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REGISTERED NUMBER: 05040303 (England and Wales)













Group Strategic Report,

Report of the Directors and

Audited

Consolidated Financial Statements

for the Year Ended 30th April 2024

for

P. M. White Property Holdings Limited

P. M. White Property Holdings Limited (Registered number: 05040303)

Contents of the Consolidated Financial Statements
for the Year Ended 30th April 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 12

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 20


P. M. White Property Holdings Limited

Company Information
for the Year Ended 30th April 2024







DIRECTORS: P M White
Miss H L Mayor





SECRETARY: Miss H L Mayor





REGISTERED OFFICE: Sovereign House
155 High Street
Aldershot
Hampshire
GU11 1TT





REGISTERED NUMBER: 05040303 (England and Wales)





AUDITORS: Whiteleys
Chartered Certified Accountants
& Statutory Auditor
Sovereign House
155 High Street
Aldershot
Hampshire
GU11 1TT

P. M. White Property Holdings Limited (Registered number: 05040303)

Group Strategic Report
for the Year Ended 30th April 2024


The directors present their strategic report of the company and the group for the year ended 30th April 2024.

REVIEW OF BUSINESS
The Group's principal activity continues to be that of dry lining, partitioning, jointing and screeding contractors.

RESULTS AND PERFORMANCE
The results of the Group for the period, set out on pages 10 to 33, show a profit on ordinary activities before taxation of £967,130 (2023 : £1,625,479). The shareholders' funds of the Group total £11,006,611 (2023 : £10,629,332).

The directors consider the results for the year ended 30 June 2024 to be satisfactory.

KEY PERFORMANCE INDICATORS
The Group's board continues to monitor the progress of the Group by reference to following key performance indicators throughout the year.

Net revenue £13,095,968 (2023 : £14,155,103)

Gross profit £2,294,416 (2023 : £2,967,119)

Gross margin 17.52% (2023 : 20.96%)

Profit before tax £967,130 (2023 : £1,625,479)

Net current assets £10,141,630 (2023 : £9,838,983)

Shareholders funds £11,006,611 (2023 : £10,629,332)

In common with many businesses, the Group was affected by the impact of global factors on supply chains resulting in increases in the price of many raw materials and services. Despite this, the financial performance during the year has been very robust and still very positive.

Sustainability
The Group is increasingly measuring performance linked to environmental sustainability and has made good progress in maximising the materials obtained from sustainable sources, recycling, and reducing net energy consumption and carbon emissions.

FINANCIAL INSTRUMENTS
The Group has a normal level of exposure to price, credit, liquidity and cash flow risks arising from trading activities.


P. M. White Property Holdings Limited (Registered number: 05040303)

Group Strategic Report
for the Year Ended 30th April 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The process of risk acceptance and risk management is addressed through robust internal policies, procedures and controls.

The board manages cash and working capital to ensure the Group has the financial strength to meet its requirements and support the growth of the business.

ON BEHALF OF THE BOARD:





P M White - Director


30th April 2025

P. M. White Property Holdings Limited (Registered number: 05040303)

Report of the Directors
for the Year Ended 30th April 2024


The directors present their report with the financial statements of the company and the group for the year ended 30th April 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30th April 2024 will be £388,407.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st May 2023 to the date of this report.

P M White
Miss H L Mayor

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.

P. M. White Property Holdings Limited (Registered number: 05040303)

Report of the Directors
for the Year Ended 30th April 2024


AUDITORS
The auditors, Whiteleys, are deemed to be re-appointed under section 487(2) of thr Companies Act 2006.

ON BEHALF OF THE BOARD:





P M White - Director


30th April 2025

Report of the Independent Auditors to the Members of
P. M. White Property Holdings Limited


Opinion
We have audited the financial statements of P. M. White Property Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th April 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 30th April 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
P. M. White Property 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
P. M. White Property 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:

The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities,
including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the
appropriate competence, capabilities and skills to identify or recognise non-compliance
with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and
other management, and from our commercial knowledge and experience of the business sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on
the financial statements or the operations of the company, including the Companies Act 2006, taxation
legislation and employment and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management and inspecting legal correspondence where available; and
- identified laws and regulations were communicated within the audit team regularly and the team
remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including
obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed
procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety
Executive, and the
- company’s legal advisors, where available.

