| REGISTERED NUMBER: 04880583 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements for the Year Ended 31 December 2024 |
| for |
| Parkside Holdings Limited |
| REGISTERED NUMBER: 04880583 (England and Wales) |
| Group Strategic Report, Report of the Directors and |
| Consolidated Financial Statements for the Year Ended 31 December 2024 |
| for |
| Parkside Holdings Limited |
| Parkside Holdings Limited (Registered number: 04880583) |
| Contents of the Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 |
| Report of the Directors | 6 |
| Report of the Independent Auditors | 8 |
| Consolidated Income Statement | 12 |
| Consolidated Other Comprehensive Income | 13 |
| Consolidated Statement of Financial Position | 14 |
| Company Statement of Financial Position | 15 |
| Consolidated Statement of Changes in Equity | 16 |
| Company Statement of Changes in Equity | 17 |
| Consolidated Statement of Cash Flows | 18 |
| Notes to the Consolidated Statement of Cash Flows | 19 |
| Notes to the Consolidated Financial Statements | 20 |
| Parkside Holdings Limited |
| Company Information |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditor |
| Chartered Accountants |
| Woodlands Grange |
| Woodlands Lane |
| Bradley Stoke |
| Bristol |
| BS32 4JY |
| Parkside Holdings Limited (Registered number: 04880583) |
| Group Strategic Report |
| for the Year Ended 31 December 2024 |
| The directors present their strategic report of the company and the group for the year ended 31 December 2024. |
| The Group operates within the construction industry which comprises contracting and civil engineering, particularly the construction of roads, mains drainage, house foundations and external groundworks all mainly associated with the new housing market. The majority of the work is provided to blue chip house builders within the South West of England and Wales. |
| REVIEW OF BUSINESS |
| The turnover is down by 4.0% this year, this reflects a decision by the Board of Directors, following an in-depth review of the Group'sperformance in 2022 and 2023, to rein in turnover. The pressures of the increased turnover in prior years had resulted in significant workload issues for the senior management team, as well as at site supervision level, the inevitable consequence of which was some loss of control reflected in unacceptable quality control issues. The Group's growth and success has been built on its ability to deliver quality work on programme, the effect of this decision was to ensure that we continue to operate at a sustainable level. Adverse weather towards the end of the year also had a negative impact. |
| The Group continues to enjoy good relationships with its customers and has been successful in winning numerous new tenders, whilst maintaining a strong order book. |
| Given the continuing struggle of homebuilders to obtain planning permission and because of their holding back of land sites resulting in housing demand outstripping supply, high level of demand for the Group's services is likely to continue for the next few years. |
| The continued availability of mortgages and the Government's intent to significantly up the number of new homes being built each year should ensure that there is no shortage of work, the only problem is the lack of resources to satisfy the Government's ambitious new policy. |
| The gross profit margin has risen to 9.00% in the current year from 7.6% last year. The Group has considered it has traded successfully throughout the year ending 31 December 2024. |
| The directors are satisfied to report an increased net profit of just over £560K before tax this year. The Group will continue to monitor its overheads and margins to achieve and maintain its profitability in the future, with particular emphasis on the more difficult winter months, November through February. |
| The Group invested over £1m in new plant and equipment during the year. |
| Management consider turnover and profit after tax to be the key financial performance indicators. With regards to non-financial KPls the Group has maintained its customer base and has maintained the number of employees and made use of subcontractors to be more flexible for periods of trade. The Group is well placed for continued growth in the future. |
| Parkside Holdings Limited (Registered number: 04880583) |
| Group Strategic Report |
| for the Year Ended 31 December 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| Trading conditions have continued to improve following the National Lockdown imposed as a result of the Coronavirus pandemic there has been good growth and demand in the housing market remains strong, although affordability remains an issue. The Government's drive for a significant increase in the number of new homes built every year will present the industry with a major challenge, given the lack of resources. |
| Although there are encouraging signs in base rent lending reducing, there are still some financial concerns about the base lending rate and what effect it would have on the mortgages and housing market following increases there is also uncertainty regarding the medium term impact on the economy and job market. |
