Registration number:
Princebuild Holdings Limited
for the Year Ended 30 September 2024
Princebuild Holdings Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Statement of Income and Retained Earnings |
|
Balance Sheet |
|
Notes to the Financial Statements |
Princebuild Holdings Limited
Company Information
Directors |
S S Pudney M J Pudney D J Asplin M D Asplin J M Pudney |
Company secretary |
S S Pudney |
Registered office |
|
Solicitors |
|
Auditors |
|
Princebuild Holdings Limited
Strategic Report for the Year Ended 30 September 2024
The Directors present their strategic report for the year ended 30 September 2024.
Principal activity
The principal activity of the Company is that of a holding company.
Fair review of the business
The company acts as the parent of Princebuild Limited. Its income comprises dividends, management charges and rent received from its subsidiary, and interest received on its bank deposit account.
On 26 February 2021 the company's entire share capital was purchased by Princebuild Group Limited as part of an internal restructure. As a result of this, the company has taken advantage of the exemption from the requirement to prepare group accounts, on the grounds that it is included within the accounts of Princebuild Group Limited. The results and assets included within these financial statements are those of Princebuild Holdings Limited only.
The full Strategic Report and Business Review of the group, as well as its assessment of principal risks and uncertainties, are included within the accounts of Princebuild Limited and Princebuild Group Limited.
Approved and authorised by the
......................................... |
Princebuild Holdings Limited
Directors' Report for the Year Ended 30 September 2024
The Directors present their report and the financial statements for the year ended 30 September 2024.
Directors of the Company
The Directors who held office during the year were as follows:
Disclosure of information to the auditors
Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
......................................... |
Princebuild Holdings Limited
Statement of Directors' Responsibilities
The Directors acknowledge their responsibilities 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 Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. |
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Princebuild Holdings Limited
Independent Auditor's Report to the Members of Princebuild Holdings Limited
Opinion
We have audited the financial statements of Princebuild Holdings Limited (the 'Company') for the year ended 30 September 2024, which comprise the Statement of Income and Retained Earnings, Balance Sheet, and 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 Company's affairs as at 30 September 2024 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 Company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Princebuild Holdings Limited
Independent Auditor's Report to the Members of Princebuild Holdings Limited
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of Directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of Directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor 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:
• |
Discussions with management covering known or suspected instances of fraud or other non-compliance. |
• |
Challenging assumptions for any accounting estimates and other judgements made within the accounts. |
• |
Testing journal entries and other potential areas for management influence over the financial statements. |
• |
Performing analytical procedures to identify any unusual or unexpected relationships. |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: 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.
Princebuild Holdings Limited
Independent Auditor's Report to the Members of Princebuild Holdings Limited
......................................
For and on behalf of
26 South Saint Mary's Gate
North East Lincolnshire
DN31 1LW
Princebuild Holdings Limited
Statement of Income and Retained Earnings for the Year Ended 30 September 2024
Note |
2024 |
2023 |
|
Turnover |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Income from shares in group undertakings |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar charges |
( |
( |
|
1,301,819 |
3,017,606 |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
12,142,127 |
10,163,828 |
|
Dividends paid |
( |
( |
|
Retained earnings carried forward |
12,206,907 |
12,142,127 |
Princebuild Holdings Limited
(Registration number: 01965575)
Balance Sheet as at 30 September 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Revaluation reserve |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
......................................... |
Princebuild Holdings Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
General information |
The Company is a private company limited by share capital, incorporated in United Kingdom and the company registration number is 01965575.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.
Summary of disclosure exemptions
The Company has taken advantage of the exemptions within FRS 102 Section 1.2 relating to subsidiary companies.
Exemption from preparing group accounts
The company is exempt under section 400 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Princebuild Group Limited, a company incorporated in the United Kingdom
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Princebuild Holdings Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using rates and allowances that apply to the sale of the asset.
Tangible assets
Tangible assets are stated in the statement of financial position at cost or valuation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Land |
Not depreciated |
Buildings |
2% straight liine |
Furniture, fittings and equipment |
20% straight line |
Motor vehicles |
25% straight line |
Investment property
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Princebuild Holdings Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Turnover |
The analysis of the Company's Turnover for the year from continuing operations is as follows:
2024 |
2023 |
|
Rendering of services |
|
|
Rental income from investment property |
|
|
Other revenue |
|
|
|
|
Rendering of services relates to rental income generated from the company's freehold land and buildings.
Other revenue represents management charge income from the company's subsidiary undertakings.
