REGISTERED NUMBER: 07531688 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 May 2024 |
for |
Property Consortium (Holdings) Limited |
REGISTERED NUMBER: 07531688 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 May 2024 |
for |
Property Consortium (Holdings) Limited |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
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 |
Energy and Carbon Report forming part of the Report of the Directors |
6 |
Report of the Independent Auditors | 7 |
Consolidated Income Statement | 11 |
Consolidated Other Comprehensive Income | 12 |
Consolidated Balance Sheet | 13 |
Company Balance Sheet | 14 |
Consolidated Statement of Changes in Equity | 15 |
Company Statement of Changes in Equity | 16 |
Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Cash Flow Statement | 18 |
Notes to the Consolidated Financial Statements | 19 |
Property Consortium (Holdings) Limited |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
2nd Floor Stratus House |
Emperor Way |
Exeter Business Park |
Exeter |
Devon |
EX1 3QS |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
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. |
PRINCIPAL ACTIVITY |
The principal activity of the group is that of: |
- Insurance claim handling, providing a nationwide claims management service and other ancillary services to the insurance market through in-house innovative technology, ensuring we are a cutting-edge technology enabled business. |
- A technology specialist providing SaaS solutions for the Claims industry. |
- Data and insights business, providing a leading data solution allowing the industry to settle claims faster, more efficiently and more accurately. |
FAIR REVIEW OF BUSINESS |
The group continued to achieve strong turnover growth, with an increase of £2.8m and 5.5% from last year. This was primarily attributable to continued growth in third-party administration services ("TPA"). |
Gross profit remained consistent at 24.7%, compared to 24.1% last year, and the group generated profit before tax of £900k (2023: £1m) |
The group continues to invest in our claims management, data and technology businesses to ensure that we can provide market leading claims handling services and data to our clients. |
The continued strong performance in the year enabled the group to maintain its strong balance sheet position. At the year end the group had net current assets of £2.2m (2023: £2.5m), net assets of £5.9m (2023: £5.9m) and cash in hand of £1.5m (2023: £1.5m). The group successfully generated net cash from operating activities of £1.5m (2023: £1.5m). |
Technological investment - Synergy & Weathernet |
Being at the forefront of cutting-edge technology remains a major focal point for the Group. We have continued to invest in technology and data, including continued development of the Synergy and the Weathernet Suite platform. These platforms continue to innovate and develop to meet client and market needs. |
The group uses the following financial ratios to constantly review the performance of the group. The key financial figures and ratios are: |
2024 | 2023 |
Turnover (£'000) | 53,473 | 50,694 |
Gross profit percentage | 24.7% | 24.1% |
EBITDA (£'000) | 1,448 | 1,521 |
Profit before tax (£'000) | 865 | 1,006 |
Net cash generated from operating activities (£'000) | 1,531 | 1,460 |
Future developments |
The group expects to continue to increase turnover and profitability by pursuing its strategy of combining excellent customer service with innovative technology and diversification in the marketplace across the group. It is expected that repair volume and value growth will continue to be experienced as the group's portfolio of products continue to expand and new opportunities are optimised. |
The Directors are confident that ongoing investment in technology and data will continue to enhance the group's performance and market position. |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Group Strategic Report |
for the Year Ended 31 May 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The group operates in a competitive marketplace and there is a risk that technology could replace some of our core service offering. The group manages this risk by significantly investing in this technology sector within the group, to ensure continued delivery of a high-quality service and establishing close relationships with its clients. The group builds on these relationships by providing a flexible, cost-effective and efficient service. The continued investment in Synergy and Weathernet has enabled the group to further differentiate and diversify itself. |
The directors ensure that revenue, cost and profit targets for the year do not assume especially favourable weather conditions but that the business nevertheless retains sufficient flexibility to accommodate and additional work should this arise. The risk associated with benign weather has been reduced substantially due to the diversification of revenue streams and emphasis on a sustainable cost base. |
The group actively monitors its ability to meet the demands of its clients, including during "surge" events which result in a spike in demand for services. The group actively manages its relationship with its key suppliers, as well as ensuring staffing levels are adequate to meet its client's needs. |
Through the management of the above risks, the close involvement of management in the business and the ability to diversify when considered appropriate the directors are confident that the group will continue to grow turnover and profits. |