| During the year there have been impacts on the supply chain which have resulted in increases in costs of materials and consumables and also some shortages of supplies. Where possible the Group has sought and achieved increases in contract sums to mitigate this in line with the terms of the contracts. |
| With these risks and uncertainties we are constantly aware of the need to review our future development plans of the business and these can be subject to unforeseen future events outside of our control. |
| However, the directors are confident of maintaining the gross profit margins and optimistic about the long term future of the Group due to the following:- |
| 1) Help to Buy Scheme introduced by the Government has resulted in higher demand for property. |
| 2) Continued property buyers confidence levels and increasing availability of low interest rate mortgage financing continues to support strong demand on property. |
| 3) Continual ongoing review of the Group business strategy regularly to suite the rapid changing market conditions and to continue in reaping of benefits from the implemented cost control strategy in prior years. |
| 4) Strong and long established relationships with major house builders. |
| Parkside Holdings Limited (Registered number: 04880583) |
| Group Strategic Report |
| for the Year Ended 31 December 2024 |
| SECTION 172(1) STATEMENT |
| The Directors believe that they have effectively implemented their duties under section 172 of the Companies Act 2006. The Group has considered the long-term strategy of the business below and consider that this strategy will continue to deliver long term success to the business and its stakeholders. |
| We have secured new work with inflationary compensation. We have also invested heavily to ensure we have the newest and most fuel efficient fleet of machinery and vehicles possible. |
| The Group is committed to maintaining an excellent reputation and strives to achieve high standards. We are highly selective about which co-contractors are used to deliver best value while maintaining an awareness of the environmental impact of the work that they do and strive to reduce their carbon footprint. |
| The Directors recognise the importance of wider stakeholders in delivering their strategy and achieving sustainability within the business. The main stakeholders in the Group are considered to be the employees, suppliers and customers. Their importance to the business is considered below. |
| In ensuring that all our stakeholders are considered as part of every decision process we believe we act fairly between all members of the Group. |
| Our highest key objective remains the preservation of our workforce both site and office based. The Health Safety and Wellbeing of our workforce is paramount. |
| Our supply chain remains robust and we continue to nurture and maintain strong relations. We are even more focused on material management and look to rationalise the use of materials as much as possible. Material shortages are becoming less of a problem but we remain focused on planning ahead to alleviate any impact extended lead times may present us. |
| We continue to focus on our impact to the environment and this is even more pertinent with the increase in cost for energy supply across all groups. All vehicles and vans have been updated and we have introduced more fully electric and hybrid vehicles into the fleet during the year. |
| Our business has a strong reputation in the market and we will look to protect this and build on this in tandem with our workforce who are key in achieving this objective. |
| Acting in a fair and reasonable way is also key when we need to protect our workforce and act fairly between all members of the Group. We must aspire to be the preferred groundwork business in the South West and our staff are key to us achieving and maintaining this. |
| AVAILABILITY OF RESOURCES |
| The industry is still suffering from a shortage of skilled labour. To address this we have an extensive training program to ensure all our staff are fully trained on the work they perform. We also have a number of apprentices each year which will help address matters in the longer term. There has also been some supply chain issues which the has group mitigated through its good relationships and a pro active approach to procurement. |
| COMPETITION |
| Competition has been reasonably unchanged but always remains a threat to winning new work. The Group manages these risks by maintaining and developing very good working relationship with its clients and continuing to produce work in a timely manner and to a high standard at a competitive price. |
| Parkside Holdings Limited (Registered number: 04880583) |
| Group Strategic Report |
| for the Year Ended 31 December 2024 |
| ENVIRONMENTAL MATTERS |
| Medium sized companies are mandated to disclose energy and carbon information. The information included is disclosed as set out under the Streamlined Energy and Carbon Reporting Framework, detailed within the 2018 Regulation amendments of the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008. |
Units |
Financial reporting year (1 January 2024 - 31 December 2024) |
Financial reporting year (1 January 2023 - 31 December 2023) |
| Emission from combustion of gas(Scope 1) |
tCO2e |
4.3 |
6.2 |
| Emissions from combustion of fuel for transport purposes(Scope 2) |
tCO2e |
3,022.30 |
3,294.90 |
