Company registration number 04740096 (England and Wales)
PHIL MCINTYRE HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PHIL MCINTYRE HOLDINGS LIMITED
COMPANY INFORMATION
Director
Mr P C McIntyre
Secretary
Mr J P McIntyre
Company number
04740096
Registered office
Richard House
9 Winckley Square
Preston
PR1 3HP
Auditor
Wallwork Nelson & Johnson
Chandler House
7 Ferry Road Office Park
Riversway
Preston
PR2 2YH
PHIL MCINTYRE HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 3
Director's report
4
Director's responsibilities statement
5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
PHIL MCINTYRE HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The director presents the strategic report for the year ended 30 June 2024.

Review of the business

The group is principally involved in the entertainments industry where it is one of the UKs leading promoters of live acts. It has particular niches in Comedy, Musicals, West End Shows and Arena Tours, with a related TV production and management/agency business. It has a secondary interest in property development through a number of wholly owned subsidiaries.

 

We had 2 of our West End productions coming off stage impacting on turnover and profitability during the year vs 2023. We will be touring these across the country in 2025 and 2026. New West End productions went on stage towards the end of this financial year and these will also impact positively in future years. Our live concert and touring business, with a focus on comedy and family entertainment, continued to perform consistently, though margins in the industry remain tight.

 

The Directors consider the group to be in a strong financial position with net assets approaching £30m, supported substantially by cash holdings.

Principal risks and uncertainties

The director considers the principal risks and uncertainties faced by the group to be as follows:

 

Ability to attract artists and talent to work with the business

The business has been trading since 1974 and is well established in its industry where it has developed an outstanding reputation. The group has enhanced its ability to attract and retain performers though developing niche markets in comedy, arena tours and West End Shows. Its employees and agents are experienced and knowledgeable in the business, therefore being a trusted partner for Acts and other industry figures.

 

Public appetite for the events managed by the group

The group is dependent on the shows it puts out being attractive to the general public such that ticket sales are sufficient as a minimum to cover the fixed cost of putting the show on. Events are carefully selected and vetted by the group’s experienced staff prior to any commitment to initial investment. Marketing budgets are used to bolster ticket sales as appropriate. The group is exposed to the general economic climate in the UK and the amount of disposable income available to the public. The group mitigates this risk by monitoring ticket sales on a weekly basis and controlling costs accordingly.

Financial risk management

The simple business model operated by the group exposes it to few financial risks as opposed to operating risks. The director considers that the only area where the group does have some exposure is in respect of credit risk. However, the group has in place a risk management programme that seeks to limit this exposure by regularly reviewing the credit worthiness of its debtors and ensuring that all amounts due to the group are collected on a timely basis. This is expanded on further in note 2 to the financial statements.

Key performance indicators

The group’s principal financial key performance indicator is gross profit, which represents the accumulated profit on individual productions after payments to performers and directly attributable overheads. The group monitors this on a production by production basis with weekly ticket sales being the principal driver.

 

The gross profit for Financial Year 2024 was £6.0m vs £7.6m in the previous Financial Year.

 

The group's principal non-financial key performance indicators are the retention of acts, key tours, and senior management with a low turnover seen during the year under review.

Employee matters

The group is committed to employment policies which follow best practice and are based on equal opportunities for all employees, irrespective of gender, religion or belief, age, racial of ethnic origin, sexual orientation or disability.

PHIL MCINTYRE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
s172 statement

The Director is required to act in the way he considers, in good faith, would most likely promote the success of the company for the benefit of its members as a whole, but having regard to a range of factors set out in Section 172(1)(a)-(f) in the Companies Act 2006.

 

 

Permanent staff

Temporary staff and freelancers

The wider Theatre and Entertainment industry

 

Each are considered critical to the long term value generation and preservation of the group.

 

The permanent staff are a small and close knit team of individuals who are kept abreast of developments through weekly conferences. Permanent staff also share in a profit pool based on group performance.

 

The Director recognises that without the Theatres, other venues and thousands of temporary staff and freelancers that support it, there would be no business and regards them as partners of the business as much as suppliers. Engagement is given priority with many venues and supporting businesses used on a repeat basis and enhanced relationships sought through matters such as frequent, informal, communications and prompt payment of invoices.

 

When deciding on capital to allocate to new projects and investments, the consideration of all stakeholders is taken into account, along with the funds of the general public, in the form of advance ticket sales, which are accounted for separately. Dividend policy is linked to general performance of the business and available free reserves. No dividend was declared for the financial year.