There are inherent limitations in our audit procedures described above. The more removed that laws and
regulations are from financial transactions, the less likely it is that we would become aware of

Report of the Independent Auditors to the Members of
P. M. White Property Holdings Limited

non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance
with laws and regulations to enquiry of the directors and other management and the inspection of
regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error
as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Other matters
The comparative figures presented in these financial statements are not audited.

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.




Neil Dennis Hollingshead FCCA (Senior Statutory Auditor)
for and on behalf of Whiteleys
Chartered Certified Accountants
& Statutory Auditor
Sovereign House
155 High Street
Aldershot
Hampshire
GU11 1TT

30th April 2025

P. M. White Property Holdings Limited (Registered number: 05040303)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 30th April 2024

2024 2023
Notes £    £    £   

TURNOVER 13,095,968 14,155,103

Cost of sales 10,801,552 11,187,984
GROSS PROFIT 2,294,416 2,967,119

Distribution costs 12,585 17,395
Administrative expenses 1,596,780 1,492,084
1,609,365 1,509,479
685,051 1,457,640

Other operating income 59,380 58,710
OPERATING PROFIT 5 744,431 1,516,350

Interest receivable and similar income 152,578 63,429
897,009 1,579,779
Gain/loss on revaluation of investments 70,727 46,661
967,736 1,626,440

Interest payable and similar expenses 6 606 961
PROFIT BEFORE TAXATION 967,130 1,625,479

Tax on profit 7 248,374 336,380
PROFIT FOR THE FINANCIAL YEAR 718,756 1,289,099

OTHER COMPREHENSIVE INCOME
Revaluation 55,000 -
Income tax relating to other
comprehensive income

(6,970

)

-
OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

48,030

-
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

766,786

1,289,099

Profit attributable to:
Owners of the parent 660,631 1,228,679
Non-controlling interests 58,125 60,420

P. M. White Property Holdings Limited (Registered number: 05040303)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 30th April 2024

2024 2023
£    £   
718,756 1,289,099

Total comprehensive income attributable to:
Owners of the parent 766,786 1,289,099

P. M. White Property Holdings Limited (Registered number: 05040303)

Consolidated Balance Sheet
30th April 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 1 1
Tangible assets 11 617,367 580,093
Investments 12 - -
Investment property 13 580,000 525,000
1,197,368 1,105,094

CURRENT ASSETS
Stocks 14 754,929 611,237
Debtors 15 3,725,299 3,553,363
Investments 16 617,389 546,661
Cash at bank and in hand 6,459,318 6,562,359
11,556,935 11,273,620
CREDITORS
Amounts falling due within one year 17 1,415,305 1,434,727
NET CURRENT ASSETS 10,141,630 9,838,893
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,338,998

10,943,987

CREDITORS
Amounts falling due after more than one
year

18

(50,887

)

(63,892

)

PROVISIONS FOR LIABILITIES 20 (141,911 ) (112,274 )
NET ASSETS 11,146,200 10,767,821

P. M. White Property Holdings Limited (Registered number: 05040303)

Consolidated Balance Sheet - continued
30th April 2024

2024 2023
Notes £    £    £   
CAPITAL AND RESERVES
Called up share capital 21 4 4
Fair value reserve 22 139,721 139,721
Retained earnings 22 10,866,886 10,489,607
SHAREHOLDERS' FUNDS 11,006,611 10,629,332

NON-CONTROLLING INTERESTS 139,589 138,489
TOTAL EQUITY 11,146,200 10,767,821


The financial statements were approved by the Board of Directors and authorised for issue on 30th April 2025 and were signed on its behalf by:





