (£). |
The principal activities of the company are the granting of credit, in the form of loans, to businesses and the provision of consultancy services. |
The principal activities of the group are converters and merchants of household and furnishing fabrics, banking in the form of providing loans, property rental, the provision of consultancy services and investment in associates. |
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 other than current asset investments which are held at fair value. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirement of paragraph 3.17(d). |
The parent company's individual statement of cashflows is not presented. |
Basis of consolidation |
The effects of events in relation to the period ended 29 February 2024 which occurred before the date of approval of the financial statements by the Board of Directors, have been included in the statements to the extent required to show a true and fair view of the state of affairs at 29 February 2024 and of the results for the period ended on that date. |
The consolidated financial statements are prepared under the acquisition method and include the results of the company, its subsidiaries and its share of associates profits, losses, assets and liabilities. |
Adjustments are made to eliminate any inter-group transactions, balances, profits and losses. |
On acquisition the assets and liabilities of a subsidiary are measured at fair value at the date of acquisition, any excess in value over the cost is recognised in the consolidated accounts as goodwill. |
PBM Management Limited (Registered number: 04660124) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Significant judgements and estimates |
In the application of the group's accounting policies, management is required to make judgements, estimates and assumptions about carrying values of assets and liabilities that are not readily available from other sources. The estimates and underlying assumptions are based on experience and other factors considered to be relevant. Actual results may differ from these estimates. |
The key judgements and sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below: |
Estimated useful lives and residual values of fixed assets |
As described in the accounting policies, depreciation and ammortisation of tangible and intangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised if necessary. The net book value of tangible and intangible fixed assets as at 29 February 2024 was £2,798,739 after a depreciation and amortisation charge of £135,450. |
Valuation of fixed asset investments |
As stated in the accounting policy the investments in the parent company balance sheet have been revalued. The year end valuation at 29 February 2024 is based on the net asset basis for investment companies and the earning basis for trading companies. |
Impairment of slow moving and obsolete stock |
As stated in the accounting policy stock is valued at the lower of cost and net realisable value with an allowance for slow moving and obsolete stock. This allowance is reviewed annually by the directors and is based on historical sales, future orders and age of the stock. The allowance in the year was £397,163. |
Allowance for doubtful debts |
The company assesses its doubtful debt allowance at each reporting date. Key assumptions applied are the estimated debt recovery rates and the future market conditions that could affect recovery. Bad debts of £2,308 have been provided for in the year. |
Turnover |
The Group's turnover represents the following: |
Income from the sale of fabrics which is recognised when goods have been despatched. |
Interest received from loans provided which is recognised in the accounts on a receipts basis using the effective interest rate method. |
Rental income received from owned property which is recognised on a receipts basis. |
Income from consultancy services charged to group companies which is recognised when the service has been provided. |
