Caseware UK (AP4) 2023.0.135 2023.0.135 2024-10-312024-10-3140422023-11-01falsefalsefalsefalse 01675790 2023-11-01 2024-10-31 01675790 2022-11-01 2023-10-31 01675790 2024-10-31 01675790 2023-10-31 01675790 2022-11-01 01675790 1 2023-11-01 2024-10-31 01675790 1 2022-11-01 2023-10-31 01675790 5 2023-11-01 2024-10-31 01675790 5 2022-11-01 2023-10-31 01675790 d:CompanySecretary1 2023-11-01 2024-10-31 01675790 d:Director1 2023-11-01 2024-10-31 01675790 d:Director2 2023-11-01 2024-10-31 01675790 d:Director3 2023-11-01 2024-10-31 01675790 d:Director4 2023-11-01 2024-10-31 01675790 d:RegisteredOffice 2023-11-01 2024-10-31 01675790 e:Buildings 2023-11-01 2024-10-31 01675790 e:Buildings 2024-10-31 01675790 e:Buildings 2023-10-31 01675790 e:Buildings e:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 01675790 e:Buildings e:LongLeaseholdAssets 2023-11-01 2024-10-31 01675790 e:Buildings e:LongLeaseholdAssets 2024-10-31 01675790 e:Buildings e:LongLeaseholdAssets 2023-10-31 01675790 e:PlantMachinery 2023-11-01 2024-10-31 01675790 e:PlantMachinery 2024-10-31 01675790 e:PlantMachinery 2023-10-31 01675790 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 01675790 e:MotorVehicles 2023-11-01 2024-10-31 01675790 e:MotorVehicles 2024-10-31 01675790 e:MotorVehicles 2023-10-31 01675790 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 01675790 e:FurnitureFittings 2023-11-01 2024-10-31 01675790 e:FurnitureFittings 2024-10-31 01675790 e:FurnitureFittings 2023-10-31 01675790 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 01675790 e:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 01675790 e:FreeholdInvestmentProperty 2024-10-31 01675790 e:FreeholdInvestmentProperty 2023-10-31 01675790 e:CurrentFinancialInstruments 2024-10-31 01675790 e:CurrentFinancialInstruments 2023-10-31 01675790 e:Non-currentFinancialInstruments 2024-10-31 01675790 e:Non-currentFinancialInstruments 2023-10-31 01675790 e:CurrentFinancialInstruments e:WithinOneYear 2024-10-31 01675790 e:CurrentFinancialInstruments e:WithinOneYear 2023-10-31 01675790 e:Non-currentFinancialInstruments e:AfterOneYear 2024-10-31 01675790 e:Non-currentFinancialInstruments e:AfterOneYear 2023-10-31 01675790 e:ReportableOperatingSegment1 2023-11-01 2024-10-31 01675790 e:ReportableOperatingSegment1 2022-11-01 2023-10-31 01675790 e:UKTax 2023-11-01 2024-10-31 01675790 e:UKTax 2022-11-01 2023-10-31 01675790 e:ShareCapital 2023-11-01 2024-10-31 01675790 e:ShareCapital 2024-10-31 01675790 e:ShareCapital 2022-11-01 2023-10-31 01675790 e:ShareCapital 2023-10-31 01675790 e:ShareCapital 2022-11-01 01675790 e:RevaluationReserve 2023-11-01 2024-10-31 01675790 e:RevaluationReserve 2024-10-31 01675790 e:RevaluationReserve 2022-11-01 2023-10-31 01675790 e:RevaluationReserve 2023-10-31 01675790 e:RevaluationReserve 2022-11-01 01675790 e:RetainedEarningsAccumulatedLosses 2023-11-01 2024-10-31 01675790 e:RetainedEarningsAccumulatedLosses 2024-10-31 01675790 e:RetainedEarningsAccumulatedLosses 2022-11-01 2023-10-31 01675790 e:RetainedEarningsAccumulatedLosses 2023-10-31 01675790 e:RetainedEarningsAccumulatedLosses 2022-11-01 01675790 d:OrdinaryShareClass1 2023-11-01 2024-10-31 01675790 d:OrdinaryShareClass1 2024-10-31 01675790 d:OrdinaryShareClass1 2023-10-31 01675790 d:FRS102 2023-11-01 2024-10-31 01675790 d:Audited 2023-11-01 2024-10-31 01675790 d:FullAccounts 2023-11-01 2024-10-31 01675790 d:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 01675790 e:WithinOneYear 2024-10-31 01675790 e:WithinOneYear 2023-10-31 01675790 e:BetweenOneFiveYears 2024-10-31 01675790 e:BetweenOneFiveYears 2023-10-31 01675790 e:MoreThanFiveYears 2024-10-31 01675790 e:MoreThanFiveYears 2023-10-31 01675790 e:HirePurchaseContracts e:WithinOneYear 2024-10-31 01675790 e:HirePurchaseContracts e:WithinOneYear 2023-10-31 01675790 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-10-31 01675790 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-10-31 01675790 e:AcceleratedTaxDepreciationDeferredTax 2024-10-31 01675790 e:AcceleratedTaxDepreciationDeferredTax 2023-10-31 01675790 e:TaxLossesCarry-forwardsDeferredTax 2024-10-31 01675790 e:TaxLossesCarry-forwardsDeferredTax 2023-10-31 01675790 e:OtherDeferredTax 2024-10-31 01675790 e:OtherDeferredTax 2023-10-31 01675790 2 2023-11-01 2024-10-31 01675790 5 2023-11-01 2024-10-31 01675790 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-10-31 01675790 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-10-31 01675790 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-10-31 01675790 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-10-31 01675790 e:LeasedAssetsHeldAsLessee 2024-10-31 01675790 e:LeasedAssetsHeldAsLessee 2023-10-31 01675790 f:PoundSterling 2023-11-01 2024-10-31 xbrli:shares iso4217:GBP xbrli:pure
Company registration number: 01675790







