Company registration number 11880120 (England and Wales)
PLB HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PLB HOLDINGS LIMITED
COMPANY INFORMATION
Directors
G P McEvoy
G O McEvoy
J McEvoy
M McEvoy
Company number
11880120
Registered office
Penny Lane House
Evans Road
Venture Point
Liverpool
L24 9PG
Auditor
Mitchell Charlesworth (Audit) Limited
Suites C, D, E & F
14th Floor, The Plaza
100 Old Hall Street
Liverpool
England
L3 9QJ
PLB HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 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 - 33
PLB HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 31 March 2024.

Review of the business

Principal Activities

PLB Holdings Limited and its subsidiary operate throughout the North West of England, constructing, repairing and improving homes for social housing clients. Principal activities encompass:

  1. Responsive repairs & maintenance

  2. Planned programmes

  3. Compliance programmes

  4. Refurbishments

  5. Decarbonisation programmes

  6. Design and build projects

 

Fair Review of the Business

                                    2024        2023

                                    £’000        £’000

Turnover                                    20,039        17,731

Profit/(Loss) for the financial year                        (1,524)        615

The group's core business from its framework contracts with Plus Dane Housing, Onward Homes and Crosby Housing Association has performed both operationally and financially in line with the contracts and internal expectations. A number refurbishments for various clients were successfully executed and completed during the year including a car park regeneration project for a new client, Knowsley Metropolitan Borough Council, which accounted for £2.1m of the years turnover and performed in line with business expectations.         

Whilst the group’s core business has performed well, it has continued to face a number of challenges within the construction sector including inflationary pressures alongside skilled labour and building supply shortages which has negatively impacted the financial performance within the design and build business with all 3 major projects moving into construction phase during the year. The in year financial performance within the design and build business has also been negatively impacted by the requirement for a provision for onerous contracts to cover the excess of cost over income incurred post year-end to bring 2 of the major projects to completion and successful handover back to the respective clients, Torus62 and Plus Dane Housing.

Income from Other Fixed Asset Investments remained constant delivering another £0.2m for the Company. This income is derived from the on-going JV partnerships in place with Avela Home Service LLP and Avela Developments LLP.

Performance

The group's key financial and other performance indicators for the year ending 31st March 2024 were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£m

20.04

17.7

Gross Profit

£m

1.6

3.5

Gross Profit Margin

%

8.1

19.8

Operating Profit/(Loss)

£m

(1.7)

0.5

Operating Profit Margin

%

-

2.8

Income from other Investments

£m

0.2

0.2

Profit/(Loss) Before Tax

£m

(1.5)

0.6

Profit Before Tax

%

-

3.4

Net Assets

£m

0.7

2.0

PLB HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Planned Strategy

The group strategy is to grow its core business by actively focusing on securing and delivering higher income volumes on home improvements through planned programmed works, home refurbishments, compliance programmes including gas and electrical works and general maintenance programmes for current and new social housing clients and has made the decision in conjunction with the Senior Management Team to de-risk the business by exiting from the long term design and build construction market in the short to medium term.

In support of the business strategy, the group has expanded its client portfolio by securing a key new framework contract with Cobalt Housing Association effective from August 2024 covering planned and maintenance works across the Clients social housing estate in the North West of England.

The group has the accreditations to perform Decarbonisation works and continues to develop its capabilities to support clients and the wider nation on the Net Carbon Zero agenda.

The group continues to review its operational model of a mixed delivery model with self-delivery through the internal work force and where appropriate outsourcing work packages to the Company’s longstanding subcontractor network.

The group ambition is to continue to expand and to meet this aim, it has strengthened the Senior Management Team and continues to work closely in partnership with all clients, subcontractors and suppliers.

Principal Risks and Uncertainties

The nature of the activities in the current trading environment together with the uncertainties associated with labour resources and material availability and price fluctuations mean the business is exposed to a number of inherent risks. The directors have adopted a thorough risk management process which involves review of all the risks identified and a management of these risks. The solutions to these risks involve liaising with clients regarding inflationary price pressures, the recruitment of a number of apprentices, upskilling the current work force and rewarding and retaining talent. Externally these risks continue to be managed and mitigated by the continuation of close partnership working with all clients, suppliers and subcontractors to ensure that business ambitions are delivered.

