Company registration number 12309131 (England and Wales)
PJ CAPITAL HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PJ CAPITAL HOLDINGS LIMITED
COMPANY INFORMATION
Directors
P D Jones (Chairman)
J Holdgate
M Simcox
(Appointed 1 June 2023)
Secretary
J Holdgate
Company number
12309131
Registered office
Network House
Third Avenue
Globe Park
Marlow
Buckinghamshire
SL7 1EY
Auditor
MGI Midgley Snelling LLP
Ibex House
Baker Street
Weybridge
Surrey
KT13 8AH
PJ CAPITAL HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
PJ CAPITAL HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

The directors present the strategic report for the year ended 30 April 2024.

 

The objectives of this report are to provide shareholders and other users of these statements:

 

The group's objectives and strategy

The group's objective is to be recognised as a market leading provider of retail services and complimentary solutions to the world's leading technology brands.

 

The board seeks to deliver sustainable, responsible and profitable business growth so as to build shareholder value and offer challenging and rewarding careers for the group's employees.

Business review and key performance indicators

The directors are pleased with the group's financial performance for the period. The group achieved revenues of £67.5 million (2023: £65.6m) and operating EBITDA of £2.8m (2023: £2.7m). The directors are confident that the group is in an excellent position and will build on the growth opportunities that lie ahead.

 

In regular monitoring of financial reporting, the directors assess the group's development and performance against forecasts prepared annually and are reviewed regularly for continuing appropriateness given strategic developments in the business. Key financial performance measures include turnover and EBITDA vs budgeted forecast.

Principal risks and uncertainties

The group has a risk management process in place to identify and effectively manage risk across the subsidiaries. The following principle risks have been identified and may have an impact on the group and its operations:

 

 

The directors believe that one of the key differentiators of the group’s business model is its customer service and seeks to build on this to set the trading entities apart from their competitors.

Liquidity

The group uses various financial instruments including loans, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the group's operations.

 

The group seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

PJ CAPITAL HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
Statement by the directors in performance of their duties in accordance with 172(1) Companies Act 2006.

The directors of PJ Capital Holdings Limited consider that they have acted in the way they consider, in good faith, would be most likely to promote the success of the Group for the benefit of its members as a whole in the decisions taken during the period to 30 April 2024.

 

The statements below explain how the requirements of S172 have been met.

 

The likely consequences of any decision in the long term

The directors consider the likely consequences of any decision in the long-term. Each company within the group is bound by group policies consistent with the group’s culture in all key areas including supplier management and outsourcing, customer conduct, human resources and the environment. Details of any decisions made regarding dividends can be found in the directors' report.

 

Engaging with our employees

The directors recognise that employees are fundamental and core to our business and delivery of our strategic ambitions. The success of our business depends on attracting, retaining and motivating employees. From ensuring that we remain a responsible employer, from pay and benefits to our health, safety and workplace environment, the directors factor the implications of decisions on employees and the wider workforce, where relevant and feasible.

 

Engaging with our suppliers and customers

Delivering our strategy requires strong relationships with suppliers and customers. Customer feedback is obtained and discussed at group meetings.

 

Community and the environment

The group’s approach is to use our position of strength to create positive change for the people and communities which we interact with.

 

Maintaining a reputation for high standards of business conduct

The Board has established honesty, integrity and respect for people as the group’s core values. The General Business Principles, Code of Conduct, and Code of Ethics help everyone in the operating entities act in line with these values and comply with relevant laws and regulations.

 

The need to act fairly as between members of the company

Our intention is to behave responsibly towards our shareholders and treat them fairly, so they too benefit from the successful delivery of the group’s plan.

On behalf of the board

P D Jones (Chairman)
Director
28 January 2025
PJ CAPITAL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 April 2024.

Principal activities

The principal activity of the company and group continued to be that of a holding company for a retail group.