Profit shares received from associates on the sale of completed developments which are recognised in the accounts on a receipts basis. |
All income is derived from ordinary activities and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill arising on consolidation represents the excess of cost over the net assets and liabilities of the subsidiary acquired. The acquisitions took place in 2009 and the goodwill was being amortised over twenty years until the transition to FRS102 in 2018 when this was amended, as per the standard, and is now amortised evenly over its estimated useful life of ten years. |
PBM Management Limited (Registered number: 04660124) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Fixed assets are recorded at cost less depreciation and any provision for impairment. |
Freehold property was valued at the date of transition to FRS 102, and is now held at this deemed cost. Depreciation is provided at 2% on cost per year, in order to write off the asset over its estimated useful life. |
Investments in associates |
Investments in associates in the group financial statements are accounted for using the equity method in accordance with FRS 102 14.4a and 14.8. The Group financial statements show the Group's share of the associates' profit or loss for the year. |
In the parent entity balance sheet investments in associates are accounted for using the fair value model with changes in fair value recognised in other comprehensive income in accordance with FRS 102 14.9 to 14.10a. |
Investments in subsidiaries |
The directors revalue the parent company's investments in subsidiaries each year in accordance with The Large and Medium-sized Companies and Groups Regulations 2016. The net asset basis is the method used for the valuation of investment companies and the earning basis for trading companies with any changes going to the revaluation reserve. All of the parent company's subsidiary investments are owned 65% and are included in the consolidated accounts. |
Stocks |
Inventories are stated at the lower of cost and estimated selling price less costs to sell. Inventories are recognised as an expense in the period in which the related revenue is recognised. Cost is determined on the first-in, first-out (FIFO) method. Cost includes the purchase price, including taxes and duties and transport and handling directly attributable to bringing the inventory to its present location and condition. At the end of each reporting period inventories are assessed for impairment. If an item of inventory is impaired, the identified inventory is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account. |
Financial instruments |
Directors loans and intercompany loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Loans and advances to customers due after one year relate to loans made to related parties not within the group. Interest is charged at 4% per annum through the income statement and added to the outstanding balance. The loans are stated at amortised cost and reviewed annually for the borrowers' ability to repay. The balance of loans and advances due after one year is £8,801,900 as at 29 February 2024. |
PBM Management Limited (Registered number: 04660124) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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. |
Cash and cash equivalents |
Cash at bank and in hand is represented by amounts deposited at the company bank accounts, cash is available immediately on request. |
Current asset investments |
All current asset investments are stated at fair value, which is market value. Any changes in value of investments is written to the profit and loss account in the year it is incurred. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the principal activities of the group. |
An analysis of turnover by class of business is given below: |
29.2.24 | 28.2.23 |