Future Developments

The group plans to deliver an operating model that maximizes the core business under new and existing Client frameworks agreements and refurbishment contracts.

The governments targets for transitioning the UK to a low carbon economy present opportunities for the Company to expand its portfolio of work by offering its decarbonisation capability across the North West of England.

A combination of the client mix, diverse construction portfolio, an expanding and enthusiastic dedicated workforce, along with the continual review of processes and cost control, lead the Board to view that the company's future performance will be secure.

Approved and authorised by the Board on 28 March 2025 and signed on its behalf by:

G P McEvoy
Director
28 March 2025
PLB HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

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

Principal activities

The principal activity of the group continued to be that of general construction, including property repairs and improvements.

Results and dividends

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

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

Directors

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

G P McEvoy
G O McEvoy
J McEvoy
M McEvoy
Statement of directors' responsibilities

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

 

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

 

 

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

Statement of disclosure to auditor

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

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

PLB HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
On behalf of the board
G P McEvoy
Director
28 March 2025
PLB HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PLB HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of PLB Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Material uncertainty related to going concern

We draw attention to note 1.4 headed going concern in the financial statements, which indicated that the company has made a significant loss for the year, impacting reserves.  As stated in note 1.4, these events or conditions, along with other matters as set forth in this note, indicate that the company has relied upon reserves, ongoing banking facilities and strategic operating changes in reaching their going concern conclusion.  Our opinion is not modified in respect of this matter.

 

Conclusions relating to going concern

 

In auditing the financial statements we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.  Our responsibilities and the responsibilities of the board with respect to going concern are described in the relevant sections of this report.

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

PLB HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLB HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

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

Identifying and assessing potential risks related to irregularities

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:

 

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

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

 

(i) The presentation of the Profit and Loss Account, (ii) the accounting policy for revenue recognition (iii) amounts recoverable on WIP, (iv) understatement of creditors. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory framework that the company 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 UK Companies Act.

 

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 company’s ability to operate or to avoid a material penalty.

Audit reponse to risks identified

Our procedures to respond to risks identified included the following:

 

 

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.

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

 

A further description of our responsibilities 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.

PLB HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PLB HOLDINGS LIMITED
- 8 -
Louise Casey
For and on behalf of
28 March 2025
Mitchell Charlesworth (Audit) Limited
Accountants
Statutory Auditor
Suites C, D, E & F
14th Floor, The Plaza
100 Old Hall Street
Liverpool
England
L3 9QJ
PLB HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
as restated
Notes
£
£
Turnover
3
20,038,547
17,731,185
Cost of sales
(18,401,835)
(14,262,307)
Gross profit
1,636,712
3,468,878
Administrative expenses
(3,349,914)
(3,014,747)
Other operating income
-
9,600
Operating (loss)/profit
5
(1,713,202)
463,731
Interest receivable and similar income
7
200,660
163,683
Interest payable and similar expenses
8
(12,133)
(11,955)
(Loss)/profit before taxation
(1,524,675)
615,459
Tax on (loss)/profit
9
290,521
(140,128)
(Loss)/profit for the financial year
(1,234,154)
475,331
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
PLB HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
12
246,937
275,369
Investment property
13
850,000
850,000
1,096,937
1,125,369
Current assets
Stocks
16
671,480
-
Debtors
17
5,141,555
4,120,208
Cash at bank and in hand
87,607
219,467
5,900,642
4,339,675
Creditors: amounts falling due within one year
18
(4,943,176)
(3,305,785)
Net current assets
957,466
1,033,890
Total assets less current liabilities
2,054,403
2,159,259
Creditors: amounts falling due after more than one year
19
(12,266)
(98,619)
Provisions for liabilities
Provisions
22
1,384,651
-
0
Deferred tax liability
23
-
0
169,000
(1,384,651)
(169,000)
Net assets
657,486
1,891,640
Capital and reserves
Called up share capital
25
100
100
Profit and loss reserves
657,386
1,891,540
Total equity
657,486
1,891,640

