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REGISTERED NUMBER: 10639518 (England and Wales)






















Strategic Report,

Report of the Directors and

Financial Statements

for the Year Ended 30 September 2024

for

PWP Building Services (Midco) Limited

PWP Building Services (Midco) Limited (Registered number: 10639518)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


PWP Building Services (Midco) Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: T P Holt
D B England
I G Wardman
J D Baines
B Hudson
G Clarke
A Parkin





REGISTERED OFFICE: Alexandra House
43 Alexandra Street
Nottingham
Nottinghamshire
NG5 1AY





REGISTERED NUMBER: 10639518 (England and Wales)





AUDITORS: Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY

PWP Building Services (Midco) Limited (Registered number: 10639518)

Strategic Report
for the Year Ended 30 September 2024

Business review and future plans

The financial year 2023/24 again exceeded expectations in turnover in spite of the uncertainty of world markets.

The forthcoming 2024/25 year will see uncertainty in world markets continue. The UK is still feeling financial imbalance resulting from developing political situations across the world. Closer to home, UK construction is predicted [CPA] to grow by 2%, although the high interest rates in 2025 remain a concern. The sectors in which PWP operate does offer some protection with ‘distribution’ remaining consistent along with the ‘frozen foods sectors’ continued growth in the region of Freeports.

Turnover will harbour some uncertainty, however, this is viewed as being ‘manageable’ within parameters. World events continue to challenge the business however PWP will react to follow changing markets, with both ‘new and existing clients’ and manage ‘risk versus reward’ as normal.

The outlook for 2024/25 is optimistic with future pipeline positive and major contracts in sight and longer term prospects remaining positive.

Health and safety within PWP dominates throughout the business. The company ethos is to give Health and Safety high priority with a culture of ‘safe working practises’ and ‘safe working environment,’ being deeply engrained. The directors are uncompromising in ensuring standards are maintained. PWP resolutely uphold high quality of workmanship and professionalism with health and safety maintaining the highest of standards.

Analysis of key performance indicators

The board remain fully focused on the controlled growth of the business within low risk strategy. Key performance factors remain current and are summarised as follows:

1) Standard of service to our client.
2) Success in securing negotiated or select tendered contracts.
3) Continued monthly management and monitoring of costs and value.
4) Continued persistence in the collection of cash.
5) Maintaining Market Share.
6) Employee retention.
7) Penetration into new markets and clients.

Key business risks and uncertainties

The key risks emanate from outside influences. World events, financial markets along with energy costs have affected base material price which have increased, impacted negatively on the construction industry. We now, however, are seeing price increases stabilise.

PWP have managed their exposure to price changes by focusing on procurement to ensure that we receive the best price for goods. Agreeing prices early has minimised our exposure whilst enabling the delivery of projects on time.

An increased awareness of the financial risk that larger contracts bring to the business has brought a commercial focus, ensuring the risks are managed and controlled in close collaboration with main contractors, in order to mitigate risk. Some larger projects are being deferred with financial markets remaining cautious.

Aims

Main contractors and new clients, especially on high value Project Work, are treated with close vetting, financial scrutiny, and management. The Businesses Specialist Services divisions, with renewable contracts, have again achieved positive organic growth and which is forecast to continue. This helps to mitigates the ebb and flow of the major Projects.

PWP aim to continue the ‘follow clients and markets, not contracts’ approach and, although this remains challenging, the Board still consider this the best route forward. PWP has a proven track record of delivering large and complex contracts which broaden the scope of work available to us and equalises workload in the long run.

PWP have a strategy of employing principally permanent staff to maintain quality, and this remains a key strategy going forwards. Attracting and retaining skilled labour remains a critical challenge encouraging us to offer competitive compensation packages and attractive benefits to attract skilled M&E professionals.

Apprenticeships and training new staff has always been a long standing feature within PWP’s business model and this will be continued.




PWP Building Services (Midco) Limited (Registered number: 10639518)

Strategic Report
for the Year Ended 30 September 2024


Conclusion

Whilst there remain significant challenges ahead, PWP continue to operate successfully within new and existing market sectors and are able to offer both existing and new clients tailored and competitive Design and Build solutions, year on year.

By embracing sustainability, leveraging technology, and expanding its market reach, the proposed strategies provide a roadmap for sustainable growth, operational excellence, and enhanced competitiveness. Adapting to industry trends, investing in talent, and continuously innovating will be key to securing the company's position as a leading mid-size M&E contractor in the UK and beyond.

ON BEHALF OF THE BOARD:





T P Holt - Director


20 March 2025

PWP Building Services (Midco) Limited (Registered number: 10639518)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a holding company. The principal activity of the trading subsidiary was that of electrical and mechanical contractors.

DIVIDENDS
Particulars of recommended dividends are detailed in note 6 to the financial statements.

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

T P Holt
D B England
I G Wardman

Other changes in directors holding office are as follows:

J D Baines - appointed 18 October 2023
B Hudson - appointed 18 October 2023
G Clarke - appointed 18 October 2023
A Parkin - appointed 18 October 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Wright Vigar Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





T P Holt - Director


20 March 2025

Report of the Independent Auditors to the Members of
PWP Building Services (Midco) Limited

Opinion
We have audited the financial statements of PWP Building Services (Midco) Limited (the 'company') for the year ended 30 September 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 September 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the 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 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.