£ | £ |
Furnishing fabric | 16,812,077 | 18,429,847 |
Interest received | 953,247 | 605,927 |
Rental income | 47,916 | 37,152 |
Consultancy services | 37,500 | 30,000 |
17,850,740 | 19,102,926 |
PBM Management Limited (Registered number: 04660124) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
3. | TURNOVER - continued |
An analysis of turnover by geographical market is given below: |
29.2.24 | 28.2.23 |
£ | £ |
United Kingdom | 16,694,071 | 17,776,821 |
Europe | 782,313 | 759,045 |
Other | 374,356 | 567,060 |
17,850,740 | 19,102,926 |
4. | EMPLOYEES AND DIRECTORS |
29.2.24 | 28.2.23 |
£ | £ |
Wages and salaries | 1,764,924 | 1,758,355 |
Social security costs | 2,902 | 3,019 |
Other pension costs | 141,147 | 138,373 |
1,908,973 | 1,899,747 |
The average number of employees during the year was as follows: |
29.2.24 | 28.2.23 |
Production | 30 | 29 |
Administration | 10 | 8 |
Sales | 7 | 10 |
The average number of employees in the company during the year was 2 (2023 - 2). |
The company operates a defined contribution pension scheme that all employees in that company are entitled to join. The cost for the year amounted to £141,147 (2023 - £138,373). Included in other creditors is £11,381 (2023 - £11,324) relating to pension contributions unpaid at the year end. |
All key management roles are held by directors. |
29.2.24 | 28.2.23 |
£ | £ |
Director's remuneration | 30,000 | 30,000 |
PBM Management Limited (Registered number: 04660124) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
29.2.24 | 28.2.23 |
£ | £ |
Depreciation - owned assets | 135,449 | 139,780 |
Profit on disposal of fixed assets | (5,277 | ) | (14,471 | ) |
Goodwill amortisation | - | 209,938 |
Auditors' remuneration | 1,000 | 1,000 |
Audit-related assurance services | 12,560 | 12,560 |
Taxation advisory services | 1,050 | 1,050 |
Other non- audit services | 12,697 | 39,115 |
Foreign currency (gains)/losses | 316,546 | (275,742 | ) |
Other non audit services include the preparation of accounts, advice on accounting matters and payroll, bookkeeping and statutory services. |
6. | INCOME FROM FIXED ASSET INVESTMENTS |
29.2.24 | 28.2.23 |
£ | £ |
Other current asset invest div | 46,901 | 59,503 |
Other current asset invest int | 240 | 181 |
47,141 | 59,684 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
29.2.24 | 28.2.23 |
£ | £ |
Other interest | 503 | - |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
29.2.24 | 28.2.23 |
£ | £ |
Current tax: |
UK corporation tax | 1,468,186 | 907,162 |
Associates corporation tax | 379,653 | 223,810 |
Total current tax | 1,847,839 | 1,130,972 |
Deferred tax | 28,048 | (15,826 | ) |
Tax on profit | 1,875,887 | 1,115,146 |
PBM Management Limited (Registered number: 04660124) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
29.2.24 | 28.2.23 |
£ | £ |
Profit before tax | 7,763,341 | 6,078,228 |
Profit multiplied by the standard rate of corporation tax in the UK of 24.492 % (2023 - 19 %) |
1,901,397 |
1,154,863 |
Effects of: |
Expenses not deductible for tax purposes | 1,388,835 | 1,119,748 |
Income not taxable for tax purposes | (1,822,047 | ) | (1,368,177 | ) |
Chargeable gains | - | 728 |
Share of associates tax | 379,653 | 223,810 |
Deferred tax | 28,049 | (15,826 | ) |
Total tax charge | 1,875,887 | 1,115,146 |
Tax effects relating to effects of other comprehensive income |
29.2.24 |
Gross | Tax | Net |
£ | £ | £ |
Gain on property revaluation |
Share of Assoc Other Comprehensive Inc | 1,094,255 | - | 1,094,255 |
1,094,255 | - | 1,094,255 |
28.2.23 |
Gross | Tax | Net |
£ | £ | £ |
Gain on property revaluation | 1,200,000 | - | 1,200,000 |
Investments in associates in the group financial statements are accounted for using the equity method in accordance with FRS 102 14.4a and 14.8. The Group financial statements show the Group's share of the associates' profit or loss for the year. |
9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