P M White - Director


P. M. White Property Holdings Limited (Registered number: 05040303)

Company Balance Sheet
30th April 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 214,916 195,791
Investments 12 692,024 692,024
Investment property 13 580,000 525,000
1,486,940 1,412,815

CURRENT ASSETS
Debtors 15 1,462,367 1,262,895
Investments 16 617,389 546,661
Cash at bank 3,805,354 4,021,657
5,885,110 5,831,213
CREDITORS
Amounts falling due within one year 17 289,350 311,058
NET CURRENT ASSETS 5,595,760 5,520,155
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,082,700

6,932,970

PROVISIONS FOR LIABILITIES 20 50,282 37,060
NET ASSETS 7,032,418 6,895,910

CAPITAL AND RESERVES
Called up share capital 21 4 4
Fair value reserve 22 187,751 139,721
Retained earnings 22 6,844,663 6,756,185
SHAREHOLDERS' FUNDS 7,032,418 6,895,910

Company's profit for the financial year 186,519 587,653

The financial statements were approved by the Board of Directors and authorised for issue on 30th April 2025 and were signed on its behalf by:





P M White - Director


P. M. White Property Holdings Limited (Registered number: 05040303)

Consolidated Statement of Changes in Equity
for the Year Ended 30th April 2024

Called up Fair
share Retained value
capital earnings reserve
£    £    £   
Balance at 1st May 2022 739 10,010,635 139,721

Changes in equity
Issue of share capital (735 ) - -
Dividends - (749,707 ) -
Total comprehensive income - 1,228,679 -
Balance at 30th April 2023 4 10,489,607 139,721

Changes in equity
Dividends - (388,407 ) -
Total comprehensive income - 708,661 -
Balance at 30th April 2024 4 10,809,861 139,721
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1st May 2022 10,151,095 138,489 10,289,584

Changes in equity
Issue of share capital (735 ) - (735 )
Dividends (749,707 ) - (749,707 )
Total comprehensive income 1,228,679 - 1,228,679
Balance at 30th April 2023 10,629,332 138,489 10,767,821

Changes in equity
Dividends (388,407 ) - (388,407 )
Total comprehensive income 708,661 - 708,661
Balance at 30th April 2024 10,949,586 138,489 11,088,075

P. M. White Property Holdings Limited (Registered number: 05040303)

Company Statement of Changes in Equity
for the Year Ended 30th April 2024

Called up Fair
share Retained value Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st May 2022 4 6,564,552 139,721 6,704,277

Changes in equity
Dividends - (396,020 ) - (396,020 )
Total comprehensive income - 587,653 - 587,653
Balance at 30th April 2023 4 6,756,185 139,721 6,895,910

Changes in equity
Dividends - (98,041 ) - (98,041 )
Total comprehensive income - 186,519 48,030 234,549
Balance at 30th April 2024 4 6,844,663 187,751 7,032,418

P. M. White Property Holdings Limited (Registered number: 05040303)

Consolidated Cash Flow Statement
for the Year Ended 30th April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 504,150 2,305,814
Interest paid (606 ) (961 )
Tax paid (191,683 ) (447,859 )
Net cash from operating activities 311,861 1,856,994

Cash flows from investing activities
Purchase of tangible fixed assets (229,824 ) (207,360 )
Sale of tangible fixed assets 66,814 14,282
Interest received 152,578 63,429
Net cash from investing activities (10,432 ) (129,649 )

Cash flows from financing activities
Loan movements (9,244 ) (36,725 )
Amount withdrawn by directors (6,819 ) 92
Share issue - (701 )
Equity dividends paid (388,407 ) (749,707 )
Net cash from financing activities (404,470 ) (787,041 )

(Decrease)/increase in cash and cash equivalents (103,041 ) 940,304
Cash and cash equivalents at
beginning of year

