Registration number:
Peter Rinn Holdings Limited
for the Year Ended 31 December 2024
Peter Rinn Holdings Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Peter Rinn Holdings Limited
Company Information
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Director |
P C Rinn |
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Registered office |
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Auditors |
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Peter Rinn Holdings Limited
Strategic Report for the Year Ended 31 December 2024
The director presents his strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is that of a holding company.
The principal activity of the group is house building.
Fair review of the business
In the year ended 31st December 2024 both turnover and net profit after tax have decreased versus 2023, driven by a reduction in the volume of homes delivered in the year. Legal completions during the year were predominantly from one site, the final phase of Chipping Sodbury development, due to the timings of other sites finishing and replacement sites starting. These new sites will deliver in 2025.
The group continues to enjoy the support of its funding providers who have indicated that this will continue in the foreseeable future.
The group has continued its strategy of sourcing development opportunities situated within one hour of the group's headquarters whilst also focusing more heavily on town and city sites.
Current projects in progress will carry the group through 2025 and beyond. Quality of finish continues to be the factor that distinguishes the group from its competitors.
The group's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2024 |
2023 |
|
Turnover |
£ |
22,590,040 |
32,048,955 |
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Gross profit margin |
% |
23 |
19 |
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Net profit after tax |
£ |
1,570,487 |
2,055,267 |
Principal risks and uncertainties
As a housebuilder, the Group is exposed to the uncertainties of the UK economy, including fluctuating interest rates, inflationary pressures and geopolitical events that may impact consumer confidence and the overall housing market. We mitigate these risks by maintaining a diverse land portfolio and a flexible business model. We will continue to monitor market conditions closely and adapt to any changes in the economic landscape.
Approved and authorised by the
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......................................... |
Peter Rinn Holdings Limited
Director's Report for the Year Ended 31 December 2024
The director presents his report and the for the year ended 31 December 2024.
Director of the group
The director who held office during the year was as follows:
Results and dividends
The results for the year are set out on page 9.
The director considers these results satisfactory and considers the underlying financial position of the group to be sufficient for planned future activities.
During the year, the company paid ordinary dividends amounting to £230,000 (2023 - £300,000). The director does not recommend payment of a final dividend (2023 - £Nil).
Financial instruments
The group has procedures to identify risk and protect and manage the group from events that may hinder its financial performance objectives. The objectives aim to limit counterparty exposure, ensure sufficient working capital exists and monitor and manage risk. Management do not consider it necessary to employ derivatives such as forward currency contracts to manage risk based on the current activities of the group.
Objectives and policies
The group is exposed to price risk, credit risk, liquidity and cash flow risk. Appropriate policies have been developed and implemented to identify, evaluate and manage key risks and the director reviews the risk management strategies regularly.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk - the group is exposed to price risk as a result of its operations. However, sales prices are constantly reviewed and agreed by management to ensure they reflect any fluctuations within the market place.
Credit risk - before sales are made, detailed credit checks are performed on potential customers, which sufficently mitigates the groups exposure to this risk.
Liquidity and cash flow risk - the group has minimal exposure to liquidity risk and tightly monitors and controls its cash flow.
Interest rate risk - the group seeks to agree fixed term borrowings to fund individual projects, helping protect itself from significant increases in interest rates.
Future developments
The director is not currently contemplating any changes in the way the group and company operates and will continue to source local development opportunities.
Disclosure of information to the auditor
The director has taken 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 auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.
Peter Rinn Holdings Limited
Director's Report for the Year Ended 31 December 2024
Approved by the
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Peter Rinn Holdings Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Peter Rinn Holdings Limited
Independent Auditor's Report to the Members of Peter Rinn Holdings Limited
Opinion
We have audited the financial statements of Peter Rinn Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including 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 the parent company's affairs as at 31 December 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 auditor 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 director's 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 were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
Peter Rinn Holdings Limited
Independent Auditor's Report to the Members of Peter Rinn Holdings Limited
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the group and parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company and group, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company and group financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities set out on page 5, the director is 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 director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is 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 director either intends to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In planning and designing our audit tests, we identify and assess the risks of material mis-statements, whether due to fraud or error. Our assessment of these risks includes the following:
Peter Rinn Holdings Limited
Independent Auditor's Report to the Members of Peter Rinn Holdings Limited
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the nature of the industry and sector, control environment and business performance including the key drivers for directors’ remuneration, bonus levels and performance targets; |
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results of our enquiries of management about their own identification and assessment of the risks of irregularities; |
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any matters we identified having made enquiries of management about their policies and procedures relating to: |
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identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
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detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
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the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
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the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the group operates in, through discussions with the director, and from our commercial knowledge and experience of the sector in which the group and the parent company operates, to enable us to identify the key laws and regulations applicable to the group and the parent company. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statement or the operations of the group and the parent company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation.