| Emissions from purchased electricity(Scope 2) |
tCO2e |
11.30 |
7.00 |
| Total Gross Emissions | tCO2e | 3,922.50 | 3,308.70 |
| Energy consumption used to calculate above emissions |
KWh |
15,682,054 |
13,767,212 |
| Intensity Measurement | £ Annual turnover |
| Intensity Ratio | tCO2e/£100,000 Annual Turnover | 3.99 | 6.17 |
| Energy Efficiency commentary |
| The Group is aware that construction activities can have a seriously detrimental effect on the environment and has put in place a management system to minimise such effects. |
| The Group's systems are compliant. The Group has also introduced a number of initiatives to minimise building material, energy and office waste, including: |
| 1) Car allowance policy which encourages staff to drive vehicles with lower CO2 emissions |
| 2) The Group has purchased a number of electric and hybrid vehicles during the year |
| 3) Measures to minimise site waste, such as ensuring suitable storage space and facilities are available, rubbish is compacted in the skips, waste materials are recycled, and agreeing reduced material packaging with suppliers |
| 4) Training of all site managers, project managers and selected staff on environmental awareness. |
| FINANCIAL RISK MANAGEMENT |
| Exposure to credit and liquidity risks arise in the normal course of the Group's business. The Group does not have any derivative financial instruments. |
| The Group's credit risk is attributable to its trade receivables and amounts receivables on contracts. The amounts presented in the statement of financial position are net of any allowances for doubtful debtors, based upon prior experience and assessment of specific circumstances by the Directors. The Group does not have any significant concentration of credit risk, with exposure spread over a number of customers. |
| The Group seeks to manage risk to ensure that sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short term flexibility is achieved by the use of fixed and variable deposit accounts. The Directors prepare rolling cash flow forecasts to plan for future surpluses and expenditure. |
| ON BEHALF OF THE BOARD: |
| 31 July 2025 |
| Parkside Holdings Limited (Registered number: 04880583) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024. |
| DIVIDENDS |
| Dividends were declared during the year as follows: |
| The total distribution of dividends for the year ended 31 December 2024 will be £118, 477 (£463,144; 2023). |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| DONATIONS |
| The amount of charitable donations made during the year amounted to £39,580 - (2023 - £35,966). The Group made no political donations in the current or preceding year. |
| DIVERSITY, INCLUSION & WELLBEING |
| Through the application of the Group’s Diversity and Inclusion Policy, the group aims to ensure everyone is treated fairly and equitably. |
| The Group uses regular communication and education to continuously build an inclusive culture amongst its workforce, minimising discrimination and promoting diversity including disability. |
| Applications for employment by disabled persons are considered fully, bearing in mind the aptitudes of the applicant concerned. In the event an employee becomes disabled, every effort is made to ensure that their employment with the group continues and that appropriate adjustments are made. |
| It is the policy of the Group that the training, career development and opportunity of disabled persons should, as far as possible, be identical with that of other employees. |
| ENGAGEMENT WITH EMPLOYEES |
| The Group strives to create a working environment where people enjoy working, give their best and deliver successful outcomes. |
| The development of our employees is central to the group's long term success. |
| The Board of Directors regards employee engagement as a matter of great importance with many initiatives taking place during the year aimed at improving the Board’s understanding of the employees’ views and interests as well as improving the employees’ understanding of the Group’s performance. |
| We invest in training, coaching and skills acquisition to ensure the required knowledge and behaviours are aligned with the Group’s strategy and values as it is important for our employees to feel connected to the Group’s purpose. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
| Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| Parkside Holdings Limited (Registered number: 04880583) |
| Report of the Directors |
| for the Year Ended 31 December 2024 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
| The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
| AUDITORS |
| The auditors, Dunkley's, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Parkside Holdings Limited |
| Opinion |
| We have audited the financial statements of Parkside Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
| In our opinion the financial statements: |
| - | give a true and fair view of the state of the group's and of the parent company affairs as at 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
| Conclusions relating to going concern |
| In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
| Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
| Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
| Other information |
| The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
| In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| Report of the Independent Auditors to the Members of |
| Parkside Holdings Limited |
| Matters on which we are required to report by exception |
| In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
| We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
| - | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the parent company financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities set out on pages six and seven, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
| In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
| Report of the Independent Auditors to the Members of |
| Parkside Holdings Limited |
| Auditors' responsibilities for the audit of the financial statements |
| Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
| Extent to which the audit was considered capable of detecting irregularities, including fraud |
| We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. |
| Identifying and assessing potential risks related to irregularities |
| In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: |
| - the nature of the industry and sector, control environment and business performance including the design of the company's remuneration policies, bonus levels and performance targets; |
| - any matters we identified, having obtained and reviewed the company's documentation of their policies and procedures relating to: |
| o identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
| o detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
| o the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
| - 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 and identified the greatest potential for fraud in the areas of management override of controls, and revenue recognition. |
| We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. |
| Audit response to risks identified |
| Our procedures to respond to risks identified included the following: |
| - enquiring of management, concerning actual and potential litigation and claims; |
| - performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
| - 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 non-compliance with laws and regulations throughout the audit. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| Report of the Independent Auditors to the Members of |
| Parkside Holdings Limited |
| Use of our report |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| for and on behalf of |
| Statutory Auditor |
| Chartered Accountants |
| Woodlands Grange |
| Woodlands Lane |
| Bradley Stoke |
| Bristol |
| BS32 4JY |
| Parkside Holdings Limited (Registered number: 04880583) |
| Consolidated Income Statement |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| REVENUE | 51,326,489 | 53,594,088 |
| Cost of sales | (46,639,821 | ) | (49,526,391 | ) |
| GROSS PROFIT | 4,686,668 | 4,067,697 |
| Administrative expenses | (4,082,611 | ) | (3,917,314 | ) |
| 604,057 | 150,383 |
| Other operating income | 48,000 | 53,000 |
| OPERATING PROFIT | 4 | 652,057 | 203,383 |
| Income from shares in group undertakings | - | (1 | ) |
| Interest receivable and similar income | 24,299 | 37,112 |
| 676,356 | 240,494 |
| Interest payable and similar expenses | 5 | (118,741 | ) | (104,563 | ) |
| PROFIT BEFORE TAXATION | 557,615 | 135,931 |
| Tax on profit | 6 | (129,188 | ) | (104,929 | ) |
| PROFIT FOR THE FINANCIAL YEAR |
| Profit attributable to: |
| Owners of the parent | 428,427 | 31,002 |
| Parkside Holdings Limited (Registered number: 04880583) |
| Consolidated Other Comprehensive Income |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR | 428,427 | 31,002 |
| OTHER COMPREHENSIVE INCOME |
| Purchase of own shares | 8,789 | - |
| Income tax relating to other comprehensive income |
- |
- |
| OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
8,789 |
- |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 437,216 | 31,002 |
| Total comprehensive income attributable to: |
| Owners of the parent | 437,216 | 31,002 |
| Parkside Holdings Limited (Registered number: 04880583) |
| Consolidated Statement of Financial Position |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 9 | 5,131,533 | 4,946,144 |
| Investments | 10 | 10,581 | 10,581 |
| 5,142,114 | 4,956,725 |
| CURRENT ASSETS |
| Inventories | 11 | - | 202,313 |
| Debtors | 12 | 7,951,155 | 7,023,325 |
| Cash at bank | 2,737,941 | 2,447,219 |
| 10,689,096 | 9,672,857 |
| CREDITORS |
| Amounts falling due within one year | 13 | 8,386,881 | 7,143,440 |
| NET CURRENT ASSETS | 2,302,215 | 2,529,417 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 7,444,329 | 7,486,142 |
| CREDITORS |
| Amounts falling due after more than one year | 14 | (735,913 | ) | (1,061,875 | ) |
| PROVISIONS FOR LIABILITIES | 17 | (1,733,246 | ) | (1,748,296 | ) |
| NET ASSETS | 4,975,170 | 4,675,971 |
| CAPITAL AND RESERVES |
| Called up share capital | 18 | 202,147 | 210,936 |
| Share premium | 19 | 187,590 | 191,651 |
| Capital redemption reserve | 19 | 77,145 | 68,356 |
| Retained earnings | 19 | 4,508,288 | 4,205,028 |
| SHAREHOLDERS' FUNDS | 4,975,170 | 4,675,971 |
| The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2025 and were signed on its behalf by: |
| C P Dowden - Director |
| Parkside Holdings Limited (Registered number: 04880583) |
| Company Statement of Financial Position |
| 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Property, plant and equipment | 9 |
| Investments | 10 |
| CURRENT ASSETS |
| Debtors | 12 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 13 |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 18 |
| Share premium | 19 |
| Capital redemption reserve | 19 |
| Retained earnings | 19 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 116,378 | 463,144 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Parkside Holdings Limited (Registered number: 04880583) |
| Consolidated Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up | Capital |
| share | Retained | Share | redemption | Total |
| capital | earnings | premium | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 January 2023 | 175,778 | 4,662,960 | 175,408 | 68,356 | 5,082,502 |
| Changes in equity |
| Issue of share capital | 35,158 | - | 16,243 | - | 51,401 |
| Dividends | - | (488,934 | ) | - | - | (488,934 | ) |
| Total comprehensive income | - | 31,002 | - | - | 31,002 |
| Balance at 31 December 2023 | 210,936 | 4,205,028 | 191,651 | 68,356 | 4,675,971 |
| Changes in equity |
| Issue of share capital | (8,789 | ) | - | (4,061 | ) | - | (12,850 | ) |
| Dividends | - | (116,378 | ) | - | - | (116,378 | ) |
| Total comprehensive income | - | 419,638 | - | 8,789 | 428,427 |
| Balance at 31 December 2024 | 202,147 | 4,508,288 | 187,590 | 77,145 | 4,975,170 |
| Parkside Holdings Limited (Registered number: 04880583) |
| Company Statement of Changes in Equity |
| for the Year Ended 31 December 2024 |
| Called up | Capital |
| share | Retained | Share | redemption | Total |
| capital | earnings | premium | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Issue of share capital | - | - |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Issue of share capital | ( |
) | - | ( |
) | - | ( |
) |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | - |
| Balance at 31 December 2024 |
| Parkside Holdings Limited (Registered number: 04880583) |
| Consolidated Statement of Cash Flows |
| for the Year Ended 31 December 2024 |
| 31.12.24 | 31.12.23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 1,993,584 | 829,877 |
| Interest element of hire purchase payments paid | (116,641 | ) | (85,577 | ) |
| Finance costs paid | (2,100 | ) | (18,986 | ) |
| Tax paid | 150,088 | (199,776 | ) |
| Net cash from operating activities | 2,024,931 | 525,538 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (1,374,242 | ) | (2,080,706 | ) |
| Sale of tangible fixed assets | 256,773 | 230,817 |
| Interest received | 24,298 | 37,112 |
| Dividends received | 1 | - |
| Net cash from investing activities | (1,093,170 | ) | (1,812,777 | ) |
| Cash flows from financing activities |
| Amounts owed to associate | (1,003 | ) | - |
| Hire purchase movements | (418,862 | ) | 505,955 |
| Amount introduced by directors | - | 71,477 |
| Amount withdrawn by directors | (91,946 | ) | (11,102 | ) |
| Share issue/(repurchase) | (8,789 | ) | 35,158 |
| Share premium | (4,061 | ) | 16,243 |
| Equity dividends paid | (116,378 | ) | (488,934 | ) |
| Net cash from financing activities | (641,039 | ) | 128,797 |
| Increase/(decrease) in cash and cash equivalents | 290,722 | (1,158,442 | ) |
| Cash and cash equivalents at beginning of year | 2 | 2,447,219 | 3,605,661 |
| Cash and cash equivalents at end of year | 2 | 2,737,941 | 2,447,219 |
| Parkside Holdings Limited (Registered number: 04880583) |
| Notes to the Consolidated Statement of Cash Flows |
| for the Year Ended 31 December 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Profit before taxation | 557,615 | 135,931 |
| Depreciation charges | 925,768 | 894,153 |
| Loss/(profit) on disposal of fixed assets | 6,311 | (16,941 | ) |
| Increase in provision for remedial work | (55,000 | ) | (35,000 | ) |
| Finance costs | 118,741 | 104,563 |
| Finance income | (24,299 | ) | (37,111 | ) |
| 1,529,136 | 1,045,595 |
| Decrease/(increase) in inventories | 202,313 | (202,313 | ) |
| (Increase)/decrease in trade and other debtors | (1,079,461 | ) | 1,560,436 |
| Increase/(decrease) in trade and other creditors | 1,341,596 | (1,573,841 | ) |
| Cash generated from operations | 1,993,584 | 829,877 |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
| Year ended 31 December 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 2,737,941 | 2,447,219 |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 2,447,219 | 3,605,661 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS/(DEBT) |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 2,447,219 | 290,722 | 2,737,941 |
| 2,447,219 | 290,722 | 2,737,941 |
| Debt |
| Finance leases | (2,261,270 | ) | 418,862 | (1,842,408 | ) |
| (2,261,270 | ) | 418,862 | (1,842,408 | ) |
| Total | 185,949 | 709,584 | 895,533 |
| Parkside Holdings Limited (Registered number: 04880583) |
| Notes to the Consolidated Financial Statements |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Parkside Holdings Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| The preparation of financial statements requires the company to make estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. |
| Estimates and judgements are continually evaluated and are based on historic experience and other factors including expectations of future events and believed to be reasonable under the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in profit or loss, if and when better information is obtained. |
| Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustment within the next financial year are included below. |
| Critical judgements that management have made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relate to the following: |
| 1) Revenue and margin recognition: |
| The company's revenue recognition requires forecasts to be made on the outcome of long-term construction services contracts, which require assessment and judgements to be made on recovery of pre-contract costs, changes in the scope of work, contract programmes, defects and changes in costs. |
| 2) Provisions: |
| Provisions are recognised when the company has a present legal or constructive obligation as a result of a past event, and it is probable that the company will be required to settle that obligation. Provisions are measured at the Directors' best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material. |
| 3) Useful lives of depreciable assets |
| Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technological obsolescence that may change the utility of certain IT equipment. |
| Turnover and revenue recognition |
| Revenue is measured based on the consideration specified in a contract with a customer. When consideration is not specified within the contract and therefore subject to variability, the group estimates the amount of consideration to be received from its customer. The consideration recognised is the amount which is highly probably not to result in a significant reversal in future period. |
| Where a modification to an existing contract occurs, the group assesses the nature of the modification and whether it represents a separate performance obligation required to be satisfied by the group or whether it is a modification to the existing performance obligation. |
| The amount by which turnover is in excess of payments on account has been classified as amounts |
| recoverable on contracts and included in debtors. |
| When it is probable that total contract costs will exceed total contract revenue, the expected loss is expensed immediately, with a corresponding provision for an onerous contract being recognised |
| Parkside Holdings Limited (Registered number: 04880583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Tangible fixed assets |
| Improvements to property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Stocks |
| Work in progress is valued at the lower of cost and net realisable value. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing inventories to their present location and condition. |
| Financial instruments |
| The group only enters into basic financial instruments that result in the recognition of financial assets and liabilities like cash and bank balances, trade debtors and creditors, bank overdrafts, finance leases and hire purchase contracts and loans to or form related parties. |
| A financial asset or financial liability is recognised only when the group becomes a party to the contractual provisions of the instrument. |
| Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments. |
| Debt instruments are subsequently measured at amortised cost. |
| Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss immediately. |
| Any reversals of impairment are recognised in the profit and loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
| Parkside Holdings Limited (Registered number: 04880583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Work in progress |
| Profit on long term contracts is taken as the work is carried out, provided that the final outcome can |
| be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect |
| the proportion of the work carried out at the period end, by recording turnover and related costs as |
| contract activity progresses. |
| Full provision is made for losses on all contracts in the period in which they are first foreseen. |
| Investments |
| Investments are included at historical cost. |
| Provisions for remedial work |
| Provisions for remedial work are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. |
| Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into accounts risks and uncertainties. |
| When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. |
| 3. | EMPLOYEES AND DIRECTORS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Wages and salaries | 13,462,483 | 14,020,731 |
| Social security costs | 1,396,588 | 1,453,910 |
| Other pension costs | 549,941 | 556,247 |
| 15,409,012 | 16,030,888 |
| The average number of employees during the year was as follows: |
| 31.12.24 | 31.12.23 |
| Production staff | 233 | 273 |
| Administrative staff | 39 | 40 |
| Management staff | 9 | 9 |
| The average number of employees by undertakings that were proportionately consolidated during the year was 281 (2023 - 322 ) . |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Directors' remuneration | 196,997 | 168,373 |
| Directors' pension contributions to money purchase schemes | 64,718 | 43,242 |
| Parkside Holdings Limited (Registered number: 04880583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Hire of plant and machinery | 5,681,366 | 6,325,455 |
| Depreciation - owned assets | 391,226 | 321,771 |
| Depreciation - assets on hire purchase contracts | 534,521 | 572,382 |
| Loss/(profit) on disposal of fixed assets | 6,311 | (16,941 | ) |
| Auditors' remuneration | 24,179 | 13,000 |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Hire purchase | 116,641 | 85,577 |
| Preference share dividends | 2,100 | 18,986 |
| 118,741 | 104,563 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Current tax: |
| UK corporation tax | 89,238 | (152,635 | ) |
| Deferred tax | 39,950 | 257,564 |
| Tax on profit | 129,188 | 104,929 |
| Tax effects relating to effects of other comprehensive income |
| 31.12.24 |
| Gross | Tax | Net |
| £ | £ | £ |
| Purchase of own shares | 8,789 | - | 8,789 |
| 31.12.23 |
| Gross | Tax | Net |
| £ | £ | £ |
| Purchase of own shares |
| Capital redemption reserve |
| - | - | - |
| 7. | INDIVIDUAL INCOME STATEMENT |
| As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
| Parkside Holdings Limited (Registered number: 04880583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 8. | DIVIDENDS |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Ordinary A shares of £1 each | Interim | 75,632 | 226,313 |
| Ordinary B shares of £1 each | Interim | 42,846 | 201,700 |
| Growth shares of £1 each | Interim | - | 60,921 |
| 118,478 | 488,934 |
| 9. | PROPERTY, PLANT AND EQUIPMENT |
| Group |
| Improvements | Fixtures |
| to | Plant and | and | Motor |
| property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2024 | - | 4,243,603 | 194,608 | 3,631,834 | 8,070,045 |
| Additions | 143,537 | 804,324 | 26,724 | 399,657 | 1,374,242 |
| Disposals | - | (275,226 | ) | (119,075 | ) | (385,809 | ) | (780,110 | ) |
| Reclassification/transfer | - | (3,007 | ) | 33,522 | 53 | 30,568 |
| At 31 December 2024 | 143,537 | 4,769,694 | 135,779 | 3,645,735 | 8,694,745 |
| DEPRECIATION |
| At 1 January 2024 | - | 1,519,819 | 118,471 | 1,485,611 | 3,123,901 |
| Charge for year | 25,076 | 479,662 | 30,380 | 390,629 | 925,747 |
| Eliminated on disposal | - | (166,437 | ) | (111,157 | ) | (239,432 | ) | (517,026 | ) |
| Reclassification/transfer | - | (242,806 | ) | 33,964 | 239,432 | 30,590 |
| At 31 December 2024 | 25,076 | 1,590,238 | 71,658 | 1,876,240 | 3,563,212 |
| NET BOOK VALUE |
| At 31 December 2024 | 118,461 | 3,179,456 | 64,121 | 1,769,495 | 5,131,533 |
| At 31 December 2023 | - | 2,723,784 | 76,137 | 2,146,223 | 4,946,144 |
| Parkside Holdings Limited (Registered number: 04880583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 9. | PROPERTY, PLANT AND EQUIPMENT - continued |
| Group |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2024 | 2,669,391 | 2,407,338 | 5,076,729 |
| Additions | 681,794 | 386,657 | 1,068,451 |
| Disposals | - | (245,150 | ) | (245,150 | ) |
| Transfer to ownership | (566,043 | ) | (1,001,266 | ) | (1,567,309 | ) |
| At 31 December 2024 | 2,785,142 | 1,547,579 | 4,332,721 |
| DEPRECIATION |
| At 1 January 2024 | 490,795 | 644,112 | 1,134,907 |
| Charge for year | 305,080 | 229,441 | 534,521 |
| Eliminated on disposal | - | (112,283 | ) | (112,283 | ) |
| Transfer to ownership | (176,102 | ) | (371,376 | ) | (547,478 | ) |
| At 31 December 2024 | 619,773 | 389,894 | 1,009,667 |
| NET BOOK VALUE |
| At 31 December 2024 | 2,165,369 | 1,157,685 | 3,323,054 |
| At 31 December 2023 | 2,178,596 | 1,763,226 | 3,941,822 |
| 10. | FIXED ASSET INVESTMENTS |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Shares in group undertakings | - | - |
| Other investments not loans | 10,581 | 10,581 |
| 10,581 | 10,581 |
| Additional information is as follows: |
| Group |
| Investments (neither listed nor unlisted) were as follows: |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Oil painting | 10,581 | 10,581 |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Parkside Holdings Limited (Registered number: 04880583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 10. | FIXED ASSET INVESTMENTS - continued |
| The group or the company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Subsidiaries |
| Registered office: Park House, Church Lane, St George, Bristol, BS5 7AG |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Aggregate capital and reserves |
| This subsidiary has taken the exemptions of S479A of the Companies Act 2006 and has not been subject to an audit of its financial statements for the year ended 31 December 2024. |
| Registered office: Park House, Church Lane, St George, Bristol, BS5 7AG |
| Nature of business: |
| % |
| Class of shares: | holding |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| 11. | STOCKS |
| Group |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Work-in-progress | - | 202,313 |
| 12. | DEBTORS |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Amounts falling due within one year: |
| Trade debtors | 1,680,665 | 1,088,847 |
| Amounts owed by group undertakings | - | - |
| Amounts owed by associates | 5,620 | 4,617 |
| Other debtors | 207,500 | 8,405 |
| Recoverable on contracts | 2,567,115 | 3,711,877 | - | - |
| Tax | - | 152,635 |
| VAT | 301,304 | 224,145 |
| Prepayments and accrued income | 199,611 | 198,133 |
| 4,961,815 | 5,388,659 |