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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Report of the Independent Auditors to the Members of
PWP Building Services (Midco) Limited


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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Our approach included obtaining an understanding of the legal and regulatory frameworks that are applicable to the company and we determined those that are most significant. Based on the results of our risk assessment we designed audit procedures to identify non-compliance with such laws and regulations. The specific procedures included enquiry of management and those charged with governance around actual and potential litigation and claims.

In addition, and based on the results of our risk assessment we designed audit procedures to identify and address material misstatements in relation to fraud. Specifically we considered the risk of fraud through management override that may lead to a misappropriation of assets or inappropriate financial reporting. In response, we performed audit work over the risk of management override of controls, including testing journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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

A further description of our responsibilities 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.

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.




Kevin Shaw BSc (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Wright Vigar Limited
Statutory Auditors
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY

20 March 2025

PWP Building Services (Midco) Limited (Registered number: 10639518)

Statement of Comprehensive
Income
for the Year Ended 30 September 2024

2024 2023
Notes £    £   

TURNOVER - -

Administrative expenses 12,122 72,683
OPERATING LOSS (12,122 ) (72,683 )

Income from shares in group undertakings 5,932,710 405,364
PROFIT BEFORE TAXATION 5,920,588 332,681

Tax on profit 4 - -
PROFIT FOR THE FINANCIAL YEAR 5,920,588 332,681

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

5,920,588

332,681

PWP Building Services (Midco) Limited (Registered number: 10639518)

Statement of Financial Position
30 September 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Investments 6 21,167,535 21,167,535

CURRENT ASSETS
Cash at bank - 2,512

CREDITORS
Amounts falling due within one year 7 18,430,235 18,547,024
NET CURRENT LIABILITIES (18,430,235 ) (18,544,512 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,737,300

2,623,023

CAPITAL AND RESERVES
Called up share capital 8 157,895 150,000
Share premium 9 2,468,504 2,350,000
Capital redemption reserve 9 100,000 100,000
Retained earnings 9 10,901 23,023
SHAREHOLDERS' FUNDS 2,737,300 2,623,023

The financial statements were approved by the Board of Directors and authorised for issue on 20 March 2025 and were signed on its behalf by:





T P Holt - Director


PWP Building Services (Midco) Limited (Registered number: 10639518)

Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 October 2022 150,000 20,706 2,350,000 100,000 2,620,706

Changes in equity
Dividends - (330,364 ) - - (330,364 )
Total comprehensive income - 332,681 - - 332,681
Balance at 30 September 2023 150,000 23,023 2,350,000 100,000 2,623,023

Changes in equity
Issue of share capital 7,895 - 118,504 - 126,399
Dividends - (5,932,710 ) - - (5,932,710 )
Total comprehensive income - 5,920,588 - - 5,920,588
Balance at 30 September 2024 157,895 10,901 2,468,504 100,000 2,737,300

PWP Building Services (Midco) Limited (Registered number: 10639518)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

PWP Building Services (Midco) 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 Company Information page.

2. ACCOUNTING POLICIES

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

The financial statements are prepared in sterling, which is the functional currency of the entity rounded to the nearest £.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


PWP Building Services (Midco) Limited (Registered number: 10639518)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

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

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

3. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 30 September 2024 nor for the year ended 30 September 2023.

The average number of employees during the year was NIL (2023 - NIL).

2024 2023
£    £   
Directors' remuneration - -

4. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 30 September 2024 nor for the year ended 30 September 2023.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 5,920,588 332,681
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 22%)

1,480,147

73,190

Effects of:
Income not taxable for tax purposes (1,483,178 ) (89,180 )
Utilisation of tax losses 3,031 15,990
Total tax charge - -

5. DIVIDENDS
2024 2023
£    £   
Ordinary shares of 1.00 each
Final 5,932,710 330,364

PWP Building Services (Midco) Limited (Registered number: 10639518)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 21,167,535
NET BOOK VALUE
At 30 September 2024 21,167,535
At 30 September 2023 21,167,535

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed to group undertakings 18,430,235 18,547,024

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
157,895 Ordinary 1.00 157,895 150,000

During the period, the company issued 7,895 Ordinary Shares at £1.00 per share.

9. RESERVES

Profit and loss account - represents cumulative profits and losses net of dividends and other adjustments.

Called up share capital - represents the nominal value of shares that have been issues.

Capital redemption reserve - represents nominal value of shares repurchased by the company.

Share premium account - includes any premiums received on issue of share capital.

10. CONTINGENT LIABILITIES

The company, together with its subsidiary and ultimate parent undertaking, has given cross guarantees in favour of Clydesdale Bank plc (trading as Virgin Money) to secure monies owing to the bank by the group companies from time to time.

11. ULTIMATE CONTROLLING PARTY

On 18 October 2023 following a reorganisation of the structure of the group, PWP Building Services (Holdings) Limited became the ultimate parent company of the group. PWP Building Services (Holdings) Limited is a company registered in England & Wales.

The registered office and principal place of business for the ultimate parent is that of PWP Building Services (Midco) Limited.

The company is controlled by its directors who are also the directors of PWP Building Services (Holdings) Limited.

PWP Building Services (Holdings) Limited prepared the only consolidated financial statements in the group for 30 September 2024 which include the results of PWP Building Services (Midco) Limited. Copies of the consolidated financial statements are available from Companies House.