As a result of performing the above, our procedures to respond to the risks identified included the following:
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reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
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enquiring of management concerning actual and potential litigation and claims; |
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reviewing correspondence with HMRC, and the group's legal advisors; |
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performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
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obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and |
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in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.
Peter Rinn Holdings Limited
Independent Auditor's Report to the Members of Peter Rinn Holdings Limited
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 non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director 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 involved deliberate concealment or collusion.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
Freshford House
Redcliffe Way
BS1 6NL
Peter Rinn Holdings Limited
Consolidated Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
|
|
|
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Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
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Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
(763,278) |
(783,968) |
||
|
Share of (loss)/profit of joint ventures |
( |
|
|
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Profit attributable to: |
|||
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Owners of the company |
|
|
|
|
Minority interests |
|
|
|
|
|
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The group has no recognised gains or losses for the year other than the results above.
Peter Rinn Holdings Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Profit for the year |
|
|
|
Exchange differences on retranslation of subsidiary undertakings |
- |
( |
|
Total comprehensive income for the year |
|
|
|
Total comprehensive income attributable to: |
||
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Owners of the company |
|
|
|
Minority interests |
|
|
|
|
|
Peter Rinn Holdings Limited
(Registration number: 11599428)
Consolidated Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
|
|
Fixed assets |
|||
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Tangible assets |
|
|
|
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Investment property |
- |
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|
Investments |
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|
|
|
|
|
||
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Current assets |
|||
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Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
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||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
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Total assets less current liabilities |
|
|
|
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Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Share premium reserve |
|
|
|
|
Foreign currency translation reserve |
(62,580) |
(62,580) |
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|
Other reserves |
( |
( |
|
|
Profit and loss account |
|
|
|
|
Equity attributable to owners of the company |
|
|
|
|
Minority interests |
|
|
|
|
Total equity |
|
|
Approved and authorised by the
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Peter Rinn Holdings Limited
(Registration number: 11599428)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
|
|
Fixed assets |
|||
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Tangible assets |
|
|
|
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Investment property |
- |
|
|
|
Investments |
|
|
|
|
|
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||
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Current assets |
|||
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Stocks |
|
|
|
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Debtors |
|
|
|
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Cash at bank and in hand |
|
|
|
|
|
|
||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
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Called up share capital |
|
|
|
|
Share premium reserve |
|
|
|
|
Profit and loss account |
|
|
|
|
Total equity |
|
|
The company made a profit after tax for the financial year of £285,434 (2023 - loss of £4,101,253).