| Parkside Holdings Limited (Registered number: 04880583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 12. | DEBTORS - continued |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Amounts falling due after more than one year: |
| Amounts recoverable on contract | 2,989,340 | 1,634,666 |
| Aggregate amounts | 7,951,155 | 7,023,325 |
| 13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 31.12.24 | 31.12.23 | 31.12.24 | 31.12.23 |
| £ | £ | £ | £ |
| Hire purchase contracts (see note 15) | 1,106,495 | 1,199,395 |
| Trade creditors | 5,774,056 | 4,538,892 |
| Amounts owed to group undertakings | - | - |
| Tax | 86,691 | - |
| Social security and other taxes | 593,797 | 553,655 |
| Wages creditors | 287,567 | 148,969 | - | - |
| Pension creditor | 75,053 | 67,616 | - | - |
| Redeemable preference shares | 30,000 | 30,000 | 30,000 | 30,000 |
| Directors' current accounts | 128,242 | 220,188 | - | - |
| Accrued expenses | 304,980 | 384,725 |
| 8,386,881 | 7,143,440 |
| 14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Hire purchase contracts (see note 15) | 735,913 | 1,061,875 |
| 15. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase |
| contracts |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 1,106,495 | 1,199,395 |
| Between one and five years | 735,913 | 1,061,875 |
| 1,842,408 | 2,261,270 |
| Parkside Holdings Limited (Registered number: 04880583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 15. | LEASING AGREEMENTS - continued |
| Group |
| Non-cancellable |
| operating leases |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Within one year | 226,195 | 201,372 |
| Between one and five years | 274,042 | 161,534 |
| 500,237 | 362,906 |
| 16. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Hire purchase contracts | 1,842,408 | 2,261,270 |
| The hire purchase liabilities are secured on the assets themselves. The bank overdraft is secured via a bank debenture created on 30 June 2008. The debenture is a fixed and floating charge over all the company's assets held in Brandwells Construction Company Limited, present and future. |
| 17. | PROVISIONS FOR LIABILITIES |
| Group |
| 31.12.24 | 31.12.23 |
| £ | £ |
| Deferred tax | 1,113,246 | 1,073,296 |
| Other provisions |
| Provision for remedial work | 620,000 | 675,000 |
| Aggregate amounts | 1,733,246 | 1,748,296 |
| Group |
| Deferred | Other |
| tax | provisions |
| £ | £ |
| Balance at 1 January 2024 | 1,073,296 | 675,000 |
| Provided during year | 39,950 | (55,000 | ) |
| Balance at 31 December 2024 | 1,113,246 | 620,000 |
| 18. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.24 | 31.12.23 |
| value: | £ | £ |
| 121,376 | Ordinary A | £1 | 121,376 | 121,376 |
| 122,758 | Ordinary B | £1 | 54,402 | 54,402 |
| 26,369 | Growth | £1 | 26,369 | 35,158 |
| 202,147 | 210,936 |
| During the year the company repurchased 8,789 Growth shares for £12,850. |
| Parkside Holdings Limited (Registered number: 04880583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 19. | RESERVES |
| Group |
| Capital |
| Retained | Share | redemption |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 January 2024 | 4,205,028 | 191,651 | 68,356 | 4,465,035 |
| Profit for the year | 428,427 | 428,427 |
| Dividends | (116,378 | ) | (116,378 | ) |
| Purchase of own shares | (8,789 | ) | (4,061 | ) | 8,789 | (4,061 | ) |
| At 31 December 2024 | 4,508,288 | 187,590 | 77,145 | 4,773,023 |
| Company |
| Capital |
| Retained | Share | redemption |
| earnings | premium | reserve | Totals |
| £ | £ | £ | £ |
| At 1 January 2024 | 1,251,756 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| Purchase of own shares | (8,789 | ) | (4,061 | ) | 8,789 | (4,061 | ) |
| At 31 December 2024 | 1,247,695 |
| 20. | PENSION COMMITMENTS |
| During the year, the group made contributions to the scheme of £554,975. |
| At the year-end, the group's total unpaid pension was £36,388. |
| 21. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| Parkside Holdings Limited (Registered number: 04880583) |
| Notes to the Consolidated Financial Statements - continued |
| for the Year Ended 31 December 2024 |
| 21. | RELATED PARTY DISCLOSURES - continued |
| South West Decorating Services Limited |
| 2024 | 2023 |
| Management recharges to related party | 42,000 | 47,000 |
| At the year end, the amount due from the related party was £5,170 (2023 - £4,617). |
| South West Homes Retirement Benefit Scheme |
| 2024 | 2023 |
| Rent paid to related party | 51,572 | 21,600 |
| During the year the company carried out improvements to the property it leases from South West Homes Retirement Benefit Scheme of which J Stafford,C Dowden and M Browne are Trustees. |
| These improvements were incomplete at the year end. Following completion of the improvements the Scheme will obtain finance and pay the Company for the work performed. |
| At the year end, the amount included as work in progress in respect of this work was £nil (2023 - £202,313 ) |
| At the end of the year, the amount due from the related party was £250,115 (2023 - £nil). Included in this figure is a loan of £200,000 paid to South West Homes Retirement Benefit Scheme. |
| Other related parties |
| 2024 | 2023 |
| Immediate family members on payroll | 123,375 | 100,174 |
| 22. | ULTIMATE CONTROLLING PARTY |
| Mr A Dowden is the controlling party of the company by virtue of his 59% (2023 - 59%) shareholding in the company. |