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. |
PBM Management Limited (Registered number: 04660124) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 | 4,198,787 |
AMORTISATION |
At 1 March 2023 |
and 29 February 2024 | 4,198,787 |
NET BOOK VALUE |
At 29 February 2024 | - |
At 28 February 2023 | - |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 March 2023 | 3,000,000 | 69,950 | 274,085 |
Additions | - | - | 53,407 |
Disposals | - | - | - |
At 29 February 2024 | 3,000,000 | 69,950 | 327,492 |
DEPRECIATION |
At 1 March 2023 | 352,571 | 9,613 | 239,030 |
Charge for year | 64,572 | 1,399 | 15,519 |
Eliminated on disposal | - | - | - |
At 29 February 2024 | 417,143 | 11,012 | 254,549 |
NET BOOK VALUE |
At 29 February 2024 | 2,582,857 | 58,938 | 72,943 |
At 28 February 2023 | 2,647,429 | 60,337 | 35,055 |
PBM Management Limited (Registered number: 04660124) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 March 2023 | 222,917 | 164,917 | 3,731,869 |
Additions | 42,500 | 768 | 96,675 |
Disposals | (60,095 | ) | - | (60,095 | ) |
At 29 February 2024 | 205,322 | 165,685 | 3,768,449 |
DEPRECIATION |
At 1 March 2023 | 106,435 | 159,647 | 867,296 |
Charge for year | 50,529 | 3,430 | 135,449 |
Eliminated on disposal | (33,035 | ) | - | (33,035 | ) |
At 29 February 2024 | 123,929 | 163,077 | 969,710 |
NET BOOK VALUE |
At 29 February 2024 | 81,393 | 2,608 | 2,798,739 |
At 28 February 2023 | 116,482 | 5,270 | 2,864,573 |
Land and buildings were valued in February 2023 by Roger Hannah Ltd, the directors therefore revalued to open market value per the valuation.The valuation is based on the rental value. |
Cost or valuation at 29 February 2024 is represented by: |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Valuation in 2023 | 1,200,000 | - | - |
Cost | 1,800,000 | 69,950 | 327,492 |
3,000,000 | 69,950 | 327,492 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2023 | - | - | 1,200,000 |
Cost | 205,322 | 165,685 | 2,568,449 |
205,322 | 165,685 | 3,768,449 |
PBM Management Limited (Registered number: 04660124) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
12. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in |
associate |
£ |
COST OR VALUATION |
At 1 March 2023 | 5,350,969 |
Share of profit/(loss) | 1,283,476 |
Revaluations | 1,094,255 |
Dividends received | (250,000 | ) |
At 29 February 2024 | 7,478,700 |
PROVISIONS |
At 1 March 2023 |
and 29 February 2024 | 47,134 |
NET BOOK VALUE |
At 29 February 2024 | 7,431,566 |
At 28 February 2023 | 5,303,835 |
PBM Management Limited (Registered number: 04660124) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
Group |
Interest in associate |
PBM Debury Limited |
The group's share of PBM Debury Limited is as follows: |
31.05.24 | 31.05.23 |
£ | £ |
Turnover | 416,832 | 468,927 |
Profit/(Loss) before tax | (81,710 | ) | 127,478 |
Taxation | 24,693 | 129,155 |
Profit/(Loss) after tax | (57,017 | ) | 256,632 |
Share of assets |
Fixed assets | 7,859,001 | 7,839,597 |
Current assets | 3,668,962 | 2,699.642 |
Share of liabilities |
Liabilities due within one year | (117,792 | ) | (87,671 | ) |
Liabilities due after one year or more | (6,772,061 | ) | (6,600,692 | ) |
Share of net assets | (4.638,111 | ) | (3,850,873 | ) |
Grasscroft Homes & Property Limited |
The group's share of Grasscroft Homes & Property Limited is as follows: |
31.01.24 | 31.01.23 |
£ | £ |
Turnover | 25,000 | 406,088 |
Profit/(Loss) before tax | (4,444 | ) | 331,125 |
Taxation | 845 | (67,936 | ) |
Profit/(Loss) after tax | (3,599 | ) | 263,189 |
Share of assets |
Fixed assets | - | - |
Current assets | 119,451 | 216,500 |
Share of liabilities |
Liabilities due within one year | (64,240 | ) | (157,690 | ) |
Liabilities due after one year or more | - | - |
Share of net assets | (55,211 | ) | (58,810 | ) |
Grasscroft Foxdenton LLP |
The group's share of Grasscroft Foxdenton LLP is as follows: |
31.03.24 | 31.03.23 |
£ | £ |
