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REGISTERED NUMBER: 04354448 (England and Wales)















Group Strategic Report, Report of the Director and

Audited Consolidated Financial Statements for the Year Ended 29th February 2024

for

PENDLETON PROPERTY SERVICES LTD

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)






Contents of the Consolidated Financial Statements
for the Year Ended 29th February 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Consolidated Income Statement 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 18


PENDLETON PROPERTY SERVICES LTD

Company Information
for the Year Ended 29th February 2024







DIRECTOR: Mr L Morris



SECRETARY: Mr L Morris



REGISTERED OFFICE: 54 Cobden Street
Brindle Heath Industrial Park
Salford
Manchester
M6 6WF



REGISTERED NUMBER: 04354448 (England and Wales)



SENIOR STATUTORY AUDITOR: Andrew Carl Caunce FCCA



AUDITORS: Abrams Ashton-Chorley Limited
Statutory Auditor
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Group Strategic Report
for the Year Ended 29th February 2024

The directors present their strategic report for the year ended 29th February 2024. The results for the year and financial position of the group are as shown in the annexed financial statements.

Group profit before tax for the year amounted to £14k (2023: £458k profit). Turnover for the group has increased from £16.1m to £17.4m in the year and GP% has decreased slightly from the previous year. The directors continue to monitor the group's performance on a daily basis and are focused on implementing tighter cost controls to maintain the gross profit margin. The directors are confident that the group is well positioned to grow profitably.

KEY PERFORMANCE INDICATORS (KPI)

The directors monitor progress on the group's strategy by reference to the following KPI's:

KPI 2024 2023

Sales growth/(decline) 7.4% 35.8%

Gross margin 21.5% 22.7%

The gross profit margin has decreased slightly, however, the group continues to streamlining costs whilst maintaining quality of service. The group continues to win new tenders whilst maintaining existing contracts.

FUTURE DEVELOPMENTS

The group is focussed on maintaining existing contracts whilst also trying to win new tenders. The aim of the group currently is to improve profitability by implementing tighter cost controls whilst trying to remain competitive.

PRINCIPAL RISKS AND UNCERTAINTIES

Environmental Issues

The group continues to closely monitor and evaluate environmental and other regulatory matters which could have a major impact on its activities.

The group is keen to eliminate all injuries, unsafe practices and incidents of environmental harm from its activities. The health and safety of its employees, the local communities within which it operates and the environment is seen as a priority of the group.

Employees

The group's employment policies have been designed to meet the needs of its business, and follow best practice whilst complying with both current and anticipated legislation. Applied consistently throughout the group they provide a fair framework within which our employees work.

Financial Risk Management

The group's operations expose it to a variety of financial risks that include the effects of credit risk, liquidity risk and interest rate cash flow risk through fluctuations in interest rates. The group has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the group.

The state of the economy and the construction sector specifically, is a risk which is outside the immediate control of the group; however, the directors carefully track future work opportunities in a bid to ensure continued profitability.

Trade Debtors:

Trade debtors are a significant financial asset of the group; these customers are large companies with strong credit ratings and formal procedures are in place to ensure that the collection of outstanding amounts is prioritised.

Working capital requirement:


PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Group Strategic Report
for the Year Ended 29th February 2024

The group's trading arrangements with customers and suppliers is supported by continuous negotiations throughout the supply chain and robust credit control procedures ensure that adequate working capital is available to meet its day to day requirements and allow the ongoing development of trading activities.

Credit Risk

The group has implemented policies that require appropriate credit checks on potential customers before sales are made.

Liquidity Risk

The group actively maintains short term debt finance that is designed to ensure the group has sufficient funds for operations.

Interest Rate Risk

The group has interest bearing liabilities and is exposed to the potential increases in interest rates. The financial strength of the group is such that increases can be afforded without significant risk to business continuity.

ON BEHALF OF THE BOARD:





Mr L Morris - Director


29th November 2024

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Report of the Director
for the Year Ended 29th February 2024

The director presents his report with the financial statements of the company and the group for the year ended 29th February 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of building maintenance and roofing contractors.