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
28 March 2025
G P McEvoy
Director
Company registration number 11880120 (England and Wales)
PLB HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 11 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investments
14
1,740,000
1,740,000
Current assets
Debtors
17
90,134
165
Cash at bank and in hand
87,573
137,889
177,707
138,054
Creditors: amounts falling due within one year
18
(210,695)
(104,324)
Net current (liabilities)/assets
(32,988)
33,730
Total assets less current liabilities
1,707,012
1,773,730
Creditors: amounts falling due after more than one year
19
(12,266)
(98,619)
Net assets
1,694,746
1,675,111
Capital and reserves
Called up share capital
25
100
100
Share premium account
869,902
869,902
Profit and loss reserves
824,744
805,109
Total equity
1,694,746
1,675,111

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 £19,635 (2023 - £369,054 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
28 March 2025
G P McEvoy
Director
Company registration number 11880120 (England and Wales)
PLB HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
100
336,695
1,583,417
1,920,212
Effect of change in accounting policy
-
(336,695)
-
(336,695)
As restated
100
-
0
1,583,417
1,583,517
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
475,331
475,331
Dividends
10
-
-
(167,208)
(167,208)
Balance at 31 March 2023
100
-
0
1,891,540
1,891,640
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
(1,234,154)
(1,234,154)
Balance at 31 March 2024
100
-
0
657,386
657,486
PLB HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 31 March 2023:
Balance at 1 April 2022
100
869,902
603,263
1,473,265
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
369,054
369,054
Dividends
10
-
-
(167,208)
(167,208)
Balance at 31 March 2023
100
869,902
805,109
1,675,111
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
19,635
19,635
Balance at 31 March 2024
100
869,902
824,744
1,694,746
PLB HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 14 -
2024
2023
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
29
(387,056)
71,511
Interest paid
(12,133)
(11,955)
Income taxes (paid)/refunded
(121,571)
21,381
Net cash (outflow)/inflow from operating activities
(520,760)
80,937
Investing activities
Purchase of tangible fixed assets
(22,073)
(63,660)
Repayment of loans
(89,969)
-
Interest received
50
-
0
Other income received from investments
200,610
163,683
Net cash generated from investing activities
88,618
100,023
Financing activities
Repayment of borrowings
-
(54,920)
Proceeds from new bank loans
-
252,000
Repayment of bank loans
(82,144)
(144,992)
Payment of finance leases obligations
(26,000)
(45,000)
Dividends paid to equity shareholders
-
0
(167,208)
Net cash used in financing activities
(108,144)
(160,120)
Net (decrease)/increase in cash and cash equivalents
(540,286)
20,840
Cash and cash equivalents at beginning of year
219,467
198,627
Cash and cash equivalents at end of year
(320,819)
219,467
Relating to:
Cash at bank and in hand
87,607
219,467
Bank overdrafts included in creditors payable within one year
(408,426)
-
PLB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
1
Accounting policies
Company information

PLB Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is .

 

The group consists of PLB 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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

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. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

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

1.3
Basis of consolidation

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

 

All financial statements are made up to 31 March 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, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

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

PLB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

The Directors have considered the going concern position of the group. The trading company’s planned strategy, as described in the Strategic Report, to focus on its core business, mitigate risk and the fact that the company has secured a significant contract with a new client have been considered as part of the going concern review of the subsidiary and group. As a result of this review, the Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable period of at least 12 months from approving the financial statements. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

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

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.6
Intangible fixed assets - goodwill

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

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

PLB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
1.7
Tangible fixed assets

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

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

Plant and equipment
15% reducing balance
Fixtures and fittings
15% reducing balance
Motor vehicles
25% reducing balance

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. Changes in fair value are recognised in profit or loss.

1.9
Fixed asset investments

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

 

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

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

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

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

PLB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 18 -
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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.11
Stocks

Stock and work in progress is stated at the lower of cost and and realisable value.

 

Stock and work in progress represents direct costs incurred on long term contracts not invoiced at the balance sheet date.

1.12
Cash and cash equivalents

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

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.

PLB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 19 -
Basic financial assets

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

Other financial assets

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

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

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, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

PLB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

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.

Current tax

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

Deferred tax

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

 

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

1.16
Provisions

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

 

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

PLB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 21 -
1.17
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.

1.18
Retirement benefits

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

1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

2
Judgements and key sources of estimation uncertainty

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

 

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

PLB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -
Key sources of estimation uncertainty

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

Recoverability of amounts due from customers

Amounts recoverable on contracts are reviewed for impairment each year, in arriving at the assessment management take into account likihood of recovery against contract terms.