Turnover | 263,348 | 225,761 |
Profit before tax | 262,544 | 218,637 |
Taxation | - | - |
Profit after tax | 262,544 | 218,637 |
PBM Management Limited (Registered number: 04660124) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
Group |
Share of assets |
Fixed assets | - | - |
Current assets | 1,409 | 1,944 |
Share of liabilities |
Liabilities due within one year | (800 | ) | - |
Liabilities due after one year or more | - | - |
Share of net assets | (609 | ) | (1,944 | ) |
Cost or valuation at 29 February 2024 is represented by: |
Interest |
Interest | in other |
in | participating |
associate | interests | Totals |
£ | £ | £ |
Valuation in 2015 | 191,811 | (1 | ) | 191,810 |
Valuation in 2016 | 163,310 | - | 163,310 |
Valuation in 2017 | 839,851 | - | 839,851 |
Valuation in 2018 | 581,417 | - | 581,417 |
Valuation in 2019 | (539,753 | ) | - | (539,753 | ) |
Valuation in 2020 | (1,236,636 | ) | - | (1,236,636 | ) |
Valuation in 2022 | 2,901,315 | - | 2,901,315 |
Valuation in 2023 | 1,199,544 | - | 1,199,544 |
Valuation in 2024 | 2,127,731 | - | 2,127,731 |
Cost | 1,250,110 | 1 | 1,250,111 |
7,478,700 | - | 7,478,700 |
Company |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 March 2023 | 26,987,246 |
Revaluations | 831,167 | 3,114,313 |
At 29 February 2024 | 4,693,931 | 30,101,559 |
NET BOOK VALUE |
At 29 February 2024 | 4,693,931 | 30,101,559 |
At 28 February 2023 | 3,862,764 | 26,987,246 |
PBM Management Limited (Registered number: 04660124) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Company |
Cost or valuation at 29 February 2024 is represented by: |
Shares in | Interest |
group | in |
undertakings | associate | Totals |
£ | £ | £ |
Valuation in 2015 | 14,479,246 | 198,343 | 14,677,589 |
Valuation in 2016 | 409,673 | 163,310 | 572,983 |
Valuation in 2017 | 3,517,338 | 839,851 | 4,357,189 |
Valuation in 2018 | (5,537,312 | ) | 581,416 | (4,955,896 | ) |
Valuation in 2019 | (1,166,258 | ) | (539,753 | ) | (1,706,011 | ) |
Valuation in 2020 | (2,950,391 | ) | 469,795 | (2,480,596 | ) |
Valuation in 2021 | 1,090,553 | 28,443 | 1,118,996 |
Valuation in 2022 | 6,370,515 | 1,932,695 | 8,303,210 |
Valuation in 2023 | (1,040,110 | ) | 188,564 | (851,546 | ) |
Valuation in 2024 | 2,283,146 | 831,167 | 3,114,313 |
Cost | 7,951,228 | 100 | 7,951,328 |
25,407,628 | 4,693,931 | 30,101,559 |
At the year end the subsidiaries in fixed asset investments have been valued by the directors using the net assets basis for investment companies and the earnings method for trading companies with any changes going to the revaluation reserve. |
The investments in associates are accounted for using the fair value model with changes in fair value recognised in other comprehensive income. |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Marshall House, Rake Lane, Clifton, Manchester M27 8LJ |
Nature of business: |
% |
Class of shares: | holding |
29.2.24 | 28.2.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Company Name | Holding | Nature of Business |
Fryetts Holdings Limited | 65% | Granting of credit |
Subsidiaries of Fryetts Holdings Limited |
Fryetts Fabrics Limited | 65% | Fabric merchants |
Fryetts Investments Limited | 65% | Dormant |
All companies listed above are incorporated in England and Wales and the class of shares held are ordinary share capital. All of the above companies are included in the group consolidation. |
PBM Management Limited (Registered number: 04660124) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Associated companies |
Registered office: The Old Bakery, 3A King Steer, Delph, Oldham OL3 5DL |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Registered office: The Old Bakery, 3A King Steer, Delph, Oldham OL3 5DL |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: 45-51 Chorley New Road, Bolton, Lancashire BL1 4QR |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
13. | STOCKS |
Group |
29.2.24 | 28.2.23 |
£ | £ |
