REGISTERED NUMBER: 06813395 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
PM & HP HOLDINGS LIMITED |
REGISTERED NUMBER: 06813395 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
PM & HP HOLDINGS LIMITED |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 | to | 3 |
Report of the Directors | 4 | to | 5 |
Report of the Independent Auditors | 6 | to | 9 |
Consolidated Statement of Comprehensive Income | 10 |
Consolidated Statement of Financial Position | 11 |
Company Statement of Financial Position | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Statement of Cash Flows | 15 |
Notes to the Consolidated Statement of Cash Flows | 16 | to | 17 |
Notes to the Consolidated Financial Statements | 18 | to | 32 |
PM & HP HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Stone House |
Stone Road Business Park |
Stoke-on-Trent |
ST4 6SR |
BANKERS: | Natwest Bank PLC |
1 Upper Market Square |
Hanley |
Stoke on Trent |
ST1 1QA |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JULY 2024 |
The directors present their strategic report of the company and the group for the year ended 31 July 2024. |
The group has multiple trading activities which includes: |
o Retail outlets providing alcohol, confectionery and everyday essentials at competitive prices. |
o Take away food outlets |
o Wholesale companies selling e-cigarettes and accessories. |
REVIEW OF BUSINESS |
The group is made up of 6 retail outlets. 2 take away food outlets and a wholesale company. The main operation of the group is to supply confectionery, smoking accessories and vaping products across various fast-moving consumer goods categories to other retail outlets. |
The convenience and vaping market continued to be very competitive with numerous new facias and wholesalers entering the market during the year. During the year, the group saw increases in costs on all sides of the business making it a tough time to trade as a retailer with the current market and economic issues. Consumers are seeing an increase in all cost categories and this challenging market is noted throughout the convenience market. However, even with these challenging market conditions the group has increased profit margins through growth and retained a solid customer base within the wholesale sector. |
We attempt to keep costs down by purchasing competitively to hold our market share in the retail and wholesale sector and where we are able we have passed this saving onto consumers. As a business, we have put a lot of time and resources into customer retention as well as various marketing offers to acquire new customer. This has been successful and the group has traded satisfactory in the year ended 31 July 2024. |
During the trading period ending 31 July 2024, we are satisfied with the business performance in the current trading conditions achieving turnover of £15.1m (2023: £11.8m) which is a 28% increase on 31July 2023. The group also achieved an increase in operating profit margin from 3.97% to 4.36% year on year. |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 JULY 2024 |
PRINCIPAL RISKS AND UNCERTAINTIES |
Changes in legislation |
Currently in the disposable vaping market there are various changes in government legislation and, as a result of this we may have to sell older stock items at a loss to retain custom in preparation for the new rules and regulations. We may also have stock items which are no longer saleable and as a result we may see impairments of our stock holdings. This level of trade and stock adjustments will be necessary to ensure the continued trade of the group for the foreseeable future and maintain the group's wholesale market share. We do not foresee this causing a major issue with going concern and are confident that the company can trade at similar levels to 31 July 2024. |
Financial risk management |
Credit risk is addressed by carrying out regular checks of our customers with a reputable credit risk agency. We also constantly review processes to minimise exposure to cybercrime risk. |
ON BEHALF OF THE BOARD: |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JULY 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 July 2024. |
DIVIDENDS |
The total distribution of interim dividends for the year ended 31 July 2024 was £194,180. The directors recommend that no final dividend be paid. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 JULY 2024 |
AUDITORS |
The auditors are deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PM & HP HOLDINGS LIMITED |
Opinion |