Approved and authorised by the
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Peter Rinn Holdings Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company
|
Share capital |
Share premium |
Foreign currency translation |
Other reserves |
Profit and loss account |
Total |
Non- controlling interests |
Total equity |
|
|
At 1 January 2024 |
|
|
( |
( |
|
|
|
|
|
Profit for the year |
- |
- |
- |
- |
|
|
|
|
|
Dividends |
- |
- |
- |
- |
( |
( |
( |
( |
|
At 31 December 2024 |
|
|
( |
( |
|
|
|
|
|
Share capital |
Share premium |
Foreign currency translation |
Merger relief reserve |
Other reserves |
Profit and loss account |
Total |
Non- controlling interests |
Total equity |
|
|
At 1 January 2023 |
|
|
|
|
( |
|
|
|
|
|
Profit for the year |
- |
- |
- |
- |
- |
|
|
|
|
|
Other comprehensive income |
- |
- |
( |
- |
- |
- |
( |
- |
( |
|
Total comprehensive income |
- |
- |
( |
- |
- |
|
|
|
|
|
Dividends |
- |
- |
- |
- |
- |
( |
( |
- |
( |
|
Transfers |
- |
- |
- |
(7,831,113) |
7,831,113 |
- |
- |
- |
- |
|
At 31 December 2023 |
|
|
( |
- |
( |
|
|
|
|
Peter Rinn Holdings Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
|
Share capital |
Share premium |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
Share capital |
Share premium |
Merger relief reserve |
Retained earnings |
Total |
|
|
At 1 January 2023 |
|
|
|
|
|
|
Loss for the year |
- |
- |
- |
( |
( |
|
Other comprehensive income |
- |
- |
- |
|
|
|
Total comprehensive income |
- |
- |
- |
|
|
|
Dividends |
- |
- |
- |
( |
( |
|
Transfers |
- |
- |
(7,831,113) |
- |
(7,831,113) |
|
At 31 December 2023 |
5 |
5,774,998 |
- |
11,242,033 |
17,017,036 |
Peter Rinn Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Profit on disposal of tangible assets |
( |
- |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Share of profit/loss of joint ventures |
|
( |
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
(Increase)/decrease in stocks |
( |
|
|
|
Increase in trade debtors |
( |
( |
|
|
Decrease in trade creditors |
( |
( |
|
|
Cash (used in)/generated from operations |
( |
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
( |
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
- |
|
|
Proceeds from sale of investment properties |
|
- |
|
|
Net cash flows from investing activities |
|
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Net (repayment)/drawdown of bank borrowings |
|
( |
|
|
Payments to finance lease creditors |
- |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
|
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Effect of exchange rate fluctuations on cash held |
- |
( |
|
|
Cash and cash equivalents at 31 December |
8,154,933 |
7,777,788 |
|
The company is a qualifying entity for the purposes of FRS 102 and have elected to have exemption under FRS 102 paragraph 1.12(b) not to present the Company Statement of Cash Flows.
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Summary of disclosure exemptions
No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of 285,434 (2023 - loss of £4,101,253).
The company has taken advantage of the reduced disclosure exemptions in FRS 102 and has not presented a cash flow statement or key management remuneration for the parent company.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 December 2024.
Merger accounting was adopted for the year ended 31 December 2019 to account for the group reconstruction of Cotswold Homes Limited and Linmur Limited.
Under the group reconstruction, Peter Rinn Holdings Limited acquired the entire share capital of Linmur Limited, a sister company with the same ownership, in exchange for shares in Peter Rinn Holdings Limited in the same proportion to the existing shareholdings in that company.
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
On the same day, Peter Rinn Holdings Limited acquired 37% of the share capital in Cotswold Homes Limited in exchange for shares in Peter Rinn Holdings Limited and Linmur Limited distributed its interest in the shares of Cotswold Homes Limited and a loan receivable from Cotswold Homes Limited to Peter Rinn Holdings Limited. Following the distribution, the loan receivable from Cotswold Homes Limited was exchanged for shares in Peter Rinn Holdings Limited.
The result of these transactions is a merger of all entities previously under common control with the ultimate controlling party and the equity interest of the owners remaining the same.
Where merger accounting has been used, the acquired entities' assets and liabilities are not adjusted to fair value so no new goodwill arises and the entities' assets and liabilities are brought in at the amounts at which the entities recorded them in their books before the combination.
The differences between the nominal value of the shares issued plus the fair value of any other consideration given and the nominal of the share received in exchange is shown as a movement in other reserves.
Any existing balances on share premium account of the new subsidiary are brought in against other reserves.
Following the original group reconstruction detailed above, the purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Entities which the group holds an interest and which are jointly controlled by the group and one or more ventures under a contractual agreement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the equity method.
In the parent company financial statements, investments in subsidiaries and joint ventures and accounted for at cost less impairment.
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
On the same day, Peter Rinn Holdings Limited acquired 37% of the share capital in Cotswold Homes Limited in exchange for shares in Peter Rinn Holdings Limited and Linmur Limited distributed its interest in the shares of Cotswold Homes Limited and a loan receivable from Cotswold Homes Limited to Peter Rinn Holdings Limited. Following the distribution, the loan receivable from Cotswold Homes Limited was exchanged for shares in Peter Rinn Holdings Limited.