Results and dividends

The results for the year are set out on page 9.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P D Jones (Chairman)
J Holdgate
J Austin
(Resigned 1 June 2023)
M Simcox
(Appointed 1 June 2023)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the company continues and that the appropriate training is arranged. It is the policy of the company that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

 

There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the group's performance.

Future developments

The directors have deemed that for the foreseeable future the Group will continue to operate in its current form with no significant new developments being planned.

Energy and carbon report

Greenhouse gas emissions and energy consumption

 

The below table and supporting narrative summarise the Streamlined Energy and Carbon Reporting (SECR) disclosure in line with the requirements for a “large” unquoted company, as per The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. This reports covers the emissions of Partner Retail Services Ltd only for the year to 28 April 2024. The parent company holds no offices and it was not considered necessary to carry this out on the Qatar trading subsidiary.

 

PJ CAPITAL HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -

 

Reporting year

 

Current reporting year:

1st May 2023 – 28th April 2024

 

Previous reporting year:

25th April 2022 – 30th April 2023

 Location

UK

UK

Emissions from the combustion of fuel and operation of facilities (Scope 1) (tCO2e)

0

0

Emissions from purchase of electricity (location-based) (tCO2e) (Scope 2)

 

155

144

Emissions from business travel in rental cars or employee-owned vehicles where company is responsible for purchasing the fuel (tCO2e) (Scope 3)

48

52

Total gross emissions based on the above (tCO2e)

203

196

Energy consumption used to calculate Scope 1 emissions (kWh)

0

0

Energy consumption used to calculate Scope 2 emissions (kWh)

748,599

742,450

Energy consumption used to calculate Scope 3 emissions (kWh)

199,442

212,084

Total energy consumption based on above (kWh)

948,041

954,534

Intensity ratio: tCO2e (gross Scope 1, 2 + 3) per m2 of floor area

0.067

0.06

 

Methodology

The 2023/24 SECR footprint is equivalent to 203.40 tCO2e, with the largest portion being made up of emissions from the purchase of electricity at 155 tCO2e. Overall, the emissions have increased by 14% since 2022/23 and a decrease of 4% since 2021/22.

 

Pause People Earth has calculated the above greenhouse gas (GHG) emissions to cover all material sources of emissions for which Partner Retail Services Limited is responsible. The methodology used was that of the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (revised edition, 2015). Responsibility for emissions sources was determined using the operational control approach. All emissions sources required under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 are included.

This report is in accordance with the Greenhouse Gas (GHG) Protocol and Environmental reporting guidelines: including Streamlined Energy and Carbon Reporting requirements, using the Operational Control approach.

 

Raw data was collated in the form of meter readings from invoices and the consumption was extrapolated across the measurement period using a pro-rata estimation where required, at the one site where meter reads were not available from invoices or another source, energy consumption was calculated using a known kWh per m2 calculated from the other sites.

 

Total mileage was taken from expensed mileage claims. Conversion of fuel use to kWh, where required, has been carried out using BEIS fuel conversion factors. No mandatory energy use or emissions have been excluded. The total estimated kWh electricity consumption was approximately 19%.

PJ CAPITAL HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
P D Jones (Chairman)
Director
28 January 2025
PJ CAPITAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PJ CAPITAL HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of PJ Capital Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

PJ CAPITAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PJ CAPITAL HOLDINGS LIMITED
- 7 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

In planning and designing our audit tests, we identify and assess the risks of material misstatements within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.

 

As a result of this assessment, we considered the opportunities and incentives that may exist within the company and group for fraud and identified that the greatest area of risk was in relation to management override, valuation of stock and completeness of income.

 

We have obtained an understanding of the legal and regulatory frameworks that the company and group operate in from discussions with the directors and our knowledge of the company and group and its industry sector. We have focused on the provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, local employment laws and regulations, and local tax legislation.