Operating profit |
Arrived at after charging/(crediting)
Princebuild Holdings Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
2024 |
2023 |
|
Depreciation expense |
|
|
Other interest receivable and similar income |
2024 |
2023 |
|
Interest income on bank deposits |
|
|
Interest payable and similar expenses |
2024 |
2023 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
- |
|
Interest expense on other finance liabilities |
|
|
|
|
Staff costs |
The aggregate payroll costs (including Directors' remuneration) were as follows:
2024 |
2023 |
|
Wages and salaries |
|
|
Social security costs |
|
|
|
|
The average number of persons employed by the Company (including Directors) during the year, analysed by category was as follows:
2024 |
2023 |
|
Administration and support |
|
|
|
|
Directors' remuneration |
The Directors' remuneration for the year was as follows:
2024 |
2023 |
|
Remuneration |
|
|
The directors of the company are the key management personnel.
Princebuild Holdings Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Auditors' remuneration |
2024 |
2023 |
|
Audit of the financial statements |
|
|
Princebuild Holdings Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Taxation |
Tax charged/(credited) in the profit and loss account
2024 |
2023 |
|
Current taxation |
||
UK corporation tax |
|
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2024 |
2023 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
Tax decrease from effect of dividends from UK companies |
( |
( |
Total tax charge |
|
100,336 |
Deferred tax
Deferred tax assets and liabilities
2024 |
Liability |
Accelerated capital allowances |
|
Revaluation of freehold land and buildings |
|
Revaluation of investment property |
|
Total |
|
2023 |
Liability |
Accelerated capital allowances |
|
Revaluation of freehold land and buildings |
|
Revaluation of investment property |
|
Total |
|
Princebuild Holdings Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 October 2023 |
|
|
|
|
At 30 September 2024 |
|
|
|
|
Depreciation |
||||
At 1 October 2023 |
|
|
|
|
Charge for the year |
|
- |
|
|
At 30 September 2024 |
|
|
|
|
Carrying amount |
||||
At 30 September 2024 |
|
- |
|
|
At 30 September 2023 |
|
- |
|
|
Included within the net book value of land and buildings above is £4,052,737 (2023 - £4,106,130) in respect of freehold land and buildings.
Included within the net book value of land and buildings above is £1,306,959 (2023 - £1,306,959) of land which is not depreciated.
Revaluation
The fair value of the Company's Land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
2024 |
2023 |
|
Motor vehicles |
113,343 |
158,671 |
Restriction on title and pledged as security
Princebuild Holdings Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Investment properties |
2024 |
|
At 1 October |
|
At 30 September |
|
Investment properties were subject to valuation by M. Pudney (a director who is not a professionally qualified valuer). The basis of this valuation was a fair value basis in the context of the location and class of investment properties being revalued. The historic cost equivalent of these assets is £1,672,477.
There has been no valuation of investment property by an independent valuer.
Princebuild Holdings Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Investments |
2024 |
2023 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 October 2023 |
|
Provision |
|
At 30 September 2024 |
- |
Carrying amount |
|
At 30 September 2024 |
|
At 30 September 2023 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the Company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2024 |
2023 |
|||
Subsidiary undertakings |
||||
|
Empson Road
|
|
|
|
|
Empson Road
|
|
|
|
Princebuild Holdings Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Subsidiary undertakings |
Princebuild Limited The principal activity of Princebuild Limited is |
Princebuild UK Limited The principal activity of Princebuild UK Limited is |
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
|
|
Cash and cash equivalents |
2024 |
2023 |
|
Cash at bank |
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Accruals |
|
|
|
Income tax liability |
165,900 |
60,395 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Princebuild Holdings Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 October 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 30 September 2024 |
|
|
|
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
1,000 |
|
1,000 |
Rights, preferences and restrictions
Ordinary shares have the following rights, preferences and restrictions: |
Reserves |
Called up share capital
Share capital comprises of the value of issued share capital at par.
Profit and loss account
The profit and loss account consists of profits made attributable to the shareholders of the company.
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Revaluation reserve |
Total |
|
Surplus/deficit on property, plant and equipment revaluation |
|
|
|
Princebuild Holdings Limited
Notes to the Financial Statements for the Year Ended 30 September 2024
Loans and borrowings |
2024 |
2023 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
Hire purchase liabilities |
- |
57,590 |
|
|
2024 |
2023 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Other borrowings |
|
|
Hire purchase liabilities |
57,362 |
95,027 |
|
|
Secured creditors
The aggregate amount of secured creditors total £485,549 (2023 - £621,772).
Bank borrowings are secured by fixed and floating charges charge over the company's freehold land and buildings.
Hire purchase liabilities are secured on the assets to which they relate.
Related party transactions |
The company has taken advantage of the exemption in section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions with other members of the group in which any subsidiary which is a party to the transaction is wholly owned by the group.
Parent and ultimate parent undertaking |
The ultimate holding company and immediate parent is Princebuild Group Limited, incorporated in the United Kingdom.
The most senior parent entity producing publicly available financial statements is Princebuild Group Limited. These financial statements are available upon request from the registered office of the Company, which is the same as the Parent Company and is listed on page 1.