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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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PMBS HOLDING LIMITED
COMPANY INFORMATION
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PMBS HOLDING LIMITED
CONTENTS
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PMBS HOLDING LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The group's directors present their strategic report for the year ended 31 December 2024.
PMBS Holdings Limited is a UK leading provider of lighting equipment and associated facilities to the film and television production industry. The group has in place exclusivity agreements for the supply of equipment to all productions filming at a growing number of UK studios, including Pinewood and Shepperton Studios.
In the wake of the widely publicised industrial action by the Writers Guild and Screen Actors Guild of America, which had a huge impact on the global entertainment industry during 2023, this year has seen a significant recovery in production activity. Despite the downturn caused by the strikes, the group continues to grow and to invest in its future, with new stages coming online, the introduction of new equipment and with production expected to make a full return to pre-strike levels. The outlook for the UK Film and Television industry is stabilising, with the current year’s production slate already listing major titles from leading international content creators.
The principal risks and uncertainties facing the group are broadly grouped as currency, business, technology and legislative risk:
Foreign currency risk The group seeks to mitigate foreign exchange risk by issuing contracts in its operating currency and using local suppliers where possible. Business risk These risks relate to competition from the increasing volume of equipment available for hire and its adverse effect on price. Technology risk The on-going investment in new lighting technology continues to mitigate the risk created by changing technology. Legislative risk The UK remains a favoured country for production which is supported by UK Government tax incentives and the country's diverse and professional mix of companies providing services in this industry.
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PMBS HOLDING LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2024 2023 %
£’000 £’000 Change Turnover 68,051 46,415 46.6 Gross profit 37,352 22,497 66.0 Current ratio 0.97 0.65 49.2 Working capital -833 -9,385 91.1 Growth in the group and industry is reflected in the above key performance indicators as we continue to recover from the aftershocks of the strikes.
Utilisation of the group’s equipment is in line with management’s expectations. Going forward the group expects to continue expanding as demand for content from streaming services grows and more stages are being built.
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PMBS HOLDING LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors of the company, in line with their duties under section 172 of the Companies Act 2006, have acted in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of its members and stakeholders as a whole, in the decisions taken during the year. In doing so, the directors are required to have regard for the following:
- the likely long-term consequences of any decision; - the interests of the group’s employees; - the need to foster the group’s business relationships with suppliers, customers and others; - the impact of the group’s operations on the community and the environment; - the desirability of the group maintaining a reputation for high standards of business conduct; and - the need to act fairly as between shareholders of the company. The board have considered the following matters, amongst others, in regard to the points above: Long-term planning and shareholders Through working collaboratively with management and having an open and transparent dialogue with the group's stakeholders, the board believes that the group has been able to develop a clear understanding of their needs, assess their perspectives and is well positioned to promote the long-term success of the group. Employees The directors recognise that the group's employees are key to its success and to the delivery of the group's ambitions. The success of the business depends on attracting, retaining, and motivating employees. The group seeks to remain a responsible employer regarding pay and benefits, whilst health, safety and wellbeing of our employees is one of the primary considerations. We aim to provide an enjoyable, unique working environment where staff feel valued and are excited to be part of our success story. Suppliers and customers The group has forged strong relationships with our suppliers, regularly meeting with them and keeping open dialogue to facilitate and meet the demands of our growing business. The group is well positioned to provide a high quality of service to its customers, ensuring a complete process of delivery, installation and support of the equipment provided with the flexibility to adapt and adjust with the changing needs of the requirements of a production. Community The film and television industry is an evergrowing sector and, with the increasing demand of new content, our contribution to supporting and facilitating the necessary equipment is considered to be an important contribution to the community. High standards of business conduct The board is constantly looking at ways to improve the business across its products, service and strategic management. In doing so, the board evaluate and assess the strategic requirements needed to maintain the high standards expected.
This report was approved by the board and signed on its behalf.
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PMBS HOLDING LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and to 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.
The profit for the year, after taxation, amounted to £5,146,612 (2023 - loss £2,081,798).
No dividends have been paid or proposed in the current or prior year.
The directors who served during the year were:
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PMBS HOLDING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The group continues to monitor the needs and demands of the industry, especially in respect of technological advancements. The group continues in investing in new equipment to meet both the technological and market demands in a growing market.
The directors receive regular reports from HR on staff matters and staff turnover is regarded as a key performance indicator. All employees are regularly consulted with and fully understand the strategic direction in both the short and long term, as well as the current trading performance of the business. This ownership model and consultative approach fosters a strong culture and high levels of employee satisfaction, whilst also ensuring that all employees are treated fairly and consistently. Annual salary reviews are supplemented by regular benchmarking exercises. There is a dedicated Employee Engagement team within the business that focuses on continually improving this key area within the business.
