Company registration number 15034285 (England and Wales)
PRE GROUP LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
PRE GROUP LTD
COMPANY INFORMATION
Directors
M Ellis
(Appointed 13 March 2024)
P R Eyre
Company number
15034285
Registered office
Moorhead House
Moorhead Way
Bramley
Rotherham
South Yorkshire
S66 1YY
Auditor
Sumer Auditco Limited
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
Bankers
NatWest Bank Plc
PO Box 4
69 Bridge Street
Worksop
S80 1DJ
Santander UK Plc
1st Floor
Telegraph House
High Street
Sheffield
S1 2AN
Solicitors
Gateley Plc
One Eleven
Edmund Street
Birmingham
B3 2HJ
PRE GROUP LTD
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 37
PRE GROUP LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 1 -

The directors present the strategic report for the period ended 30 September 2024.

Review of the business

On 29 September 2023, Pre Group Ltd acquired the entire share capital of United Carpets Group Limited and Paul Eyre (Holdings) Limited via a share for share exchange agreement. No change in overall ownership occurred throughout the group, and as such merger accounting principles have been applied.

 

The majority of the groups trade continues to be centered around the "United Carpets" group of companies which specialises in carpet and bed retailing and the franchising of retail outlets.

 

The financial year-end to 30 September 2024 for us, and like many retailers in the flooring industry, remained competitive. As a predominately Franchised business and in an ever-tightening market we saw a decrease in LFL sales of 3.6% against an increase of 1.1% in LFL sales in the prior year.  

 

The Franchise network, like all businesses in 2024, was hit with the continued cost-of-living crisis that has been affecting our customers and competitors alike. The volatility of oil prices linked to Ukraine, and as of writing, the tensions in the Middle East have maintained a sense of pessimism in the market. Inflation remains sticky and interest rates remain high; retail traders have been feeling the effects none other than Carpetright who fell into administration in July 24.

 

We are pleased to maintain the excellent relationships we have with our key suppliers, there is no doubt that this allows us to keep our price increases to a minimum and therefore we keep our prices competitive for customers. So, against this backdrop, our LFL sales for the period up to publication have increased by 6.9% showing the strength of our Franchise model.

 

As of 1 October 2023, the group operated from 58 stores of which 46 were franchised and 12 were corporate stores. During the year under review, one store was closed and two were transferred to corporate ownership resulting in a total of 57 stores of which 43 were franchised and 14 were corporate by the year end.

The group also controls and operates three other trading subsidiary companies, two of which operate in the rental and development of property sector. These companies own various properties, some of which are held for sale and others which are held for rental and capital appreciation. These companies have maintained steady growth during the period to 30 September 2024, through the profits generated from the rental of investment property and the sales of park homes.

 

The third smaller trading subsidiary operates a motor vehicle rental business, which also includes the running and management of a bar restaurant. The company continues to operate within a competitive sector, with the costs to run the business continually rising as a result of external economic factors.

Financial review

 

Revenue, which includes marketing and rental costs incurred by the group and recharged to franchisees, decreased by 2.8% to £26.7m (2023: £27.4m) during the year. The impact of having more corporate stores does increase the turnover however, given the current challenging global economic environment, turnover has seen a small decrease in the period.

 

Cost of sales as a percentage of turnover decreased to 34.5% (2023: 36.6%). As a business, we have tried to keep costs down given the current economic climate and continued inflationary pressures. The management team remains positive and pleased with this performance and whilst no increase is palatable this does demonstrate the effective monitoring and cost control measures implemented.

Profit before tax was £1.6m (2023: £1.3m), a increase of £0.3m. This small increase reflects increased costs across the network net of gains made on the investment property held by the group.

 

At the year end the net assets of the group amounted to £11.3m. The management board is satisfied that the group has significant reserves, providing financial strength and permitting opportunities in respect of further expansion to be facilitated in line with the longer-term growth strategy. 

PRE GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 2 -
Principal risks and uncertainties

The group makes little use of financial instruments other than an operational bank account and trade receivables and payables.