PJ CAPITAL HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PJ CAPITAL HOLDINGS LIMITED
- 8 -

We performed the following audit procedures after consideration of the above risks which included the following:

 

The engagement partner has assessed that all engagement team members were made aware of the relevant laws and regulations and potential fraud risks and were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Tracey Wickens (Senior Statutory Auditor)
For and on behalf of MGI Midgley Snelling LLP
30 January 2025
Chartered Accountants
Statutory Auditor
Ibex House
Baker Street
Weybridge
Surrey
KT13 8AH
PJ CAPITAL HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
67,530,018
65,629,635
Cost of sales
(61,130,232)
(59,020,187)
Gross profit
6,399,786
6,609,448
Administrative expenses
(21,364,467)
(21,645,819)
Other operating income
16,214,620
16,464,974
Operating profit
5
1,249,939
1,428,603
Interest payable and similar expenses
8
(145,176)
(158,505)
Amounts written off investments
(1)
-
Profit before taxation
1,104,762
1,270,098
Tax on profit
9
(380,418)
(310,330)
Profit for the financial year
724,344
959,768
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(1,002)
57,262
Total comprehensive income for the year
723,342
1,017,030
Profit for the financial year is attributable to:
- Owners of the parent company
485,868
656,595
- Non-controlling interests
238,476
303,173
724,344
959,768
Total comprehensive income for the year is attributable to:
- Owners of the parent company
484,866
713,857
- Non-controlling interests
238,476
303,173
723,342
1,017,030
PJ CAPITAL HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
10
7,677,679
8,993,852
Current assets
Stocks
13
3,940,930
3,913,221
Debtors
14
11,892,686
13,261,871
Cash at bank and in hand
5,155,976
2,230,647
20,989,592
19,405,739
Creditors: amounts falling due within one year
15
(21,894,907)
(21,218,331)
Net current liabilities
(905,315)
(1,812,592)
Total assets less current liabilities
6,772,364
7,181,260
Creditors: amounts falling due after more than one year
16
(859,647)
(756,757)
Provisions for liabilities
Provisions
18
-
0
834,966
-
(834,966)
Net assets
5,912,717
5,589,537
Capital and reserves
Called up share capital
21
8,159,702
8,159,702
Share premium account
957,064
957,064
Other reserves
(15,195)
(14,193)
Profit and loss reserves
(3,583,654)
(4,069,522)
Equity attributable to owners of the parent company
5,517,917
5,033,051
Non-controlling interests
394,800
556,486
5,912,717
5,589,537
The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
28 January 2025
P D Jones (Chairman)
Director
PJ CAPITAL HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
11
8,115,999
8,115,999
Current assets
Debtors
14
1,850,389
1,678,189
Cash at bank and in hand
31,247
22,357
1,881,636
1,700,546
Creditors: amounts falling due within one year
15
(4,038,179)
(3,741,981)
Net current liabilities
(2,156,543)
(2,041,435)
Total assets less current liabilities
5,959,456
6,074,564
Capital and reserves
Called up share capital
21
8,159,702
8,159,702
Share premium account
957,064
957,064
Profit and loss reserves
(3,157,310)
(3,042,202)
Total equity
5,959,456
6,074,564

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £115,108 (2023 - £376,627 loss).