 

Bad debts are recognised where there are indicators of non-recoverability, and appropriate action has been taken to recover the debt unsuccessfully. When assessing recoverability, the directors consider factors such as the ageing of the receivables, past experience of recoverability, and the credit profile of individual groups of customers.

Impairment of fixed assets and investments

Where an indication of impairment exists, the directors will carry out an impairment review to determine the recoverable amount, which is the higher of fair value less cost to sell and value in use. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the asset or the cash generating unit and a suitable discount rate in order to calculate present value.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
20,038,547
17,721,585
Rental income
-
9,600
20,038,547
17,731,185
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
20,038,547
17,731,185
2024
2023
£
£
Other revenue
Interest income
50
-
4
Exceptional item
2024
2023
£
£
Expenditure
Exceptional item - Cost of sales
1,384,651
-
PLB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Exceptional item
(Continued)
- 23 -

The exceptional item charged to cost of sales is the the result of the inclusion of an onerous contract provision. This represents the costs involved in completing the identified contracts above what is likely to be recovered from the customer.

5
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging:
Fees payable to the group's auditor for the audit of the group's financial statements
7,272
6,000
Depreciation of owned tangible fixed assets
50,505
55,754
Operating lease charges
496,800
494,634
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
108
132
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,710,473
4,077,200
-
0
-
0
Social security costs
370,757
325,877
-
-
Pension costs
188,121
106,414
-
0
-
0
4,269,351
4,509,491
-
0
-
0
PLB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 24 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Other interest income
50
-
Income from fixed asset investments
Income from other fixed asset investments
200,610
163,683
Total income
200,660
163,683
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
10,984
10,568
Interest on finance leases and hire purchase contracts
1,149
1,387
Total finance costs
12,133
11,955
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(121,521)
121,356
Deferred tax
Origination and reversal of timing differences
(169,000)
18,772
Total tax (credit)/charge
(290,521)
140,128
PLB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
9
Taxation
(Continued)
- 25 -

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

2024
2023
£
£
(Loss)/profit before taxation
(1,524,675)
615,459
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(381,169)
116,937
Tax effect of expenses that are not deductible in determining taxable profit
-
0
472
Tax effect of income not taxable in determining taxable profit
(14,586)
2,070
Permanent capital allowances in excess of depreciation
-
0
(3,629)
Other permanent differences
3,080
-
0
Under/(over) provided in prior years
-
0
(213)
Deferred tax adjustments in respect of prior years
-
0
24,491
Movement in deferred tax not recognised
63,779
-
0
Losses carried back
38,375
-
0
Taxation (credit)/charge
(290,521)
140,128
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
-
167,208
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
30,000
Amortisation and impairment
At 1 April 2023 and 31 March 2024
30,000
Carrying amount
At 31 March 2024
-
0
At 31 March 2023
-
0
The company had no intangible fixed assets at 31 March 2024 or 31 March 2023.
PLB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 26 -
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
18,831
440,206
123,000
582,037
Additions
-
0
22,073
-
0
22,073
At 31 March 2024
18,831
462,279
123,000
604,110
Depreciation and impairment
At 1 April 2023
13,824
243,166
49,678
306,668
Depreciation charged in the year
751
31,423
18,331
50,505
At 31 March 2024
14,575
274,589
68,009
357,173
Carrying amount
At 31 March 2024
4,256
187,690
54,991
246,937
At 31 March 2023
5,007
197,040
73,322
275,369
The company had no tangible fixed assets at 31 March 2024 or 31 March 2023.
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 April 2023 and 31 March 2024
850,000
-

The fair value of the investment property has been arrived at on the basis of a valuation carried out at in May 2018 by Keppie Massie Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

The directors' reviewed the valuation of the investment property based on the open market and deemed the value as at 31 March 2023 was the same as the date of the valuation in May 2018.

 

The property was initially measured at historic cost of £310,788.

14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
1,740,000
1,740,000
PLB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14
Fixed asset investments
(Continued)
- 27 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023 and 31 March 2024
1,740,000
Carrying amount
At 31 March 2024
1,740,000
At 31 March 2023
1,740,000
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Penny Lane Builders Limited
United Kingdom
Ordinary
100.00
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
671,480
-
-
-

 

There have been no impairments of stock during the year.