Suppliers
As a business that uses global suppliers, the directors fully acknowledge a duty to trade responsibly and set out terms with suppliers, which benefit both parties. Business is conducted in line with the group’s Code of Conduct and several other internal policies and procedures that are designed to ensure the group maintains the highest reputation possible for standards of conduct. The group has a dedicated commercial team with responsibility for maintaining regular engagement with suppliers and ensuring that they are kept well abreast of the group’s performance and strategic objectives in both the short and long term. Customers Customer relationships are the heartbeat of the business with customer retention being a key performance indicator. Regular customer meetings provide valuable feedback on customer satisfaction and engagement within the group, achieving high levels of service excellence is a core element of the group’s philosophy. Many experienced customer account managers are employed to ensure customers are well supported and strong levels of service excellence can be provided. Reports are made to both members and directors on prospective and actual customers, and business development projects.
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PMBS HOLDING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The group’s directors are acutely conscious of the need to maintain the highest standard of business conduct, and commercial and ethical imperative linked to decarbonisation activities.
The group has a dedicated part time carbon accounting coordinator identifying, logging and reporting on energy data across the facilities (employment Start Date 24 Jan 2024). On this date, 'Scope 5 Europe - Operational Trackers' totalled 59. This has increased to 178 carbon and waste trackers, across all trading entities including much improved scope 3 tracking. This represents a 200% increase in tracking activity. The improved data collection has inevitably led to a larger CO2 output number which now stands at 1,141.54 tonnes for 2024. This represents an addition of only 94.12 tonnes of CO2 from 1,047.42 tonnes after increasing our operational footprint significantly and data tracking by 200%. We have been successful in minimizing the net environmental impact in relation to normalising factors such as productivity, headcount and square footage.
The group’s greenhouse gas emissions and energy consumption are:
∙Total energy consumption (kWh) calculated across the group from electricity is 1,270,203.24 kWh.
∙The combined scope one, two and three carbon emissions for the period was recorded at 1,141.54 tCO2e (revised from 844.25 tCO2e after improved data collection).
The Energy Intensity Ratio (energy consumed Kwh/Total Revenue) is for the period is calculated at 1,866.54 kWh (2023 - 1,280.00 kWh) per £100,000 turnover.
The Carbon Intensity Ratio (tCO2e emission/Total Revenue) is for the period is calculated at 1.68 tCO2e (2023 - 1.82 tCO2e) per £100,000 turnover. In order to comply with methodology following steps have been taken:
∙Continued to measure and report to the boundary of compliance (financial and operational);
∙Determined the scope, and set up appropriate tracking procedures for scope One, Two, Three;
ESOS reporting completed over all group activities;
∙Determine the key environmental impacts and made investments and procurement changes to mitigate outputs;
∙Identified suitable metric for intensity ratio (tCO2e/£100,000 turnover);
∙Developed steps to improve buy in from colleagues and supply chain; and
∙Worked with clients and industry to inform our rental investment choices to assist with customer decarbonisation efforts.
Energy Efficiency Actions
The group's Sustainability Director is coordinating data gathering and efficiency of projects, including identifying carbon savings on the transport and generator fleet emissions.
The group has transitioned to procuring renewable electricity across all sites where electricity is procured by MBS.
The group has invested in HVO diesel distribution infrastructure which was commissioned at the Colnbrook site in September 2024. This has led to around 70% of fleet operations now being fuelled by HVO which in turn represents an 85% lower net carbon output.
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PMBS HOLDING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Waste segregation efforts have reduced multi stream skips and developed eight segregated recycling streams, reducing road haulage and energy.
Some rental locations operate from serviced premises where the landlord has energy procurement control and rebills to MBS as a tenant.
There have been no significant events affecting the group since the year end.
The auditors, Adler Shine LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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PMBS HOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PMBS HOLDING LIMITED
We have audited the financial statements of PMBS Holding Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the consolidated statement of comprehensive income, the consolidated balance sheet, the company balance sheet, the consolidated statement of cash flows, the consolidated statement of changes in equity, the company statement of changes in equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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 or 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.
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PMBS HOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PMBS HOLDING LIMITED (CONTINUED)
The other information comprises the information included in the annual report other than the financial statements and our auditors' 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
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 directors' report.
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PMBS HOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PMBS HOLDING LIMITED (CONTINUED)
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 auditors' 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 Group 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 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. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have:
∙considered the nature of the industry and sectors, control environment and business performance;
∙made enquires of management about their own identification and assessment of the risk of irregularities;
∙performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias;
∙reviewed minutes of meetings;
∙undertaken appropriate sample based testing of bank transactions;
∙identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of non-compliance;
∙discussed matters among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
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PMBS HOLDING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PMBS HOLDING LIMITED (CONTINUED)
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 auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Aston House
Cornwall Avenue
N3 1LF
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PMBS HOLDING LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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PMBS HOLDING LIMITED
REGISTERED NUMBER: 09216487
CONSOLIDATED BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 39 form part of these financial statements.
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PMBS HOLDING LIMITED
REGISTERED NUMBER: 09216487
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 18 to 39 form part of these financial statements.
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PMBS HOLDING LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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PMBS HOLDING LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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PMBS HOLDING LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PMBS Holding Limited is a private company limited by shares and registered in England and Wales. Its principal place of business and registered office address is Lakeside Road, Colnbrook, Slough, SL3 0EL.
The principal activity of the company during the year was that of a holding company. The financial statements are presented in Sterling (£), rounded to the nearest £1.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgement in applying the group's accounting policies (see note 3).
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2018.
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis, which assumes that the group will be able to continue trading for the foreseeable future.
The group has net current liabilities of £832,653 (2023 - £9,384,612) at the balance sheet date. Net current liabilities include intercompany payables amounting to £335,445 (2023 - £4,926,215) due to the wider group. The ultimate parent company has stated that it intends, without creating a contractual obligation, to provide the necessary financial support and working capital as may be necessary, including the deferral of any payment of intercompany payables, such that the group can meet its liabilities as they fall due. At the time of approving these financial statements, based on the group's ongoing support and the group's financial forecasts, the directors have a reasonable expectation that the group has adequate resources to continue trading and meet its commitments, as they become due, for at least 12 months from the date of approval of the financial statements.
Functional and presentation currency
Transactions and balances
Page 19
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Page 20
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Trademarks are amortised over the useful life as stated in the trademark agreement, over the life of the agreement, being 5-10 years.
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as set out below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Globes and spare parts for lighting equipment are initially recognised as stock at cost. These are released to statement of comprehensive income over two years from the date of acquisition. The directors consider that this accounting policy is appropriate as the lighting equipment is either new or maintained to a very high level and the use of globes and spare parts is minimal. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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, 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
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Page 24
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The estimates and associated assumptions are based on historical experiences and other factors that are considered 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, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. The key assumptions and other key sources of uncertainty that have a significant effect of the amount recognised in the financial statements are described below: Stock Valuation Stock is included at lower of cost and net realisable value. The directors have reviewed the stock obsolescence policy and are satisfied that stock is fairly valued at the year end. Recoverability of debtors Judgements have been made on the recoverability of trade debtors and the valuation of provisions and the directors are satisfied that the debts are recoverable. Tangible and Intangible Fixed Assets Judgements have been made in relation to the lives of tangible and intangible assets. In particular, the valuation and the useful economic life and residual values of plant and machinery. The directors have concluded that the asset values and residual values are appropriate. Revenue recognition – lighting Income is recognised over the period of production agreements. Production agreements include varying components, such as duration of productions and equipment requirements. Judgements have been made in respect of revenue recognition and cut-off at the balance sheet date. The directors have reviewed the revenue policy and are satisfied that income has been recognised appropriately. Other estimates, assumptions and judgements are applied by the directors. These include, but are not limited to accruals and provisions. These estimates, assumptions and judgements are evaluated on a continual basis but are not significant.
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
Page 27
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 28
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 29
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 30
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements. The loss after tax of the parent company for the year was £
Page 31
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 32
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 33
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 34
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 35
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 36
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Profit and loss account
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £491,475 (2023 - £444,094). No contributions were payable to the fund at the balance sheet date.
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 38
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PMBS HOLDING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
28.Related party transactions (continued)
MBS Services Holdings, LLC, a Delaware LLC (“MBS Holdings”), is a wholly-owned subsidiary of MBS Services Capital, LLC, a Delaware LLC (“MBS Capital”), and directly or indirectly the parent of PMBS Holding Limited. Effective January 31, 2025, MBS Holdings’ governance was modified to a board with appointees from Hackman Capital Partners, LLC (“HCP”), another investor, Square Mile Media Services, LLC (“Square Mile”), as well as an independent director. Also effective as of January 31, 2025, HCP no longer acts as manager of MBS Holdings, but remains manager of MBS Capital, subject to the aforementioned board’s oversight.
Page 39
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