The director recognises the importance of theatres and venues to the local communities they serve and the importance of the role of the group as a principal supplier of content to said venues to allow them to continue to operate. Over a 3 year period the group used approaching 400 different venues across the country, from large City Arenas to small community centres, to support the wider Theatre industry.

 

The group produces and promotes many high profile shows and performances and, in an industry where integrity and trust are paramount, recognises the critical nature of maintaining its unblemished record for high standards of business conduct.

 

The director and his family are the sole members of the company therefore ensuring that decision making is naturally aligned to the long-term interests of the members.

PHIL MCINTYRE HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

On behalf of the board

Mr P C McIntyre
Director
26 March 2025
PHIL MCINTYRE HOLDINGS LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

The director presents his annual report and financial statements for the year ended 30 June 2024.

Principal activities

The group is principally involved in the entertainments industry, but has a secondary interest in property development through a number of wholly owned subsidiaries as detailed in note 14.

Results and dividends

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

No ordinary dividends were paid. The director does not recommend payment of a dividend.

Director

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

Mr P C McIntyre
Auditor

Wallwork Nelson & Johnson were appointed as auditor to the company and are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Energy and carbon report

As the majority of the use of energy in live performances is under the control of the venues and sub-contractors, and the group’s own use of energy is immaterial, no disclosure is made in this regard.

Statement of disclosure to auditor

So far as the director is aware, there is no relevant audit information of which the auditor of the company and group is unaware. Additionally, the director has taken all the necessary steps that he ought to have taken as a director in order to make himself aware of all relevant audit information and to establish that the auditor of the company and group is aware of that information.

Strategic report

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the principal risks and uncertainties and financial risk management.

On behalf of the board
Mr P C McIntyre
Director
26 March 2025
PHIL MCINTYRE HOLDINGS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -

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

 

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

 

 

The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PHIL MCINTYRE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PHIL MCINTYRE HOLDINGS LIMITED
- 6 -
Opinion

We have audited the financial statements of Phil McIntyre Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

PHIL MCINTYRE HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PHIL MCINTYRE HOLDINGS LIMITED
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.

 

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

 

Responsibilities of director

As explained more fully in the Director's Responsibilities Statement set out on page 5, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines 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 director is responsible for assessing the group's and 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 director either intend to liquidate the group or the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below:

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

 

Because of the field in which the client operates we identified that employment law, health and safety legislation and compliance with the UK Companies Act are the areas most likely to have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognize the non-compliance.

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Michael Barker
Senior Statutory Auditor
For and on behalf of Wallwork Nelson & Johnson
Chartered Accountants
Statutory Auditor
Chandler House
7 Ferry Road Office Park
Riversway
Preston
PR2 2YH
26 March 2025
PHIL MCINTYRE HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
51,812,471
74,211,154
Cost of sales
(45,826,631)
(66,660,336)
Gross profit
5,985,840
7,550,818
Administrative expenses
(4,874,348)
(4,174,073)
Other operating income
15,106
16,467
Operating profit
4
1,126,598
3,393,212
Interest receivable and similar income
7
683,328
353,794
Interest payable and similar expenses
8
(82,894)
(106,114)
Profit before taxation
1,727,032
3,640,892
Tax on profit
9
1,090,504
741,745
Profit for the financial year
2,817,536
4,382,637
Total comprehensive income for the financial year is all attributable to the owners of the parent company.

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

PHIL MCINTYRE HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
15,000
20,000
Investment property
12
5,323,748
5,323,748
Investments
13
1
1
5,338,749
5,343,749
Current assets
Stocks
16
460,000
460,000
Debtors
17
13,698,726
15,302,508
Cash at bank and in hand
23,671,050
28,766,924
37,829,776
44,529,432
Creditors: amounts falling due within one year
18
(13,921,678)
(23,270,148)
Net current assets
23,908,098
21,259,284
Total assets less current liabilities
29,246,847
26,603,033
Creditors: amounts falling due after more than one year
19
-
(173,722)
Net assets
29,246,847
26,429,311
Capital and reserves
Called up share capital
23
202
202
Profit and loss reserves
29,246,645
26,429,109
Total equity
29,246,847
26,429,311
The financial statements were approved and signed by the director and authorised for issue on 26 March 2025
26 March 2025
Mr P C McIntyre
Director
Company registration number 04740096 (England and Wales)
PHIL MCINTYRE HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
11
15,000
20,000
Investments
13
402
402
15,402
20,402
Current assets
Debtors
17
14,367,377
20,831,752
Cash at bank and in hand
12,640,543
4,712,632
27,007,920
25,544,384
Creditors: amounts falling due within one year
18
(2,387,013)
(2,589,810)
Net current assets
24,620,907
22,954,574
Total assets less current liabilities
24,636,309
22,974,976
Provisions for liabilities
Deferred tax liability
21
-
0
187
-
(187)
Net assets
24,636,309
22,974,789
Capital and reserves
Called up share capital
23
202
202
Profit and loss reserves
24,636,107
22,974,587
Total equity
24,636,309
22,974,789