We have audited the financial statements of PM & HP HOLDINGS LIMITED (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 July 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 July 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PM & HP HOLDINGS LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PM & HP HOLDINGS LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
We identify and assess 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: |
o | the nature of the industry and sector, control environment and business performance including the design of the group remuneration policies, key drivers for directors' remuneration, bonus levels and performance targets; |
o | results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
o | any matters we identified having obtained and reviewed the group's documentation of their policies and procedures relating to: |
- |
Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
- |
detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- |
the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
o | the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
Based on this approach, we were able to assess the company risks and ensure the risks were considered throughout all areas of audit testing across all group companies. The audit team was professionally sceptical throughout the audit and remained alert for inaccurate or misleading information. |
Audit response to risks identified |
As a result of performing the above, we identified management override, compliance with the Licensing Act 2003, food safety compliance and health and safety compliance risk as key audit matters related to the potential risk of fraud or irregularities. Our procedures to respond to risks identified included the following: |
o | reviewing any audits completed by regulatory bodies in the year and the outcomes of these to ensureno breach of laws and regulations; |
o | reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
o | enquiring of management concerning actual and potential litigation and claims; |
o | performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
o | obtaining an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
o | in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
PM & HP HOLDINGS LIMITED |
Audit testing was completed on a targeted sample basis based on our assessment of risk and materiality. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. |
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: |
- | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
- | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group's internal control. |
- | Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
- | Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Report of the Auditors to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Report of the Auditors. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. |
- | Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
- | Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express and opinion on the consolidated financial statements. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants & Statutory Auditors |
Stone House |
Stone Road Business Park |
Stoke-on-Trent |
ST4 6SR |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 JULY 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
TURNOVER | 15,133,831 | 11,803,672 |
Cost of sales | (12,887,266 | ) | (9,975,561 | ) |
GROSS PROFIT | 2,246,565 | 1,828,111 |
Administrative expenses | (1,586,063 | ) | (1,359,179 | ) |
OPERATING PROFIT | 4 | 660,502 | 468,932 |
Interest receivable and similar income | 19 | - |
660,521 | 468,932 |
Interest payable and similar expenses | 6 | (23,290 | ) | (18,847 | ) |
PROFIT BEFORE TAXATION | 637,231 | 450,085 |
Tax on profit | 7 | (159,694 | ) | (110,410 | ) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
477,537 |
339,675 |
Profit attributable to: |
Owners of the parent | 408,341 | 325,688 |
Non-controlling interests | 69,196 | 13,987 |
477,537 | 339,675 |
Total comprehensive income attributable to: |
Owners of the parent | 408,341 | 340,688 |
Non-controlling interests | 69,196 | (1,013 | ) |
477,537 | 339,675 |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION |
31 JULY 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 1,058 | 2,115 |
Tangible assets | 11 | 345,854 | 364,811 |
Investments | 12 | - | - |
Investment property | 13 | - | - |
346,912 | 366,926 |
CURRENT ASSETS |
Stocks | 14 | 1,287,021 | 841,793 |
Debtors | 15 | 921,711 | 687,584 |
Cash at bank and in hand | 214,607 | 132,087 |
2,423,339 | 1,661,464 |
CREDITORS |
Amounts falling due within one year | 16 | (1,148,367 | ) | (655,671 | ) |
NET CURRENT ASSETS | 1,274,972 | 1,005,793 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
1,621,884 |
1,372,719 |
CREDITORS |
Amounts falling due after more than one year |