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2024


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED






































img474f.png                        

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
COMPANY INFORMATION


Directors
M E McGee 
P McGee 
M J McGee 
S Cripps 




Company secretary
M E McGee



Registered number
01675790



Registered office
80a High Street

Cosham

Portsmouth

Hampshire

PO6 3FL




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

3000a Parkway

Whiteley

Hampshire

PO15 7FX





 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 5
Independent Auditors' Report
6 - 9
Statement of Income and Retained Earnings
10
Statement of Financial Position
11
Statement of Changes in Equity
12
Statement of Cash Flows
13
Analysis of Net Debt
14
Notes to the Financial Statements
15 - 29

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

Business review
 
The principal activity of the Company during the year continued to be that of a construction company.
Revenue was consistent with that recorded in 2023 and is likely to be maintained in 2025. Inflationary pressures on material and labour costs eased during the year and this allowed profits to be at a similar level to 2023. The company continues to perform well despite the challenging conditions for the construction sector. We have been awarded framework positions with Hyde Housing Association, Sovereign Housing Association and sit on the National Housing Association frameworks. This provides a continuous work flow whilst also competing in the tender environment. Negotiated workflow will always be the preferred route and we aim to secure at least 70% of work via this route and supplement the remained with competitive tendering. 
The Directors acknowledge the industry risks facing the company and take action to mitigate these risks.
Looking forward, the company continues to be impacted by factors such as high energy costs and supply chain disruption stemming from global issues, however we have a strong pipeline of future works and very good working relationships with our business partners. We expect to maintain a strong balance sheet. We continue to upgrade all projects to the latest building regulations as much as possible even where they are governed by earlier regulatory requirements.
The company's position at year end continues to strengthen with profits being made. Cash balances at year end have increased from 2023 and remain strong.

Principal risks and uncertainties
 
There are many risks and uncertainties that affect the business. The Directors believe the key risks are the changing building regulatory environment, global issues driving cost inflation and supply chain disruption. We aim to maintain a strong working capital position to allow the company to work through any issues that may arise.

Financial key performance indicators
 
The Directors consider the key indicators to be the Revenue and Gross Profit Margins.

2024
2023
Revenue

£54,874k

£54,488k

Revenue Growth

0.7%

-13.0%

Gross Profit Margin

7.0%

6.6%


The Directors are satisfied with performance against the key performance indicators, which represents good performance of the Company during the period.

