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Registered number: 13217038
DIRECTOR'S REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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PEMBRIDGE PRIVATE CAPITAL LTD
Company Information
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PEMBRIDGE PRIVATE CAPITAL LTD
Contents
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PEMBRIDGE PRIVATE CAPITAL LTD
Group Strategic Report
For the Year Ended 31 December 2024
The director presents his strategic report for the year ended 31 December 2024.
Pembridge Private Capital Ltd ("the Company") and its group are investment companies. During the year the group further invested in property, listed and unlisted investments with a view to generating future gains. Listed investments in the Company portfolio fell in value by £92m (2023: £102m), but these losses have not been realised. The director is happy in respect of dividends received from those same listed investments amounting to £4m (2023: £24m).
The group's main risks are:
Foreign Currency risk The group operates in Sterling and Euros, and monitors fluctuations in foreign exchange rates regularly. The director does not consider it necessary to hedge against this risk. Investment risk The company is subject to fluctuations in the value of listed investments. The director manages the company's portfolio of investments carefully, and is open to further investment opportunities to continue to diversify the company's portfolio and manage this risk. Liquidity risk The group is not significantly exposed to liquidity risk, due to the maintenance of sufficient cash and equivalents to meet the necessary outflows of the business.
The key performance indicator of the group is return on investment. This is measured by way of dividend yield and market value of the investments held.
This report was approved by the board on 22 October 2025 and signed on its behalf.
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PEMBRIDGE PRIVATE CAPITAL LTD
Director's Report
For the Year Ended 31 December 2024
The director presents his report and the financial statements for the year ended 31 December 2024.
The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group will continue in business.
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 loss for the year, after taxation, amounted to £65,985 thousand (2023 - loss £72,431 thousand).
No ordinary dividends were paid. The director does not recommend the payment of a final dividend.
The director who served during the year was:
Items of strategic nature which would normally be included in the director's report have been set out in the strategic report.
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PEMBRIDGE PRIVATE CAPITAL LTD
Director's Report (continued)
For the Year Ended 31 December 2024
The auditors, Moore Kingston Smith LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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PEMBRIDGE PRIVATE CAPITAL LTD
Independent Auditors' Report to the Members of Pembridge Private Capital Ltd
We have audited the financial statements of Pembridge Private Capital Ltd (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 Changes in Equity, the Company Statement of Changes in Equity, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
The evidence available to us was limited because we were unable to obtain sufficient information regarding
assurance that the internal control systems in place at the service organisations, Edmond De Rothschild and Societe Generale, were effectively maintained by the service organisation such that we were able to place reliance on them for the purpose of our audit. Specifically, we were unable to obtain a copy of the relevant controls report. The underlying accounting records rely on the output of data from this service organisation. We were unable to obtain sufficient appropriate audit evidence in respect of internal controls at the service organisation by other means. In addition, were any adjustments to the financial statements to be required, the strategic report would also need to be amended.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 director with respect to going concern are described in the relevant sections of this report.
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PEMBRIDGE PRIVATE CAPITAL LTD
Independent Auditors' Report to the Members of Pembridge Private Capital Ltd (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Audit Report thereon. The director is 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 Director's 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 Director's 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 Director's Report.
In respect solely of the limitation on our work relating to internal controls at the service organisations, described above:
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PEMBRIDGE PRIVATE CAPITAL LTD
Independent Auditors' Report to the Members of Pembridge Private Capital Ltd (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 Audit 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:
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows: • We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council, and UK taxation legislation • We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance. • We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance. • We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. • Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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 Audit Report.
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PEMBRIDGE PRIVATE CAPITAL LTD
Independent Auditors' Report to the Members of Pembridge Private Capital Ltd (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 Audit 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
Betchworth House
57 - 65 Station Road
RH1 1DL
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PEMBRIDGE PRIVATE CAPITAL LTD
Consolidated Statement of Comprehensive Income
For the Year Ended 31 December 2024
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PEMBRIDGE PRIVATE CAPITAL LTD
Registered number: 13217038
Consolidated Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 31 form part of these financial statements.
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PEMBRIDGE PRIVATE CAPITAL LTD
Registered number: 13217038
Company Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 31 form part of these financial statements.
