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REGISTERED NUMBER: 09961319 (England and Wales)









GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

2PG INVESTMENTS LIMITED

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

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 17


2PG INVESTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: J P McBrien
J E McBrien
P J McBrien





REGISTERED OFFICE: 2 Prince Georges Road
Colliers Wood
London
SW19 2PX





REGISTERED NUMBER: 09961319 (England and Wales)





AUDITORS: Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
4th Floor Tuition House
27-37 St George's Road
Wimbledon
London
SW19 4EU

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024


The directors present their strategic report of the company and the group for the year ended 31 May 2024.

Introduction

The principal activity of the company was that of a holding company and the principal activities of the group in the period under review was that of selling consumer electronic spare parts and accessories.

The group is the leading supplier of Laptop spare parts in Europe and Australasia. We also have over 20 years expertise supplying power product solutions, the group have built strong relationships with battery and accessory manufacturers, including becoming a Duracell licensee.

The group supplies 2-Power and Duracell branded products, OEM (Original Equipment Manufacturer) brand name products and high quality replacement products. All of which are guaranteed 100% compatible and almost all come with a one year warranty.

The group supplies customers right across Europe including distributors, computer dealers as well as product owners themselves.

The aim of the group is to provide a complete range of spare parts and power solutions for all tech related portable devices, including Servers, Laptops, Digital Cameras, Smartphones and Tablets.

REVIEW OF BUSINESS
Financial Performance

The directors are pleased with the performance of the group. Group turnover decreased to £34,660,822 (2023 £36,289,099). The profit for the year after taxation, amounted to £919,945 (2023 £1,347,408).

The gross profit margin of the group increased to 22.9% (2023 21.9%) while overhead expenditure increased to £6,675,262 (2023 £6,239,220). Including in overhead expenditure is a loss on foreign exchange of £71,458 (2023 £34,156)

Financial Position

The group is in sound financial position with net assets at 31.5.2024 amounted to £9,877,635 (2023 £9,603,737).

The group balance sheet is underpinned by freehold property assets of £1,928,838 (2023 £1,946,670). The group has in place bank loans of £231,618 (2023 £527,028). At 31.5.2024 the group had a cash balance of £3,307,093 (2023 £3,388,680). Group stock levels decreased to £4,594,024 (2023 £5,089,611).Trade debtors were £3,171,865 (2023 £3,382,295) while trade creditors were £2,334,682 (2023 £3,155,297).

Market Developments

The group have operations in three key markets - Europe, Australasia and USA.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk for the group relates to the continued maintenance of the group's freehold property and the profitability of its subsidiaries. The directors are closely involved in mitigating these risks.

The Board continually reviews the potential risks facing the group. These continue to be the same issues.

(i) Products - the evolvement of products mean that some historical categories have declined, we continue to compensate by adding new ranges.

(ii) Economic environment - the ongoing issues over the UK leaving the EU and the knock-on effect to currencies continue to be a concern.

The high inflation caused by the war in Ukraine and raising of interest rates has also weakened customer demand.


2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

KEY PERFORMANCE INDICATORS
With the changes in the category split we monitor the gross margin against sales and overheads. We are pleased to say that these remain consistent, and within expectable parameters to the board.

31.5.2024 31.5.2023

Turnover £34,660,822 £36,289,099
Gross Profit £7,931,695 £7,960,687
Gross Profit Margin 22.88% 21.93%
Overheads £6,675,262 £6,239,220
Profit Before Taxation £1,254,911 £1,663,176
Net Assets £9,877,635 £9,603,737
Cash at Bank £3,307,093 £3,388,680
Stock £4,594,024 £5,089,611
Trade Debtors £3,171,865 £3,382,295
Trade Creditors £2,334,682 £3,155,297
Average Employees 77 83

FUTURE DEVELOPMENT
The group will continue to grow via new product lines within the battery and IT sector and to continue its focus on growing the export sales business.

ON BEHALF OF THE BOARD:





J E McBrien - Director


25 February 2025

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of selling electronic and computer spare parts.