Future developments & aims
The company aims to achieve excellent customer satisfaction in order to be awarded new contracts and maintain a strong order book leading to a consistently good financial performance.
Page 1

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Directors' statement of compliance with duty to promote the success of the Company
 
The directors work to promote the success of the company for the benefit of its members as a whole with regard to its stakeholders and to the matters set out in Section 172 of the Companies Act 2006. The success of the company is determined by positive and effective stakeholder engagement. The Company’s key stakeholders are considered to be investors and debtholders, customers, suppliers, employees and the communities and environments in which the Company operates. All decisions made by the directors consider the impact on each stakeholder company. Throughout the period the Company proactively communicated the organisation’s objectives and strategy to each stakeholder.
The Board’s strategy and decisions have been disclosed throughout the financial statements. The directors confirm that throughout the period they have acted in good faith to promote the success of the company for the benefit of its members as a whole.


This report was approved by the board and signed on its behalf.





................................................
S Cripps
Director

Date: 26 February 2025
Page 2

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 OCTOBER 2024

The directors present their report and the financial statements for the year ended 31 October 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company during the year was that of a construction company.
Company registration number: 01675790 

Results and dividends

The profit for the year, after taxation, amounted to £1,066,238 (2023 - £1,566,620).

The directors have not recommended a dividend.

The directors who served during the year were:

M E McGee 
P McGee 
M J McGee 
S Cripps 

Page 3

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Greenhouse gas emissions, energy consumption and energy efficiency action

The SECR disclosure presents our carbon footprint within the United Kingdom across scope 1 and scope 2 emissions, an appropriate intensity metric and the total energy use of electricity, gas and transport fuel.

The reporting period for the carbon reporting information below is 1 November 22 - 31 October 23 and therefore aligns with the accounting reporting period.
Calculations were performed as noted below:
Activity Data x Conversion Factor = kWh consumption.
Mileage (scope 1) or kWH consumed (scope 2) x conversion factor = kgCO2e emissions
Conversion factors and emissions factors have been derived from a benchmarking reporting tool.
Due to the nature of trade it is impractical to estimate the emissions generated from work on construction sites. Therefore energy consumption on sites is excluded from the table below. Data for the prior year is unavailable and therefore the table below presents current year emissions information only.



SECR disclosure

Year to 31st October 2024
Year to 31st October 2023
        £
Mileage on transport to sites (scope 1)

51,411

31,290

Scope 1 emissions - kgCO2e

12,082

10,757

Electricity used in offices (scope 2) kWh

62,137

76,056

Gas used in offices (scope 2) kWh

0

0

Scope 2 emissions - kgCO2e

15,883

19,440

Total gross emissions - kgCO2e

27,965

30,197

Intensity ratio - emissions per mile (scope 1) - kgCO2e

0.24

0.34

Intensity ratio - emissions per m2 (scope 2) - kgCO2e

28.57

34.96


The directors have taken steps to reduce the carbon impact of the Company through investment in fully electric and hybrid vehicles and equipment during the year.

Matters covered in the strategic report

The company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.
The directors are aware of the matters set out in section 172(1)(a) to (f) (duty to promote the success of the company) when performing their duties and do so appropriately.

Page 4

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





................................................
S Cripps
Director

Date: 26 February 2025
Page 5

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED

Opinion


We have audited the financial statements of P.M.C. Construction and Development Services Limited (the 'Company') for the year ended 31 October 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Company's affairs as at 31 October 2024 and of its 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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 6

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED (CONTINUED)

Opinion 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 Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its 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:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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 Directors' Responsibilities Statement set out on page 3, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED (CONTINUED)

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 an Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
The Company is subject to laws and regulations that directly affect the financial statements including financial
reporting legislation, and general regulations such as health and safety.

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to
management and those responsible for legal and compliance procedures.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and
capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any
issues in this area.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud
might occur. Audit procedures performed by the engagement team included:

°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect
fraud.
°Understanding how those charged with governance considered and addressed the potential for override of
controls or other inappropriate influence over the financial reporting process; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the
organisation for fraud and identified the greatest potential for fraud in the following areas:

°Posting of unusual journals and complex transactions;
°Risk of fictitious employees.


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. This 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 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 Auditors' Report.


Page 8

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED


img3691.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED (CONTINUED)

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 2006Our 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 Auditors' 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.





Andrew Galliers FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP 
 
Chartered Accountants
Statutory Auditor
  
3000a Parkway
Whiteley
Hampshire
PO15 7FX

26 February 2025
Page 9

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
54,874,179
54,488,490

Cost of sales
  
(51,027,573)
(50,886,335)

Gross profit
  
3,846,606
3,602,155

Administrative expenses
  
(2,443,659)
(2,278,297)

Other operating income
 5 
89,737
220,352

Other operating charges
  
(27,843)
(22,831)

Operating profit
  
1,464,841
1,521,379

Interest receivable and similar income
 9 
18,458
-

Interest payable and similar expenses
 10 
(2,301)
(2,629)

Profit before tax
  
1,480,998
1,518,750

Tax on profit
 11 
(414,760)
47,870

Profit after tax
  
1,066,238
1,566,620

  

  

Retained earnings at the beginning of the year
  
11,095,163
9,528,543

  
11,095,163
9,528,543

Profit for the year
  
1,066,238
1,566,620

Retained earnings at the end of the year
  
12,161,401
11,095,163
The notes on pages 15 to 29 form part of these financial statements.

Page 10

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
REGISTERED NUMBER:01675790



STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
1,639,462
1,511,638

Investment property
 13 
870,000
870,000

  
2,509,462
2,381,638

Current assets
  

Stocks
 14 
614,750
298,407

Debtors: amounts falling due within one year
 15 
11,514,967
11,567,851

Cash at bank and in hand
 16 
7,058,047
6,210,139

  
19,187,764
18,076,397

Creditors: amounts falling due within one year
 17 
(8,932,172)
(8,782,055)

Net current assets
  
 
 
10,255,592
 
 
9,294,342

Total assets less current liabilities
  
12,765,054
11,675,980

Creditors: amounts falling due after more than one year
 18 
-
(9,000)

Provisions for liabilities
  

Deferred tax
 20 
(216,981)
(185,145)

  
 
 
(216,981)
 
 
(185,145)

Net assets
  
12,548,073
11,481,835


Capital and reserves
  

Called up share capital 
 21 
10,000
10,000

Revaluation reserve
 22 
376,672
376,672

Profit and loss account
 22 
12,161,401
11,095,163

  
12,548,073
11,481,835


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
S Cripps
Director

Date: 26 February 2025

The notes on pages 15 to 29 form part of these financial statements.
Page 11

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 November 2022
10,000
376,672
9,528,543
9,915,215


Comprehensive income for the year

Profit for the year
-
-
1,566,620
1,566,620
Total comprehensive income for the year
-
-
1,566,620
1,566,620



At 1 November 2023
10,000
376,672
11,095,163
11,481,835


Comprehensive income for the year

Profit for the year
-
-
1,066,238
1,066,238
Total comprehensive income for the year
-
-
1,066,238
1,066,238


At 31 October 2024
10,000
376,672
12,161,401
12,548,073


The notes on pages 15 to 29 form part of these financial statements.
Page 12

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 OCTOBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
1,066,238
1,566,620

Adjustments for:

Depreciation of tangible assets
145,418
69,408

Loss on disposal of tangible assets
19,568
249

Interest paid
2,301
2,629

Interest received
(18,458)
-

Taxation charge
414,760
(47,870)

(Increase)/decrease in stocks
(316,343)
598,312

Decrease in debtors
52,884
393,921

(Decrease)/increase in creditors
(85,805)
41,041

Corporation tax (paid)/received
(127,335)
21,719

Net cash generated from operating activities

1,153,228
2,646,029


Cash flows from investing activities

Purchase of tangible fixed assets
(327,383)
(186,246)

Sale of tangible fixed assets
34,572
-

Interest received
18,458
-

HP interest paid
(2,301)
(2,629)

Net cash from investing activities

(276,654)
(188,875)

Cash flows from financing activities

Repayment of/new finance leases
(28,667)
(36,166)

Net cash used in financing activities
(28,667)
(36,166)

Net increase in cash and cash equivalents
847,907
2,420,988

Cash and cash equivalents at beginning of year
6,210,140
3,789,151

Cash and cash equivalents at the end of year
7,058,047
6,210,139


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
7,058,047
6,210,139

7,058,047
6,210,139


The notes on pages 15 to 29 form part of these financial statements.

