| 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 |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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 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. |
| 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: |
| 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. |
| for and on behalf of |
| Chartered Certified Accountants |
| & Statutory Auditor |
| Sovereign House |
| 155 High Street |
| Aldershot |
| Hampshire |
| GU11 1TT |
| 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 |
| 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 |
| Investments | 12 |
| Investment property | 13 |
| CURRENT ASSETS |
| Debtors | 15 |
| Investments | 16 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 17 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 20 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 21 |
| Fair value reserve | 22 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| 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 |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 30th April 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | ( |
) |
| Total comprehensive income | - |
| Balance at 30th April 2024 |
| 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 |
| 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 |
| Freehold property | - |
| Short leasehold | - |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| 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 |
| 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 |
| Additions |
| At 30th April 2024 |
| DEPRECIATION |
| At 1st May 2023 |
| Charge for year |
| At 30th April 2024 |
| NET BOOK VALUE |
| At 30th April 2024 |
| At 30th April 2023 |
| 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 |
| NET BOOK VALUE |
| At 30th April 2024 |
| At 30th April 2023 |
| The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Sovereign House, 155 High Street, Aldershot, Hampshire, GU11 1TT |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: Sovereign House, 155 High Street, Aldershot, Hampshire, GU11 1TT |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| 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 |
| Registered office: Sovereign House, 155 High Street, Aldershot, Hampshire, GU11 1TT |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| Registered office: Sovereign House, 155 High Street, Aldershot, Hampshire, GU11 1TT |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| 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 |
| Revaluations | 55,000 |
| At 30th April 2024 |
| NET BOOK VALUE |
| At 30th April 2024 |
| At 30th April 2023 |
| 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 | - | - |
| Other debtors | 72,338 | 38,486 |
| Directors' current accounts | 5,906 | - | - | - |
| Tax | 67,157 | 63,519 |
| Prepayments and accrued income | 555,613 | 459,630 |
| 3,040,913 | 2,941,728 |
| Amounts falling due after more than one | year: |
| Trade debtors | 442,007 | 401,703 |
| Other debtors | 242,379 | 209,932 |
| 684,386 | 611,635 |
| Aggregate amounts | 3,725,299 | 3,553,363 |
| 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 | - | - |
| Tax | 133,927 | 96,265 |
| Social security and other taxes | 42,851 | 17,565 |
| Other creditors | 8,981 | 303,883 |
| Directors' current accounts | - | 913 | - | - |
| Accruals and deferred income | 210,105 | 185,981 |
| 1,415,305 | 1,434,727 |
| 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 |
| Charge to Statement of Comprehensive Income during year |
| Balance at 30th April 2024 |
| 21. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| 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 | 6,895,906 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Revaluation | - | 48,030 | 48,030 |
| At 30th April 2024 | 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. |