The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
28 January 2025
P D Jones (Chairman)
Director
Company Registration No. 12309131
PJ CAPITAL HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 12 -
Share capital
Share premium account
FOREX reserves
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
£
Balance at 1 May 2022
8,159,702
957,064
(71,455)
(4,726,117)
4,319,194
517,339
4,836,533
Year ended 30 April 2023:
Profit for the year
-
-
-
656,595
656,595
303,173
959,768
Other comprehensive income:
Currency translation differences
-
-
-
57,262
57,262
-
57,262
Total comprehensive income for the year
-
-
-
713,857
713,857
303,173
1,017,030
Dividends
-
-
-
-
-
(267,649)
(267,649)
Transfer to FOREX reserves
-
-
57,262
(57,262)
-
3,623
3,623
Balance at 30 April 2023
8,159,702
957,064
(14,193)
(4,069,522)
5,033,051
556,486
5,589,537
Year ended 30 April 2024:
Profit for the year
-
-
-
485,868
485,868
238,476
724,344
Other comprehensive income:
Currency translation differences
-
-
-
(1,002)
(1,002)
-
(1,002)
Total comprehensive income for the year
-
-
-
484,866
484,866
238,476
723,342
Dividends
-
-
-
-
-
(400,004)
(400,004)
Transfer to FOREX reserves
-
-
(1,002)
1,002
-
(158)
(158)
Balance at 30 April 2024
8,159,702
957,064
(15,195)
(3,583,654)
5,517,917
394,800
5,912,717
PJ CAPITAL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
£
£
£
£
Balance at 1 May 2022
8,159,702
957,064
(2,665,575)
6,451,191
Year ended 30 April 2023:
Loss and total comprehensive income for the year
-
-
(376,627)
(376,627)
Balance at 30 April 2023
8,159,702
957,064
(3,042,202)
6,074,564
Year ended 30 April 2024:
Loss and total comprehensive income for the year
-
-
(115,108)
(115,108)
Balance at 30 April 2024
8,159,702
957,064
(3,157,310)
5,959,456
PJ CAPITAL HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
27
4,897,328
(2,736,042)
Interest paid
(145,176)
(158,505)
Income taxes paid
(264,340)
(632,424)
Net cash inflow/(outflow) from operating activities
4,487,812
(3,526,971)
Financing activities
Repayment of bank loans
(1,140,000)
(1,140,000)
Dividends paid to non-controlling interests
(400,004)
(267,649)
Net cash used in financing activities
(1,540,004)
(1,407,649)
Net increase/(decrease) in cash and cash equivalents
2,947,808
(4,934,620)
Cash and cash equivalents at beginning of year
1,620,251
6,554,871
Cash and cash equivalents at end of year
4,568,059
1,620,251
Relating to:
Cash at bank and in hand
5,155,976
2,230,647
Bank overdrafts included in creditors payable within one year
(587,917)
(610,396)
PJ CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 15 -
1
Accounting policies
Company information

PJ Capital Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Network House, Third Avenue, Globe Park, Marlow, Buckinghamshire, SL7 1EY.

 

The group consists of PJ Capital Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company and group. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

In the group financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

 

The company has taken advantage of the exemption under FRS 102, section 1.12, in not preparing a cashflow statement for the parent company.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company PJ Capital Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to within 3 days of 30 April 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

PJ CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The directors therefore consider that there are no adjustments required to the accounts and that the company continues to be a going concern.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

The group recognises gross revenue if it is acting as principal, and net revenue if it is as a agent. One of the subsidiaries sells goods through various franchise outlets and therefore recognises revenue at gross except for commission on online sales which is recognised net.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Other operating income includes income that is contractually obliged amounts receivable by the company and group to cover the majority of store related operating overheads.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit and loss. Reversals of impairment losses are also recognised in profit and loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PJ CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and 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

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

PJ CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 18 -
1.10
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

PJ CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 19 -
1.15
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

 

Gains and losses recognised on consolidation are recognised in other comprehensive income.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Stock

Determine whether any provision is required against slow moving or obsolete stock items. The judgement is based on management knowledge of the stock and customer demand, as well as stock age. At the reporting date, stocks are assessed for impairment and written down where appropriate.

Debtors

Management applies judgement in evaluating the recoverability of debtors. This judgement is based on the ageing profile of debtors and historical experience. To the extent that the directors believe debtors not to be recoverable they have been provided for in the financial statements.

Investments

The parent company considers whether investments held in subsidiaries are impaired each year. Where indicators of impairment are identified the carrying value of the investment is compared to the underlying net assets of the subsidiary and expected future performance and provisions are recognised where required.

PJ CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 20 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Amortisation of goodwill

The group considers goodwill to have a finite useful life of 10 years and therefore applies a amortisation rate evenly over this useful life of 10 years.