Page 13

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 OCTOBER 2024




At 1 November 2023
Cash flows
At 31 October 2024
£

£

£

Cash at bank and in hand

6,210,139

847,908

7,058,047

Finance leases

(37,667)

28,667

(9,000)


6,172,472
876,575
7,049,047

The notes on pages 15 to 29 form part of these financial statements.
Page 14

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

P.M.C. Construction and Development Services Limited is a private company, limited by shares and incorporated within England & Wales in the United Kingdom.
The company's principal place of trade and registered office is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
When the outcome of individual contracts can be estimated reliably, contract revenue is recognised by
reference to value of works performed under the contract to date as assessed by internal valuers, whose valuations are then certified by independent external valuers.
Revenue in respect of variations to contracts is recognised when there is an enforceable right to payment and it is highly probable it will be agreed by the customer.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2% on cost on the buildings element only.
Long-term leasehold property
-
Over the lease term
Plant and machinery
-
10 - 25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 16

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.8

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

  
2.12
Amounts recoverable on contracts

Amounts recoverable on contracts which are included in debtors are stated at cost, plus attributable profit to the extent that this is reasonably certain after making provision for contingencies, less any losses incurred or foreseen, in bringing contracts to completion, and less amounts received as progress payments. Costs for this purpose include valuation of all work done by subcontractors, whether certified or not, and all overheads other than those relating to the general administration of the company. For any contracts where receipts exceed the book value of work done, the excess is included in creditors as payments on account.

Page 17

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Page 18

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

Revenue
The majority of contracts are either longer than a year or span the period end. Each month an internal valuer reviews the value of works performed to date for each project and provides draft valuation figures to independent external valuers who then confirm or in rare circumstances amend the valuation. Revenue is recognised based on these confirmed or varied valuations.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Construction services
54,874,179
54,488,490

54,874,179
54,488,490


All turnover arose within the United Kingdom.

Page 19

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Other operating income

2024
2023
£
£

Other operating income
3,200
142,942

Net rents receivable
86,537
77,410

89,737
220,352



6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
19,350
18,375

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
1,920,480
1,767,823

Social security costs
211,941
190,477

Cost of defined contribution scheme
30,044
27,305

2,162,465
1,985,605


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production staff
22
20



Administrative staff
20
20

42
40

Page 20

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
420,998
390,950

Company contributions to defined contribution pension schemes
2,592
2,592

423,590
393,542


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £156,256 (2023 - £152,875).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,296 (2023 - £1,296).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
18,458
-

18,458
-


10.


Interest payable and similar expenses

2024
2023
£
£


Finance leases and hire purchase contracts
2,301
2,629

2,301
2,629

Page 21

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
349,994
166,401

Adjustments in respect of previous periods
32,930
(242,559)


382,924
(76,158)


Total current tax
382,924
(76,158)

Deferred tax


Origination and reversal of timing differences
31,836
28,288

Total deferred tax
31,836
28,288


Tax on profit
414,760
(47,870)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 22.52%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
1,480,998
1,518,750


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22.52%)
370,250
341,989

Effects of:


Expenses not deductible for tax purposes
6,268
8,170

Utilisation of tax losses
-
(13,829)

Adjustments to tax charge in respect of prior periods
32,930
(242,559)

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(145,671)

Permanent differences
5,312
4,030

Total tax charge for the year
414,760
(47,870)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 22

P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
  
 
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2024



12.


Tangible fixed assets






Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£
£



Cost or valuation


At 1 November 2023
240,000
695,000
765,412
621,546
44,273
2,366,231


Additions
-
-
36,000
288,341
3,042
327,383


Disposals
-
-
(74,250)
(141,055)
-
(215,305)



At 31 October 2024

240,000
695,000
727,162
768,832
47,315
2,478,309



Depreciation


At 1 November 2023
-
-
453,511
357,926
43,156
854,593


Charge for the year on owned assets
-
-
35,228
109,860
331
145,419


Disposals
-
-
(43,887)
(117,278)
-
(161,165)


Transfers between classes
-
-
(40,513)
40,513
-
-



At 31 October 2024

-
-
404,339
391,021
43,487
838,847



Net book value



At 31 October 2024
240,000
695,000
322,823
377,811
3,828
1,639,462



At 31 October 2023
240,000
695,000
311,901
263,620
1,117
1,511,638

Page 23
 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

           12.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
77,992
111,225

Motor vehicles
29,086
39,489

107,078
150,714

Valuations
The freehold and long term leasehold properties were revalued by Hellier Langston, independent and qualified chartered surveyors in October 2022. The directors consider that the valuations remain appropriate at the year end.
These valuations are based on the qualified chartered surveyors local market knowledge and no significant assumptions are relied upon.