2

6,562,359

5,622,055

Cash and cash equivalents at end of
year

2

6,459,318

6,562,359

P. M. White Property Holdings Limited (Registered number: 05040303)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30th April 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Profit before taxation 967,130 1,625,479
Depreciation charges 170,073 144,068
Profit on disposal of fixed assets (44,336 ) (13,622 )
Gain on revaluation of fixed assets (70,727 ) (46,661 )
Finance costs 606 961
Finance income (152,578 ) (63,429 )
870,168 1,646,796
Increase in stocks (143,692 ) (33,055 )
(Increase)/decrease in trade and other debtors (162,392 ) 453,958
(Decrease)/increase in trade and other creditors (59,934 ) 238,115
Cash generated from operations 504,150 2,305,814

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 6,459,318 6,562,359
Year ended 30th April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 6,562,359 5,622,055


P. M. White Property Holdings Limited (Registered number: 05040303)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30th April 2024


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 6,562,359 (103,041 ) 6,459,318
6,562,359 (103,041 ) 6,459,318

Liquid resources
Current asset investments 546,661 70,728 617,389
546,661 70,728 617,389
Debt
Debts falling due within 1 year (9,952 ) (253 ) (10,205 )
Debts falling due after 1 year (21,669 ) 9,495 (12,174 )
(31,621 ) 9,242 (22,379 )
Total 7,077,399 (23,071 ) 7,054,328

P. M. White Property Holdings Limited (Registered number: 05040303)

Notes to the Consolidated Financial Statements
for the Year Ended 30th April 2024


1. STATUTORY INFORMATION

P. M. White Property Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal place of business of the company is Unit 9, Murrell Green Business Park, London Road, Hook, RG27 9GR.

2. STATEMENT OF COMPLIANCE

These financial statements have been 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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company’s interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over it's useful life which is estimated to be 10 years from 2004.

Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is assumed to be zero.

Goodwill amortisation is included in administrative expenses in the statement of comprehensive income.

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.

P. M. White Property Holdings Limited (Registered number: 05040303)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th April 2024


3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Short leasehold - Straight line over the life of the lease
Improvements to property - 10% on cost
Plant and machinery - 25% on cost and 25% on reducing balance
Fixtures and fittings - 25% on cost and 10% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost and 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

P. M. White Property Holdings Limited (Registered number: 05040303)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th April 2024


3. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,564,079 1,525,176
Social security costs 175,994 170,055
Other pension costs 229,112 154,074
1,969,185 1,849,305

P. M. White Property Holdings Limited (Registered number: 05040303)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th April 2024


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Management 7 7
Site and office 34 33
41 40

The average number of employees by undertakings that were proportionately consolidated during the year was 41 (2023 - 40 ) .

2024 2023
£    £   
Directors' remuneration 161,800 161,800
Directors' pension contributions to money purchase schemes 202,466 121,013

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 5,942 8,271
Other operating leases 63,000 63,000
Depreciation - owned assets 170,072 144,068
Profit on disposal of fixed assets (44,336 ) (13,622 )
Auditors' remuneration 23,313 20,576
Foreign exchange differences 4,076 9,680

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 606 961

P. M. White Property Holdings Limited (Registered number: 05040303)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th April 2024


7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 231,272 294,232
Over provision in prior year (5,565 ) -
Total current tax 225,707 294,232

Deferred tax 22,667 42,148
Tax on profit 248,374 336,380

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Revaluation 55,000 (6,970 ) 48,030

2023
Gross Tax Net
£    £    £   
Revaluation

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
2024 2023
£    £   
Ordinary shares of £1 each
Interim 173,721 457,445
Ordinary A shares of £1 each
Interim 214,686 292,262
388,407 749,707

P. M. White Property Holdings Limited (Registered number: 05040303)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th April 2024


10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st May 2023
and 30th April 2024 208,522
AMORTISATION
At 1st May 2023
and 30th April 2024 208,521
NET BOOK VALUE
At 30th April 2024 1
At 30th April 2023 1