 

The directors have applied this useful life based on the expectations that the acquisition of the trading group will continue to trade for the foreseeable future, based on the popularity of the products that are sold, and given that the products the group distributes are in continued development, with new models released regularly.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Hardware
54,841,370
53,700,404
Accessories
2,438,875
2,084,388
Warranties
4,421,627
3,398,914
Commissions
2,660,847
3,178,383
Other
3,167,299
3,267,546
67,530,018
65,629,635

All of the above revenue relates to sales of goods with the exception of £1,351,604 (2023: £1,224,221) relating to sale of services.

2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
58,906,478
56,102,737
Middle East
8,623,540
9,526,898
67,530,018
65,629,635
2024
2023
£
£
Other revenue
Income received from contracted support
16,880,782
15,630,008
Onerous leases (payable)/recoverable
(528,966)
834,966
PJ CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 21 -
4
Exceptional item
2024
2023
£
£
Income
Exceptional item - Other operating income
(734,416)
834,966
(734,416)
834,966
Expenditure
Exceptional item - provision for onerous leases
(528,966)
834,966
(528,966)
834,966

During the year, a reversal of the prior year onerous lease provision was made, with deductions for any costs incurred with ending the lease agreement.

 

A corresponding re-charge has been recognised in the accounts as 'other income' as the costs will be recharged to its customer.

5
Operating profit
2024
2022
£
£
Operating profit for the year is stated after charging:
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
3,417
50,359
Amortisation of intangible assets
1,316,173
1,316,173
Operating lease charges
3,875,674
3,953,703
6
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
16,000
16,000
Audit of the financial statements of the company's subsidiaries
23,750
22,500
39,750
38,500
For other services
Accountancy services
2,400
2,400
PJ CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 22 -
7
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management
29
14
3
4
Administrative
17
30
-
-
Sales
486
494
-
-
Outsourced
175
121
-
-
Total
707
659
3
4

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
13,546,769
13,526,017
-
-
0
Social security costs
694,413
676,794
-
-
Pension costs
402,195
460,079
-
0
-
0
14,643,377
14,662,890
-
0
-
0

No directors remuneration was paid during the period or prior period.

8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
145,176
158,505
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
310,480
172,437
Foreign current tax on profits for the current period
112,469
132,082
Total current tax
422,949
304,519
Deferred tax
Origination and reversal of timing differences
(42,531)
5,811
Total tax charge
380,418
310,330
PJ CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Taxation
(Continued)
- 23 -

From 1 April 2023, the UK corporation tax rate changed from 19% to 25%, with marginal relief available for profits between £50,000 and £250,000, therefore the effective tax rate last year differs to this year.

2024
2023
£
£
Profit before taxation
1,104,762
1,270,098
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.50%)
276,191
247,669
Tax effect of expenses that are not deductible in determining taxable profit
419,973
284,184
Gains not taxable
(28,118)
(7,004)
Effect of change in corporation tax rate
-
4,762
Permanent capital allowances in excess of depreciation
(5,976)
(5,810)
Other differences
(49,768)
(40,477)
Effect of overseas tax rates
(189,353)
(178,805)
Deferred tax
(42,531)
5,811
Taxation charge
380,418
310,330

Tax losses of £69,538 (2023: £69,538) are available to carry forward to offset against future profits. Deferred tax asset not recognised is £17,387 (2023: £17,387).

10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
13,161,733
Amortisation and impairment
At 1 May 2023
4,167,881
Amortisation charged for the year
1,316,173
At 30 April 2024
5,484,054
Carrying amount
At 30 April 2024
7,677,679
At 30 April 2023
8,993,852
The company had no intangible fixed assets at 30 April 2024 or 30 April 2023.
PJ CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 24 -
11
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
12
-
0
-
0
8,115,999
8,115,999
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 and 30 April 2024
8,115,999
Carrying amount
At 30 April 2024
8,115,999
At 30 April 2023
8,115,999
12
Subsidiaries