DIVIDENDS
The directors recommend that no final dividend be paid.

The total dividend distribution (after accounting for dividend waivers) for the year ended 29th February 2024 was Nil

DIRECTORS
The directors during the year under review were:

K J Greenhalgh - Resigned 11th August 2023
L Morris

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.

ON BEHALF OF THE BOARD:





Mr L Morris - Director


29th November 2024

Report of the Independent Auditors to the Members of
Pendleton Property Services Ltd

Opinion
We have audited the financial statements of Pendleton Property Services Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 29th February 2024 which comprise the Consolidated Income Statement, 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 29th February 2024 and of the group's loss 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.

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.

Report of the Independent Auditors to the Members of
Pendleton Property Services Ltd


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 four, 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
Pendleton Property Services 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.

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 of the housing sector;
- 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 and data protection, anti-bribery, employment, environmental regulations and health and safety legislation;
- 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 set out in note 3 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 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
Pendleton Property Services 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.




Andrew Carl Caunce FCCA (Senior Statutory Auditor)
for and on behalf of Abrams Ashton-Chorley Limited
Statutory Auditor
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

29th November 2024

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Consolidated
Income Statement
for the Year Ended 29th February 2024

29.2.24 28.2.23
Notes £    £   

REVENUE 17,361,997 16,162,040

Cost of sales 13,632,803 12,479,191
GROSS PROFIT 3,729,194 3,682,849

Administrative expenses 3,661,813 3,183,873
OPERATING PROFIT 4 67,381 498,976

Interest receivable and similar income 449 1,257
67,830 500,233

Interest payable and similar expenses 5 53,652 42,311
PROFIT BEFORE TAXATION 14,178 457,922

Tax on profit 6 20,024 69,740
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(5,846

)

388,182
(Loss)/profit attributable to:
Owners of the parent (5,846 ) 388,182

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Consolidated
Other Comprehensive Income
for the Year Ended 29th February 2024

29.2.24 28.2.23
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (5,846 ) 388,182


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(5,846

)

388,182

Total comprehensive income attributable to:
Owners of the parent (5,846 ) 388,182

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Consolidated Balance Sheet
29th February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 9 1,035,601 1,116,399
Investments 10 - -
1,035,601 1,116,399

CURRENT ASSETS
Inventories 11 36,270 40,298
Debtors 12 4,142,337 3,402,561
Cash at bank and in hand 319,222 394
4,497,829 3,443,253
CREDITORS
Amounts falling due within one year 13 4,523,061 3,266,530
NET CURRENT (LIABILITIES)/ASSETS (25,232 ) 176,723
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,010,369

1,293,122

CREDITORS
Amounts falling due after more than one
year

14

(317,339

)

(582,633

)

PROVISIONS FOR LIABILITIES 18 (106,144 ) (117,757 )
NET ASSETS 586,886 592,732

CAPITAL AND RESERVES
Called up share capital 19 1,000 1,000
Revaluation reserve 20 421,417 449,731
Retained earnings 20 164,469 142,001
SHAREHOLDERS' FUNDS 586,886 592,732

The financial statements were approved by the director and authorised for issue on 29th November 2024 and were signed by:





Mr L Morris - Director


PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Company Balance Sheet
29th February 2024

29.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 9 1,035,601 1,116,399
Investments 10 1,000 1,000
1,036,601 1,117,399

CURRENT ASSETS
Debtors 12 56,715 50,533
Cash at bank 3,435 -
60,150 50,533
CREDITORS
Amounts falling due within one year 13 463,069 436,109
NET CURRENT LIABILITIES (402,919 ) (385,576 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

633,682

731,823

CREDITORS
Amounts falling due after more than one
year

14

(67,339

)

(132,633

)

PROVISIONS FOR LIABILITIES 18 (106,144 ) (117,757 )
NET ASSETS 460,199 481,433

CAPITAL AND RESERVES
Called up share capital 19 1,000 1,000
Revaluation reserve 20 421,417 449,731
Retained earnings 20 37,782 30,702
SHAREHOLDERS' FUNDS 460,199 481,433