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PEMBRIDGE PRIVATE CAPITAL LTD
Consolidated Statement of Changes in Equity
For the Year Ended 31 December 2024
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PEMBRIDGE PRIVATE CAPITAL LTD
Consolidated Statement of Changes in Equity
For the Year Ended 31 December 2023
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PEMBRIDGE PRIVATE CAPITAL LTD
Company Statement of Changes in Equity
For the Year Ended 31 December 2024
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PEMBRIDGE PRIVATE CAPITAL LTD
Consolidated Statement of Cash Flows
For the Year Ended 31 December 2024
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PEMBRIDGE PRIVATE CAPITAL LTD
Consolidated Statement of Cash Flows (continued)
For the Year Ended 31 December 2024
Consolidated Analysis of Net Debt
For the Year Ended 31 December 2024
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PEMBRIDGE PRIVATE CAPITAL LTD
Notes to the Financial Statements
For the Year Ended 31 December 2024
Pembridge Private Capital Ltd. (the "Company") is a private company limited by share capital incorporated in the United Kingdom and registered in England and Wales with registration number 13217038. The registered office address is 3rd Floor 12 Gough Square, London, United Kingdom, EC4A 3DW.
The principal activity of the group was that of investment.
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 judgment 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 Profit and Loss Account in these financial statements:
•Only one reconciliation of the number of shares outstanding at the beginning and end of the year has been presented as the reconciliation for the group and the parent company would be identical;
• No statement of Cash Flows has been presented for the parent company; • Disclosures in respect of the parent company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the group as a whole; and • No disclosures have been given for the aggregate remuneration of the key management personnel of the parent company as their remuneration is included in the totals for the group as a whole.
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. PPC Racing Holdings Ltd., PPC Energy Ltd., and PPC Art Limited have claimed exemption from audit under the provisions of section 479A of the Companies Act 2006. Pembridge Private Capital Ltd. has provided a guarantee over the liabilities of PPC Racing Holdings Ltd., PPC Energy Ltd., and PPC Art Limited under section 479C of the Act.
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PEMBRIDGE PRIVATE CAPITAL LTD
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Rental income is recognised in accordance with the underlying lease, net of Value Added Tax.
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PEMBRIDGE PRIVATE CAPITAL LTD
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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PEMBRIDGE PRIVATE CAPITAL LTD
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Balance Sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
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PEMBRIDGE PRIVATE CAPITAL LTD
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in
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PEMBRIDGE PRIVATE CAPITAL LTD
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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PEMBRIDGE PRIVATE CAPITAL LTD
Notes to the Financial Statements
For the Year Ended 31 December 2024
The estimates and underlying assumptions are review 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 the period of the revision an future periods if the revision affects both current and future periods. The estimates and assumptions which have a risk of causing a material adjustment to the carrying value of assets are liabilities are outlined below. Critical judgements Carrying value of investments When assessing the carrying value of investments in subsidiaries, associates, and made loans, the directors consider the ability of entity to generate profits in the longer term and consider any subsequent impairment to carrying value deemed necessary.
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PEMBRIDGE PRIVATE CAPITAL LTD
Notes to the Financial Statements
For the Year Ended 31 December 2024
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PEMBRIDGE PRIVATE CAPITAL LTD
Notes to the Financial Statements
For the Year Ended 31 December 2024
9.Taxation (continued)
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PEMBRIDGE PRIVATE CAPITAL LTD
Notes to the Financial Statements
For the Year Ended 31 December 2024
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PEMBRIDGE PRIVATE CAPITAL LTD
Notes to the Financial Statements
For the Year Ended 31 December 2024
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PEMBRIDGE PRIVATE CAPITAL LTD
Notes to the Financial Statements
For the Year Ended 31 December 2024
The 2024 valuations were made by the director, on an open market value for existing use basis.
The 2024 valuations were made by the director, on an open market value for existing use basis.
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PEMBRIDGE PRIVATE CAPITAL LTD
Notes to the Financial Statements
For the Year Ended 31 December 2024
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PEMBRIDGE PRIVATE CAPITAL LTD
Notes to the Financial Statements
For the Year Ended 31 December 2024
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PEMBRIDGE PRIVATE CAPITAL LTD
Notes to the Financial Statements
For the Year Ended 31 December 2024
18.Other financial commitments
A subsidiary company entered an agreement on 2 December 2021 to purchase warrant shares in an unrelated entity. The warrants allowed the subsidiary to provide a loan facility of up to £15m to the issuer. On the 20 June 2024, an additional provision of funds was agreed for £10m.
The same subsidiary entered into a separate agreement on 20 December 2023 to purchase warrant shares in an unrelated company. The warrants allowed the subsidiary to provide a loan facility of up to £12.5m. On the 23 July 2024 an agreement was signed providing an additional loan facility of £7.5m.
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PEMBRIDGE PRIVATE CAPITAL LTD
Notes to the Financial Statements
For the Year Ended 31 December 2024
Following the year end, a subsidiary company received drawdown notices and paid funds of £21m and £6.4m to unrelated companies. The arrangement has been detailed in note 18.
Following the year end, a subsidiary company received €0.5m as a distribution following the liquidation of its investment in Energy Transition Partner LLP.
Following the year end, a new subsidiary called PPC Fuel Ltd was incorporated
The ultimate controlling party of the Company is A F Beard.
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