17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,689,611
3,290,022
-
0
-
0
Gross amounts owed by contract customers
1,824,080
718,588
-
0
-
0
Corporation tax recoverable
121,736
165
165
165
Other debtors
105,778
10,127
89,969
-
0
Prepayments and accrued income
400,350
101,306
-
0
-
0
5,141,555
4,120,208
90,134
165
PLB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
17
Debtors
(Continued)
- 28 -

During the year there was an impairment of gross amounts owed by contract customers of £550,500 (2023: £nil).

18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
493,716
81,081
85,290
81,081
Obligations under finance leases
21
-
0
26,000
-
0
-
0
Trade creditors
3,410,296
2,063,080
-
0
-
0
Corporation tax payable
-
0
121,521
-
0
-
0
Other taxation and social security
495,525
616,670
-
-
Other creditors
398,372
45,437
115,139
15,443
Accruals and deferred income
145,267
351,996
10,266
7,800
4,943,176
3,305,785
210,695
104,324
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
20
12,266
98,619
12,266
98,619
20
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
97,556
179,700
97,556
179,700
Bank overdrafts
408,426
-
0
-
0
-
0
505,982
179,700
97,556
179,700
Payable within one year
493,716
81,081
85,290
81,081
Payable after one year
12,266
98,619
12,266
98,619

HSBC UK has a fixed and floating charge over all present freehold and leasehold property, and a fixed charge over book and other debts of the undertakings of the subsidiary company Penny Builders Limited.

 

PLB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 29 -
21
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
26,000
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

22
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Provision against onerous contracts
1,384,651
-
-
-
Movements on provisions:
Provision against onerous contracts
Group
£
Additional provisions in the year
1,384,651
23
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
-
69,000
Investment property
-
100,000
-
169,000
The company has no deferred tax assets or liabilities.
PLB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
23
Deferred taxation
(Continued)
- 30 -
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 April 2023
169,000
-
Credit to profit or loss
(169,000)
-
Asset at 31 March 2024
-
-
24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
188,121
106,414

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 totaling £24,430 (2023: £24,470) were payable to the scheme at the end of the year and are included in creditors.

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
90
90
90
90
Ordinary A shares of £1 each
10
10
10
10
100
100
100
100
PLB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 31 -
26
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
150,639
150,639
-
-
Between two and five years
282,529
358,168
-
-
433,168
508,807
-
-
27
Related party transactions
Transactions with related parties

Summary of transactions with all joint ventures:

During the year, the group made sales to Avela Home Service LLP amounting to £1,183,069 (2023 £1,055,647) and

purchases of £176,484 (2023 £210,937). The balance due from Avela Home Service LLP at the year end was £125,695

(2023 £42,705).

 

During the year, the group made sales to Avela Developments LLP amounting to £53,321 (2023 £527,218). The

balance outstanding at the year end was £nil (2023 £nil).

 

28
Controlling party

The ultimate controlling party is PLB Holdings Limited, which is incorporated in England and Wales.