Stocks | 2,956,875 | 2,990,184 |
Stock represents bulk and cut length fabric held for resale. |
PBM Management Limited (Registered number: 04660124) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
14. | DEBTORS |
Group | Company |
29.2.24 | 28.2.23 | 29.2.24 | 28.2.23 |
£ | £ | £ | £ |
Amounts falling due within one year: |
Trade debtors | 3,956,863 | 3,696,840 |
Amounts owed by participating interests | - | 585,007 | 1,969,600 | 2,535,007 |
Other debtors | 399,367 | 400,501 |
Prepayments and accrued income | 257,215 | - |
Prepayments | 296,682 | 266,540 |
4,910,127 | 4,948,888 |
Amounts falling due after more than | one year: |
Loans & advances to customers | 8,801,900 | 7,941,198 | 8,801,900 | 7,941,198 |
Aggregate amounts | 13,712,027 | 12,890,086 |
15. | CURRENT ASSET INVESTMENTS |
Group |
29.2.24 | 28.2.23 |
£ | £ |
Listed investments | 2,474,402 | 2,343,089 |
Market value of listed investments held by the group at 29 February 2024 - £2,474,402 (2023 - £2,343,089). |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
29.2.24 | 28.2.23 | 29.2.24 | 28.2.23 |
£ | £ | £ | £ |
Trade creditors | 397,641 | 503,688 |
Amounts owed to group undertakings | - | 585,007 |
Tax | 887,712 | 908,274 |
Social security and other taxes | 41,813 | 47,570 |
VAT | 541,928 | 387,915 | 5,580 | 1,200 |
Other creditors | 1,050,000 | 1,050,000 |
Directors' loan accounts | 155,574 | 1,515,837 | 152,725 | 1,512,988 |
Accruals and deferred income | - | 147,032 |
Accrued expenses | 210,022 | 185,980 |
3,284,690 | 5,331,303 |
PBM Management Limited (Registered number: 04660124) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
17. | PROVISIONS FOR LIABILITIES |
Group | Company |
29.2.24 | 28.2.23 | 29.2.24 | 28.2.23 |
£ | £ | £ | £ |
Deferred tax | 29,629 | 1,581 | 953,012 | 745,220 |
Group |
Deferred |
tax |
£ |
Balance at 1 March 2023 | 1,581 |
Provided during year | 28,048 |
Balance at 29 February 2024 | 29,629 |
Company |
Deferred |
tax |
£ |
Balance at 1 March 2023 |
Provided during year |
Balance at 29 February 2024 |
All deferred tax liabilities as at 29th February 2024 relate to revaluations. Deferred tax rate is 25%. |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 29.2.24 | 28.2.23 |
value: | £ | £ |
Ordinary | £1 | 987 | 987 |
All shares issued are non-redeemable and rank equally in terms of:- |
(a) voting rights - one vote for each share |
(b) rights to participate in all dividend distributions for that class of share; and |
(c) rights to participate in any capital distribution on winding up |
19. | RESERVES |
Group |
Fair |
Retained | Share | Revaluation | value |
earnings | premium | reserve | reserve | Totals |
£ | £ | £ | £ | £ |
At 1 March 2023 | 41,223,177 | 7,950,243 | 1,200,000 | - | 50,373,420 |
Profit for the year | 5,809,329 | 5,809,329 |
Share of Ass OCI | - | - | - | 1,094,255 | 1,094,255 |
At 29 February 2024 | 47,032,506 | 7,950,243 | 1,200,000 | 1,094,255 | 57,277,004 |
PBM Management Limited (Registered number: 04660124) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 29 February 2024 |
19. | RESERVES - continued |
Company |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 March 2023 | 48,286,772 |
Profit for the year |
Revaluation in year | - | - | 3,114,312 | 3,114,312 |
DT on revaluations | - | - | (207,792 | ) | (207,792 | ) |
At 29 February 2024 | 54,838,627 |
20. | NON-CONTROLLING INTERESTS |
29.02.24 |
£ |
At 28 February 2023 | 4,606,174 |
Share of profits | 1,122,768 |
Dividend paid |
Equity minority interests at 28 February 2024 | 5,182,942 |
21. | RELATED PARTY DISCLOSURES |
Entities with control, joint control or significant influence over the entity |
29.2.24 | 28.2.23 |
£ | £ |
Sales | 45,769 | 48,467 |
Interest | 360,092 | 294,425 |
Amount due from related party | 8,801,900 | 7,941,198 |
22. | ULTIMATE CONTROLLING PARTY |
At the balance sheet date Paul Marshall was the controlling party owning 100% of the issued share capital. |