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £1,661,520 (2023: £3,671,715).

The financial statements were approved and signed by the director and authorised for issue on 26 March 2025
26 March 2025
Mr P C McIntyre
Director
Company registration number 04740096 (England and Wales)
PHIL MCINTYRE HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
202
22,046,472
22,046,674
Year ended 30 June 2023:
Profit and total comprehensive income
-
4,382,637
4,382,637
Balance at 30 June 2023
202
26,429,109
26,429,311
Year ended 30 June 2024:
Profit and total comprehensive income
-
2,817,536
2,817,536
Balance at 30 June 2024
202
29,246,645
29,246,847
PHIL MCINTYRE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
202
19,302,872
19,303,074
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
3,671,715
3,671,715
Balance at 30 June 2023
202
22,974,587
22,974,789
Year ended 30 June 2024:
Profit and total comprehensive income
-
1,661,520
1,661,520
Balance at 30 June 2024
202
24,636,107
24,636,309
PHIL MCINTYRE HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(4,441,272)
(4,866,580)
Interest paid
(82,894)
(106,114)
Income taxes paid
(832,530)
(1,174,113)
Net cash outflow from operating activities
(5,356,696)
(6,146,807)
Investing activities
Purchase of tangible fixed assets
-
(25,000)
Proceeds from disposal of investments
-
14
Loans repaid/(granted)
(609,279)
1,633,312
Interest received
683,328
342,136
Dividends received
-
0
11,658
Net cash generated from investing activities
74,049
1,962,120
Net decrease in cash and cash equivalents
(5,282,647)
(4,184,687)
Cash and cash equivalents at beginning of year
28,346,529
32,531,216
Cash and cash equivalents at end of year
23,063,882
28,346,529
Relating to:
Cash at bank and in hand
23,671,050
28,766,924
Bank overdrafts included in creditors payable within one year
(607,168)
(420,395)
PHIL MCINTYRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
1
Accounting policies
Company information

Phil McIntyre Holdings Limited (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is Richard House, 9 Winckley Square, Preston, PR1 3HP. The company's place of business is 15 Riversway Business Village, Navigation Way, Ashton-on-Ribble, Preston, PR2 2YP.

 

The group consists of Phil McIntyre Holdings Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being the parent member of a group which prepares these consolidated financial statements, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. This company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within these consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated financial statements incorporate those of Phil McIntyre Holdings Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

 

All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

PHIL MCINTYRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern

These financial statements are prepared on the going concern basis.  The Director has every expectation that the group will continue in operational existence for the foreseeable future.

 

The group is self-funded and its business is both profitable and cash generative. Each trading group entity has sufficient working capital and is able to meet its liabilities as they fall due for payment over the upcoming twelve months. As a consequence, the director believes that the company is a going concern at this time.

1.5
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts, to the extent that the company and group undertakings have a right to consideration arising from the performance of their contractual arrangements.

 

Turnover relating to the management and promotion of concerts and events is recognised in line with the dates of the related shows.

 

Turnover relating to the production of TV programmes is recognised based on the stage of completeness of the production. DVD turnover is recognised based on the date of the sale. Royalty income is recognised based on the date the production is shown.

 

Turnover also consists of the commission receivable from third parties for the provision of services performed by artists managed by the group. Turnover is recognised on entitlement to the income, in line with the provision of the related services.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Performance rights
Straight line over the period the rights are held
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Fixtures, fittings & equipment
5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

PHIL MCINTYRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Fixed asset investments

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

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

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.11
Stocks

Stock and work in progress are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. No element of profit is included in the valuation of work in progress.

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

1.12
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

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

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

All of the group's financial assets are basic financial instruments.

PHIL MCINTYRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

Other financial liabilities

All of the group's financial liabilities are basic financial instruments.

Derecognition of financial liabilities

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

1.14
Equity instruments

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

1.15
Taxation

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

PHIL MCINTYRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
Current tax

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

 

Credits to the taxation charge in respect of Theatre Tax Relief claims are recognised in the financial statements at the point it becomes clear that individual productions / tours fulfil qualifying criteria and it is possible to reliably estimate the quantum of specific, qualifying costs which will be included in such claims to HMRC. Given that productions within Phil McIntyre Live Limited don't recur and have differing content, claims for this subsidiary are typically recognised within the financial statements once they have been agreed with HMRC.

Deferred tax

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

1.16
Employee benefits

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

 

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

 

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

1.17
Retirement benefits

The group pays contributions into private defined contribution schemes on behalf of certain employees. Contributions are charged to the profit and loss account in the year to which they relate.

1.18
Leases

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

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
Foreign exchange

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

PHIL MCINTYRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
2
Judgements and key sources of estimation uncertainty

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

 

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

 

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

 

Impairment of trade debtors

At each balance sheet date, management undertake an assessment of the recoverability of trade debtors based upon their knowledge of the customers, ageing of the balances outstanding and previous write off history. Where necessary, an impairment is recorded as a doubtful debt. The actual level of debt collected may differ from the estimated level of recovery.

 

Revenue and profit recognition

Revenue and profit are recognised in line with that detailed in note 1.5 to the financial statements. At the balance sheet date, management undertake an assessment to ensure that correct cut off procedures have been applied, such that the recognition of revenue and profit within the accounting period is an accurate reflection of the activity in the same period.

 

Pre-production costs

Pre-production costs are recognised in the statement of income and retained earnings over the first committed run, being the guaranteed period over which each show will initially run for. In assessing the recoverability of prepaid pre-production costs at 30 June 2024, the director was required to assess the likely enduring demand for each performance at that point.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Entertainment industry
51,812,471
74,211,154
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
48,272,442
71,084,671
Overseas
3,540,029
3,126,483
51,812,471
74,211,154
PHIL MCINTYRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Turnover and other revenue
(Continued)
- 21 -
2024
2023
£
£
Other revenue
Interest income
683,328
342,136
Dividends received
-
11,658
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
13,354
18,027
Research and development costs
4,199
11,874
Depreciation of owned tangible fixed assets
5,000
17,494
Operating lease charges
117,430
114,978
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
-
2,500
Audit of the financial statements of the company's subsidiaries
54,500
35,750
54,500
38,250
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administrative staff
11
13
-
-
Management staff
4
5
-
-
Temporary tour and stage staff
43
169
-
-
Total
58
187
-
0
-
0
PHIL MCINTYRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,777,807
12,040,546
-
0
-
0
Social security costs
430,847
524,047
-
-
Pension costs
165,495
155,732
-
0
-
0
5,374,149
12,720,325
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
581,202
97,065
Other interest income
102,126
245,071
Total interest revenue
683,328
342,136
Other income from investments
Dividends received
-
0
11,658
Total income
683,328
353,794
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
117
Other interest on financial liabilities
82,250
82,250
Other interest
644
23,747
Total finance costs
82,894
106,114
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(564,712)
(729,730)
Adjustments in respect of prior periods
(868,476)
(10,552)
Total current tax
(1,433,188)
(740,282)
PHIL MCINTYRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
9
Taxation
2024
2023
£
£
(Continued)
- 23 -
Deferred tax
Origination and reversal of timing differences
345,247
(1,200)
Changes in tax rates
-
0
(263)
Adjustment in respect of prior periods
(2,563)
-
0
Total deferred tax
342,684
(1,463)
Total tax credit
(1,090,504)
(741,745)