PLB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 32 -
29
Cash (absorbed by)/generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(1,234,154)
475,331
Adjustments for:
Taxation (credited)/charged
(290,521)
140,128
Finance costs
12,133
11,955
Investment income
(200,660)
(163,683)
Depreciation and impairment of tangible fixed assets
50,505
55,754
Increase in provisions
1,384,651
-
Movements in working capital:
(Increase)/decrease in stocks
(671,480)
878,577
Increase in debtors
(809,807)
(1,586,304)
Increase in creditors
1,372,277
259,753
Cash (absorbed by)/generated from operations
(387,056)
71,511
30
Analysis of changes in net funds/(debt) - group
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
219,467
(131,860)
87,607
Bank overdrafts
-
0
(408,426)
(408,426)
219,467
(540,286)
(320,819)
Borrowings excluding overdrafts
(179,700)
82,144
(97,556)
Obligations under finance leases
(26,000)
26,000
-
13,767
(432,142)
(418,375)
31
Prior period adjustment
Reconciliation of changes in equity - group
The prior period adjustments is in relation to the reclassification of work in porgress to amounts recoverable on long term contracts.  This prior period restatement does not give rise to any effect upon equity.
PLB HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
31
Prior period adjustment
(Continued)
- 33 -
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Total adjustments
-
Profit as previously reported
475,331
Profit as adjusted
475,331
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.210G P McEvoyG O McEvoyJ McEvoyM McEvoyfalsefalse11880120bus:Consolidated2023-04-012024-03-31118801202023-04-012024-03-3111880120bus:Director12023-04-012024-03-3111880120bus:Director22023-04-012024-03-3111880120bus:Director32023-04-012024-03-3111880120bus:Director42023-04-012024-03-3111880120bus:RegisteredOffice2023-04-012024-03-31118801202024-03-3111880120bus:Consolidated2024-03-3111880120bus:Consolidated2022-04-012023-03-31118801202022-04-012023-03-3111880120bus:Consolidated2023-03-3111880120core:PlantMachinerybus:Consolidated2024-03-3111880120core:FurnitureFittingsbus:Consolidated2024-03-3111880120core:MotorVehiclesbus:Consolidated2024-03-3111880120core:PlantMachinerybus:Consolidated2023-03-3111880120core:FurnitureFittingsbus:Consolidated2023-03-3111880120core:MotorVehiclesbus:Consolidated2023-03-3111880120core:ShareCapitalbus:Consolidated2024-03-3111880120core:ShareCapitalbus:Consolidated2023-03-3111880120core:ShareCapital2024-03-3111880120core:ShareCapital2023-03-3111880120core:SharePremium2024-03-3111880120core:SharePremium2023-03-3111880120core:RetainedEarningsAccumulatedLosses2024-03-3111880120core:ShareCapitalbus:Consolidated2022-03-3111880120core:SharePremiumbus:Consolidated2022-03-31118801202022-03-3111880120core:RevaluationReservebus:Consolidated2023-03-3111880120core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-03-3111880120core:RevaluationReservebus:Consolidated2024-03-3111880120core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-03-3111880120core:ShareCapital2022-03-3111880120core:SharePremium2022-03-3111880120core:RetainedEarningsAccumulatedLosses2022-03-3111880120core:RetainedEarningsAccumulatedLosses2023-03-31118801202023-03-3111880120bus:Consolidated12023-04-012024-03-3111880120bus:Consolidated12022-04-012023-03-3111880120bus:Consolidated2022-03-3111880120core:Goodwill2023-04-012024-03-3111880120core:PlantMachinery2023-04-012024-03-3111880120core:FurnitureFittings2023-04-012024-03-3111880120core:MotorVehicles2023-04-012024-03-3111880120bus:Consolidated22023-04-012024-03-3111880120core:UKTaxbus:Consolidated2023-04-012024-03-3111880120core:UKTaxbus:Consolidated2022-04-012023-03-3111880120bus:Consolidated22022-04-012023-03-3111880120bus:Consolidated32023-04-012024-03-3111880120bus:Consolidated32022-04-012023-03-3111880120bus:Consolidated42023-04-012024-03-3111880120bus:Consolidated42022-04-012023-03-3111880120core:Goodwillbus:Consolidated2023-03-3111880120core:Goodwillbus:Consolidated2024-03-3111880120core:Goodwillbus:Consolidated2023-03-3111880120core:PlantMachinerybus:Consolidated2023-03-3111880120core:FurnitureFittingsbus:Consolidated2023-03-3111880120core:MotorVehiclesbus:Consolidated2023-03-3111880120bus:Consolidated2023-03-3111880120core:PlantMachinerybus:Consolidated2023-04-012024-03-3111880120core:FurnitureFittingsbus:Consolidated2023-04-012024-03-3111880120core:MotorVehiclesbus:Consolidated2023-04-012024-03-3111880120core:CurrentFinancialInstrumentsbus:Consolidated2024-03-3111880120core:CurrentFinancialInstrumentsbus:Consolidated2023-03-3111880120core:CurrentFinancialInstruments2024-03-3111880120core:CurrentFinancialInstruments2023-03-3111880120core:WithinOneYearbus:Consolidated2024-03-3111880120core:WithinOneYearbus:Consolidated2023-03-3111880120core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3111880120core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3111880120core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2024-03-3111880120core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-03-3111880120core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3111880120core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3111880120core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-03-3111880120core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-03-3111880120core:WithinOneYear2024-03-3111880120core:WithinOneYear2023-03-3111880120bus:PrivateLimitedCompanyLtd2023-04-012024-03-3111880120bus:FRS1022023-04-012024-03-3111880120bus:Audited2023-04-012024-03-3111880120bus:ConsolidatedGroupCompanyAccounts2023-04-012024-03-3111880120bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP