These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

P A Finlay & Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Rowse Close, Stratford, Greater London, UK, E15 2HX.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 experienced a profit before taxation during the period amounting to £155,390 (2023: £223,102) and has net assets of £4,256,750 (2023: £3,287,860). true

The Company relies on the support of existing directors and shareholders in order to remain a going concern. Based on discussions at the report date, the directors have a reasonable expectation and with confirmed contracts and turnover being generated in the pipeline therefore have prepared the financial statements on the going concern basis.

Revenue comprises income earned from the provision of construction and refurbishment services to customers, net of value added tax and any trade discounts or rebates. Revenue is recognised when the performance obligations under a contract are satisfied and control of the service has transferred to the customer.

For long-term construction contracts, where performance obligations are satisfied over time, revenue is recognised in proportion to the stage of completion of each contract. This is typically measured by comparing the costs incurred to date with the estimated total costs to complete the contract. Revenue is only recognised to the extent that it is probable that economic benefits will flow to the company and that the amount of revenue and costs can be measured reliably.

The company’s major source of revenue is:

• Construction and Refurbishment Services: This includes new-build projects, planned maintenance, and specialist compliance work such as fire safety upgrades. These are generally recognised over time based on milestones or input methods (e.g. costs incurred).

Where contracts include variable consideration (such as retention payments or performance rebates), these amounts are estimated using the most likely amount or expected value approach, based on historical trends and contract terms. Revenue is only recognised to the extent it is highly probable that a significant reversal will not occur.

In some cases, revenue may include amounts related to post-completion incentives or rebates receivable from the customer. These are recognised once the conditions for entitlement have been fulfilled and there is no ongoing risk of dispute or clawback.

If cash inflows are deferred beyond normal credit terms and represent a financing arrangement, the promised consideration is adjusted to reflect the time value of money. The resulting interest income is recognised separately.

Where the outcome of a contract cannot be reliably estimated, revenue is recognised only to the extent of contract costs incurred that are considered recoverable.

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

Land and buildings are revalued periodically to fair value. Revaluation gains are recognised in equity in the Revaluation Reserve, unless they reverse a revaluation decrease previously recognised in profit or loss. Revaluation losses are recognised in profit or loss, unless they reverse a previous gain. Gains or losses on disposal are recognised in profit or loss as the difference between the sale proceeds and the carrying value of the asset.

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:

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 credited or charged to profit or loss.

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.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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.

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.

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.

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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.

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 company after deducting all of its 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.

Equity instruments issued by the company 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 company.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

The tax expense represents the sum of the tax currently payable and deferred 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 company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the futre have occurred at the balance sheet date. Timing differences are differences between the taxable profits and the results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recongised in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substatively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

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.

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

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 leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Post retirement benefits

The company has agreed to provide certain additional post-retirement benefits to selected senior employees. The estimated cost of providing such benefits is charged against profits on a systematic basis over the employees' working lives within the company.

Provision for liabilities

Provisions are recognised when the Group has a present obligation of a past event which it is probable will result in an outflow of economic benefits that can be reliably estimated.

Where the effect of the time value of money is material, the provision is based on the present value of the future outflows, discontinued at the pre-tax discount rate that reflects the risks specific to the liability.

Rental Income

Rental income is recognised on a receivable basis with associated expenditure recognised on an accruals basis.

In the application of the company’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.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Rebates represent financial incentives receivable from customers upon successful completion of construction contracts. These are typically agreed as part of commercial arrangements to encourage future work or loyalty.

Judgement is required to determine whether the conditions for rebate entitlement have been fully met, including the absence of defects, disputes, or outstanding contractual issues.

Uncertainty exists around the timing and collectability of these amounts, especially where rebates are subject to customer approval or linked to broader commercial negotiations. Management reviews rebate receivables regularly and adjusts estimates as appropriate.

WIP is valued based on costs incurred to date and expected total project revenue. Management estimates future costs and contract outcomes to determine WIP balances.

Any changes to cost estimates can directly affect reported profit and WIP values.

Revenue is recognised based on the stage of completion of contracts. Judgement is required to assess how far a project has progressed and to estimate future costs and revenues.

The timing of revenue recognition may be affected by changes in contract terms, variations, or claims. These estimates can impact both profit and work-in-progress balances.

Judgement is required in determining the fair value of freehold property. This involves assessing current market conditions, comparable property transactions and, where applicable, the use of independent professional valuations. Changes in market conditions or valuation assumptions could have a material impact on the carrying amount of the property.

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

Details of the company's subsidiaries at 31 December 2024 are as follows:

Included within non-current other debtors relates to retentions on construction contracts. These balances are expected to be recovered in accordance with contractual terms.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified.

The Company was under the control of Mrs C B Athienitou, the majority shareholder and one of the Company directors throughout the current year.

The Company is the 100% shareholder of PAFCO Ltd and at the year end the Company owed £29,973 (2023: £30,693) to PAFCO Ltd this is a long term loan with repayment over 1 year.

The Company has a related party at the year end and the Company owed £1,900 (2023: £Nil).

As as the balance sheet date the directors owe £6,539 (2023: £5,445) to the Company.

Charges in the year

National Westminster Bank PLC have a fixed charge created on 26 April 2020, which covers any other interest in the property, all rents receivable & all plant machinery, fixtures, fittings, furniture, equipment, implements, & utensils.

Post year end charges

National Westminster Bank PLC have a fixed charge created on 2 April 2025, over the property which also contains a negative pledge, created on 11 April 2025, which covers any other interest in the property. 2.1.1 all land vested, all fixtures and fittings attached to the land and all rents receivable from any leases granted out to that land, 2.1.2 all plant machinery including any associated warranties and maintenance contracts, 2.1.4 any uncalled capital, 2.1.5 all stock, shares and other securities, 2.1.6 all intellectual property, licenses, claims, insurance policies, proceeds and any other legal rights. In addition there is a floating charge over all other property, assets and rights now or in the future.

National Westminster Bank PLC have a fixed charge created on 11 April 2025 over the property which covers, 2.1 all charges to the Bank all legal interest in the Property, 2.22 any other interest in the property, all rents receivable from any lease granted, goodwill, proceeds of any insurances affecting the property and all fixtures and fittings, all plant and machinery and all furniture, furnishings, equipment, tools and other goods kept.