17 |
(114,547 |
) |
(143,991 |
) |
PROVISIONS FOR LIABILITIES | 21 | (43,942 | ) | (48,680 | ) |
NET ASSETS | 1,463,395 | 1,180,048 |
CAPITAL AND RESERVES |
Called up share capital | 22 | 232 | 232 |
Non distributable reserve | 32,485 | 32,485 |
Capital redemption reserve | 164 | 164 |
Retained earnings | 1,348,792 | 1,134,631 |
SHAREHOLDERS' FUNDS | 1,381,673 | 1,167,512 |
NON-CONTROLLING INTERESTS | 81,722 | 12,536 |
TOTAL EQUITY | 1,463,395 | 1,180,048 |
The financial statements were approved by the Board of Directors and authorised for issue on 16 April 2025 and were signed on its behalf by: |
Mr P Mason - Director |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
COMPANY STATEMENT OF FINANCIAL POSITION |
31 JULY 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
Investment property | 13 |
CURRENT ASSETS |
Debtors | 15 |
CREDITORS |
Amounts falling due within one year | 16 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
17 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 21 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 22 |
Non distributable reserve |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's (loss)/profit for the financial year |
(292,925 |
) |
433,045 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JULY 2024 |
Called up | Non |
share | Retained | distributable |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 August 2022 | 232 | 989,646 | 29,832 |
Changes in equity |
Dividends | - | (178,050 | ) | - |
Total comprehensive income | - | 325,688 | - |
Investment property fair value adjustment |
- |
(2,653 |
) |
2,653 |
Balance at 31 July 2023 | 232 | 1,134,631 | 32,485 |
Changes in equity |
Dividends | - | (194,180 | ) | - |
Total comprehensive income | - | 408,341 | - |
Balance at 31 July 2024 | 232 | 1,348,792 | 32,485 |
Capital |
redemption | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 August 2022 | 164 | 1,019,874 | 13,549 | 1,033,423 |
Changes in equity |
Dividends | - | (178,050 | ) | - | (178,050 | ) |
Total comprehensive income | - | 325,688 | (1,013 | ) | 324,675 |
Balance at 31 July 2023 | 164 | 1,167,512 | 12,536 | 1,180,048 |
Changes in equity |
Dividends | - | (194,180 | ) | - | (194,180 | ) |
Total comprehensive income | - | 408,341 | 69,196 | 477,537 |
Balance at 31 July 2024 | 164 | 1,381,673 | 81,732 | 1,463,405 |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 JULY 2024 |
Called up | Non | Capital |
share | Retained | distributable | redemption | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 August 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Investment property fair value adjustment |
- |
(2,653 |
) |
2,653 |
- |
- |
Balance at 31 July 2023 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 July 2024 |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 JULY 2024 |
31.7.24 | 31.7.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 513,142 | 16,198 |
Interest paid | (22,531 | ) | (17,980 | ) |
Interest element of hire purchase payments paid |
(759 |
) |
(867 |
) |
Tax paid | (143,610 | ) | (29,566 | ) |
Net cash from operating activities | 346,242 | (32,215 | ) |
Cash flows from investing activities |
Purchase of intangible fixed assets | - | (3,173 | ) |
Purchase of tangible fixed assets | (16,920 | ) | (16,215 | ) |
Sale of tangible fixed assets | 6,667 | 42,500 |
Interest received | 19 | - |
Net cash from investing activities | (10,234 | ) | 23,112 |
Cash flows from financing activities |
Loan repayments in year | (29,085 | ) | (28,723 | ) |
Capital repayments in year | (669 | ) | (7,167 | ) |
Amount introduced by directors | 212,181 | 231,425 |
Amount withdrawn by directors | (302,873 | ) | (247,668 | ) |
Equity dividends paid | (194,180 | ) | (178,050 | ) |
Dividends paid to minority interests | - | (15,000 | ) |
Net cash from financing activities | (314,626 | ) | (245,183 | ) |
Increase/(decrease) in cash and cash equivalents | 21,382 | (254,286 | ) |
Cash and cash equivalents at beginning of year |
2 |
51,044 |
305,330 |
Cash and cash equivalents at end of year |
2 |
72,426 |
51,044 |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.7.24 | 31.7.23 |
£ | £ |
Profit before taxation | 637,231 | 450,085 |
Depreciation charges | 36,935 | 34,772 |
Profit on disposal of fixed assets | (6,667 | ) | (6,250 | ) |
Gain on revaluation of fixed assets | - | (13,777 | ) |
Impairment losses | - | 10,027 |
Finance costs | 23,290 | 18,847 |
Finance income | (19 | ) | - |
690,770 | 493,704 |
Increase in stocks | (445,228 | ) | (129,983 | ) |
Increase in trade and other debtors | (143,445 | ) | (308,004 | ) |
Increase/(decrease) in trade and other creditors | 411,045 | (39,519 | ) |