 

Price Risk

 

The group is exposed to price risk in relation to the cost of stock for resale. The group monitors trends in the market closely and liaises with related companies and third-party suppliers in relation to fluctuations in the prices and impact on future profitability.  The group does not hedge its future stock purchase requirement but it does seek to recover major movements in the commodity price through price adjustments with its customers when appropriate.

 

Liquidity Risk

 

The group seeks to manage financial risk by ensuring liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.

 

Interest Rate Risk

 

The group finances its operations predominately through retained profits and via related company funding arrangements. The group exposure to interest rate fluctuations on its borrowings is managed by the use of both fixed and floating facilities.

 

Foreign Currency Risk

 

The group's activities expose it to the financial risks of changes in foreign currency exchange rates. Some of the company's inventory purchases are in US dollars and Euros.  The group does not hedge its foreign currency exchange transactions on the basis any fluctuations in exchange rates are not expected to have a significant impact on our results and we continue to minimise this risk in our commercial arrangements with customers and suppliers.

 

Credit Risk

 

The principal credit risk arises from trade debtors. Most customers have paid for their goods before the company fits /​ delivers. Any customers that seek credit are directed to our third-party credit providers. A provision for doubtful debts is monitored against any non-payment of debts and a provision is made if necessary.

 

PRE GROUP LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 3 -
Key performance indicators

The group reviews and monitors its performance against a number of key performance indicators both financial and non-financial. The principal measures include revenue growth, maintaining service levels, improvement of gross margins, number of operational stores and debtor days. These are reviewed by the management team and reported to the Board on a monthly basis.

 

The Directors have and will continue to monitor all of the KPI’s and daily operating controls and maintain a strong focus on increasing performance in all aspects of the business.

 

The main KPIs and corresponding results are as follows:

 

 

2024

2023

Turnover

£26.7m

£27.4m

Revenue growth

(2.8%)

0.8%

Gross profit margin

65.5%

63.4%

 

 

 

Year-end store numbers

 

 

  • Corporate

14

12

  • Franchised

43

46

  • Total

57

58

 

 

 

Net current assets

£5.1m

£5.3m

Net assets

£11.3m

£10.6m

 

The decrease in revenue in the year is reflective of the challenging economic climate, which resulted in the reduction in overall store numbers during the period.

 

The net assets of the group remain substantial for its size at £11.3m which illustrates the financial strength of the group.

Personnel

The success of the group is dependent on the continued service of its key management personnel and franchisees and on its ability to attract, motivate, and retain suitably qualified individuals. The group has competitive reward packages for all staff and significant earnings potential for successful franchisees. The group seeks to train and develop all staff and franchisees to continually improve product knowledge and customer service.

 

We would like to take this opportunity to thank the staff once again and especially the franchisees for their professionalism and support.

On behalf of the board

P R Eyre
Director
15 July 2025
PRE GROUP LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 4 -

The directors present their annual report and financial statements for the period ended 30 September 2024.

Principal activities

The principal activity of the company is that of a holding company.

 

The principal activities of the group continued to be that of carpet and bed retailing and franchising of retail outlets, rental and development of property and the rental of motor vehicles.

Results and dividends

The results for the period are set out on page 9.

Ordinary dividends were paid amounting to £640,071. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

M Ellis
(Appointed 13 March 2024)
P R Eyre
Future developments

The future developments of the group are closely linked to the continued success of the trading subsidiaries. The directors continue to monitor and manage the trading subsidiaries. We continue to roll out our new branding across the "United Carpets" network, resulting in the customer's in-store experience matching the visuals outside of the store. Going forward however remains challenging and we are focused on the basics of our operation which are product, price, and our customers. We continue to review and update where necessary customer offerings which we believe continue to make us competitive and relevant and one step ahead of the competition.

 

The group has sufficient financial resources in place to execute its strategy to develop for the future.

Auditor

Sumer Auditco Limited were appointed as auditor to the group and are deemed to be reappointed under section 487(2) of the Companies Act 2006.