The actual credit for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,727,032
3,640,892
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
431,758
746,233
Tax effect of expenses that are not deductible in determining taxable profit
11,232
20,045
Tax effect of income not taxable in determining taxable profit
(60)
-
0
Effect of change in corporation tax rate
-
(263)
Permanent capital allowances in excess of depreciation
-
(151)
Depreciation on assets not qualifying for tax allowances
-
1,025
Under/(over) provided in prior years
(868,476)
(10,552)
Deferred tax adjustments in respect of prior years
(2,563)
-
0
Dividend income
-
(2,389)
Creative industry tax relief
(662,395)
(1,495,693)
Taxation credit
(1,090,504)
(741,745)
10
Intangible fixed assets
Group
Performance rights
£
Cost
At 1 July 2023 and 30 June 2024
1,010,165
Amortisation and impairment
At 1 July 2023 and 30 June 2024
1,010,165
PHIL MCINTYRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Intangible fixed assets
(Continued)
- 24 -
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
The company had no intangible fixed assets at 30 June 2024 or 30 June 2023.
11
Tangible fixed assets
Group
Fixtures, fittings & equipment
£
Cost
At 1 July 2023 and 30 June 2024
26,570
Depreciation and impairment
At 1 July 2023
6,570
Depreciation charged in the year
5,000
At 30 June 2024
11,570
Carrying amount
At 30 June 2024
15,000
At 30 June 2023
20,000
Company
Fixtures, fittings & equipment
£
Cost
At 1 July 2023 and 30 June 2024
25,000
Depreciation and impairment
At 1 July 2023
5,000
Depreciation charged in the year
5,000
At 30 June 2024
10,000
Carrying amount
At 30 June 2024
15,000
At 30 June 2023
20,000
PHIL MCINTYRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
12
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 July 2023 and 30 June 2024
5,323,748
-

The director has assessed the fair value of the investment properties at each balance sheet date with reference to market evidence of transaction prices for similar properties.

13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
402
402
Investments in joint ventures
15
1
1
-
0
-
0
1
1
402
402
Movements in fixed asset investments
Group
Shares in joint ventures
£
Cost or valuation
At 1 July 2023 and 30 June 2024
1
Carrying amount
At 30 June 2024
1
At 30 June 2023
1
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
402
Carrying amount
At 30 June 2024
402
At 30 June 2023
402
PHIL MCINTYRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
14
Subsidiaries

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

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
McIntyre Entertainments Group Limited
1
Ordinary
100.00
-
McIntyre Property Developments (Commercial) Limited
1
Ordinary
100.00
-
McIntyre Property Developments Limited
1
Ordinary
100.00
-
OFAH West End Limited
1
Ordinary
-
100.00
Operatives Services & Solutions Limited
1
Ordinary
-
100.00
Phil McIntyre Entertainments Limited
1
Ordinary
-
100.00
Phil McIntyre Management Limited
1
Ordinary
-
100.00
Phil McIntyre Management Services Limited
1
Ordinary
-
100.00
Phil McIntyre TV Limited
1
Ordinary
-
100.00
PME Edinburgh Live Limited
1
Ordinary
-
100.00
PME Live Limited
1
Ordinary
-
100.00
PMP (Theatre Productions) Limited
1
Ordinary
100.00
-
Strictly Ballroom The Tour Limited
1
Ordinary
-
100.00
The Commitments London Limited
1
Ordinary
-
100.00
The Commitments The Tour Limited
1
Ordinary
-
100.00
Two Pints Touring Limited
1
Ordinary
-
100.00
WWRY Production Limited
1
Ordinary
-
100.00
Fawdinex Limited
1
Ordinary
-
100.00
Cushtydinex Limited
1
Ordinary
-
100.00
Phil McIntyre Live Limited
1
Ordinary
-
100.00
MDESA Limited
1
Ordinary
-
100.00
WWRY Tour 2019/20 Limited
1
Ordinary
-
100.00
Technical Services & Solutions Limited
1
Ordinary
-
100.00
The Commitments Touring 2022 Limited
1
Ordinary
-
100.00
Fawlty Towers Stage Show Limited
1
Ordinary
-
100.00
OFAH Tour Limited
1
Ordinary
-
100.00
McIntyre Stage Productions Ltd
1
Ordinary
-
100.00
McIntyre Onstage Limited
1
Ordinary
-
100.00
McIntyre WELOB Ltd
1
Ordinary
-
100.00

Registered office addresses (all UK):

1
15 Riversway Business Village, Navigation Way, Ashton-on-Ribble, Preston, PR2 2YP
15
Joint ventures

Details of joint ventures at 30 June 2024 are as follows:

Name of undertaking
Registered office
Interest
% Held
held
Direct
McIntyre Ian MM Ltd
1
Ordinary
50.00

Registered office addresses (all UK):

 

1    15 Riversway Business Village, Navigation Way, Ashton-on-Ribble, Preston, PR2 2YP