Cash generated from operations | 513,142 | 16,198 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 31 July 2024 |
31.7.24 | 1.8.23 |
£ | £ |
Cash and cash equivalents | 214,607 | 132,087 |
Bank overdrafts | (142,181 | ) | (81,043 | ) |
72,426 | 51,044 |
Year ended 31 July 2023 |
31.7.23 | 1.8.22 |
£ | £ |
Cash and cash equivalents | 132,087 | 305,330 |
Bank overdrafts | (81,043 | ) | - |
51,044 | 305,330 |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS |
FOR THE YEAR ENDED 31 JULY 2024 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.8.23 | Cash flow | At 31.7.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 132,087 | 82,520 | 214,607 |
Bank overdrafts | (81,043 | ) | (61,138 | ) | (142,181 | ) |
51,044 | 21,382 | 72,426 |
Debt |
Finance leases | (1,194 | ) | 669 | (525 | ) |
Debts falling due within 1 year | (28,724 | ) | (360 | ) | (29,084 | ) |
Debts falling due after 1 year | (143,991 | ) | 29,444 | (114,547 | ) |
(173,909 | ) | 29,753 | (144,156 | ) |
Total | (122,865 | ) | 51,135 | (71,730 | ) |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | STATUTORY INFORMATION |
PM & HP HOLDINGS LIMITED is a |
The principal activity of the company during the year is that of a holding company. The company also holds some investment property that is used within the trading group. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS |
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of PM & HP Holdings Limited which can be obtained from C/O Grindco 427 Ltd, Unit 62 Longton Exchange, Longton, Stoke on Trent, Staffordshire, ST3 2JA. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: |
(a) No cash flow statement has been presented for the company. |
BASIS OF CONSOLIDATION |
The consolidated financial statements incorporate the financial statements of the company and all group undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method and goodwill on consolidation is capitalised and written off over twenty years from the year of acquisition. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006. |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
2. | ACCOUNTING POLICIES - continued |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Key sources of estimation uncertainty |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: |
As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods. |
Valuation of investment property and freehold property |
As described in the notes to the financial statements, the directors believe, based on their assessment of the market, the investment property and freehold property to be stated at fair value as at 31 July 2024. |
REVENUE RECOGNITION |
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, stated net of discounts and of Value Added Tax. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
INTANGIBLE ASSETS |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Computer software is being amortised evenly over its estimated useful life of three years. |
TANGIBLE FIXED ASSETS |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Long leasehold | - | 10% straight line over the life of the lease |
Fixtures and fittings | - | 25% reducing balance and 10% straight line |
Motor vehicles | - | 25% straight line and 25% reducing balance |
Computer equipment | - | 10% straight line |
No depreciation has been charged on freehold property and investment property as the directors are of the opinion that the residual value is not materially different to the fair value. |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
2. | ACCOUNTING POLICIES - continued |
STOCKS |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. |
FINANCIAL INSTRUMENTS |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
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 entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
2. | ACCOUNTING POLICIES - continued |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. |
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. |
PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. |
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. |
EMPLOYEE BENEFITS |
The group provides a range of benefits to employees. |
Short term benefits, including holiday pay, are recognised as an expense in the profit and loss account in the period in which they are incurred. |
3. | EMPLOYEES AND DIRECTORS |
31.7.24 | 31.7.23 |
£ | £ |
Wages and salaries | 930,723 | 772,190 |
Social security costs | 50,885 | 38,795 |
Other pension costs | 13,709 | 9,909 |
995,317 | 820,894 |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
31.7.24 | 31.7.23 |
Staff |
31.7.24 | 31.7.23 |
£ | £ |
Directors' remuneration | 25,905 | 23,589 |
4. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.7.24 | 31.7.23 |