The result of these transactions is a merger of all entities previously under common control with the ultimate controlling party and the equity interest of the owners remaining the same.
Where merger accounting has been used, the acquired entities' assets and liabilities are not adjusted to fair value so no new goodwill arises and the entities' assets and liabilities are brought in at the amounts at which the entities recorded them in their books before the combination.
The differences between the nominal value of the shares issued plus the fair value of any other consideration given and the nominal of the share received in exchange is shown as a movement in other reserves.
Any existing balances on share premium account of the new subsidiary are brought in against other reserves.
Following the original group reconstruction detailed above, the purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Entities which the group holds an interest and which are jointly controlled by the group and one or more ventures under a contractual agreement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the equity method.
In the parent company financial statements, investments in subsidiaries and joint ventures and accounted for at cost less impairment.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue operating for the forseeable future. The director has reviewed and stress tested budgets and projections for the next twelve months. From this review, the director considers that the group will continue to trade for the next twleve months and thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Key sources of estimation uncertainty
In the application of the group's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
During the year management have made an estimate for work in progress. The basis for this estimate is formed from considering expected total costs, expected total sales and the percentage completion of sites in progress. An estimate is then made which is based on on the lower of cost and net realisable value. The carrying amount is £29,530,793 (2023 - £21,026,734).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the construction and subsequent sale of residential properties In the ordinary course of the group's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The group recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the group's activities.
Where the outcome of a long term contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by surveys of work performed to date.
Rental income has been recognised on an accruals basis in line with the overall revenue recognition policy.
Finance income and costs policy
Interest income and expenses are recognised using the effective interest rate method.
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except for items previously as other comprehensive income, for which tax is recognised in the statement of other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current or deferred taxation assets and liabilities are not discounted.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Long leasehold land and buildings |
30 years straight line |
|
Furniture, fittings and equipment |
10-25% straight line |
|
Plant and machinery |
20% straight line |
|
Motor vehicles |
10-25% straight line |
Investment property
Investments
Investment in subsidiaries are measured at cost less impairment.
Investments in joint ventures are recognised initially in the consolidated statement of financial position at cost (including transaction costs). Subsequently, they are accounted for using the equity method.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Trade debtors
Trade debtors are amounts due from customers for goods sold in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
The cost of work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, work in progress is assessed for impairment. If work in progress is impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss. Land is recognised in stock when the significant risks and rewards of ownership have been transferred to the group.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised in the reporting period in which the dividends are declared.
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Recognition and measurement
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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
The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Turnover |
The analysis of the group's turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of residential properties |
|
|
|
Rental income from investment property |
|
|
|
|
|
The analysis of the group's Turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
|
Europe |
- |
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting):
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Profit on disposal of property, plant and equipment |
( |
- |
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest expense on other finance liabilities |
- |
|
|
|
|
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
Management |
|
|
|
|
|
There were no employees within the parent company in the current or comparative year.
|
Director's remuneration |
The director's remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of these financial statements |
5,000 |
2,875 |
|
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
15,000 |
30,579 |
|
|
|
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Taxation |
Tax charged in the income statement:
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
( |
|
454,306 |
597,374 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
- |
|
Tax increase from effect of capital allowances and depreciation |
- |
|
|
Effect of revenues exempt from taxation |
- |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
( |
|
|
Deferred tax expense/(credit) from unrecognised tax loss or credit |
|
( |
|
Deferred tax credit relating to changes in tax rates or laws |
- |
( |
|
Total tax charge |
|
|
The deferred tax balance has been calculated based on the rates enacted at 31 December 2024.