If the other fixed assets had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
807,995
807,995

Accumulated depreciation
(59,724)
(51,509)

Net book value
748,271
756,486

Page 24

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

13.


Investment property


Freehold investment property

£



Valuation


At 1 November 2023
870,000



At 31 October 2024
870,000

The investment properties were revalued by Hellier Langston, independent and qualified chartered surveyors in October 2022. The directors consider that the valuations remain appropriate at the year end.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
635,000
635,000

635,000
635,000


14.


Stocks

2024
2023
£
£

Raw materials and consumables
551,000
213,407

Finished goods and goods for resale
63,750
85,000

614,750
298,407



15.


Debtors

2024
2023
£
£


Trade debtors
2,202,837
3,107,165

Other debtors
2,692,347
3,079,473

Prepayments and accrued income
445,866
144,213

Amounts recoverable on long term contracts
6,173,917
5,237,000

11,514,967
11,567,851


Page 25

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

16.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
7,058,047
6,210,139

7,058,047
6,210,139



17.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
7,044,630
5,687,310

Corporation tax
421,990
166,401

Other taxation and social security
63,308
439,561

Obligations under finance lease and hire purchase contracts
9,000
28,667

Other creditors
51,170
51,840

Accruals and deferred income
1,342,074
2,408,276

8,932,172
8,782,055


Secured creditors
The bank loans above are secured against the properties of the Company.
The hire purchase leases are secured against their relevant assets.


18.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
9,000

-
9,000


Secured creditors
The bank loans above are secured against the properties of the Company.
The hire purchase leases are secured against their relevant assets.

Page 26

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
9,000
28,667

Between 1-5 years
-
9,000

9,000
37,667


20.


Deferred taxation




2024


£






At beginning of year
(185,145)


Charged to profit or loss
(31,836)



At end of year
(216,981)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Fixed asset timing differences
208,647
176,604

Short term timing differences
(621)
(414)

Capital gains
8,955
8,955

216,981
185,145


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10,000 (2023 - 10,000) Ordinary shares of £1.00 each
10,000
10,000

Each ordinary share carries equal voting and dividend rights.


Page 27

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

22.


Reserves

Revaluation reserve

The revaluation reserve comprises uplifts and subsequent deficits in the valuation of freehold property and  investment property.

Profit and loss account

This reserve records retained earnings and accumulated losses.


23.


Pension commitments

As at the year end date, pension commitments held on the Statement of Financial Position, owed by the Company amounted to £5,283 (2023 - £4,783).


24.


Commitments under operating leases - lessor

At 31 October 2024 the company had future minmium lease receipts due under non-cancellable operating leases for each of the following periods:

2024
2023
        £
        £

Not later than 1 year

19,662

19,662

Later than 1 year and not later than 5 years

6,067

25,729

Later than 5 years

-

-


25,729

45,391



25.


Commitments under operating leases - lessee

At 31 October 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
39,248
27,741

Later than 1 year and not later than 5 years
47,656
55,599

Later than 5 years
886,608
896,608

973,512
979,948

£43,695 (2023 - £38,906) was expensed during the year in respect of operating leases.

Page 28

 


P.M.C. CONSTRUCTION AND DEVELOPMENT SERVICES LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

26.


Transactions with directors

At the year end, included within debtors due under one year was a directors loan account balance due to the company by Mr P & Mrs M McGee amounting to £83,127 (2023 - £78,166). Loans are made on an unsecured and interest free basis.
The maximum balance outstanding during the year was £121,939 (2023 - £115,027).
Repayments made within the year amounted to £78,000 (2023 - £82,000).


27.


Related party transactions

During the year the company made sales of £72,000 (2023 - £nil) to Mast Homes Limited, a company under the control of Mr S Cripps and Mr M McGee. At the year end £36,000 (2023 - £nil) was due from Mast Homes Limited to the company.


28.


Controlling party

The ultimate controlling party is Mr P McGee.

 
Page 29