£ | £ |
Hire of plant and machinery | - | 453 |
Other operating leases | 133,537 | 117,633 |
Depreciation - owned assets | 35,877 | 33,715 |
Profit on disposal of fixed assets | (6,667 | ) | (6,250 | ) |
Computer software amortisation | 1,057 | 1,058 |
5. | AUDITORS' REMUNERATION |
31.7.24 | 31.7.23 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
47,000 |
- |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.7.24 | 31.7.23 |
£ | £ |
Bank interest | 11,556 | 2,890 |
Bank loan interest | 10,048 | 14,337 |
Interest on overdue taxation | 927 | 753 |
Hire purchase interest | 759 | 867 |
23,290 | 18,847 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.7.24 | 31.7.23 |
£ | £ |
Current tax: |
UK corporation tax | 164,432 | 98,274 |
Deferred tax | (4,738 | ) | 12,136 |
Tax on profit | 159,694 | 110,410 |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
7. | TAXATION - continued |
RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
31.7.24 | 31.7.23 |
£ | £ |
Profit before tax | 637,231 | 450,085 |
Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) |
159,308 |
112,521 |
Effects of: |
Expenses not deductible for tax purposes | 1,734 | 9,901 |
Income not taxable for tax purposes | - | (3,805 | ) |
Affects of future changes in tax rate | (1,348 | ) | (8,207 | ) |
Total tax charge | 159,694 | 110,410 |
8. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
31.7.24 | 31.7.23 |
£ | £ |
Ordinary A Shares shares of 1 each |
Interim | 12,593 | 62,500 |
Ordinary B Shares shares of 1 each |
Interim | 146,000 | 82,500 |
Ordinary C Shares shares of 1 each |
Interim | 35,587 | 33,050 |
194,180 | 178,050 |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Computer |
software |
£ |
COST |
At 1 August 2023 |
and 31 July 2024 | 3,173 |
AMORTISATION |
At 1 August 2023 | 1,058 |
Amortisation for year | 1,057 |
At 31 July 2024 | 2,115 |
NET BOOK VALUE |
At 31 July 2024 | 1,058 |
At 31 July 2023 | 2,115 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | Long | and |
property | leasehold | fittings |
£ | £ | £ |
COST |
At 1 August 2023 | 215,000 | 19,886 | 289,346 |
Additions | - | - | 4,310 |
Disposals | - | - | - |
At 31 July 2024 | 215,000 | 19,886 | 293,656 |
DEPRECIATION |
At 1 August 2023 | - | 18,148 | 158,127 |
Charge for year | - | 895 | 28,407 |
Eliminated on disposal | - | - | - |
At 31 July 2024 | - | 19,043 | 186,534 |
NET BOOK VALUE |
At 31 July 2024 | 215,000 | 843 | 107,122 |
At 31 July 2023 | 215,000 | 1,738 | 131,219 |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 August 2023 | 55,352 | 3,978 | 583,562 |
Additions | 10,650 | 1,960 | 16,920 |
Disposals | (23,087 | ) | - | (23,087 | ) |
At 31 July 2024 | 42,915 | 5,938 | 577,395 |
DEPRECIATION |
At 1 August 2023 | 42,078 | 398 | 218,751 |
Charge for year | 5,981 | 594 | 35,877 |
Eliminated on disposal | (23,087 | ) | - | (23,087 | ) |
At 31 July 2024 | 24,972 | 992 | 231,541 |
NET BOOK VALUE |
At 31 July 2024 | 17,943 | 4,946 | 345,854 |
At 31 July 2023 | 13,274 | 3,580 | 364,811 |
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements: |
31.07.24 | 31.07.23 |
£ | £ |
Motor vehicles | 7,678 | 10,237 |
The directors consider the freehold properties are stated at fair value as at 31 July 2024. |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
and |
fittings |
£ |
COST |
At 1 August 2023 |
Additions |
At 31 July 2024 |
DEPRECIATION |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 August 2023 |
Impairments | ( |
) |
At 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
13. | INVESTMENT PROPERTY - continued |
13. | INVESTMENT PROPERTY |
Company |
Total |
£ |
FAIR VALUE |
At 1 August 2023 |
and 31 July 2024 |
NET BOOK VALUE |
At 31 July 2024 |
At 31 July 2023 |
The directors consider the investment properties are stated at fair value as at 31 July 2024. |
Fair value at 31 July 2024 is represented by: |
£ |
Valuation in 2018 | 89,946 |
Valuation in 2020 | (60,000 | ) |
Valuation in 2022 | 5,814 |
Valuation in 2023 | (2,474 | ) |
Cost | 181,714 |
215,000 |
14. | STOCKS |
Group |
31.7.24 | 31.7.23 |
£ | £ |
Finished goods | 1,287,021 | 841,793 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Trade debtors | 465,779 | 185,727 |
Amounts owed by group undertakings | - | - |
Other debtors | 3,520 | 138 |
Social security and other |
taxes | 683 | 683 | - | - |
Amounts owed from connected |
companies | 150,875 | 130,107 | 51,098 | 38,130 |
Directors' loan accounts | 284,872 | 194,180 | 284,872 | 194,180 |
VAT | - | - |
Prepayments and accrued income | 15,982 | 176,749 |
921,711 | 687,584 |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Amounts owed by group and connected undertakings are unsecured, interest free, and repayable on demand. |