Details of the company's subsidiaries at 30 April 2024 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Retail Services Group Limited
Network House, Third Avenue, Marlow, Buckinghamshire, United Kingdom, SL7 1EY
Holding company
Ordinary shares
-
100.00
Partner Retail Services Limited
As above
Retail
Ordinary shares
-
100.00
PRS Qatar Holdings Limited
As above
Holding company
Ordinary shares
-
100.00
PRS Holdings Limited
As above
Holding company
Ordinary shares
-
100.00
PJ Capital Partners Limited
As above
Holding company
Ordinary shares
100.00
-
Data Select LLC
Al Mana Twin Towers, 4th Floor, Office No. 4B, PO Box 24296, Doha, Qatar
Retail
Ordinary shares
-
80.00

The following subsidiaries were exempt from the audit requirements of the Companies Act 2006 by virtue of section 479A; Retail Services Group Limited and PRS Qatar Holdings Limited.

13
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
3,940,930
3,913,221
-
0
-
0

The total provision against stock as at the reporting date was £151,111 (2023: £225,594).

PJ CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 25 -
14
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,632,622
5,873,543
-
0
-
0
Other debtors
5,234,011
5,091,945
1,772,631
1,649,125
Prepayments and accrued income
1,960,396
1,873,257
77,758
29,064
11,827,029
12,838,745
1,850,389
1,678,189
Amounts falling due after more than one year:
Other debtors
-
0
400,000
-
0
-
0
Deferred tax asset (note 19)
65,657
23,126
-
0
-
0
65,657
423,126
-
-
Total debtors
11,892,686
13,261,871
1,850,389
1,678,189
15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
17
587,917
1,750,396
-
0
-
0
Trade creditors
9,334,466
7,961,853
-
0
29,509
Amounts owed to group undertakings
-
0
-
0
3,942,977
3,646,277
Corporation/foreign tax payable
175,433
16,824
-
0
-
0
Other taxation and social security
1,473,214
1,282,606
40,202
13,173
Other creditors
5,519,195
5,049,036
-
0
14,022
Accruals and deferred income
4,804,682
5,157,616
55,000
39,000
21,894,907
21,218,331
4,038,179
3,741,981

The bank loans and overdrafts totalling £0.6m (2023: £1.75m) are secured against assets held in a subsidiary and are guaranteed by a director.

 

Included in trade creditors are amounts totalling £8,210,161 (2023: £6,599,936) secured by a floating charge against the property, undertakings and assets of a subsidiary.

 

Within other creditors is a loan of £5m (2023: £5m) due to a director/shareholder and this is secured against the assets held by a subsidiary of the Group, see note 25.

PJ CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 26 -
16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Accruals and deferred income
859,647
756,757
-
0
-
0
17
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
-
0
1,140,000
-
0
-
0
Bank overdrafts
587,917
610,396
-
0
-
0
587,917
1,750,396
-
-
Payable within one year
587,917
1,750,396
-
0
-
0
18
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Provision for onerous leases
-
834,966
-
-
Movements on provisions:
Provision for onerous leases
Group
£
At 1 May 2023
834,966
Reversal of provision
(834,966)
At 30 April 2024
-

Where the unavoidable costs of a lease exceed the economic benefit expected to be received from it, a provision for onerous leases is recognised for the present value of the obligations under the lease. The onerous leases provision included in the previous period relates to two stores that were not generating revenue. For the 2024 period end, the stores have been subsequently closed, and the provision has been released.

 

At the end of the lease term, the group was obligated to restore the leased premises to its original condition. It is estimated that the expected costs would cost approximately £2,160k, as 12 stores remain in the name of one of the group's subsidiary companies. All costs will be recovered through recharges and as such the provision has not been adjusted for in the accounts.

PJ CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 27 -
19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Assets
Assets
2024
2023
Group
£
£
Retirement benefit obligations
65,657
23,126
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Asset at 1 May 2023
(23,126)
-
Credit to profit or loss
(42,531)
-
Asset at 30 April 2024
(65,657)
-

The deferred tax asset set out above is expected to reverse by 2024 and relates to temporary timing differences of employee end of services benefits and lease liabilities.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
402,195
460,079

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

As at the reporting date the group had a £11,537 (2023: £10,920) retirement benefit liability.