11. TANGIBLE FIXED ASSETS

Group
Improvements
Freehold Short to Plant and
property leasehold property machinery
£    £    £    £   
COST
At 1st May 2023 258,096 45,010 20,594 336,915
Additions - - - 108,509
Disposals - - - (2,000 )
At 30th April 2024 258,096 45,010 20,594 443,424
DEPRECIATION
At 1st May 2023 68,826 35,950 20,594 273,903
Charge for year 4,645 906 - 44,792
Eliminated on disposal - - - (1,333 )
At 30th April 2024 73,471 36,856 20,594 317,362
NET BOOK VALUE
At 30th April 2024 184,625 8,154 - 126,062
At 30th April 2023 189,270 9,060 - 63,012

P. M. White Property Holdings Limited (Registered number: 05040303)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th April 2024


11. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1st May 2023 71,846 629,297 53,496 1,415,254
Additions 2,271 116,500 2,544 229,824
Disposals - (141,180 ) - (143,180 )
At 30th April 2024 74,117 604,617 56,040 1,501,898
DEPRECIATION
At 1st May 2023 50,264 348,545 37,079 835,161
Charge for year 3,822 109,199 6,708 170,072
Eliminated on disposal - (119,369 ) - (120,702 )
At 30th April 2024 54,086 338,375 43,787 884,531
NET BOOK VALUE
At 30th April 2024 20,031 266,242 12,253 617,367
At 30th April 2023 21,582 280,752 16,417 580,093

Company
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1st May 2023 258,096 5,432 8,855 272,383
Additions - 32,550 - 32,550
At 30th April 2024 258,096 37,982 8,855 304,933
DEPRECIATION
At 1st May 2023 68,826 1,471 6,295 76,592
Charge for year 4,645 8,140 640 13,425
At 30th April 2024 73,471 9,611 6,935 90,017
NET BOOK VALUE
At 30th April 2024 184,625 28,371 1,920 214,916
At 30th April 2023 189,270 3,961 2,560 195,791

Included in cost of land and buildings is freehold land of £ 25,809 (2023 - £ 25,809 ) which is not depreciated.

P. M. White Property Holdings Limited (Registered number: 05040303)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th April 2024


12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st May 2023
and 30th April 2024 692,024
NET BOOK VALUE
At 30th April 2024 692,024
At 30th April 2023 692,024

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

P. M. White Dry Lining Limited
Registered office: Sovereign House, 155 High Street, Aldershot, Hampshire, GU11 1TT
Nature of business: Building contractors
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 3,064,981 3,007,911
Profit for the year 376,254 1,039,204

Henlys Estate Agents Limited
Registered office: Sovereign House, 155 High Street, Aldershot, Hampshire, GU11 1TT
Nature of business: Estate agency
%
Class of shares: holding
Ordinary 25.00
2024 2023
£    £   
Aggregate capital and reserves 107 15,156
Profit for the year 7,651 18,088

P. M. White Property Holdings Limited (Registered number: 05040303)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th April 2024


12. FIXED ASSET INVESTMENTS - continued

Specialised Metal Fabrications Limited
Registered office: Sovereign House, 155 High Street, Aldershot, Hampshire, GU11 1TT
Nature of business: Metal Fabrication
%
Class of shares: holding
Ordinary 75.00
2024 2023
£    £   
Aggregate capital and reserves 558,036 508,489
Profit for the year 209,547 187,417

Dry Lining Supplies Limited
Registered office: Sovereign House, 155 High Street, Aldershot, Hampshire, GU11 1TT
Nature of business: Building Contractors
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 1,182,682 1,032,379
Profit for the year 236,338 231,390


13. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1st May 2023 525,000
Revaluations 55,000
At 30th April 2024 580,000
NET BOOK VALUE
At 30th April 2024 580,000
At 30th April 2023 525,000

Fair value at 30th April 2024 is represented by:
£   
Valuation in 2024 580,000

P. M. White Property Holdings Limited (Registered number: 05040303)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th April 2024


13. INVESTMENT PROPERTY - continued

Company
Total
£   
FAIR VALUE
At 1st May 2023 525,000
Revaluations 55,000
At 30th April 2024 580,000
NET BOOK VALUE
At 30th April 2024 580,000
At 30th April 2023 525,000

In the opinion of the directors the value of the investment properties represents the current market value, taking into account the market conditions. The properties are held for their investment potential.

