IRIS Accounts Production v24.3.0.553 04660124 director 29.2.24 1.3.23 29.2.24 29.2.24 The company's principal activity is that of the granting of credit, in the form of loans, to businesses. ++ The group's principal activities during the year fall into the following areas: ++ - converters and merchants of household and furnishing fabrics - banking in the form providing of loans - property rental - consultancy services - investment in associates ++ The company also acts as a holding company. true true true false true true false false false false false false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh046601242023-02-28046601242024-02-29046601242023-03-012024-02-29046601242022-02-28046601242022-03-012023-02-28046601242023-02-2804660124ns15:EnglandWales2023-03-012024-02-2904660124ns14:PoundSterling2023-03-012024-02-2904660124ns10:Director12023-03-012024-02-2904660124ns10:Consolidated2024-02-2904660124ns10:ConsolidatedGroupCompanyAccounts2023-03-012024-02-2904660124ns10:PrivateLimitedCompanyLtd2023-03-012024-02-2904660124ns10:Consolidatedns10:FRS1022023-03-012024-02-2904660124ns10:Consolidatedns10:Audited2023-03-012024-02-2904660124ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-03-012024-02-2904660124ns10:LargeMedium-sizedCompaniesRegimeForAccounts2023-03-012024-02-2904660124ns10:Consolidatedns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2023-03-012024-02-2904660124ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Consolidated2023-03-012024-02-2904660124ns10:FullAccounts2023-03-012024-02-2904660124ns5:Subsidiary12023-03-012024-02-2904660124ns5:Associate12023-03-012024-02-2904660124ns5:Associate22023-03-012024-02-2904660124ns5:Associate32023-03-012024-02-290466012412023-03-012024-02-2904660124ns10:OrdinaryShareClass12023-03-012024-02-2904660124ns10:Consolidated2023-03-012024-02-2904660124ns10:Director22023-03-012024-02-2904660124ns10:RegisteredOffice2023-03-012024-02-2904660124ns10:Consolidated2022-03-012023-02-2804660124ns5:CurrentFinancialInstruments2024-02-2904660124ns5:CurrentFinancialInstruments2023-02-2804660124ns5:Non-currentFinancialInstruments2024-02-2904660124ns5:Non-currentFinancialInstruments2023-02-2804660124ns5:ShareCapital2024-02-2904660124ns5:ShareCapital2023-02-2804660124ns5:SharePremium2024-02-2904660124ns5:SharePremium2023-02-2804660124ns5:RevaluationReserve2024-02-2904660124ns5:RevaluationReserve2023-02-2804660124ns5:RetainedEarningsAccumulatedLosses2024-02-2904660124ns5:RetainedEarningsAccumulatedLosses2023-02-2804660124ns5:ShareCapital2022-02-2804660124ns5:RetainedEarningsAccumulatedLosses2022-02-2804660124ns5:SharePremium2022-02-2804660124ns5:RevaluationReserve2022-02-2804660124ns5:RetainedEarningsAccumulatedLosses2022-03-012023-02-2804660124ns5:RevaluationReserve2022-03-012023-02-2804660124ns5:RetainedEarningsAccumulatedLosses2023-03-012024-02-2904660124ns5:RevaluationReserve2023-03-012024-02-2904660124ns5:NetGoodwill2023-03-012024-02-2904660124ns5:OwnedOrFreeholdAssetsns5:LandBuildings2023-03-012024-02-2904660124ns5:LeaseholdImprovements2023-03-012024-02-2904660124ns5:PlantMachinery2023-03-012024-02-2904660124ns5:MotorVehicles2023-03-012024-02-2904660124ns5:ComputerEquipment2023-03-012024-02-2904660124ns5:CostValuation2023-02-2804660124ns5:RevaluationsIncreaseDecreaseInInvestments2024-02-2904660124ns5:CostValuation2024-02-2904660124ns5:Subsidiary112023-03-012024-02-2904660124ns5:Subsidiary12024-02-2904660124ns5:Subsidiary12023-02-2804660124ns5:Subsidiary12022-03-012023-02-28046601241ns5:Associate12023-03-012024-02-2904660124ns5:Associate12024-02-2904660124ns5:Associate12023-02-2804660124ns5:Associate12022-03-012023-02-2804660124ns5:Associate232023-03-012024-02-2904660124ns5:Associate22024-02-2904660124ns5:Associate22023-02-2804660124ns5:Associate22022-03-012023-02-2804660124ns5:Associate352023-03-012024-02-2904660124ns5:Associate32024-02-2904660124ns5:Associate32023-02-2804660124ns5:Associate32022-03-012023-02-2804660124ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-02-2904660124ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-02-2804660124ns5:DeferredTaxation2023-02-2804660124ns5:DeferredTaxation2023-03-012024-02-2904660124ns5:DeferredTaxation2024-02-2904660124ns10:OrdinaryShareClass12024-02-2904660124ns5:RetainedEarningsAccumulatedLosses2023-02-2804660124ns5:SharePremium2023-02-2804660124ns5:RevaluationReserve2023-02-28
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: P A Marshall





REGISTERED OFFICE: 116 Duke Street
Liverpool
Merseyside
L1 5JW





REGISTERED NUMBER: 04660124 (England and Wales)





AUDITORS: Xeinadin Audit Limited
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:





P Marshall - Director


28 November 2024

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
P A Marshall held office during the whole of the period from 1 March 2023 to the date of this report.