 

In addition, there are employee end of service benefits of £859,647 (2023: £759,757) provided for in the accounts.

21
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
8,116,000
8,116,000
81,160
81,160
Ordinary A shares of 1p each
4,370,200
4,370,200
43,702
43,702
Deferred shares of 1p each
803,484,000
803,484,000
8,034,840
8,034,840
815,970,200
815,970,200
8,159,702
8,159,702
PJ CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
21
Share capital
(Continued)
- 28 -

The holders of the ordinary shares and ordinary 'A' shares have voting rights at any general meeting, rights to participate in any distribution of dividends and rights in a capital distribution.

 

The holders of the deferred shares do not have voting rights at any general meeting, nor have any rights to participate in any distribution of dividends and have certain rights to participate in a capital distribution, provided that any payment made to the holders of the deferred shares be up to a total of £1 for the entire class of deferred shares. These shares are also redeemable by the company at any time at its option for one penny for all the deferred shares registered in the name of any holder without obtaining the sanction of the holder.

22
Foreign exchange reserve

Comprises translation differences arising from the translation of financial statements of the Group's foreign entities into Sterling (£).

23
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
4,127,297
4,361,968
-
-
Between two and five years
11,551,339
13,798,592
-
-
In over five years
4,288,468
7,260,291
-
-
19,967,104
25,420,851
-
-
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
963,107
1,019,550
PJ CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
24
Related party transactions
(Continued)
- 29 -
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Entities under common control
-
-
1,100,872
867,605
Other related parties
66,027
-
-
-
Expenditure and other adjustments
Other income
2024
2023
2024
2023
£
£
£
£
Group
Entities with control, joint control or significant influence over the company
600,000
600,000
-
-
Entities under common control
-
-
30,000
-
Company
Entities over which the entity has control, joint control or significant influence
-
-
630,000
468,000
Entities under common control
600,000
600,000
-
-

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Entities under common control
1,712
40,027
Company
Entities over which the company has control, joint control or significant influence
3,942,977
3,646,277
Entities under common control
-
14,022

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities under common control
3,369,305
4,110,467
PJ CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
24
Related party transactions
(Continued)
- 30 -
Company
Entities under common control
1,772,629
1,649,123

The following amounts were recognised as an expense in the period in respect of bad and doubtful debts due from related parties:

2024
2023
£
£
Group
Entities under common control
205,450
-
Other information

All outstanding amounts due to/from related parties carry no interest and are repayable on demand.

25
Directors' transactions

A loan of £5,000,000 is due to a director. This loan is considered repayable on demand and has no interest attached.

26
Controlling party

The ultimate controlling party of the company is P Jones CBE by virtue of being the majority shareholder.

27
Cash generated from/(absorbed by) group operations
2024
2023
£
£
Profit for the year after tax
724,344
959,768
Adjustments for:
Taxation charged
380,418
310,330
Finance costs
145,176
158,505
Amortisation and impairment of intangible assets
1,316,173
1,316,173
Foreign exchange gains on cash equivalents
(1,160)
60,885
(Decrease)/increase in provisions
(834,966)
834,966
Movements in working capital:
(Increase)/decrease in stocks
(27,709)
1,708,399
Decrease/(increase) in debtors
1,411,716
(3,444,407)
Increase/(decrease) in creditors
1,783,336
(4,640,661)
Cash generated from/(absorbed by) operations
4,897,328
(2,736,042)
PJ CAPITAL HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 31 -
28
Analysis of changes in net funds - group
1 May 2023
Cash flows
30 April 2024
£
£
£
Cash at bank and in hand
2,230,647
2,925,329
5,155,976
Bank overdrafts
(610,396)
22,479
(587,917)
1,620,251
2,947,808
4,568,059
Borrowings excluding overdrafts
(1,140,000)
1,140,000
-
480,251
4,087,808
4,568,059
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