PRE GROUP LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 5 -
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
P R Eyre
Director
15 July 2025
PRE GROUP LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PRE GROUP LTD
- 6 -
Opinion

We have audited the financial statements of Pre Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the period ended 30 September 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group 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:

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's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

PRE GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PRE GROUP LTD
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, and through discussions with the directors (as required by auditing standards) and discussed with the directors the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. The potential effect of these laws and regulations on the financial statements varies considerably.

 

Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation and taxation legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

 

Secondly, the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: laws related to employment, health & safety and data protection.

 

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Through these procedures we did not become aware of any actual or suspected non-compliance.

PRE GROUP LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PRE GROUP LTD
- 8 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

We design procedures in line with our responsibilities, outlined below to detect material misstatement due to fraud:

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

The financial statements of the parent company for the period ended 28 September 2023 were not audited, as an exemption from audit was claimed under s477 of the Companies Act 2006.

 

The comparative results included in these financial statements reflect the adoption of merger accounting, as permitted by FRS 102, following a group restructure.

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.

Nilesh Modhvadia (Senior Statutory Auditor)
For and on behalf of Sumer Auditco Limited, Statutory Auditor
Fourth Floor
Unit 5B, The Parklands
Bolton
BL6 4SD
15 July 2025
PRE GROUP LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 9 -
Period
Period
ended
ended
30 September
28 September
2024
2023
Notes
£
£
Turnover
3
26,658,222
27,424,073
Cost of sales
(9,206,281)
(10,031,215)
Gross profit
17,451,941
17,392,858
Distribution costs
(271,459)
(346,612)
Administrative expenses
(16,172,228)
(15,776,069)
Other operating income
111,364
165,601
Operating profit
4
1,119,618
1,435,778
Interest receivable and similar income
8
70,268
47,811
Interest payable and similar expenses
9
(213,987)
(203,289)
Fair value gains and losses on investment properties
14
599,960
-
0
Profit before taxation
1,575,859
1,280,300
Tax on profit
10
(251,581)
(218,241)
Profit for the financial period
1,324,278
1,062,059
Profit for the financial period is all attributable to the owners of the parent company.
Total comprehensive income for the period is all attributable to the owners of the parent company.
PRE GROUP LTD
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 10 -
30 September 2024
28 September 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
75,750
31,150
Tangible assets
13
4,309,840
4,965,279
Investment property
14
5,796,533
4,856,193
10,182,123
9,852,622
Current assets
Stocks
17
5,766,617
5,909,152
Debtors
18
7,688,700
7,837,087
Cash at bank and in hand
1,264,562
1,327,723
14,719,879
15,073,962
Creditors: amounts falling due within one year
19
(9,642,612)
(9,724,595)
Net current assets
5,077,267
5,349,367
Total assets less current liabilities
15,259,390
15,201,989
Creditors: amounts falling due after more than one year
20
(2,747,016)
(3,193,675)
Provisions for liabilities
Provisions
23
819,501
945,450
Deferred tax liability
24
373,765
427,963
(1,193,266)
(1,373,413)
Net assets
11,319,108
10,634,901
Capital and reserves
Called up share capital
26
380,464
380,464
Other reserves
401,725
401,725
Profit and loss reserves
10,536,919
9,852,712
Total equity
11,319,108
10,634,901

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 15 July 2025 and are signed on its behalf by:
15 July 2025
P R Eyre
Director
Company registration number 15034285 (England and Wales)
PRE GROUP LTD
COMPANY BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 11 -
30 September 2024
28 September 2023
Notes
£
£
£
£
Fixed assets
Investments
15
380,462
-
0
Current assets
Debtors
18
170,917
2
Net current assets
170,917
2
Net assets
551,379
2
Capital and reserves
Called up share capital
26
380,464
2
Profit and loss reserves
170,915
-
0
Total equity
551,379
2

