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 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: | Andrew Carl Caunce FCCA |
AUDITORS: |
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: |
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: |
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. |
for and on behalf of |
Statutory Auditor |
Chartered Certified Accountants |
41 St Thomas's Road |
Chorley |
Lancashire |
PR7 1JE |
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 |
( |
) |
(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 |
Investments | 10 |
CURRENT ASSETS |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Revaluation reserve | 20 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Balance at 28th February 2023 |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 29th February 2024 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Long leasehold | - |
Improvements to property | - |
Plant and machinery | - |
Office equipment | - |
Motor vehicles | - |
Computer equipment | - |
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 |
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 |
Additions |
At 29th February 2024 |
DEPRECIATION |
At 1st March 2023 |
Charge for year |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
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 |
Additions |
At 29th February 2024 |
DEPRECIATION |
At 1st March 2023 |
Charge for year |
At 29th February 2024 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
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 |
NET BOOK VALUE |
At 29th February 2024 |
At 28th February 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: 54 Cobden Street,Salford, England |
Nature of business: |
% |
Class of shares: | holding |
29.2.24 | 28.2.23 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 |
VAT | 38,843 | 32,721 |
Prepayments and accrued income | 21,591 | 26,331 |
4,142,337 | 3,402,561 |
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 |
Hire purchase contracts (see note 16) | 95,891 | 131,390 |
Trade creditors | 2,862,785 | 1,310,790 |
Amounts owed to group undertakings | - | - |
Tax | 31,637 | 95,634 |
Social security and other taxes | 854,482 | 773,812 |
Directors' current accounts | 27,467 | 112,269 | - | 22,935 |
Accrued expenses | 450,799 | 403,731 |
4,523,061 | 3,266,530 |
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 |
317,339 | 582,633 |
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 |
Bank loans | 200,000 | 200,000 |
200,000 | 438,904 |
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 |
Between one and five years |
Finance charges repayable: |
Within one year |
Between one and five years |
Net obligations repayable: |
Within one year |
Between one and five years |
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 |
Between one and five years |
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 |
Accelerated capital allowances | (11,613 | ) |
Balance at 29th February 2024 |
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: | £ | £ |
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 | 480,433 |
Deficit for the year | ( |
) | - | ( |
) |
Excess depreciation | 28,314 | (28,314 | ) | - |
At 29th February 2024 | 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. |