DIVIDENDS
During the year a dividend of 5.50 pence each for both 'A' and 'B' Ordinary £1 shares was paid on 17 January 2024 and a dividend of 3.75 pence each for both 'A' and 'B' Ordinary £1 shares was paid on 18 March 2024.

The total distribution of dividends for the year ended 31 May 2024 was £674,325 (2023 £674,325).

After the year end the company paid a dividend of 9.25 pence per share, totalling £674,325.

FUTURE DEVELOPMENTS
This is referred to in the Strategic Report.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report.

J P McBrien
J E McBrien
P J McBrien

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
In the course of its business, the group is exposed to a number of financial risks - credit risk, liquidity risk, market risk (interest rate risk, currency risk and price risk) and competition risk.The group uses various financial instruments to manage these risks. The directors review and agree policies for managing each of these risks.

(i) Credit risk - refers to the risk of a financial loss which would be incurred if a trade debtor does not fulfil its financial obligation. In order to manage credit risk the directors set limits for customers based on historic data and references. Credit limits are reviewed on a regular basis.

(ii) Liquidity risk - refers to the risk that the group will not be able to meet its financial obligations as they fall due, because of a lack of liquid assets. The group's policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities as they fall due. The group achieves this by monthly budgets and cashflow projections.

(iii) Market risk - refers to the risk of loss arising due to a fluctuation in interest rates (interest rate risk), foreign exchange rates (currency risk) or other market factors (price risk):

- interest rate risk - the group is not exposed to significant cash flow interest rate risk from long term borrowings. The group's long-term borrowings are at a fixed interest rate.

- currency risk - the group purchases and sells products from/to overseas entities in currencies other than sterling.The group manages currency risks by using forward foreign exchange rate contracts. Forward foreign exchange rate contracts are not used for speculative purposes.

- price risk - the group is exposed to price risk due to normal inflationary increases in the costs of the products it purchases. Products can also become obsolete. The group manages the risk by careful stock management and forecasting future trends.

(iv) Competition risk - the group operates in a highly competitive market putting pressure on margin and turnover growth. The group is well established in the marketplace and continually strives for business efficiencies and monitors its competitors.


2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MAY 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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 directors are 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 each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Hartley Fowler LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J E McBrien - Director


25 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
2PG INVESTMENTS LIMITED


Opinion
We have audited the financial statements of 2PG Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 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 31 May 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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 Directors 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 Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
2PG INVESTMENTS LIMITED


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 Directors.

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 directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page five, 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 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 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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

-the nature of the industry and sector, control environment and business performance;
-results of our enquiries of management about their own identification and assessment of the risks of irregularities;
-any matters we identified having obtained and reviewed the group's documentation of their policies and procedures relating to:
- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non -compliance;
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
-the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
2PG INVESTMENTS LIMITED


As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory framework that the group operates in. The key laws and regulations we considered in this context included the UK Companies Act and tax legislation.

In addition we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group's ability to operate or to avoid a material penalty.

As a result of performing the above, we did not identify any key matters related to the potential risk of fraud or non-compliance with laws and regulations.

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provision of relevant laws and regulations described as having a direct effect on the financial statements;
-enquiring of management concerning actual and potential litigation and claims;
-performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
-reviewing minutes of meetings of those charged with governance, reviewing internal reports and reviewing correspondence with HMRC, and
-in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments, assessing whether the judgements made in making accounting estimates are indicative of a potential bias and evaluating the business rationale for any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indication of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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.




Jonathan Askew (Senior Statutory Auditor)
for and on behalf of Hartley Fowler LLP
Statutory Auditors
Chartered Accountants
4th Floor Tuition House
27-37 St George's Road
Wimbledon
London
SW19 4EU

26 February 2025

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £    £    £   

TURNOVER 4 34,660,822 36,289,099

Cost of sales 26,729,127 28,328,412
GROSS PROFIT 7,931,695 7,960,687

Administrative expenses 6,675,262 6,239,220
1,256,433 1,721,467

Other operating income 2,982 20,830
OPERATING PROFIT 6 1,259,415 1,742,297

Income from interest in associated undertakings 2,220 (27,987 )
Interest receivable and similar income 47,620 3,450
49,840 (24,537 )
1,309,255 1,717,760