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £810,986 (2023 - £0 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 15 July 2025 and are signed on its behalf by:
15 July 2025
P R Eyre
Director
Company registration number 15034285 (England and Wales)
PRE GROUP LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 12 -
Share capital
Merger reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 October 2022
380,464
401,725
9,467,813
10,250,002
Period ended 28 September 2023:
Profit and total comprehensive income
-
-
1,062,059
1,062,059
Dividends
11
-
-
(677,160)
(677,160)
Balance at 28 September 2023
380,464
401,725
9,852,712
10,634,901
Period ended 30 September 2024:
Profit and total comprehensive income
-
-
1,324,278
1,324,278
Dividends
11
-
-
(640,071)
(640,071)
Balance at 30 September 2024
380,464
401,725
10,536,919
11,319,108
PRE GROUP LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2022
-
0
-
0
-
Period ended 28 September 2023:
Profit and total comprehensive income for the period
-
-
-
0
Issue of share capital
26
2
-
2
Balance at 28 September 2023
2
-
0
2
Period ended 30 September 2024:
Profit and total comprehensive income
-
810,986
810,986
Issue of share capital
26
380,462
-
380,462
Dividends
11
-
(640,071)
(640,071)
Balance at 30 September 2024
380,464
170,915
551,379
PRE GROUP LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
1,657,761
1,726,931
Interest paid
(213,987)
(203,289)
Income taxes paid
(262,262)
(377,753)
Net cash inflow from operating activities
1,181,512
1,145,889
Investing activities
Purchase of intangible assets
(44,600)
(31,150)
Purchase of tangible fixed assets
(80,242)
(558,503)
Proceeds from disposal of tangible fixed assets
61,842
14,180
Purchase of investment property
(340,380)
(12,700)
Repayment of loans
(33,250)
(399,449)
Interest received
70,268
47,811
Net cash used in investing activities
(366,362)
(939,811)
Financing activities
Proceeds from new bank loans
250,000
750,000
Repayment of bank loans
(164,238)
(182,036)
Payment of finance leases obligations
(324,002)
(187,436)
Dividends paid to equity shareholders
(640,071)
(677,160)
Net cash used in financing activities
(878,311)
(296,632)
Net decrease in cash and cash equivalents
(63,161)
(90,554)
Cash and cash equivalents at beginning of period
1,327,723
1,418,277
Cash and cash equivalents at end of period
1,264,562
1,327,723
PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 15 -
1
Accounting policies
Company information

Pre Group Ltd (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Moorhead House, Moorhead Way, Bramley, Rotherham, South Yorkshire, S66 1YY.

 

The group consists of Pre Group Ltd and all of its subsidiaries.

1.1
Reporting period

The director decided to extend the accounting reference date to 30 September 2024, to align with other group companies and companies under the control of the ultimate shareholder.

 

The change is for 2 days and therefore comparative amounts presented in the financial statements (including the related notes) are considered comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Pre Group Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 30 September 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

On 29 September 2023, Pre Group Ltd acquired the entire share capital of United Carpets Group Limited and Paul Eyre (Holdings) Limited, via a share for share exchange agreement. The group has adopted the principles of merger accounting from FRS 102. Accordingly, the consolidated group financial statements have been presented as if United Carpets Group Limited and Paul Eyre (Holdings) Limited have been owned by Pre Group Ltd throughout the current and preceding periods. The comparative figures include the results of the merged entities, the assets and liabilities at the previous balance sheet dates and the shares issued by Pre Group Ltd as consideration as if they had always been in issue.

1.5
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 17 -

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
25% straight line
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
over 40 years
Leasehold land and buildings
10% p.a. straight line
Plant and equipment
10% p.a. straight line
Fixtures and fittings
10%-25% p.a. straight line
Computers
25% p.a. straight line
Motor vehicles
25% p.a. straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.10
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 18 -
1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.13
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.14
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.15
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.16
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.17
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.18
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.19
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.20
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.

PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 22 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Trade receivables

Trade receivables are recognised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of provision required for irrecoverable debt. Provisions are made specifically against invoices where recoverability is uncertain.

 

At the balance sheet date, the provision for bad and doubtful debts was £1,635,491 (2023; £1,611,369).

 

Refer to note 18, showing the trade debtor balance impacted by this key accounting estimate.

Stock provision

The company considers it necessary to evaluate the recoverability of the cost of stock. The stock levels are constantly reviewed and should there be an indication of obsolescence, the stock is written down to its assessed net realisable value.

 

At the balance sheet date, the stock provision was £367,838 (2023: £269,499).