Deferred tax
Group
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Fixed asset short term timing differences |
|
|
|
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2023 |
Liability |
|
Fixed asset short term timing differences |
|
|
|
|
Tangible assets |
Group
|
Long leasehold land and buildings |
Furniture, fittings and equipment |
Plant and machinery |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Additions |
- |
|
- |
|
|
|
Disposals |
- |
( |
- |
- |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 January 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
( |
- |
- |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 December 2024 |
|
|
- |
|
|
|
At 31 December 2023 |
|
|
|
|
|
Included within the net book value of land and buildings above is £500,261 (2023 - £532,985) in respect of long leasehold land and buildings.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2024 |
2023 |
|
|
Motor vehicles |
54,953 |
65,803 |
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Company
|
Plant and machinery |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Depreciation |
||
|
Charge for the year |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
|
Investment properties |
Group
|
2024 |
|
|
At 1 January |
|
|
Disposals |
( |
|
At 31 December |
- |
Company
|
2024 |
|
|
At 1 January |
|
|
Disposals |
( |
|
At 31 December |
- |
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Investments |
Group
Details of undertakings
|
Joint ventures |
£ |
|
Cost |
|
|
At 1 January 2024 |
|
|
Share of loss for the year |
( |
|
At 31 December 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
85 St. Peters Road, Walkinstown, Dublin 12 |
|
|
|
|
Ireland |
||||
|
|
West House Armstrong Way, Yate, Bristol, BS37 5NG |
|
|
|
|
England and Wales |
||||
|
|
West House Armstrong Way, Yate, Bristol, BS37 5NG |
|
|
|
|
England and Wales |
||||
|
|
West House Armstrong Way, Yate, Bristol, BS37 5NG |
|
|
|
|
England and Wales |
||||
|
|
West House, Armstrong Way, Yate, Bristol, BS37 5NG |
|
|
|
|
England and Wales |
||||
|
Joint ventures |
||||
|
|
West House Armstrong Way, Yate, Bristol, BS37 5NG |
Ordinary shares |
|
|
|
England and Wales |
||||
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
* indicates direct investment of the company.
Subsidiary undertakings
|
Linmur Ltd The principal activity of Linmur Ltd is |
|
Cotswold Homes Limited The principal activity of Cotswold Homes Limited is |
|
Cotswold Homes (BG) Ltd The principal activity of Cotswold Homes (BG) Ltd is |
|
Midland Commercial Ltd The principal activity of Midland Commercial Ltd is |
|
Horwood Decorating Limited The principal activity of Horwood Decorating Limited is |
At the year-end, the group had control over a number of management companies which were set up in relation to development sites.These entities are non-trading, have a nil carrying value, and are intended to be transferred to property owners upon completion of the development and sale of all units.
For the period ending 31 December 2024, Horwood Decorating Limited (12052777), was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.
Joint venture undertakings
Terramond Developments Limited
The principal activity of Terramond Developments Limited is property development.
Company
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Investments in joint ventures |
|
|
|
|
|
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
|
Joint ventures |
£ |
|
Cost |
|
|
At 1 January 2024 |
|
|
Share of loss for the year |
( |
|
At 31 December 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
|
Stocks |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Work in progress |
|
|
|
|
The group has recognised a provision for impairment in the period against work in progress of £172,002 (2023 - £172,002).
|
Debtors |
|
Group |
Company |
||||
|
Current |
Note |
2024 |
2023 |
2024 |
2023 |
|
Trade debtors |
|
|
- |
- |
|
|
Amounts owed by related parties |
|
|
|
|
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
- |
- |
|
|
|
|
|
|
||
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
The group has not recognised a provision for impairment in the year against trade debtors (2023 - £Nil).
Amounts owed by related parties are unsecured, interest free, have no fixed repayment date and are repayable on demand.
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Cash at bank |
|
|
|
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Trade creditors |
|
|
- |
- |
|
|
Amounts due to related parties |
|
- |
|
- |
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Other creditors |
|
|
- |
|
|
|
Accruals |
|
|
- |
|
|
|
Corporation tax |
89,116 |
231,866 |
- |
2,587 |
|
|
|
|
|
|
||
Amounts due to related parties are unsecured, interest free, have no fixed repayment date and are repayable on demand.
Bank loans and borrowings are secured, further details of which are provided in note 22.
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Increase in existing provisions |
|
|
|
At 31 December 2024 |
|
|
|
|
||
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Pension and other schemes |
Defined contribution pension scheme
The group participates in a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £Nil (2023 - £Nil) were payable to the scheme at the end of the year and are included within creditors.