Interest payable and similar expenses 7 54,344 54,584
PROFIT BEFORE TAXATION 1,254,911 1,663,176

Tax on profit 8 334,966 315,768
PROFIT FOR THE FINANCIAL YEAR 919,945 1,347,408
Profit attributable to:
Owners of the parent 889,291 1,255,848
Non-controlling interests 30,654 91,560
919,945 1,347,408

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 919,945 1,347,408


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR

919,945

1,347,408

Total comprehensive income attributable to:
Owners of the parent 889,291 1,255,848
Non-controlling interests 30,654 91,560
919,945 1,347,408

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

CONSOLIDATED BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 93,294 131,345
Tangible assets 12 2,216,695 2,271,055
Investments 13
Interest in associate - (2,220 )
Other investments 28,207 28,209
2,338,196 2,428,389

CURRENT ASSETS
Stocks 14 4,594,024 5,089,611
Debtors: amounts falling due within one year 15 3,708,034 4,034,338
Cash at bank 3,307,093 3,388,680
11,609,151 12,512,629
CREDITORS
Amounts falling due within one year 16 3,937,974 4,869,343
NET CURRENT ASSETS 7,671,177 7,643,286
TOTAL ASSETS LESS CURRENT LIABILITIES 10,009,373 10,071,675

CREDITORS
Amounts falling due after more than one year 17 (124,255 ) (454,952 )

PROVISIONS FOR LIABILITIES 21 (7,483 ) (12,986 )
NET ASSETS 9,877,635 9,603,737

CAPITAL AND RESERVES
Called up share capital 22 7,290,000 7,290,000
Retained earnings 23 2,037,633 1,822,667
SHAREHOLDERS' FUNDS 9,327,633 9,112,667

NON-CONTROLLING INTERESTS 550,002 491,070
TOTAL EQUITY 9,877,635 9,603,737

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:





J E McBrien - Director


2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

COMPANY BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 1,928,838 1,946,670
Investments 13 7,853,964 7,845,163
9,782,802 9,791,833

CURRENT ASSETS
Debtors: amounts falling due within one year 15 280,005 195,845
Cash at bank 377,941 518,903
657,946 714,748
CREDITORS
Amounts falling due within one year 16 173,200 164,336
NET CURRENT ASSETS 484,746 550,412
TOTAL ASSETS LESS CURRENT LIABILITIES 10,267,548 10,342,245

CREDITORS
Amounts falling due after more than one year 17 124,255 237,981
NET ASSETS 10,143,293 10,104,264

CAPITAL AND RESERVES
Called up share capital 22 7,290,000 7,290,000
Retained earnings 23 2,853,293 2,814,264
SHAREHOLDERS' FUNDS 10,143,293 10,104,264

Company's profit for the financial year 713,354 1,472,117

The financial statements were approved by the Board of Directors and authorised for issue on 25 February 2025 and were signed on its behalf by:





J E McBrien - Director


2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Non-controlling Total
capital earnings Total interests equity
£    £    £    £    £   
Balance at 1 June 2022 7,290,000 1,241,144 8,531,144 - 8,531,144

Changes in equity
Dividends - (674,325 ) (674,325 ) - (674,325 )
Total comprehensive income - 1,255,848 1,255,848 91,560 1,347,408
7,290,000 1,822,667 9,112,667 91,560 9,204,227
Acquisition of non-controlling interest - - - 399,510 399,510
Balance at 31 May 2023 7,290,000 1,822,667 9,112,667 491,070 9,603,737

Changes in equity
Dividends - (674,325 ) (674,325 ) - (674,325 )
Total comprehensive income - 889,291 889,291 30,654 919,945
7,290,000 2,037,633 9,327,633 521,724 9,849,357
Acquisition of non-controlling interest - - - 8,456 8,456
Disposal of non-controlling interest - - - 19,822 19,822
Balance at 31 May 2024 7,290,000 2,037,633 9,327,633 550,002 9,877,635

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 7,290,000 2,016,472 9,306,472