 

Refer to note 17, showing the stock balance impacted by this key accounting estimate.

Onerous lease and dilapidation provision

The company considers it necessary to evaluate the costs of exiting a lease ahead of the agreed lease terms and returning the leased properties to their original condition as required on termination of the lease term per the lease agreements.

 

At the balance sheet date, management have recognised a provision of £819,501 (2023; £945,450), as detailed in note 23.

Tangible fixed assets

Tangible fixed are depreciated over their useful economic lives taking into account residual values, where appropriate. The actual lives of the tangible fixed assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, all relevant known factors are taken to account but there is inherent uncertainty present in making this assessment.

 

During the period a depreciation charge of £664,022 (2023: £694,876) was calculated based on accounting policies applied.

 

Refer to note 13, showing the tangible fixed assets carrying values impacted by this key accounting estimate.

Freehold and investment properties valuations

Properties are valued annually using the yield methodology. This uses market rental value capitalised at a market yield rate. There is an inevitable degree of judgement involved in that each property is unique and value can ultimately only be reliably tested in the market itself. The directors use professional valuations to assist in their assessment which are undertaken on an existing use basis.

 

At the balance sheet date, the net book value of freehold properties was £1,950,652 (2023: £2,018,364) and the fair value of the investment properties was £5,796,533 (2023: £4,856,193).

PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 23 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
17,363,476
17,037,228
Rendering of services
9,294,746
10,386,845
26,658,222
27,424,073
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
26,658,222
27,424,073
2024
2023
£
£
Other revenue
Interest income
70,268
47,811
Commissions received
15,000
-
4
Operating profit
2024
2023
£
£
Operating profit for the period is stated after charging/(crediting):
Exchange losses
2,742
-
Depreciation of owned tangible fixed assets
508,046
485,931
Depreciation of tangible fixed assets held under finance leases
155,976
208,945
Loss/(profit) on disposal of tangible fixed assets
9,817
(4,909)
Amortisation of intangible assets
-
3,075
Operating lease charges
2,845,231
2,937,745
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
10,000
-
Audit of the financial statements of the company's subsidiaries
102,500
81,567
112,500
81,567
PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 24 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the period was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Administration
68
73
-
-
Warehouse and stores
84
86
-
-
Total
152
159
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,538,097
4,652,736
-
0
-
0
Social security costs
407,701
452,556
-
-
Pension costs
316,142
300,609
-
0
-
0
5,261,940
5,405,901
-
0
-
0
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
185,002
188,656
Company pension contributions to defined contribution schemes
18,824
22,821
203,826
211,477
The number of directors for whom retirement benefits are accruing under defined benefit contribution schemes amount to 2 (2023 - 2).
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
128,681
133,766
Company pension contributions to defined contribution schemes
8,824
8,821
PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 25 -
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
9,392
-
0
Interest receivable from group companies
44,615
35,357
Other interest income
16,261
12,454
Total income
70,268
47,811
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
98,354
111,022
Interest on finance leases and hire purchase contracts
39,757
43,833
Other interest
75,876
48,434
Total finance costs
213,987
203,289
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
336,702
295,031
Adjustments in respect of prior periods
-
0
58
Total current tax
336,702
295,089
Deferred tax
Origination and reversal of timing differences
(85,121)
(76,848)
Total tax charge
251,581
218,241
PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
10
Taxation
(Continued)
- 26 -

The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,575,859
1,280,300
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
393,965
320,075
Tax effect of expenses that are not deductible in determining taxable profit
(15,820)
33,582
Gains not taxable
(149,990)
-
0
Tax effect of utilisation of tax losses not previously recognised
-
0
(17,203)
Unutilised tax losses carried forward
-
0
(2,165)
Effect of change in corporation tax rate
-
(11,725)
Permanent capital allowances in excess of depreciation
9,251
(12,391)
Depreciation on assets not qualifying for tax allowances
25,868
26,650
Other permanent differences
(12,394)
(90,124)
Under/(over) provided in prior years
-
0
58
Deferred tax adjustments in respect of prior years
701
-
0
Tax at marginal rate
-
0
(28,516)
Taxation charge
251,581
218,241

Deferred tax has been recognised at a rate of 25%. In October 2022, the government announced an increase in the corporation tax main rate from 19% to 25% for companies with profit over £250,000. There is a small company rate of 19% for taxable profits under £50,000 and marginal relief available for profits falling between £50,000 - £250,000 with effect from 1 April 2023.

11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
640,071
677,160
PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 27 -
12
Intangible fixed assets
Group
Software
£
Cost
At 29 September 2023
50,520
Additions
44,600
At 30 September 2024
95,120
Amortisation and impairment
At 29 September 2023 and 30 September 2024
19,370
Carrying amount
At 30 September 2024
75,750
At 28 September 2023
31,150
The company had no intangible fixed assets at 30 September 2024 or 28 September 2023.
PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 28 -
13
Tangible fixed assets
Group
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 29 September 2023
2,708,204
1,656,990
948,255
2,240,372
11,394
1,013,762
8,578,977
Additions
-
0
12,625
11,625
55,992
-
0
-
0
80,242
Disposals
-
0
(116,798)
-
0
(116,171)
-
0
(18,785)
(251,754)
At 30 September 2024
2,708,204
1,552,817
959,880
2,180,193
11,394
994,977
8,407,465
Depreciation and impairment
At 29 September 2023
689,840
739,893
219,468
1,386,447
11,394
566,656
3,613,698
Depreciation charged in the period
67,712
149,418
96,256
180,847
-
0
169,789
664,022
Eliminated in respect of disposals
-
0
(83,300)
-
0
(83,871)
-
0
(12,924)
(180,095)
At 30 September 2024
757,552
806,011
315,724
1,483,423
11,394
723,521
4,097,625
Carrying amount
At 30 September 2024
1,950,652
746,806
644,156
696,770
-
0
271,456
4,309,840
At 28 September 2023
2,018,364
917,097
728,787
853,925
-
0
447,106
4,965,279
The company had no tangible fixed assets at 30 September 2024 or 28 September 2023.
PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 29 -
14
Investment property
Group
Company
2024
2024
£
£
Fair value
At 29 September 2023 and 30 September 2024
4,856,193
-
Additions through external acquisition
340,380
-
Net gains or losses through fair value adjustments
599,960
-
At 30 September 2024
5,796,533
-

Investment property comprises of 8 properties. The fair value of the investment properties has been arrived at on the basis of valuations carried out on 10 February 2025 by Knight Frank LLP, who are not connected with the company, as well as valuation calculations by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and rental yields. The directors believe the valuation dated 10 February 2025 is indicative of the fair value of the properties held as at 30 September 2024.

This class of asset has a current value of £5,796,533 (2023: £4,856,193) and the directors consider this to be a fair estimate of current market value.

If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Cost
5,576,743
5,236,363
-
-
Accumulated depreciation
(21,216)
(467,952)
-
-
Carrying amount
5,555,527
4,768,411
-
-
15
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
16
-
0
-
0
380,462
-
0
PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
15
Fixed asset investments
(Continued)
- 30 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 29 September 2023
-
Additions
380,462
At 30 September 2024
380,462
Carrying amount
At 30 September 2024
380,462
At 28 September 2023
-
16
Subsidiaries

Details of the company's subsidiaries at 30 September 2024 are as follows:

Name of undertaking
Address
Nature of business
Class of
% Held
shares held
Direct
Indirect
United Carpets Group Limited
1
Intermediate holding company
Ordinary
100.00
-
United Carpets (Franchisor) Limited
1
Carpets and beds retailing and franchising of outlets
Ordinary
0
100.00
United Carpets (Commercial) Limited
1
Trade sales, retailer of beds and carpet resale agents
Ordinary
0
100.00
Pay Per Week Carpets and Beds Limited
2
Carpets and beds retailing and franchising of retail outlets
Ordinary
0
100.00
United Carpets (Property) Limited
1
Leasing and sub-letting of retail units
Ordinary
0
100.00
Online Flooring and Beds Limited
2
Sales agents for United Carpets (Commercial) Limited
Ordinary
0
100.00
Carpetmania Limited
1
Dormant
Ordinary
0
100.00
Paul Eyre (Holdings) Limited
1
Intermediate holding company
Ordinary
100.00
-
United Carpets Holdings Limited
1
Rental and development of property
Ordinary
0
100.00
UC Developments Limited
1
Rental and development of property
Ordinary
0
100.00
Keyrental Limited
1
Rental of motor vehicles and the management of a bar and restaurant
Ordinary
0
100.00
New Citadel Management Company Limited
1
Dormant
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Moorhead House, Moorhead Way, Off Bawtry Road, Rotheram, South Yorkshire, S66 1YY
2
Horizon House, 2, Whiting Street, Sheffield, S8 9QR
PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 31 -
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Work in progress
1,606,918
1,566,918
-
-
Finished goods and goods for resale
4,159,699
4,342,234
-
0
-
0
5,766,617
5,909,152
-
-
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,546,667
5,678,623
-
0
-
0
Amounts owed by group undertakings
-
-
165,987
-
Other debtors
1,803,549
786,628
2
2
Prepayments and accrued income
1,307,530
1,371,805
4,928
-
0
7,657,746
7,837,056
170,917
2
Deferred tax asset (note 24)
30,954
31
-
0
-
0
7,688,700
7,837,087
170,917
2
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
1,183,435
933,172
-
0
-
0
Obligations under finance leases
22
253,742
316,851
-
0
-
0
Trade creditors
2,588,378
2,894,596
-
0
-
0
Corporation tax payable
421,490
347,050
-
0
-
0
Other taxation and social security
1,657,739
1,615,184
-
-
Other creditors
1,531,501
512,280
-
0
-
0
Accruals and deferred income
2,006,327
3,105,462
-
0
-
0
9,642,612
9,724,595
-
0
-
0

The bank loans are secured against the properties to which it relates.

 

The bank loans also include a loan which is secured under the Bounce Back Loan Government Scheme.

 

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 32 -
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
1,993,672
2,158,173
-
0
-
0
Obligations under finance leases
22
32,098
292,991
-
0
-
0
Accruals and deferred income
721,246
742,511
-
0
-
0
2,747,016
3,193,675
-
-

The bank loans are secured against the properties to which it relates.

 

The bank loans also include a loan which is secured under the Bounce Back Loan Government Scheme.

 

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
3,177,107
3,091,345
-
0
-
0
Payable within one year
1,183,435
933,172
-
0
-
0
Payable after one year
1,993,672
2,158,173
-
0
-
0

Bank loan of £1,787,500 (2023: £1,911,567) is secured against the properties to which it relates. The loan is repayable by 2 February 2027 at a fixed rate of 4.25% per annum.

 

Bank loan of £372,265 (2023: £402,365) is secured against the properties to which it relates. The loans is repayable by 2 February 2027 at a fixed rate of 1.6% per annum.

 

Bank loan of £17,342 (2023: £27,413) is secured under the Bounce Back Loan Government Scheme.

 

Bank loan of £1,000,000 (2023: £750,000) relates to a revolving credit facility with a facility limit of £1,500,000 and no fixed terms of repayment. Interest is charged at 3.5% above the Bank of England base rate per annum and is secured via a deed of priority between Santander and a number of the subsidiaries of the group.

22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
253,742
316,851
-
0
-
0
In two to five years
32,098
292,991
-
0
-
0
285,840
609,842
-
-
PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
22
Finance lease obligations
(Continued)
- 33 -

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

23
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Provisions
819,501
945,450
-
-
Movements on provisions:
Provisions
Group
£
At 29 September 2023
945,450
Additional provisions in the year
446,376
Utilisation of provision
(572,325)
At 30 September 2024
819,501

The above provision reflects an estimate of the potential cost associated with vacating a small number of underperforming stores. In 2024, 1 store (2023: 1) was vacated during the period and it is expected that the remaining provision will be utilised between 2025 and 2026.

24
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
374,108
474,750
10,136
-
Retirement benefit obligations
(343)
(1,646)
774
31
Other timing differences
-
(45,141)
20,044
-
373,765
427,963
30,954
31
The company has no deferred tax assets or liabilities.
PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
24
Deferred taxation
(Continued)
- 34 -
Group
Company
2024
2024
Movements in the period:
£
£
Liability at 29 September 2023
427,932
-
Credit to profit or loss
(85,121)
-
Liability at 30 September 2024
342,811
-

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
316,142
300,609

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

 

As at the balance sheet date, contributions due to the schemes in respect of the current reporting year were £16,993 (2023: £18,220).

26
Share capital
Group
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £2 each
190,232
190,232
380,464
380,464
Company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £2 each
190,232
1
380,464
2

The company was incorporated on 28 July 2023. On incorporation, 1 Ordinary share of £2.00 each was issued at par.

 

On 29 September 2023, a further 190,231 Ordinary shares of £2.00 each were issued at par.

PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 35 -
27
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
3,022,679
3,013,445
-
-
Between two and five years
8,784,277
9,252,823
-
-
In over five years
6,722,480
7,696,972
-
-
18,529,436
19,963,240
-
-
Lessor

The operating leases represent leases property to third parties. The leases are negotiated over varying terms and rentals are fixed for a number of years.

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
488,245
508,245
-
-
Between two and five years
1,911,013
1,922,980
-
-
In over five years
2,287,601
2,765,019
-
-
4,686,859
5,196,244
-
-
PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 36 -
28
Related party transactions

During the year, repayments of £402,293 (2023: advances of £50,000) were made to Elite Lifestyle Parks Limited, a company in which P R Eyre is a director and shareholder. During the year, interest of £44,225 (2023: £35,357) has been charged on these loans. At the year-end, an amount of £207,831 (2023: £610,124) was owed to Elite Lifestyle Parks Limited and is included within other creditors. The loans are unsecured and repayable upon demand.

 

During the year, loans totalling £Nil (2023: £44,338) were advanced to and repayments totalling £43,125 (2023: £Nil) were received from iJump Trampoline Parks Limited, a company in which P R Eyre is a shareholder. At the year-end, an amount of £350,836 (2023: £393,961) was owed to the company by iJump Trampoline Parks Limited and is included within other debtors. The loans are non-interest bearing, unsecured and repayable upon demand.

 

At the balance sheet date, an amount of £133,742 (2023: £44,016) was owed from K Eyre, the son of P R Eyre. During the period, loan advances has been made of £87,500 (2023: £41,368). Interest of £2,226 (2023: £2,648) has been charged on this loan during the period.

29
Directors' transactions

Dividends totalling £640,071 (2023 - £677,160) were paid in the period in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors loan account
2.50
598,072
641,442
14,035
(622,227)
631,322
598,072
641,442
14,035
(622,227)
631,322

The above loan was fully repaid post period end.

30
Controlling party

The ultimate controlling party is P R Eyre by virtue of his majority shareholding.

PRE GROUP LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 37 -
31
Cash generated from group operations
2024
2023
£
£
Profit after taxation
1,324,278
1,062,059
Adjustments for:
Taxation charged
251,581
218,241
Finance costs
213,987
203,289
Investment income
(70,268)
(47,811)
Loss/(gain) on disposal of tangible fixed assets
9,817
(4,909)
Fair value gain on investment properties
(599,960)
-
Amortisation and impairment of intangible assets
-
3,075
Depreciation and impairment of tangible fixed assets
664,022
694,876
Decrease in provisions
(125,949)
(362,600)
Movements in working capital:
Decrease/(increase) in stocks
142,535
(1,897,199)
Decrease in debtors
189,870
2,566,692
Decrease in creditors
(342,152)
(708,782)
Cash generated from operations
1,657,761
1,726,931
32
Analysis of changes in net debt - group
29 September 2023
Cash flows
30 September 2024
£
£
£
Cash at bank and in hand
1,327,723
(63,161)
1,264,562
Borrowings excluding overdrafts
(3,091,345)
(85,762)
(3,177,107)
Obligations under finance leases
(609,842)
324,002
(285,840)
(2,373,464)
175,079
(2,198,385)
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