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:





P Marshall - Director


28 November 2024

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.




Philip Harrison (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
116 Duke Street
Liverpool
Merseyside
L1 5JW

28 November 2024

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 6,981,709 6,163,082

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 6,981,709 6,163,082

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 30,101,559 26,987,246
30,101,559 26,987,246

CURRENT ASSETS
Debtors: amounts falling due within one
year

14

2,406,075

2,741,267
Debtors: amounts falling due after more
than one year

14

8,801,900

7,941,198
Cash at bank 15,110,780 13,167,252
26,318,755 23,849,717
CREDITORS
Amounts falling due within one year 16 627,688 1,803,984
NET CURRENT ASSETS 25,691,067 22,045,733
TOTAL ASSETS LESS CURRENT
LIABILITIES

55,792,626

49,032,979

PROVISIONS FOR LIABILITIES 17 953,012 745,220
NET ASSETS 54,839,614 48,287,759

CAPITAL AND RESERVES
Called up share capital 18 987 987
Share premium 19 7,950,243 7,950,243
Revaluation reserve 19 21,197,219 18,290,699
Retained earnings 19 25,691,165 22,045,830
SHAREHOLDERS' FUNDS 54,839,614 48,287,759

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 28 November 2024 and were signed by:





P Marshall - Director


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 987 19,292,228 7,950,243 19,189,386 46,432,844

Changes in equity
Total comprehensive income - 2,753,602 - (898,687 ) 1,854,915
Balance at 28 February 2023 987 22,045,830 7,950,243 18,290,699 48,287,759

Changes in equity
Total comprehensive income - 3,645,335 - 2,906,520 6,551,855
Balance at 29 February 2024 987 25,691,165 7,950,243 21,197,219 54,839,614

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost and No deprecation charged
Improvements to property - 2% on cost
Plant and machinery - 15% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

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
47 47

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 23,124,482 3,862,764 26,987,246
Revaluations 2,283,146 831,167 3,114,313
At 29 February 2024 25,407,628 4,693,931 30,101,559
NET BOOK VALUE
At 29 February 2024 25,407,628 4,693,931 30,101,559
At 28 February 2023 23,124,482 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

Fryetts Holdings Ltd
Registered office: Marshall House, Rake Lane, Clifton, Manchester M27 8LJ
Nature of business: Granting of credit in the form of loans.
%
Class of shares: holding
ordinary 65.00
29.2.24 28.2.23
£    £   
Aggregate capital and reserves 39,088,657 35,576,126
Profit for the year 3,771,830 4,539,280

Company NameHoldingNature of Business
Fryetts Holdings Limited65%Granting of credit
Subsidiaries of Fryetts Holdings Limited
Fryetts Fabrics Limited65%Fabric merchants
Fryetts Investments Limited65%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

Grasscroft Homes & Property Ltd
Registered office: The Old Bakery, 3A King Steer, Delph, Oldham OL3 5DL
Nature of business: Property development
%
Class of shares: holding
ordinary 50.00
31.1.24 31.1.23
£    £   
Aggregate capital and reserves 110,422 117,620
(Loss)/profit for the year (7,198 ) 526,378

Grasscroft Foxdenton LLP
Registered office: The Old Bakery, 3A King Steer, Delph, Oldham OL3 5DL
Nature of business: Property development
%
Class of shares: holding
Members interests 33.33
31.3.24 31.3.23
£    £   
Aggregate capital and reserves 1,522 4,859
Profit for the year 656,360 546,593

PBM Debury Ltd
Registered office: 45-51 Chorley New Road, Bolton, Lancashire BL1 4QR
Nature of business: Property development
%
Class of shares: holding
ordinary 50.00
31.5.24 31.5.23
£    £   
Aggregate capital and reserves 9,276,221 7,701,745
(Loss)/profit for the year (114,034 ) 513,264


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 9,000 36,000
Amounts owed by participating interests - 585,007 1,969,600 2,535,007
Other debtors 399,367 400,501 170,260 170,260
Prepayments and accrued income 257,215 - 257,215 -
Prepayments 296,682 266,540 - -
4,910,127 4,948,888 2,406,075 2,741,267

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 11,207,975 10,682,465

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 887,712 908,274 468,788 140,619
Social security and other taxes 41,813 47,570 595 2,145
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 - 147,032
Accrued expenses 210,022 185,980 - -
3,284,690 5,331,303 627,688 1,803,984

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 745,220
Provided during year 207,792
Balance at 29 February 2024 953,012

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: £    £   
987 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 22,045,830 7,950,243 18,290,699 48,286,772
Profit for the year 3,645,335 3,645,335
Revaluation in year - - 3,114,312 3,114,312
DT on revaluations - - (207,792 ) (207,792 )
At 29 February 2024 25,691,165 7,950,243 21,197,219 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.