PHIL MCINTYRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
460,000
460,000
-
-
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,007,286
6,652,246
-
0
-
0
Corporation tax recoverable
4,084,234
2,141,503
638,102
637,785
Amounts owed by group undertakings
-
-
12,569,680
19,815,515
Amounts owed by undertakings in which the company has a participating interest
249,999
249,999
-
-
Other debtors
1,509,790
419,163
938,381
329,102
Prepayments and accrued income
5,440,259
5,089,755
219,089
49,350
13,291,568
14,552,666
14,365,252
20,831,752
Amounts falling due after more than one year:
Deferred tax asset (note 21)
407,158
749,842
2,125
-
0
Total debtors
13,698,726
15,302,508
14,367,377
20,831,752
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
607,168
420,395
-
0
-
0
Trade creditors
1,815,845
5,204,884
-
0
-
0
Corporation tax payable
-
0
322,987
-
0
235,697
Other taxation and social security
189,032
1,292,211
-
-
Other creditors
2,661,444
2,705,840
2,350,000
2,350,000
Accruals and deferred income
8,648,189
13,323,831
37,013
4,113
13,921,678
23,270,148
2,387,013
2,589,810

The bank overdrafts are secured by way of an inter-company guarantee between a number of the group companies.

PHIL MCINTYRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Accruals and deferred income
-
0
173,722
-
0
-
0
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
607,168
420,395
-
0
-
0
Payable within one year
607,168
420,395
-
0
-
0
21
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
-
-
(190)
(631)
Tax losses
-
-
405,466
-
Short term timing differences
-
-
1,882
750,473
-
-
407,158
749,842
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
-
187
2,125
-
PHIL MCINTYRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
21
Deferred taxation
(Continued)
- 29 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 July 2023
(749,842)
187
Charge to profit or loss
345,247
251
Other
(2,563)
(2,563)
Asset at 30 June 2024
(407,158)
(2,125)

Of the group deferred tax asset, the majority of the balance is expected to reverse in the next 12 months.

22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
165,495
155,732

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. Contributions totalling £13,688 (2023: £26,348) were payable to the fund at the balance sheet date and are included in creditors.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
202
202
202
202
24
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
120,000
-
-
-
120,000
-
-
-
PHIL MCINTYRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
25
Related party transactions
Remuneration of key management personnel

The director, who is the only key management personnel, was paid no remuneration during the current or previous year. The director was paid dividends of £Nil (2022: £Nil).

Transactions with related parties

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

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Entities over which the group has control, joint control or significant influence
-
3,620
-
-
Other related parties
464,538
252,813
1,669,349
1,052,233
Interest payable
Interest received
2024
2023
2024
2023
£
£
£
£
Group
Other related parties
82,250
82,250
-
206,418
Company
Other related parties
82,250
82,250
-
-

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Other related parties
2,648,452
2,351,508
Company
Other related parties
2,387,013
2,304,763
PHIL MCINTYRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
25
Related party transactions
(Continued)
- 31 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2024
2023
Balance
Balance
£
£
Group
Entities over which the group has control, joint control or significant influence
250,243
254,343
Key management personnel
938,381
329,102
Other related parties
331,100
1,920,667
Company
Key management personnel
938,381
329,102
26
Controlling party

The group is under the ultimate control of Mr P C McIntyre by virtue of his majority shareholding.

27
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr P C McIntyre - Advance
2.25
329,102
621,945
13,384
(26,050)
938,381
329,102
621,945
13,384
(26,050)
938,381

The advances were unsecured and repayable on demand.

PHIL MCINTYRE HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 32 -
28
Cash absorbed by group operations
2024
2023
£
£
Profit for the year after tax
2,817,536
4,382,637
Adjustments for:
Taxation credited
(1,090,504)
(741,745)
Finance costs
82,894
106,114
Investment income
(683,328)
(353,794)
Depreciation and impairment of tangible fixed assets
5,000
17,494
Movements in working capital:
Decrease in debtors
3,813,108
1,245,019
Decrease in creditors
(9,385,978)
(9,522,305)
Cash absorbed by operations
(4,441,272)
(4,866,580)
29
Analysis of changes in net funds - group
1 July 2023
Cash flows
30 June 2024
£
£
£
Cash at bank and in hand
28,766,924
(5,095,874)
23,671,050
Bank overdrafts
(420,395)
(186,773)
(607,168)
28,346,529
(5,282,647)
23,063,882
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