Company's (loss)/profit for the financial year (21,234 ) 412,108

The financial statements were approved by the director and authorised for issue on 29th November 2024 and were signed by:





Mr L Morris - Director


PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Consolidated Statement of Changes in Equity
for the Year Ended 29th February 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st March 2022 1,000 139,819 449,731 590,550

Changes in equity
Dividends - (386,000 ) - (386,000 )
Total comprehensive income - 388,182 - 388,182
Balance at 28th February 2023 1,000 142,001 449,731 592,732

Changes in equity
Total comprehensive income - 22,468 (28,314 ) (5,846 )
Balance at 29th February 2024 1,000 164,469 421,417 586,886

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Company Statement of Changes in Equity
for the Year Ended 29th February 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st March 2022 1,000 4,594 449,731 455,325

Changes in equity
Dividends - (386,000 ) - (386,000 )
Total comprehensive income - 412,108 - 412,108
Balance at 28th February 2023 1,000 30,702 449,731 481,433

Changes in equity
Total comprehensive income - 7,080 (28,314 ) (21,234 )
Balance at 29th February 2024 1,000 37,782 421,417 460,199

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Consolidated Cash Flow Statement
for the Year Ended 29th February 2024

29.2.24 28.2.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,159,404 (50,279 )
Interest paid (39,531 ) (29,776 )
Interest element of hire purchase payments
paid

(14,121

)

(12,535

)
Tax paid (95,634 ) -
Net cash from operating activities 1,010,118 (92,590 )

Cash flows from investing activities
Purchase of tangible fixed assets (67,240 ) -
Sale of tangible fixed assets - 20,000
Interest received 449 1,257
Net cash from investing activities (66,791 ) 21,257

Cash flows from financing activities
Loan repayments in year (200,000 ) (200,000 )
Capital repayments in year (100,793 ) (132,568 )
Amount introduced by directors - 419,300
Amount withdrawn by directors (84,802 ) (6,559 )
Equity dividends paid - (386,000 )
Net cash from financing activities (385,595 ) (305,827 )

Increase/(decrease) in cash and cash equivalents 557,732 (377,160 )
Cash and cash equivalents at beginning of
year

2

(238,510

)

138,650

Cash and cash equivalents at end of year 2 319,222 (238,510 )

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 29th February 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

29.2.24 28.2.23
£    £   
Profit before taxation 14,178 457,922
Depreciation charges 148,038 184,026
Profit on disposal of fixed assets - (20,000 )
Finance costs 53,652 42,311
Finance income (449 ) (1,257 )
215,419 663,002
Decrease in inventories 4,028 14,956
Increase in trade and other debtors (739,776 ) (731,821 )
Increase in trade and other creditors 1,679,733 3,584
Cash generated from operations 1,159,404 (50,279 )

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 29th February 2024
29.2.24 1.3.23
£    £   
Cash and cash equivalents 319,222 394
Bank overdrafts - (238,904 )
319,222 (238,510 )
Year ended 28th February 2023
28.2.23 1.3.22
£    £   
Cash and cash equivalents 394 138,650
Bank overdrafts (238,904 ) -
(238,510 ) 138,650


PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 29th February 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.3.23 Cash flow At 29.2.24
£    £    £   
Net cash
Cash at bank and in hand 394 318,828 319,222
Bank overdrafts (238,904 ) 238,904 -
(238,510 ) 557,732 319,222
Debt
Finance leases (264,023 ) 100,793 (163,230 )
Debts falling due within 1 year (200,000 ) - (200,000 )
Debts falling due after 1 year (450,000 ) 200,000 (250,000 )
(914,023 ) 300,793 (613,230 )
Total (1,152,533 ) 858,525 (294,008 )

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements
for the Year Ended 29th February 2024

1. STATUTORY INFORMATION

Pendleton Property Services 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition
Revenue is the value of services, net of value added tax provided to customers during the year.

Revenue is recognised when the following conditions are satisfied:

- the group has transferred to the buyer the significant risks and rewards of ownership of the goods
- the amount of revenue and related costs can be measured reliably
- for long term contracts the stage of completion is based upon review of the contract progress and the proportion of the costs incurred for work performed compared to the estimated total cost of the contract after making allowances for uncertainties

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.
Long leasehold - 2% on cost
Improvements to property - 10% on cost
Plant and machinery - 15% on cost
Office equipment - 15% on cost and 10% on reducing balance
Motor vehicles - 25% on cost
Computer equipment - 33.3% on cost

Impairment of Assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Costs include a relevant proportion of the overheads according to the stage of completion.

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 29th February 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. They are subsequently carried at amortised cost using the effective interest method, 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets
All the group's financial assets fall to be classified as basic financial assets under Section 11 of FRS 102 and the group therefore holds no other financial assets.

Basic financial liabilities
Basic financial liabilities, including 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. Financial liabilities classified as payable within one year are not amortised.

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. Amounts 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.


Other Financial liabilities
All the group's financial liabilities fall to be classified as basic financial liabilities under Section 11 of FRS 102 and the company therefore has no other financial instruments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 29th 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 makes payments to employee's personal pension plans. Contributions are charged to the profit and loss account in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

3. EMPLOYEES AND DIRECTORS
29.2.24 28.2.23
£    £   
Wages and salaries 3,683,488 3,001,765
Social security costs 44,040 44,962
Other pension costs 84,687 51,282
3,812,215 3,098,009

The average number of employees during the year was as follows:
29.2.24 28.2.23

Directors/management 3 3
Productive staff 44 45
Administrative staff 45 46
92 94

The average number of employees by undertakings that were proportionately consolidated during the year was 89 (2023 - 91 ) .

29.2.24 28.2.23
£    £   
Directors' remuneration 294,641 270,071

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 29th February 2024

3. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
29.2.24 28.2.23
£    £   
Emoluments etc 193,200 168,630

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

29.2.24 28.2.23
£    £   
Plant hire 2,127,244 1,728,719
Other operating leases 8,200 -
Depreciation - owned assets 37,086 26,557
Depreciation - assets on hire purchase contracts 110,952 157,469
Profit on disposal of fixed assets - (20,000 )
Auditors' remuneration 16,345 16,237

5. INTEREST PAYABLE AND SIMILAR EXPENSES
29.2.24 28.2.23
£    £   
Bank loan interest 38,476 29,776
CT Interest 1,055 -
Hire purchase 14,121 12,535
53,652 42,311

6. 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 31,637 95,634

Deferred tax (11,613 ) (25,894 )
Tax on profit 20,024 69,740

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
29.2.24 28.2.23
£    £   
Ordinary shares of £1 each
Interim - 386,000

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 29th February 2024

9. PROPERTY, PLANT AND EQUIPMENT

Group
Improvements
Long to Plant and
leasehold property machinery
£    £    £   
COST OR VALUATION
At 1st March 2023 925,000 13,500 13,060
Additions - - -
At 29th February 2024 925,000 13,500 13,060
DEPRECIATION
At 1st March 2023 74,000 13,500 13,060
Charge for year 18,500 - -
At 29th February 2024 92,500 13,500 13,060
NET BOOK VALUE
At 29th February 2024 832,500 - -
At 28th February 2023 851,000 - -

Office Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1st March 2023 46,970 1,455,790 53,633 2,507,953
Additions - 67,240 - 67,240
At 29th February 2024 46,970 1,523,030 53,633 2,575,193
DEPRECIATION
At 1st March 2023 41,922 1,195,439 53,633 1,391,554
Charge for year 505 129,033 - 148,038
At 29th February 2024 42,427 1,324,472 53,633 1,539,592
NET BOOK VALUE
At 29th February 2024 4,543 198,558 - 1,035,601
At 28th February 2023 5,048 260,351 - 1,116,399

Cost or valuation at 29th February 2024 is represented by:

Improvements
Long to Plant and
leasehold property machinery
£    £    £   
Valuation in 2019 471,912 - -
Cost 453,088 13,500 13,060
925,000 13,500 13,060

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 29th February 2024

9. PROPERTY, PLANT AND EQUIPMENT - continued

Group

Office Motor Computer
equipment vehicles equipment Totals
£    £    £    £   
Valuation in 2019 - - - 471,912
Cost 46,970 1,523,030 53,633 2,103,281
46,970 1,523,030 53,633 2,575,193

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1st March 2023 628,401
Additions 39,944
At 29th February 2024 668,345
DEPRECIATION
At 1st March 2023 376,556
Charge for year 110,952
At 29th February 2024 487,508
NET BOOK VALUE
At 29th February 2024 180,837
At 28th February 2023 251,845

Company
Long Office Motor
leasehold equipment vehicles Totals
£    £    £    £   
COST OR VALUATION
At 1st March 2023 925,000 10,800 1,455,790 2,391,590
Additions - - 67,240 67,240
At 29th February 2024 925,000 10,800 1,523,030 2,458,830
DEPRECIATION
At 1st March 2023 74,000 5,752 1,195,439 1,275,191
Charge for year 18,500 505 129,033 148,038
At 29th February 2024 92,500 6,257 1,324,472 1,423,229
NET BOOK VALUE
At 29th February 2024 832,500 4,543 198,558 1,035,601
At 28th February 2023 851,000 5,048 260,351 1,116,399

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 29th February 2024

9. PROPERTY, PLANT AND EQUIPMENT - continued

Company

Cost or valuation at 29th February 2024 is represented by:

Long Office Motor
leasehold equipment vehicles Totals
£    £    £    £   
Valuation in 2019 471,912 - - 471,912
Cost 453,088 10,800 1,523,030 1,986,918
925,000 10,800 1,523,030 2,458,830

If leasehold property had not been revalued it would have been included at the following historical cost:

29.2.24 28.2.23
£    £   
Cost 453,088 453,088
Aggregate depreciation 145,151 136,089

Leasehold property was valued on an open market basis on 31st January 2019 by Edwards & Company (MRICS, RICS) .

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1st March 2023 628,401
Additions 39,944
At 29th February 2024 668,345
DEPRECIATION
At 1st March 2023 376,556
Charge for year 110,952
At 29th February 2024 487,508
NET BOOK VALUE
At 29th February 2024 180,837
At 28th February 2023 251,845

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 29th February 2024

10. FIXED ASSET INVESTMENTS

Company
Unlisted
investments
£   
COST
At 1st March 2023
and 29th February 2024 1,000
NET BOOK VALUE
At 29th February 2024 1,000
At 28th February 2023 1,000

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

DLP Services (Northern) Limited
Registered office: 54 Cobden Street,Salford, England
Nature of business: Building maintenance and roofing contractors
%
Class of shares: holding
Ordinary £1 100.00
29.2.24 28.2.23
£    £   
Aggregate capital and reserves 117,689 112,301
Profit for the year 500,388 851,073


11. STOCKS

Group
29.2.24 28.2.23
£    £   
Stocks 36,270 40,298

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
29.2.24 28.2.23 29.2.24 28.2.23
£    £    £    £   
Trade debtors 3,131,719 2,475,698 - -
Amounts recoverable on contract 916,873 836,689 - -
Other debtors 33,311 31,122 17,569 17,569
VAT 38,843 32,721 38,843 32,721
Prepayments and accrued income 21,591 26,331 303 243
4,142,337 3,402,561 56,715 50,533

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 29th February 2024

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
29.2.24 28.2.23 29.2.24 28.2.23
£    £    £    £   
Bank loans and overdrafts (see note 15) 200,000 438,904 - 227
Hire purchase contracts (see note 16) 95,891 131,390 95,891 131,390
Trade creditors 2,862,785 1,310,790 1,387 10,026
Amounts owed to group undertakings - - 342,377 250,185
Tax 31,637 95,634 - -
Social security and other taxes 854,482 773,812 14,278 14,239
Directors' current accounts 27,467 112,269 - 22,935
Accrued expenses 450,799 403,731 9,136 7,107
4,523,061 3,266,530 463,069 436,109

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
29.2.24 28.2.23 29.2.24 28.2.23
£    £    £    £   
Bank loans (see note 15) 250,000 450,000 - -
Hire purchase contracts (see note 16) 67,339 132,633 67,339 132,633
317,339 582,633 67,339 132,633

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
29.2.24 28.2.23 29.2.24 28.2.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 238,904 - 227
Bank loans 200,000 200,000 - -
200,000 438,904 - 227
Amounts falling due between one and two years:
Bank loans - 1-2 years 200,000 200,000 - -
Amounts falling due between two and five years:
Bank loans - 2-5 years 50,000 250,000 - -

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 29th February 2024

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
29.2.24 28.2.23
£    £   
Gross obligations repayable:
Within one year 105,896 144,462
Between one and five years 75,854 144,313
181,750 288,775

Finance charges repayable:
Within one year 10,005 13,072
Between one and five years 8,515 11,680
18,520 24,752

Net obligations repayable:
Within one year 95,891 131,390
Between one and five years 67,339 132,633
163,230 264,023

Company
Hire purchase contracts
29.2.24 28.2.23
£    £   
Gross obligations repayable:
Within one year 105,896 144,462
Between one and five years 75,854 144,313
181,750 288,775

Finance charges repayable:
Within one year 10,005 13,072
Between one and five years 8,515 11,680
18,520 24,752

Net obligations repayable:
Within one year 95,891 131,390
Between one and five years 67,339 132,633
163,230 264,023

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 29th February 2024

16. LEASING AGREEMENTS - continued

Company
Non-cancellable operating leases
29.2.24 28.2.23
£    £   
Within one year 13,873 13,873
Between one and five years 8,257 22,129
22,130 36,002

17. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
29.2.24 28.2.23 29.2.24 28.2.23
£    £    £    £   
Hire purchase contracts 163,230 264,023 163,230 264,023

The Hire Purchase contracts are secured on the assets to which they relate.

The group's bankers also hold a security over the business property, 54 Cobden Street, Salford.

18. PROVISIONS FOR LIABILITIES

Group Company
29.2.24 28.2.23 29.2.24 28.2.23
£    £    £    £   
Deferred tax 106,144 117,757 106,144 117,757

Group
Deferred
tax
£   
Balance at 1st March 2023 117,757
Accelerated capital allowances (11,613 )
Revaluation adjustment
Balance at 29th February 2024 106,144

Company
Deferred
tax
£   
Balance at 1st March 2023 117,757
Accelerated capital allowances (11,613 )
Balance at 29th February 2024 106,144

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 29th February 2024

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 29.2.24 28.2.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

20. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st March 2023 142,001 449,731 591,732
Deficit for the year (5,846 ) - (5,846 )
Excess depreciation 28,314 (28,314 ) -
At 29th February 2024 164,469 421,417 585,886

Company
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1st March 2023 30,702 449,731 480,433
Deficit for the year (21,234 ) - (21,234 )
Excess depreciation 28,314 (28,314 ) -
At 29th February 2024 37,782 421,417 459,199


21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 29th February 2024 and 28th February 2023:

29.2.24 28.2.23
£    £   
K J Greenhalgh
Balance outstanding at start of year (11,883 ) 116,196
Amounts advanced - 4,921
Amounts repaid 11,883 (133,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (11,883 )

PENDLETON PROPERTY SERVICES LTD (REGISTERED NUMBER: 04354448)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 29th February 2024

21. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

L Morris
Balance outstanding at start of year (100,386 ) 184,276
Amounts advanced - 1,638
Amounts repaid 100,386 (286,300 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - (100,386 )

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the director Mr L Morris, by virtue of his 80% ownership of the company's issued share capital.