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 18) | 171,265 | 109,767 |
Hire purchase contracts (see note 19) | 525 | 1,194 |
Trade creditors | 413,293 | 209,087 |
Amounts owed to group undertakings | - | - |
Tax | 235,284 | 214,462 |
Social security and other taxes | 9,249 | 8,567 |
VAT | 49,098 | 60,825 | - | - |
Other creditors | 3,838 | 2,154 |
Amounts due to connected |
companies | 35,529 | 35,729 | 35,281 | 35,281 |
Accruals and deferred income | 230,286 | 13,886 |
1,148,367 | 655,671 |
Amounts owed to group and connected undertakings are unsecured, interest free and repayable on demand. |
17. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Bank loans (see note 18) | 114,547 | 143,991 |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
18. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Bank overdrafts | 142,181 | 81,043 |
Bank loans | 29,084 | 28,724 |
171,265 | 109,767 |
Amounts falling due between one and | two years: |
Bank loans - 1-2 years | 28,946 | 28,724 |
Amounts falling due between two and | five years: |
Bank loans - 2-5 years | 36,155 | 60,981 |
Amounts falling due in more than five | years: |
Repayable by instalments |
Bank loans payable more than |
5 years by instalments | 49,446 | 54,286 | 49,446 | 54,286 |
49,446 | 54,286 | 49,446 | 54,286 |
19. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
31.7.24 | 31.7.23 |
£ | £ |
Net obligations repayable: |
Within one year | 525 | 1,194 |
Group |
Non-cancellable | operating leases |
31.7.24 | 31.7.23 |
£ | £ |
Within one year | 10,225 | 10,225 |
Between one and five years | 5,379 | 15,604 |
15,604 | 25,829 |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
20. | SECURED DEBTS |
The following secured debts are included within creditors: |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Bank overdraft | 142,181 | 81,043 |
Bank loans | 143,631 | 172,715 |
Hire purchase contracts | 525 | 1,194 | - | - |
286,337 | 254,952 |
A debenture dated 3 April 2009 exists by the way of a fixed and floating charge over the property and assets of the company. |
There is a charge in favour of National Westminster Bank Plc dated 28 May 2019 giving a fixed charge over the properties 28 and 30 Tunstall Road, Biddulph. |
The bank loans are secured by way of fixed and floating charges over the assets of the company. |
There is a third party guarantee dated 15 May 2019 for £291,109. |
There is a third party guarantee dated 24 February 2020 for £596,064. |
There is an unlimited intercompany guarantee dated 3 June 2010 between PM & HP Holdings Limited and Grindco 427 Limited. |
The hire purchase contracts are secured against the related tangible fixed asset. |
21. | PROVISIONS FOR LIABILITIES |
Group | Company |
31.7.24 | 31.7.23 | 31.7.24 | 31.7.23 |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 43,942 | 48,680 |
Group |
Deferred |
tax |
£ |
Balance at 1 August 2023 | 48,680 |
Provided during year | (4,738 | ) |
Balance at 31 July 2024 | 43,942 |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
21. | PROVISIONS FOR LIABILITIES - continued |
Company |
Deferred |
tax |
£ |
Balance at 1 August 2023 |
Provided during year | ( |
) |
Balance at 31 July 2024 |
22. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.24 | 31.7.23 |
value: | £ | £ |
Ordinary A Shares | 1 | 208 | 208 |
Ordinary B Shares | 1 | 12 | 12 |
Ordinary C Shares | 1 | 12 | 12 |
232 | 232 |
23. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 July 2024 and 31 July 2023: |
31.7.24 | 31.7.23 |
£ | £ |
P Mason |
Balance outstanding at start of year | 175,093 | 161,191 |
Amounts advanced | 248,259 | 229,107 |
Amounts repaid | (158,960 | ) | (215,205 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 264,392 | 175,093 |
P Mason |
Balance outstanding at start of year | 19,087 | 16,746 |
Amounts advanced | 19,911 | 19,141 |
Amounts repaid | (18,518 | ) | (16,800 | ) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | 20,480 | 19,087 |
The directors had interest free loans during the year. By virtue of the loan accounts, a liability to taxation exists under section 455 CTA 2010 in the sum of £96,144 which will be repaid or discharged |
when the loans are repaid. It is anticipated that the loans will be repaid within nine months of the year end and, as such, no provision for the taxation has been made |
24. | EVENTS AFTER THE END OF THE REPORTING PERIOD |
There were no significant events up to the date of approval of the financial statements by the Board. |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
25. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr P Mason by virtue of his majority shareholding in the company. |