SECTION 172(1) STATEMENT |
Section 172 of the Companies Act requires a director of a group to act in the way he or she considers, in good faith, would most likely promote the success of the group for the benefit of its members as a whole. In doing this, section 172 requires a director to have regard, amongst other matters to the: |
- Likely consequences of any decision in the long term; |
- Interest of the group's employees; |
- Need to foster the group's business relationships with suppliers, customers and others; |
- Impact of the group's operations on the community and environment; |
- Desirability of the group maintaining a reputation for high standards of business conduct; and |
- Need to act fairly towards members of the group. |
Our plan, as directors, is designed to have a long-term beneficial impact on the group and to contribute to its success in delivering high quality products to its customers. We will continue to operate the business within the budgetary controls and in line with our regulatory targets. |
The employees are fundamental to the delivery of our plan. We aim to be a responsible employer in our approach to the pay and benefits that employees receive. The health, safety and well-being of employees is one of our primary considerations in the way we do business. |
We aim to continue to engage with our customers which enables us to gain an understanding of their needs and expectations in order for us to deliver the highest quality service. We also aim to act responsibly and fairly in how we engage with our customers and our suppliers and co-operate with our regulators; all of whom are integral to the successful delivery of our plan. |
Our plan takes into account the impact of the group's operations on the community and environment and our wider social responsibilities. As directors, our intention is to behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance. |
The group is an owner managed business and so our responsibilities towards shareholders is directly interconnected with our responsibility as management. Our intent is therefore to behave responsibly towards the future shareholders of the group. |
ON BEHALF OF THE BOARD: |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
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. |
DIVIDENDS |
During the year dividends of £378,000 (2023: £405,056) were paid. |
FUTURE DEVELOPMENTS |
The future developments of the business and group are included within 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. |
Other changes in directors holding office are as follows: |
FINANCIAL INSTRUMENTS |
Objectives and policies |
The group's principal financial instruments are comprised of bank balances, trade debtors and trade creditors. The group has an overdraft facility in place in the event this is required for operational working capital and is in place as part of prudent cashflow management. The main purpose of these instruments is to finance the group's ongoing operations. Since the year end, the group has extended its security with HSBC Bank, which previously consisted of a mortgage over all freehold and leasehold land of the company, to further include a fixed first charge and floating charge over all present or future assets of the company for any debt of any group company where HSBC is the counterparty. |
Price risk, credit risk, liquidity risk and cash flow risk |
Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments concerned involves ensuring regular forecasts of working capital are undertaken, maintaining close relationships with all suppliers to ensure stability within the supply chain and building close relationships with clients and financial institutions. |
EMPLOYMENT OF DISABLED PERSONS |
During the year, the group gave full and fair consideration to applicants for employment from disabled persons having regard to their aptitudes, when related to any suitable opportunities available. |
Group policy provides that existing employees who become disabled shall continue employment with the company, if possible, subject to any appropriate training. Training, career development and promotion apply equally to all employees, taking into account consideration their aptitudes and abilities. |
ENVIRONMENTAL MATTERS |
The group recognises the importance of its environmental responsibilities and operates in accordance with group environmental policies. These include the minimising of waste and the impact upon the environment of waste disposal arising from its operations. The group achieved ISO 14001 accreditation in early 2010. |
RESEARCH AND DEVELOPMENT |
The group benefits from undertaking research and development expenditure in particular within its technology and data departments who continue to improve the Synergy and Weathernet technologies. |
ENGAGEMENT WITH EMPLOYEES |
The group ensures that employees are made aware of factors that affect the performance of the group and that employees are provided with information on matters which concern them. Employees are also regularly consulted to ensure that their views are considered in matters that affect their interests. |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
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; |
- | state whether applicable 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 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
ON BEHALF OF THE BOARD: |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Energy and Carbon Report |
forming part of the Report of the Directors |
for the Year Ended 31 May 2024 |
STREAMLINED ENERGY AND CARBON REPORTING |
Methodology and scope |
The adopted methodology used is based on the Greenhouse Gas Protocol Corporate Reporting Standard reporting on equivalent CO2 emissions from organisational boundary. Information has been gathered from utility supplier invoices and transport mileage records, and collated in kWh for all corresponding UK based operations, directly owned or operated by the group (i.e. the organisational boundary). These have been converted to equivalent tonnes of carbon dioxide (tCO2e) using the published UK Government GHG Conversion Factors for Company Reporting for 2023. |
Emissions type |
Scope 1 Emissions - from activities for which the company own or control, including combustion of fuel & operation of facilities and directly operated vehicles. |
Scope 2 Emissions - from purchase of electricity. |
Scope 3 Emissions - from employee business travel for which the company does not own/control the vehicle (grey fleet). |
Global Greenhouse Gas (GHG) Emissions Summary: |
2024 | 2023 | 2022 |
Emissions type | tCO2e | kWh | tCO2e | kWh | tCO2e | kWh |
Scope 1 | 81.35 | 338,157 | 95.6 | 389,030 | 144.6 | 600,280 |
Scope 2 | 55.8 | 269,560 | 55.6 | 287,295 | 65.6 | 339,330 |
Scope 3 | 5.7 | 25,383 | 25.5 | 107,585 | 1.4 | 5,830 |
Total 1, 2 & 3 | 142.85 | 633,100 | 176.7 | 783,910 | 211.6 | 945,440 |
Intensity Ratios |
Revenue £53.47m |
Carbon intensity 2.673 tCO2e/£m revenue |
The carbon report provides the annual reporting information for the Group in compliance with reporting requirements under The Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 to implement the UK government's policy on Streamlined Energy and Carbon Reporting (SECR). We are using this report to establish our baseline for improving our environmental performance. |
During 2023/24 we have continued to change our vehicles away from diesel towards electric/hybrid and reduced occupancy in Cipher House reducing kerosene consumption. We have also reported our transport emissions based on vehicle size for better accuracy. |
Report of the Independent Auditors to the Members of |
forming part of the Report of the Directors |
Property Consortium (Holdings) Limited |
Opinion |
We have audited the financial statements of Property Consortium (Holdings) Limited (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 the related notes, 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 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 Group's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's 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 Group 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 Group Strategic Report, Report of the Directors and Consolidated Financial Statements other than the financial statements and our Auditors' report thereon. The Directors are responsible for the other information contained within the Group Strategic Report, Report of the Directors and Consolidated Financial Statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- the information given in the Directors' report and Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- the Directors' Report and Strategic Report have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
forming part of the Report of the Directors |
Property Consortium (Holdings) Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the Group and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report. |
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as 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. |
- the Group was not entitled to prepare the financial statements in accordance with the small Company exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities as set out on page 5, 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 Group'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 to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
forming part of the Report of the Directors |
Property Consortium (Holdings) Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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. |
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 sector, control environment and the Company's and Group's performance; |
- results of our enquiries of management and the Directors, about their own identification and assessment of the risks of irregularities; |
- any matters we identified having obtained and reviewed the Parent Company's and 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. As a result of these procedures, we considered the opportunities and incentives that may exist within the Parent Company and Group for fraud, which included incorrect recognition of revenue, management override of controls using manual journal entries, and identified the greatest potential for fraud as incorrect recognition of revenue and management override using manual journal entries. |
We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, FRS 102 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. |
Our procedures to respond to risks identified for the Parent Company and its subsidiaries, as was considered appropriate, included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue; |
- enquiring of the Directors and management concerning actual and potential litigation and claims; |
- performing procedures to confirm material compliance with the requirements of the above regulations; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- reading minutes of director meetings; and |
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team |
members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
forming part of the Report of the Directors |
Property Consortium (Holdings) Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
2nd Floor Stratus House |
Emperor Way |
Exeter Business Park |
Exeter |
Devon |
EX1 3QS |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Consolidated Income Statement |
for the Year Ended 31 May 2024 |
2024 | 2023 |
Notes | £ | £ |
TURNOVER | 3 | 53,474,119 | 50,693,737 |
Cost of sales | 40,284,646 | 38,483,217 |
GROSS PROFIT | 13,189,473 | 12,210,520 |
Administrative expenses | 12,357,308 | 11,225,799 |
832,165 | 984,721 |
Other operating income | 3,928 | 269 |
OPERATING PROFIT | 5 | 836,093 | 984,990 |
Interest receivable and similar income | 41,749 | 24,399 |
877,842 | 1,009,389 |
Interest payable and similar expenses | 6 | 9,829 | 3,185 |
PROFIT BEFORE TAXATION | 868,013 | 1,006,204 |
Tax on profit | 7 | 266,066 | 271,968 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 368,136 | 545,687 |
Non-controlling interests | 233,811 | 188,549 |
601,947 | 734,236 |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Consolidated Other Comprehensive Income |
for the Year Ended 31 May 2024 |
2024 | 2023 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 601,947 | 734,236 |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
601,947 |
734,236 |
Total comprehensive income attributable to: |
Owners of the parent | 368,136 | 545,687 |
Non-controlling interests | 233,811 | 188,549 |
601,947 | 734,236 |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Consolidated Balance Sheet |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 3,675,706 | 3,330,486 |
Tangible assets | 11 | 593,101 | 594,261 |
Investments | 12 | - | - |
4,268,807 | 3,924,747 |
CURRENT ASSETS |
Debtors | 13 | 8,666,701 | 10,364,795 |
Cash at bank and in hand | 1,469,791 | 1,467,235 |
10,136,492 | 11,832,030 |
CREDITORS |
Amounts falling due within one year | 14 | 7,977,584 | 9,301,060 |
NET CURRENT ASSETS | 2,158,908 | 2,530,970 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
6,427,715 |
6,455,717 |
CREDITORS |
Amounts falling due after more than one year |
15 |
(19,667 |
) |
(34,790 |
) |
PROVISIONS FOR LIABILITIES | 19 | (511,440 | ) | (498,666 | ) |
NET ASSETS | 5,896,608 | 5,922,261 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 1,056 | 1,056 |
Share premium | 21 | 111,944 | 111,944 |
Other reserves | 21 | 6,508 | 6,508 |
Retained earnings | 21 | 5,254,754 | 5,264,618 |
SHAREHOLDERS' FUNDS | 5,374,262 | 5,384,126 |
NON-CONTROLLING INTERESTS | 522,346 | 538,135 |
TOTAL EQUITY | 5,896,608 | 5,922,261 |
The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2025 and were signed on its behalf by: |
J Hyams - Director |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Company Balance Sheet |
31 May 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 19 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Share premium | 21 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 679,494 | 661,125 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 May 2024 |
Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
Balance at 1 June 2022 | 1,056 | 5,123,987 | 111,944 |
Changes in equity |
Dividends | - | (405,056 | ) | - |
Total comprehensive income | - | 545,687 | - |
Balance at 31 May 2023 | 1,056 | 5,264,618 | 111,944 |
Changes in equity |
Dividends | - | (378,000 | ) | - |
Total comprehensive income | - | 368,136 | - |
Balance at 31 May 2024 | 1,056 | 5,254,754 | 111,944 |
Other | Non-controlling | Total |
reserves | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 June 2022 | 6,508 | 5,243,495 | 573,791 | 5,817,286 |
Changes in equity |
Fair value adjustment | - | - | (50,355 | ) | (50,355 | ) |
Dividends | - | (405,056 | ) | (173,850 | ) | (578,906 | ) |
Total comprehensive income | - | 545,687 | 188,549 | 734,236 |
Balance at 31 May 2023 | 6,508 | 5,384,126 | 538,135 | 5,922,261 |
Changes in equity |
Dividends | - | (378,000 | ) | (249,600 | ) | (627,600 | ) |
Total comprehensive income | - | 368,136 | 233,811 | 601,947 |
Balance at 31 May 2024 | 6,508 | 5,374,262 | 522,346 | 5,896,608 |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Company Statement of Changes in Equity |
for the Year Ended 31 May 2024 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 June 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 May 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 May 2024 |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Consolidated Cash Flow Statement |
for the Year Ended 31 May 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 1,642,449 | 1,564,356 |
Interest paid | (9,829 | ) | (3,185 | ) |
Tax paid | (113,550 | ) | (101,282 | ) |
Net cash from operating activities | 1,519,070 | 1,459,889 |
Cash flows from investing activities |
Purchase of intangible fixed assets | (794,369 | ) | (804,366 | ) |
Purchase of tangible fixed assets | (122,945 | ) | (77,306 | ) |
Interest received | 41,749 | 24,399 |
Net cash from investing activities | (875,565 | ) | (857,273 | ) |
Cash flows from financing activities |
Loan repayments in year | (15,766 | ) | (15,084 | ) |
Amount introduced by directors | 26,404 | 27,893 |
Amount withdrawn by directors | (23,987 | ) | (140,196 | ) |
Equity dividends paid - non-controlling | (249,600 | ) | (173,850 | ) |
Equity dividends paid | (378,000 | ) | (405,056 | ) |
Net cash from financing activities | (640,949 | ) | (706,293 | ) |
Increase/(decrease) in cash and cash equivalents | 2,556 | (103,677 | ) |
Cash and cash equivalents at beginning of year |
2 |
1,467,235 |
1,570,912 |
Cash and cash equivalents at end of year | 2 | 1,469,791 | 1,467,235 |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
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 | 868,013 | 1,006,204 |
Depreciation charges | 573,255 | 515,030 |
Increase in provisions | 12,774 | 159,562 |
Finance costs | 9,829 | 3,185 |
Finance income | (41,749 | ) | (24,399 | ) |
1,422,122 | 1,659,582 |
Decrease/(increase) in trade and other debtors | 1,696,829 | (464,860 | ) |
(Decrease)/increase in trade and other creditors | (1,476,502 | ) | 369,634 |
Cash generated from operations | 1,642,449 | 1,564,356 |
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 | 1,469,791 | 1,467,235 |
Year ended 31 May 2023 |
31.5.23 | 1.6.22 |
£ | £ |
Cash and cash equivalents | 1,467,235 | 1,570,912 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 1.6.23 | Cash flow | changes | At 31.5.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 1,467,235 | 2,556 | 1,469,791 |
1,467,235 | 2,556 | 1,469,791 |
Debt |
Debts falling due |
within 1 year | (16,348 | ) | 15,766 | (15,123 | ) | (15,705 | ) |
Debts falling due |
after 1 year | (34,790 | ) | - | 15,123 | (19,667 | ) |
(51,138 | ) | 15,766 | - | (35,372 | ) |
Total | 1,416,097 | 18,322 | - | 1,434,419 |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Property Consortium (Holdings) Limited is a |
2. | ACCOUNTING POLICIES |
General information |
Property Consortium (Holdings) Limited ('the Company') and its subsidiaries (together "the Group") carry out activities as noted in the principal activity section of the Strategic report. |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, unless where otherwise stated in the accounting policies. |
Going concern |
The directors, having made due and careful enquiry and preparing forecasts, are of the opinion that the Group has adequate working capital to continue in operation for at least 12 months from the date of approval of the financial statements. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. |
Basis of consolidation |
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 May 2024. |
The parent company's profit for the financial year is disclosed below the company balance sheet within these accounts. |
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. |
The purchase method of accounting is used to account for business combination that result in the acquisition of subsidiaries by the group. Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities, and contingent liabilities of the entity recognised at the date of acquisition. |
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries are eliminated in full. |
Intra-group losses are also eliminated but may include an impairment that requires recognition in the consolidated financial statements. |
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the nets assets of the consolidated subsidiaries are identified separately from the group's equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder's share of changes in equity since the date of the combination. |
Investments in subsidiaries are accounted for at cost less impairment in the company financial statements. |
Audit exemption for subsidiaries |
For the year ended 31 May 2024, the following subsidiaries of the Group were entitled to exemption from audit of their individual accounts under Section 479A of the Companies Act 2006 relating to subsidiary companies. |
Subsidiary name | Registration number |
Property Consortium UK Limited | 03164160 |
Building Claims Services Limited | 04709944 |
Property Consortium Drainage Limited | 07018620 |
Digital Claims Services Limited | 08948101 |
Motor Claim Service Limited | 09363367 |
Claims Consortium Adjusting Limited | 12084763 |
Weathernet Limited | 03135129 |
Roger Rich & Co. Limited | 10883370 |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents the value of all services supplied during the year. Turnover is recognised when, and to the extent that, the group obtains the rights to consideration in exchange for performance under service contracts. Turnover is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements, but excluding value added tax. |
Turnover is recognised as contract activity progresses. For contracts which are ongoing at the balance sheet date, turnover is recognised by reference to the completion stage of the contract and the contractual obligations performed at the balance sheet date. For such contracts the amount of turnover recognised reflects the right to consideration by reference to the value of the work performed. |
Turnover recognised but not yet billed to clients at the balance sheet date is recognised within debtors as gross amounts due from customers for contract work. Any invoices raised in advance of contractual obligations being performed are included within deferred income within creditors. |
Turnover that is contingent on events outside the control of the group is recognised when the contingent event occurs. |
Goodwill |
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company's interest in the net fair value of the identifiable assets, liabilities, and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life. |
Intangible assets |
Intellectual property being patents and licences are held at historical cost lest accumulated amortisation. |
Internally generated software development costs that are directly attributable to the design and testing of identifiable and unique products controlled by the group are recognised as intangible assets when the following criteria are met: |
1) it is technically feasible to complete the project so that it will be available for use; |
2) management intends to complete the project and use or sell it; |
3) there in an ability to use or sell the project; |
4) it can be demonstrated how the project will generate probable future economic benefits; |
5) adequate technical, financial and other resources to complete the development and to use or sell the project are available; and |
6) the expenditure attributable to the project during its development can be reliably measured. |
Other development expenditure that does not meet these criteria is recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. |
Amortisation |
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful economic life as follows: |
Software development | - 10% straight line |
Goodwill | - between 6.66% and 20% straight line |
Intellectual property | - 10% straight line |
Tangible fixed assets |
Tangible fixed assets are initially recognised at cost and subsequently measured at cost less accumulated depreciation. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful like. |
Freehold land and buildings | - 2% on cost |
Short leasehold | - 10% on cost, 20% on cost and 25% on cost |
Fixtures and fittings | - 15% on cost, 20% on cost, 25% on reducing balance, 25% on cost, 33% on cost |
Motor vehicles | - 20% on cost and 25% on reducing balance |
Computer equipment | - 20% on cost and 33% on cost |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The group only holds basis financial instruments as defined in FRS 102. The financial assets and financial liabilities and their measurement basis are as follows: |
Financial assets - trade debtors, amounts recoverable on contracts and other debtors are basic financial instruments and are debt instruments measured at amortised cost. |
Cash at bank - is classified as a basic financial instruments and is measured at face value. |
Financial liabilities - trade creditors, accrued expenses and other creditors are financial instruments, and are measured at amortised cost. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group 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. |
Borrowings |
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost. |
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. |
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. |
Provisions |
Provisions are recognised when the group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle the obligation and a reliable estimate can be made on the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period taking in to account the rights and uncertainties surrounding the obligation. |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
Dividends |
Dividend distributions to the group's shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared. |
Reserves |
Called up share capital represents the nominal value of shares that have been issued. |
The Share premium reserve includes any premium received on the issue of share capital. Transaction costs associated with the issuing of shares are deducted from the share premium. |
Retained earnings includes all current and prior period profits and losses. |
The Other reserve is non-distributable and created by the exercise of s612 merger relief for the amount in excess of the nominal value of the 999 shares issued in connection with the acquisition of Property Consortium UK Limited. |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The resulting estimates could differ from actual results in future periods. The estimates and assumptions that have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities in future periods are set out below. |
Gross amounts due from customers for contract work and accrued contract expenses |
Management assess the completion stage of individual contracts and apply this to apportion the income and costs of contracts which are ongoing at the balance sheet date. It is an inherent risk that the stage of completion estimate may not, due to a number of differing reasons, accurately reflect the actual position at the year end and if incorrect profits maybe under or overstated. Contract income and costs could also vary from those forecast. Management apply their knowledge of the industry and claims history in determining appropriate estimates and a consistent methodology is adopted. |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by class of business is given below: |
2024 | 2023 |
£ | £ |
Sales of services | 53,474,119 | 50,693,737 |
53,474,119 | 50,693,737 |
All turnover is derived within the United Kingdom. |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
£ | £ |
Wages and salaries | 10,288,533 | 9,784,524 |
Social security costs | 957,415 | 975,087 |
Other pension costs | 382,108 | 335,510 |
11,628,056 | 11,095,121 |
The average number of employees during the year was as follows: |
2024 | 2023 |
Administration and support | 96 | 93 |
Sales | 228 | 219 |
Other departments | 8 | 7 |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
4. | EMPLOYEES AND DIRECTORS - continued |
The directors are considered to be the key management personnel of the group and company and their remuneration for the year is shown below. |
2024 | 2023 |
£ | £ |
Directors' remuneration | 1,054,094 | 439,994 |
Directors' pension contributions to money purchase schemes | 95,501 | 25,968 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 5 | 5 |
Information regarding the highest paid director is as follows: |
2024 | 2023 |
£ | £ |
Emoluments etc | 160,791 | 151,821 |
Pension contributions to money purchase schemes | 32,100 | 5,000 |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2024 | 2023 |
£ | £ |
Hire of plant and machinery | 225,282 | 232,020 |
Other operating leases | 274,083 | 232,394 |
Depreciation - owned assets | 124,105 | 108,680 |
Goodwill amortisation | 141,340 | 141,341 |
Patents and licences amortisation | 604 | 1,000 |
Internally generated software development costs amo | 307,205 | 264,009 |
Auditors remuneration | 33,250 | 66,750 |
Auditors' remuneration for non audit work | - | 2,211 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
£ | £ |
Bank interest | 4,303 | 740 |
Bank loan interest | 5,526 | 2,445 |
9,829 | 3,185 |
7. | 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 | 257,034 | 15,892 |
Deferred tax | 9,032 | 256,076 |
Tax on profit | 266,066 | 271,968 |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
7. | 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 | 868,013 | 1,006,204 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
217,003 |
251,551 |
Effects of: |
Expenses not deductible for tax purposes | - | 8,978 |
Capital allowances in excess of depreciation | - | (1,979 | ) |
Tax increase/(decrease) from effect of unrelieved tax losses carried forward | 49,063 |
156,569 |
Tax decrease from effect of adjustment in research and development tax credit | - |
(143,506 |
) |
Other tax effects for reconciliation between accounting profit and tax exp | - | 239 |
short-term timing differences |
Deferred tax expense relating to changes in tax rates or laws | - | 116 |
Total tax charge | 266,066 | 271,968 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
£ | £ |
Ordinary shares of £1 each |
Interim | 378,000 | 405,056 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Internally |
generated |
Patents | software |
and | development |
Goodwill | licences | costs | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2023 | 1,675,444 | 10,000 | 2,680,396 | 4,365,840 |
Additions | - | - | 794,369 | 794,369 |
At 31 May 2024 | 1,675,444 | 10,000 | 3,474,765 | 5,160,209 |
AMORTISATION |
At 1 June 2023 | 609,564 | 9,396 | 416,394 | 1,035,354 |
Amortisation for year | 141,340 | 604 | 307,205 | 449,149 |
At 31 May 2024 | 750,904 | 10,000 | 723,599 | 1,484,503 |
NET BOOK VALUE |
At 31 May 2024 | 924,540 | - | 2,751,166 | 3,675,706 |
At 31 May 2023 | 1,065,880 | 604 | 2,264,002 | 3,330,486 |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
11. | TANGIBLE FIXED ASSETS |
Group |
Short |
Freehold | leasehold | Fixtures |
land and | land and | and |
buildings | buildings | fittings |
£ | £ | £ |
COST |
At 1 June 2023 | 458,671 | 365,353 | 1,590,016 |
Additions | - | 31,493 | 69,634 |
At 31 May 2024 | 458,671 | 396,846 | 1,659,650 |
DEPRECIATION |
At 1 June 2023 | 86,356 | 269,703 | 1,497,110 |
Charge for year | 8,193 | 29,690 | 66,761 |
At 31 May 2024 | 94,549 | 299,393 | 1,563,871 |
NET BOOK VALUE |
At 31 May 2024 | 364,122 | 97,453 | 95,779 |
At 31 May 2023 | 372,315 | 95,650 | 92,906 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2023 | 49,468 | 92,236 | 2,555,744 |
Additions | - | 21,818 | 122,945 |
At 31 May 2024 | 49,468 | 114,054 | 2,678,689 |
DEPRECIATION |
At 1 June 2023 | 40,219 | 68,095 | 1,961,483 |
Charge for year | 3,199 | 16,262 | 124,105 |
At 31 May 2024 | 43,418 | 84,357 | 2,085,588 |
NET BOOK VALUE |
At 31 May 2024 | 6,050 | 29,697 | 593,101 |
At 31 May 2023 | 9,249 | 24,141 | 594,261 |
Company |
Freehold |
land and |
buildings |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows: |
Subsidiary undertakings |
Holdings |
Proportion of voting rights and shares held |
2024 | 2023 |
Property Consortium UK Limited | Ordinary | 100% | 100% |
Building Claims Services Limited | Ordinary | 100% | 100% |
Property Consortium Drainage Limited | Ordinary | 80% | 80% |
Digital Claims Services Limited | Ordinary | 100% | 100% |
Motor Claim Services Limited | Ordinary | 100% | 100% |
Claims Consortium Adjusting Limited | Ordinary | 100% | 100% |
Weathernet Limited | Ordinary | 63.4% | 63.4% |
Roger Rich & Co. Limited | Ordinary | 100% | 100% |
The registered office for all companies in the group is the same as the parent company. |
Subsidiary undertaking principal activities |
The principal activities of the group's subsidiary undertakings are as follows: |
Property Consortium UK Limited - insurance claim handlers. |
Building Claims Services Limited - managing insurance claims. |
Property Consortium Drainage Limited - insurance claim handlers. |
Digital Claims Services Limited - provision of claims management software. |
Motor Claim Service Limited - managing motor insurance claims. |
Claims Consortium Adjusting Limited - loss adjusting. |
Weathernet Limited - supply of meteorological adjusting. |
Roger Rich & Co. Limited - managing insurance claims. |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Trade debtors | 4,374,514 | 6,078,101 |