Fair value at 30th April 2024 is represented by:
£   
Valuation in 2024 580,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 367,166 367,166

The investment properties were valued on an open market basis on 30th April 2024 by the director, P M White .

14. STOCKS

Group
2024 2023
£    £   
Stocks 754,929 611,237

P. M. White Property Holdings Limited (Registered number: 05040303)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th April 2024


15. DEBTORS

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year:
Trade debtors 2,339,899 2,380,093 - -
Amounts owed by group undertakings - - 1,160,810 1,037,463
Other debtors 72,338 38,486 53,613 15,500
Directors' current accounts 5,906 - - -
Tax 67,157 63,519 5,565 -
Prepayments and accrued income 555,613 459,630 - -
3,040,913 2,941,728 1,219,988 1,052,963

Amounts falling due after more than one year:
Trade debtors 442,007 401,703 - -
Other debtors 242,379 209,932 242,379 209,932
684,386 611,635 242,379 209,932

Aggregate amounts 3,725,299 3,553,363 1,462,367 1,262,895

16. CURRENT ASSET INVESTMENTS

Group Company
2024 2023 2024 2023
£    £    £    £   
Listed investments 617,389 546,661 617,389 546,661

Market value of listed investments at 30th April 2024 held by the group and the company - £ (617,389) (2023 - £ (546,661) ).

P. M. White Property Holdings Limited (Registered number: 05040303)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th April 2024


17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 19) 10,205 9,952 - -
Trade creditors 1,009,236 820,168 - -
Amounts owed to group undertakings - - 273,586 221,025
Tax 133,927 96,265 - 11,914
Social security and other taxes 42,851 17,565 2,743 5,857
Other creditors 8,981 303,883 - 64,200
Directors' current accounts - 913 - -
Accruals and deferred income 210,105 185,981 13,021 8,062
1,415,305 1,434,727 289,350 311,058

18. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loans (see note 19) 12,174 21,669
Accruals and deferred income 38,713 42,223
50,887 63,892

19. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 10,205 9,952
Amounts falling due between one and two years:
Bank loans - 1-2 years 10,463 9,438
Amounts falling due between two and five years:
Bank loans - 2-5 years 1,711 12,231

P. M. White Property Holdings Limited (Registered number: 05040303)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th April 2024


20. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Deferred tax 121,525 72,015 37,060 19,668
Movement in year 20,386 40,259 13,222 17,392
141,911 112,274 50,282 37,060

Group
Deferred
tax
£   
Balance at 1st May 2023 112,274
Charge to Statement of Comprehensive Income during year 29,637
Balance at 30th April 2024 141,911

Company
Deferred
tax
£   
Balance at 1st May 2023 37,060
Charge to Statement of Comprehensive Income during year 13,222
Balance at 30th April 2024 50,282

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
4 Ordinary £1 4 4

P. M. White Property Holdings Limited (Registered number: 05040303)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30th April 2024


22. RESERVES

Group
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1st May 2023 10,546,632 139,721 10,686,353
Profit for the year 660,631 660,631
Dividends (388,407 ) (388,407 )
Revaluation 48,030 - 48,030
At 30th April 2024 10,866,886 139,721 11,006,607

Company
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1st May 2023 6,756,185 139,721 6,895,906
Profit for the year 186,519 186,519
Dividends (98,041 ) (98,041 )
Revaluation - 48,030 48,030
At 30th April 2024 6,844,663 187,751 7,032,414


23. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The company's key management personnel are considered to be the directors. Their remuneration during the year is disclosed in note 4 to the accounts.

The ultimate controlling party of the Group is P M White.