Changes in equity
Dividends - (674,325 ) (674,325 )
Total comprehensive income - 1,472,117 1,472,117
Balance at 31 May 2023 7,290,000 2,814,264 10,104,264

Changes in equity
Dividends - (674,325 ) (674,325 )
Total comprehensive income - 713,354 713,354
Balance at 31 May 2024 7,290,000 2,853,293 10,143,293

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,219,913 2,444,778
Interest paid (53,582 ) (53,593 )
Interest element of hire purchase payments paid (762 ) (991 )
Tax paid (295,334 ) (430,050 )
Net cash from operating activities 870,235 1,960,144

Cash flows from investing activities
Purchase of intangible fixed assets 17,257 -
Purchase of tangible fixed assets (48,040 ) (93,842 )
Sale of tangible fixed assets 8,251 -
Subsidiary bank balance at acquisition - 576,281
Acquisition of subsidiary - (415,816 )
Interest received 47,620 3,450
Net cash from investing activities 25,088 70,073

Cash flows from financing activities
Loan repayments in year (295,410 ) (142,019 )
Capital repayments in year (7,175 ) (5,292 )
Amount withdrawn by directors - (275,000 )
Equity dividends paid (674,325 ) (674,325 )
Net cash from financing activities (976,910 ) (1,096,636 )

(Decrease)/increase in cash and cash equivalents (81,587 ) 933,581
Cash and cash equivalents at beginning of
year

2

3,388,680

2,455,099

Cash and cash equivalents at end of year 2 3,307,093 3,388,680

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024


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

2024 2023
£    £   
Profit before taxation 1,254,911 1,663,176
Depreciation charges 140,457 142,573
Profit on disposal of fixed assets (8,251 ) -
Pre acquisition subsidiary net assets - 415,816
Finance costs 54,344 54,584
Finance income (49,840 ) 24,537
1,391,621 2,300,686
Decrease/(increase) in stocks 495,587 (983,670 )
Decrease in trade and other debtors 322,355 574,112
(Decrease)/increase in trade and other creditors (989,650 ) 553,650
Cash generated from operations 1,219,913 2,444,778

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 31 May 2024
31/5/24 1/6/23
£    £   
Cash and cash equivalents 3,307,093 3,388,680
Year ended 31 May 2023
31/5/23 1/6/22
£    £   
Cash and cash equivalents 3,388,680 2,455,099


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/6/23 Cash flow At 31/5/24
£    £    £   
Net cash
Cash at bank 3,388,680 (81,587 ) 3,307,093
3,388,680 (81,587 ) 3,307,093
Debt
Finance leases (33,417 ) 7,175 (26,242 )
Debts falling due within 1 year (247,347 ) 39,984 (207,363 )
Debts falling due after 1 year (379,681 ) 255,426 (124,255 )
(660,445 ) 302,585 (357,860 )
Total 2,728,235 220,998 2,949,233

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

2PG Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


These financial statements are the company's separate financial statements.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The group consolidated financial statements include the financial statements of the company and its subsidiary undertakings made up to 31 May 2024..

All transactions and balances between group companies are eliminated on consolidation.

Profit or loss and other comprehensive income of subsidiaries acquired of during the year are recognised from the effective date of acquisition.

The group attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests.

Business combinations
The group applies the acquisition method in accounting for business combinations. The consideration transferred by the group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred and the equity interest issued by the group, which includes the fair value of any asset or liability arising from a contingent consideration agreement. Acquisition costs are expensed as incurred.

Investments in associates
Investments in associates are accounted for using the equity method.

The carrying amount of the investment in associates is increased or decreased to recognise the group's share of the profit or loss and other comprehensive income of the associate.

Significant judgements and estimates
The Directors have made a number of estimates and assumptions regarding the future, and made some significant judgements in applying the group’s accounting policies. These are discussed below:

(i). Impairment of stock

The group sells electronic and computer spare parts and is subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the stock provision, management considers the nature and condition of the the stock, as well as applying assumptions around anticipated saleability of the stock.

(ii). Depreciation on tangible fixed assets

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated economic lives and residual values of the assets.The useful lives and residual values are re-assessed annually.

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. ACCOUNTING POLICIES - continued
(iii). Amortisation of Goodwill

Goodwill is reviewed for impairment in accordance with FRS 102 Section 27 Impairment of assets when there is an indication that goodwill may be impaired.

(iv). Impairment of financial assets (including trade debtors)

The group makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the ageing profile and historical experience.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income recognition

Income from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. In practice this means that income is recognised when the goods are invoiced.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Customer lists are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Long leasehold - 2% on cost
Plant and machinery - 10% on cost and at variable rates on cost
Fixtures and fittings - 20% on cost and 10% on cost
Motor vehicles - 20% on cost

Depreciation is not charged in respect of freehold land.

The carrying values of tangible assets are reviewed for impairment if circumstances indicate the carrying value may not be recoverable.

Investment properties
In the company's individual financial statements the investment property is rented to another group company .The company has chosen to account for this property using the cost model and has therefore classified it within tangible fixed assets as freehold property at historical cost less depreciation.

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

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.


2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. 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.

Foreign currencies
1) The financial statements are presented in Pound Sterling (£) which is the group's presentational currency.

The items included in these financial statements relating to the group are measured using the functional currency, that is the currency of the primary economic environment in which the group operates. The directors' consider the group's "functional currency" to be Pound Sterling (£).

Foreign currency transactions are translated into the functional currency using the prevailing exchange rates.

Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated at the exchange rate ruling at that date. Foreign exchange gains and losses on translation are recognised in the income statement for the period.

2) The results and financial position of foreign subsidiaries that have a functional currency different from the presentational currency are translated into the presentational currency as follows:

- assets and liabilities are translated at the closing rate at the date of the balance sheet
- income and expenses are translated at average exchange rates, and
- all resulting exchange differences are recognised in comprehensive income

Lease commitments
Leases that do not transfer all the risks and rewards of ownership are classified as operating lease. Rentals paid under operating leases are charged to profit and loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Basic financial instruments
Cash at bank
Cash at bank includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Debtors
Trade and other debtors are recognised at the settlement amount due. Prepayments are recognised at the invoiced cost prepaid.

Creditors
Creditors are recognised when the group has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at the settlement amount.

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


3. ACCOUNTING POLICIES - continued
Interest-bearing loans and borrowings: All interest bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable to the bank (including interest). After initial recognition they are measured at amortised cost using the effective interest rate method, less impairment. The effective interest rate amortised is included in the income statement.

Other financial liabilities
Derivatives, including optional forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value.

Share capital
Ordinary shares are classified as equity.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
UK Sales 25,601,594 27,538,272
EU Sales 7,976,202 7,989,095
Rest of the World Sales 1,083,026 761,732
34,660,822 36,289,099

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,138,942 3,064,188
Social security costs 238,422 250,208
Other pension costs 100,269 85,619
3,477,633 3,400,015

The average number of employees during the year was as follows:
2024 2023

Administrative 28 31
Sales and distribution 49 55
77 86

2024 2023
£    £   
Directors' remuneration 213,076 211,793
Directors' pension contributions to money purchase schemes 2,034 2,034

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


5. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director is as follows:
2024 2023
£    £   
Emoluments etc 173,978 174,261
Pension contributions to money purchase schemes 1,321 1,321

6. OPERATING PROFIT

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

2024 2023
£    £   
Hire of plant and machinery 29,160 15,505
Depreciation - owned assets 91,540 98,491
Depreciation - assets on hire purchase contracts 10,860 7,240
Profit on disposal of fixed assets (8,251 ) -
Goodwill amortisation 38,051 36,842
Auditors' remuneration 35,292 37,625
Auditors' remuneration for non audit work 12,558 17,226
Foreign exchange differences 71,458 34,186
Gain on disposal of subsidiary (20,662 ) -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 22,145 19,283
Loan interest 5,015 13,739
Interest payable 26,422 20,571
Hire purchase 762 991
54,344 54,584

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 340,932 318,334
Corporation tax re prior year (463 ) -
Total current tax 340,469 318,334

Deferred tax (5,503 ) (2,566 )
Tax on profit 334,966 315,768

UK corporation tax has been charged at 25 % (2023 - 20 %).

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,254,911 1,663,176
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023
- 20 %)

313,728

332,635

Effects of:
Expenses not deductible for tax purposes 2,030 3,775
Depreciation in excess of capital allowances 7,380 8,716
Effect of taxation of associates 555 5,597
Goodwill amortisation 9,512 7,370
credits
Loss relief (381 ) (46,758 )
Deferred tax (5,503 ) (2,566 )
Other adjustments 8,108 6,999
Corporation tax prior year (463 ) -
Total tax charge 334,966 315,768

9. INDIVIDUAL INCOME STATEMENT

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


10. DIVIDENDS
2024 2023
£    £   
'A' Ordinary shares shares of £1 each
Interim 67,432 67,432
'B' Ordinary shares shares of £1 each
Interim 606,893 606,893
674,325 674,325

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


11. INTANGIBLE FIXED ASSETS

Group
Customer
Goodwill lists Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 488,280 58,559 546,839
AMORTISATION
At 1 June 2023 356,935 58,559 415,494
Amortisation for year 38,051 - 38,051
At 31 May 2024 394,986 58,559 453,545
NET BOOK VALUE
At 31 May 2024 93,294 - 93,294
At 31 May 2023 131,345 - 131,345

Intangible assets consisted of:

1) Goodwill acquired during the year ended 31 May 2017 arising on the acquisition of IT Parts (Europe) Limited. The goodwill is being amortised evenly over the directors' estimate of its useful life of 5 years.

2) Goodwill acquired in PSA Parts Limited which arose on the incorporation of PSA Parts on 9 April 1998. This goodwill is being amortised evenly over the directors' estimate of its useful life of 20 years. At 31 May 2018 this goodwill has been written off.

3) Goodwill arising on the acquisition of PSA Parts Limited in the year ended 31 May 2016. This goodwill is being amortised evenly over the directors' estimate of its useful life of 10 years.

4) Customer lists acquired during the year ended 31 May 2017 following the acquisition of IT Parts (Europe) Limited is being amortised evenly over the directors' estimate of their useful life of 5 years.

5) Goodwill arising on the acquisition of The Replace Base Limited Limited in the year ended 31 May 2023. This goodwill is being amortised evenly over the directors' estimate of its useful life of 10 years.

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


12. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 June 2023 2,313,549 86,860 464,443
Additions - - 48,040
Disposals - - -
At 31 May 2024 2,313,549 86,860 512,483
DEPRECIATION
At 1 June 2023 366,879 11,335 333,656
Charge for year 17,832 6,101 48,109
Eliminated on disposal - - -
At 31 May 2024 384,711 17,436 381,765
NET BOOK VALUE
At 31 May 2024 1,928,838 69,424 130,718
At 31 May 2023 1,946,670 75,525 130,787

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 June 2023 137,796 92,160 3,094,808
Additions - - 48,040
Disposals - (37,965 ) (37,965 )
At 31 May 2024 137,796 54,195 3,104,883
DEPRECIATION
At 1 June 2023 54,311 57,572 823,753
Charge for year 12,558 17,800 102,400
Eliminated on disposal - (37,965 ) (37,965 )
At 31 May 2024 66,869 37,407 888,188
NET BOOK VALUE
At 31 May 2024 70,927 16,788 2,216,695
At 31 May 2023 83,485 34,588 2,271,055

Included in cost of land and buildings is freehold land of £1,267,500 (2023 - £1,267,500) which is not depreciated.

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


12. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 June 2023
and 31 May 2024 54,300
DEPRECIATION
At 1 June 2023 30,431
Charge for year 10,860
At 31 May 2024 41,291
NET BOOK VALUE
At 31 May 2024 13,009
At 31 May 2023 23,869

Company
Freehold
property
£   
COST
At 1 June 2023
and 31 May 2024 2,313,549
DEPRECIATION
At 1 June 2023 366,879
Charge for year 17,832
At 31 May 2024 384,711
NET BOOK VALUE
At 31 May 2024 1,928,838
At 31 May 2023 1,946,670

Included in cost of land and buildings is freehold land of £ 1,267,500 (2023 - £ 1,267,500 ) which is not depreciated.

The freehold property is rented to another group company. The group has chosen to account for this property using the cost model.The net book value of the freehold property at the year end was £1,928,838 (2023 £1,946,670).

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


13. FIXED ASSET INVESTMENTS

Group
Shares in Interest
group in Unlisted
undertakings associate investments Totals
£    £    £    £   
COST
At 1 June 2023 2 (2,220 ) 28,207 25,989
Disposals (2 ) 5,757 - 5,755
Share of profit/(loss) - (3,537 ) - (3,537 )
At 31 May 2024 - - 28,207 28,207
NET BOOK VALUE
At 31 May 2024 - - 28,207 28,207
At 31 May 2023 2 (2,220 ) 28,207 25,989
Company
Shares in
group
undertakings
£   
COST
At 1 June 2023 7,845,163
Additions 8,801
At 31 May 2024 7,853,964
NET BOOK VALUE
At 31 May 2024 7,853,964
At 31 May 2023 7,845,163

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

Subsidiaries

PSA Parts Limited
Registered office: England and Wales
Nature of business: Selling electronic and computer spare parts
%
Class of shares: holding
Ordinary 100.00

IT Parts (Europe) Limited
Registered office: England and Wales
Nature of business: Selling electronic and computer spare parts
%
Class of shares: holding
Ordinary 100.00

PSA Parts Inc.
Registered office: USA
Nature of business: Selling electronic and computer spare parts
%
Class of shares: holding
Ordinary 100.00

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


13. FIXED ASSET INVESTMENTS - continued

PSA Parts Europe B.V.
Registered office: Netherlands
Nature of business: storage and warehousing services
%
Class of shares: holding
Ordinary 100.00

The Replace Base Limited
Registered office: England and Wales
Nature of business: Selling electronic and computer spare parts
%
Class of shares: holding
Ordinary 51.00

PSA Spares Limited
Registered office:
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00


Disposal of subsidiary

On 1 May 2024 the group disposed of Repair Base Billings Limited, a 100% subsidiary of Replace Base Limited for £1.

The net liabilities of the disposed subsidiary at the date of disposal were £40,484. The Minority interest on disposal amounted to £19,837, resulting in a gain on disposal of £20,662.

The subsidiary disposed of during the year did not have a significant contribution to the group's operations.

Disposal of Associate

On 18 December 2023 the group disposed of PSA Parts Pty Limited, which was owned 50% by PSA Parts Limited for £1.

Other investments Group
£   
Dormant Subsidiaries:

PSA Spares Ltd, is 100% owned by PSA Parts Limited and registered in England and 100
Wales.
100

14. STOCKS

Group
2024 2023
£    £   
Finished goods 4,594,024 5,089,611

Stocks represents electronic and computer spare parts. An amount of £505,331 (2023 £360,516) has been provided against the cost of sales at the year end.

The cost of stocks recognised as an expense in the year is £26,729,127 (2023 £28,328,412). All of these items have been included within ‘cost of sales’ in the income statement.

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 3,171,865 3,382,295 - -
Amounts owed by group undertakings - - 217,860 150,628
Other debtors 297,228 409,938 31,729 45,217
Directors' current accounts - 3,950 - -
Tax 54,922 54,921 - -
Prepayments 184,019 183,234 30,416 -
3,708,034 4,034,338 280,005 195,845

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 107,363 147,347 107,363 97,357
Other loans (see note 18) 100,000 100,000 - -
Hire purchase contracts (see note 19) 26,242 7,938 - -
Trade creditors 2,334,682 3,155,297 - 2,880
Tax 179,128 148,552 43,424 34,962
Social security and other taxes 99,126 103,510 9,370 9,671
VAT 342,164 421,375 6,157 7,808
Other creditors 156,761 239,813 - 156
Accrued expenses 592,508 545,511 6,886 11,502
3,937,974 4,869,343 173,200 164,336

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

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 18) 124,255 379,681 124,255 237,981
Hire purchase contracts (see note 19) - 25,479 - -
Other creditors - 49,792 - -
124,255 454,952 124,255 237,981

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans 107,363 147,347 107,363 97,357
Other loans 100,000 100,000 - -
207,363 247,347 107,363 97,357
Amounts falling due between one and two years:
Bank loans - 1-2 years 124,255 239,057 124,255 97,357
Amounts falling due between two and five years:
Bank loans - 2-5 years - 140,624 - 140,624

19. LEASING AGREEMENTS

Company

Receivable

At 31 May 2024 the future minimum lease payments under non-cancellable leases were receivable as follows:
2024 2023
£    £   
Within one year 197,500 197,500
Between one and five years 197,500 395,000
395,000 592,500


Group

Payable

At 31 May 2024 the future minimum lease payments under non-cancellable leases were payable as follows:

2024 2023
£    £   
Within one year 72,064 62,343
Between one and five years 33,594 72,730
105,658 135,073


2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


20. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans 231,618 527,028 231,618 335,338

HSBC Bank plc holds a debenture including fixed charge over all present and freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future dated 22 March 2016. The loan is charged by the bank at a market rate.The bank loan is being repaid in monthly instalments over 10 years.

HSBC Bank plc holds a composite company limited multilateral guarantee dated 29 March 2016 given by 2PG Investments Limited and PSA Parts Limited.

HSBC Bank plc holds a first legal charge dated 18 May 2016 over freehold property known as 2 Prince Georges Road, London SW19 2PX.






21. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 7,483 12,986

Group
Deferred
tax
£   
Balance at 1 June 2023 12,986
Credit to Income Statement during year (5,503 )
Balance at 31 May 2024 7,483

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
729,000 'A' Ordinary shares £1 729,000 729,000
6,561,000 'B' Ordinary shares £1 6,561,000 6,561,000
7,290,000 7,290,000

Called up share capital represents the nominal value of shares that have been issued.

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


22. CALLED UP SHARE CAPITAL - continued

(i) The 'A' ordinary shares and 'B' ordinary shares each constitute different classes of shares for the purposes of the Companies Act 2006, but save as otherwise provided by the articles of association shall rank pari passu in all respects.

(ii) The company may declare and pay dividends at the same or different rates as between 'A' ordinary shares and the 'B' ordinary shares or declare and pay dividends on either class to the exclusion of the other.

There are no restrictions on the distributions of dividends and the repayment of capital.

23. RESERVES

Group
Retained
earnings
£   

At 1 June 2023 1,822,667
Profit for the year 889,291
Dividends (674,325 )
At 31 May 2024 2,037,633

Company
Retained
earnings
£   

At 1 June 2023 2,814,264
Profit for the year 713,354
Dividends (674,325 )
At 31 May 2024 2,853,293

Retained earnings
Cumulative profits or losses, net of dividends paid and other adjustments available for distribution.

24. PENSION COMMITMENTS

The group contributes towards the employees' pension schemes. Pension contributions totalling £12,667 (2023 £12,978) are included in creditors at the year end.

25. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The group paid a director, £46,000 (2023 £43,000) for computer support provided by his business.

During the previous year two directors repaid loans totalling £275,000. The loans were interest bearing, unsecured and repayable by giving one months notice.

2PG INVESTMENTS LIMITED (REGISTERED NUMBER: 09961319)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


26. RELATED PARTY DISCLOSURES

At the year end the group owed Mrs S McBrien, wife of a director, £100,000 (2023: £100,000) for the provision of a loan. The loan bears interest.The loan is unsecured and repayable on demand.

Key Management Compensation (including directors)

Key management includes all directors and certain senior employees who have authority and responsibility for planning and controlling the activities of the group.

2024 2023
£    £   
Salaries and other short-term benefits 644,091 763,850
Post-employment benefits 6,603 6,933
650,094 759,853

27. POST BALANCE SHEET EVENTS

After the year end the group paid a dividend of 9.25 pence per share, totalling £674,325.

28. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J E McBrien and his wife.