Gross amounts due from |
customers for contract work | 3,412,617 | 3,426,088 | - | - |
Amounts owed by group undertakings | - | - |
Other debtors | 541,544 | 447,835 |
Directors' current accounts | 112,575 | 113,840 | 112,000 | 113,840 |
VAT | - | - |
Prepayments | 225,451 | 298,931 |
8,666,701 | 10,364,795 |
Amounts owed by group undertakings (in the company accounts) are unsecured and repayable on demand. |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 16) | 15,705 | 16,348 |
Trade creditors | 2,756,330 | 4,967,546 |
Amounts owed to group undertakings | - | - |
Tax | 155,159 | 2,643 |
Social security and other taxes | 280,945 | 422,809 |
VAT | 1,190,784 | 1,519,185 | 1,190,784 | - |
Other creditors | 1,198,432 | 100,263 |
Directors' current accounts | 1,152 | - | 31 | - |
Accruals and deferred income | 2,379,077 | 2,272,266 |
7,977,584 | 9,301,060 |
Amounts owed to group undertakings (in the company accounts) are unsecured and repayable on demand. |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
£ | £ | £ | £ |
Bank loans (see note 16) | 19,667 | 34,790 |
16. | 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 | 15,705 | 16,348 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 17,332 | 17,332 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 2,335 | 17,458 |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year | 248,773 | 349,665 |
Between one and five years | 212,011 | 417,240 |
460,784 | 766,905 |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
17. | LEASING AGREEMENTS - continued |
Company |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £18,000 (2023: £18,000). |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group |
2024 | 2023 |
£ | £ |
Bank loans | 35,372 | 51,138 |
Bank borrowing are secured against the freehold property owned by the company and is incurring interest at base rate +2.86%. The final instalment is due on 12 May 2026. The carrying amount at the year end is £35,372 (2023: £51,138). |
19. | PROVISIONS FOR LIABILITIES |
Group |
2024 | 2023 |
£ | £ |
Deferred tax |
Accelerated capital allowances | (109,216 | ) | (109,216 | ) |
Tax losses carried forward | (121,856 | ) | (121,856 | ) |
Other timing differences | 569,208 | 560,176 |
338,136 | 329,104 |
Other provisions | 173,304 | 169,562 |
Aggregate amounts | 511,440 | 498,666 |
Group |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 June 2023 | 329,104 | 169,562 |
Provided during year | 9,032 | 3,742 |
Balance at 31 May 2024 | 338,136 | 173,304 |
Other provisions includes amounts for warranties and trade creditor provisions. |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 1,056 | 1,056 |
21. | RESERVES |
Group |
Retained | Share | Other |
earnings | premium | reserves | Totals |
£ | £ | £ | £ |
At 1 June 2023 | 5,264,618 | 111,944 | 6,508 | 5,383,070 |
Profit for the year | 368,136 | 368,136 |
Dividends | (378,000 | ) | (378,000 | ) |
At 31 May 2024 | 5,254,754 | 111,944 | 6,508 | 5,373,206 |
Company |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 June 2023 | 1,508,379 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 May 2024 | 1,809,873 |
22. | PENSION COMMITMENTS |
The group operates a defined benefit contribution pension scheme The pension charge for the year represents contributions payable to the scheme and amounted to £353,710 (2023: £335,310). |
Contributions totalling £71,113 (2023: £72,366) were payable to the scheme at the end of the year and are included in creditors. |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023: |
2024 | 2023 |
£ | £ |
J Hyams |
Balance outstanding at start of year | 2,163 | 727 |
Amounts advanced | - | 3,125 |
Amounts repaid | (2,088 | ) | (1,689 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 75 | 2,163 |
M J Brady |
Balance outstanding at start of year | 112,000 | 94,360 |
Amounts advanced | - | 24,696 |
Amounts repaid | - | (7,056 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 112,000 | 112,000 |
Property Consortium (Holdings) Limited (Registered number: 07531688) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Mrs H J Lambert |
Balance outstanding at start of year | 36 | - |
Amounts advanced | 41 | 36 |
Amounts repaid | (108 | ) | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | (31 | ) | 36 |
O E Pugh |
Balance outstanding at start of year | 500 | - |
Amounts advanced | - | 500 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 500 | 500 |
The loans are interest-free with no fixed terms of repayment. |
24. | RELATED PARTY DISCLOSURES |
During the year dividends of £378,000 (2023:£405,056) were paid to the directors. |
Rent totalling £69,000 (2023: £69,000) was paid for the lease of a property partly owned by a director and his pension fund. |
Summary of transactions with other related parties |
During the year, Property Consortium UK Limited incurred costs on behalf of Weathernet Limited, a fellow group company, totalling £nil (2023: £32,202), these were recharged to Weathernet Limited at cost. |
25. | POST BALANCE SHEET EVENTS |
After the balance sheet date, on 4 December 2024, the company entered into a Debenture with HSBC Bank which contained a mortgage over all freehold and leasehold land of the company, together with a fixed first charge and floating charge over all present or future assets of the company as security over any debt of any group company where HSBC is the counterparty. |
26. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Jeremy Hyams. |