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
5.05 |
|
5.05 |
Rights, preferences and restrictions
|
Ordinary shares of £0.001 each have the following rights, preferences and restrictions: |
|
Reserves |
Group
Share premium
This represents the excess of the proceeds over the par value of shares issued less any directly attributable transaction costs.
Foreign currency translation
This reserve reflects the accumulated foreign exchange differences upon the translation of the Group's foreign operations.
Merger relief reserve
This represents the excess of the fair value of the investment in subsidiaries over the par value of shares issued on acquisition of subsidiaries in a share for share exchange when the criteria set out in Section 612 of Companies Act 2006 have been met. Transfers are made to or from the profit and loss reserve to reflect the release or reclassification of amounts previously reported in respect of group companies no longer active.
Profit and loss account
This represents accumulated profits net of any distributions to shareholders.
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Other reserves
Arising on consolidation under merger accounting, this reserve represents the difference between the par value of shares issued plus the fair value of any consideration given and the nominal value of shares received in exchange net of any share premium reserves in subsidiaries. Transfers are made to or from the profit and loss reserve to reflect the release or reclassification of amounts previously reported in respect of group companies no longer active.
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
- |
- |
Bank loans are denominated in GBP and are repayable in accordance with repayment terms at a nominal rate of interest plus the prevailing base rate.
The borrowings are secured by debentures as well as fixed and floating charges including first legal charges over the developments to which they relate.
At the year end, a first legal charge was held over the property at Chipping Sodbury, Broadfield Farm, Rooktree Farm and Duke's Field, Selman Drive, Malmesbury.
Long leasehold land and buildings with a carrying amount of £500,261 (2023 - £532,985) have been pledged as security for a bank loan taken out to faciliitate the construction of a property.
|
Obligations under leases and hire purchase contracts |
Group
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Dividends |
|
2024 |
2023 |
|||
|
£ |
£ |
|||
|
Interim dividend of £45.5445 (2023 - £59.4059) per each ordinary £0.001 |
230,000 |
300,000 |
||
|
Analysis of changes in net debt |
Group
|
At 1 January 2024 |
Financing cash flows |
Loan financing |
At 31 December 2024 |
|
|
Cash and cash equivalents |
||||
|
Cash |
7,777,788 |
377,145 |
- |
8,154,933 |
|
Borrowings |
||||
|
Short term borrowings |
(5,908,714) |
- |
(8,323,252) |
(14,231,966) |
|
|
||||
|
|
|
( |
( |
|
|
Related party transactions |
Group
Key management compensation
|
2024 |
2023 |
|
|
Salaries and other short term employee benefits |
|
|
|
Post-employment benefits |
|
|
|
|
|
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Income and receivables from related parties
|
2024 |
Joint ventures |
|
Receipt of services |
|
|
Amounts receivable from related party |
|
|
|
|
|
2023 |
Joint ventures |
|
Receipt of services |
|
|
Amounts receivable from related party |
|
|
|
|
Expenditure with and payables to related parties
|
2024 |
Key management |
|
Amounts payable to related party |
|
|
|
|
|
2023 |
Key management |
|
Amounts payable to related party |
|
|
|
|
Loans to related parties
|
2024 |
Joint ventures |
Total |
|
At start of period |
|
|
|
Advanced |
|
|
|
At end of period |
|
|
|
|
||
|
2023 |
Joint ventures |
Total |
|
At start of period |
|
|
|
Advanced |
|
|
|
At end of period |
|
|
|
|
||
Terms of loans to related parties
Peter Rinn Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Company
Income and receivables from related parties
|
2024 |
Subsidiaries |
|
Recharges receivable |
|
|
Amounts receivable from related party |
|
|
|
|
|
2023 |
Subsidiaries |
|
Dividends receivable |
|
|
Amounts receivable from related party |
|
|
|
|
Expenditure with and payables to related parties
|
2024 |
Subsidiary |
Key management |
|
Purchase of goods |
|
- |
|
Amounts payable to related party |
|
|
|
|
||
|
2023 |
Subsidiary |
Key management |
|
Purchase of goods |
|
- |
|
Amounts payable to related party |
- |
|
|
|
||
|
Parent and ultimate parent undertaking |
The ultimate controlling party is