Registration number:
PCBL Limited
for the Year Ended 30 April 2025
Registration number:
PCBL Limited
for the Year Ended 30 April 2025
PCBL Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Statement of Comprehensive Income |
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Consolidated Statement of Financial Position |
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Statement of Financial Position |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
PCBL Limited
Company Information
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Directors |
P S Knox D M Parsons R C Jeffs |
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Registered office |
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Solicitors |
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Accountants |
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Auditors |
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PCBL Limited
Strategic Report for the Year Ended 30 April 2025
The directors present their strategic report for the year ended 30 April 2025.
Principal activity
The principal activity of the group is that of construction and residential development in the UK. There have not been any changes in the group's principal activities in the year under review and the directors are not aware of any likely major changes in the group's activities in the next year.
Fair review of the business
Key financial performance indicators are turnover and gross profit which can be seen in the Statement of Income and Retained Earnings. Given the straightforward nature of the group's operations, the directors do not believe further detail is required to explain the financial performance or position of the group. Turnover will fluctuate depending on the progress of its developments, unit sales and any contracts during the year.
Shareholders' funds decreased from £6,422,405 to £6,138,460. The group manages its operations on a divisional basis and as part of its Quality Management Procedures and Business Improvement Plan, measures performance and strives for continuous improvement.
Principal risks and uncertainties
Following the back-drop of fluctuations in the supply and pricing of materials and labour an eye on Government policies to drive growth will be needed to ensure fragile market stability is not disrupted, which is a continuing risk for the industry. The group is in-part reliant on the housing market for profitable activity but traditional contracting demand has strengthened during weaker housing demand and provided alternative work streams to off-set slower housing demand. The group manages this risk by ensuring development activity is the product of preferred choice through high quality workmanship and materials and delivering in attractive locations. The supply of social housing contracts has disappointingly not recovered and Registered Provider’s remain inactive in driving schemes forward in the locality. Homes England are currently providing affordable housing additionality through the major house builders. In the contracting market we support our approved supply chain partners through prompt and fair payment. We maintain a strong balance sheet, provide added value services and maintain strong relationships with our repeat customers. With the housing demand currently subdued, the group continues to manage its reliance on housing demand through joint venture projects and commercial contracts. 2025-26 trading expectations are based on a similar number of unit sales to that achieved in 2024-25 coupled to an improved quantum of commercial contracting turnover.
Pearce Construction recognises its role in ESG and maintains a focus on ensuring we support our local economy and our local environment. Retro-fit still has yet to fulfil its potential but staff have been trained to service this sector and to assist its clients work towards their net zero goals.
Pearce is an employee owned group (EOT) and our staff are committed to maintaining its strong reputation in our local market. Details on the number of employees (members) and related costs can be found in the notes to the accounts. The trading year ending April 2025 marked the completion of the first year of trading as an EOT. With the success in replacing housing turnover with profitable contracting supply the group was able to make its first member distribution benefitting all employees with member status.
Approved and authorised by the
PCBL Limited
Strategic Report for the Year Ended 30 April 2025 (continued)
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PCBL Limited
Directors' Report for the Year Ended 30 April 2025
The directors present their report and the for the year ended 30 April 2025.
Directors of the group
The directors who held office during the year were as follows:
Dividends
No interim dividends were paid during the year (2024: £4,000). The directors do not recommend the payment of a final dividend.
Financial instruments
Objectives and policies
The group's principal financial instruments comprise bank balances, bank overdrafts and loans (including CBILS), trade creditors and trade debtors.
The group's approach to managing other risks applicable to the financial instruments concerned is shown below.
Price risk, credit risk, liquidity risk and cash flow risk
The liquidity risk is managed through the use of a bank overdraft and, at times, development funding (through the bank and joint venture partners) which ensures funding of work in progress against expected income from completed projects.
The group's bank loan facilities are detailed in note 22.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding (including retentions) for both time and credit limits. Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Going concern
Whilst the outlook for the economy is uncertain, the group has sufficient financial resources and contracts with a number of customers and suppliers such that the Directors believe the group is well placed to manage its business risks successfully.
After making enquiries, the Directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future, accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
PCBL Limited
Directors' Report for the Year Ended 30 April 2025 (continued)
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PCBL Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
PCBL Limited
Independent Auditor's Report to the Members of PCBL Limited
Opinion
We have audited the financial statements of PCBL Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 April 2025, which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Statement of Financial Position, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and 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 the parent company's affairs as at 30 April 2025 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 auditor 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 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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
PCBL Limited
Independent Auditor's Report to the Members of PCBL Limited (continued)
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
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 page 6, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
PCBL Limited
Independent Auditor's Report to the Members of PCBL Limited (continued)
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
• We identified areas of laws and regulations that could reasonable be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors and other management, and inspection of the company's correspondence. We communicated identified laws and regulations throughout our team, and remained alert to any indications of non-compliance throughout the audit.
• The company is subject to laws and regulations that govern the preparation of the financial statements, including reporting legislation, and other companies legislation. The company is also subject to other laws and regulations where the consequences of non-compliance could have a material impact on the amounts or disclosures within the financial statements, including employment, anti-bribery, anti-money laundering and certain aspects of companies legislation.
• Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even through we have properly planned and performed our audit in accordance with the auditing standards. In any audit, there remains a higher risk of non-detection of irregularities as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
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Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
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Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group’s internal control. |
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. |
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Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern. |
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Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
PCBL Limited
Independent Auditor's Report to the Members of PCBL Limited (continued)
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Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
3 Longbridge Road
Plymouth
Marsh Mills
Devon
PL6 8LT
PCBL Limited
Consolidated Statement of Comprehensive Income for the Year Ended 30 April 2025
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Note |
2025 |
2024 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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Operating profit |
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Interest payable and similar expenses |
( |
( |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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Profit/(loss) attributable to: |
|||
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Owners of the company |
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The group has no recognised gains or losses for the year other than the results above.
PCBL Limited
(Registration number: 04716075)
Consolidated Statement of Financial Position as at 30 April 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
|
|
|
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Capital and reserves |
|||
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Called up share capital |
100,000 |
100,000 |
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Capital redemption reserve |
100,000 |
100,000 |
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Profit and loss account |
5,938,460 |
6,222,405 |
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|
Equity attributable to owners of the company |
6,138,460 |
6,422,405 |
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Shareholders' funds |
6,138,460 |
6,422,405 |
Approved and authorised by the
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PCBL Limited
(Registration number: 04716075)
Statement of Financial Position as at 30 April 2025
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Note |
2025 |
2024 |
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Fixed assets |
|||
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Investments |
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Current assets |
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Debtors |
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Net assets |
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Capital and reserves |
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Called up share capital |
100,000 |
100,000 |
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Capital redemption reserve |
100,000 |
100,000 |
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Profit and loss account |
19,470 |
19,470 |
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Shareholders' funds |
219,470 |
219,470 |
The company made a profit after tax for the financial year of £780,000 (2024 - profit of £364,000).
Approved and authorised by the
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PCBL Limited
Consolidated Statement of Changes in Equity for the Year Ended 30 April 2025
Equity attributable to the parent company
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Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 May 2024 |
|
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Profit for the year |
- |
- |
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Capital Contribution to EOT |
- |
- |
(780,000) |
(780,000) |
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At 30 April 2025 |
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Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 May 2023 |
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Profit for the year |
- |
- |
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Dividends |
- |
- |
( |
( |
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Purchase of own share capital |
(8,334) |
8,334 |
(340,000) |
(340,000) |
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Capital contribution to EOT |
- |
- |
(20,000) |
(20,000) |
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At 30 April 2024 |
100,000 |
100,000 |
6,222,405 |
6,422,405 |
PCBL Limited
Statement of Changes in Equity for the Year Ended 30 April 2025
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Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 May 2024 |
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|
|
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Profit for the year |
- |
- |
|
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Capital contribution to EOT |
- |
- |
(780,000) |
(780,000) |
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At 30 April 2025 |
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|
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Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 May 2023 |
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|
|
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Profit for the year |
- |
- |
|
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Dividends |
- |
- |
( |
( |
|
Purchase of own share capital |
(8,334) |
8,334 |
(340,000) |
(340,000) |
|
Capital contribution to EOT |
- |
- |
(20,000) |
(20,000) |
|
At 30 April 2024 |
100,000 |
100,000 |
19,470 |
219,470 |
PCBL Limited
Consolidated Statement of Cash Flows for the Year Ended 30 April 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
|||
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Profit for the year |
|
|
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
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|
|
|
Profit on disposal of tangible assets |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
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Working capital adjustments |
|||
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Decrease/(increase) in stocks |
|
( |
|
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Increase in debtors |
( |
( |
|
|
Increase/(decrease) in creditors |
|
( |
|
|
Cash generated from operations |
|
( |
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
( |
|
|
Cash flows from investing activities |
|||
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Net cash flows from investing activities |
( |
|
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Payments for purchase of own shares |
- |
( |
|
|
Proceeds from bank borrowing draw downs |
( |
|
|
|
Payments to finance lease creditors |
|
( |
|
|
Dividends paid |
- |
( |
|
|
Capital contribution to EOT |
(780,000) |
(20,000) |
|
|
Net cash flows from financing activities |
( |
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 May |
( |
|
|
|
Cash and cash equivalents at 30 April |
(533,869) |
(1,033,265) |
|
PCBL Limited
Notes to the Financial Statements for the Year Ended 30 April 2025
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the entity.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 April 2025.
No Statement of Comprehensive Income is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £780,000 (2024 - profit of £364,000).
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
PCBL Limited
Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)
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2 |
Accounting policies (continued) |
Going concern
Whilst the outlook for the economy is uncertain, the group has sufficient financial resources and contracts with a number of customers and suppliers such that the Directors believe the group is well placed to manage its business risks successfully.
After making enquiries, the Directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future, accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Key sources of estimation uncertainty
The group makes estimates and judgements concerning the future and the resulting estimates may, by definition, vary from the actual results. The Directors considered the critical accounting estimates and judgements used in the financial statements and concluded that the main areas of judgement are:
Recognition of profit on long term contracts:
Profit on long term contracts is taken as work is carried out if the final outcome can be assessed with reasonable certainty. This requires an accurate assessment of the stage of completion of each contract, calculated by appropriately qualified in-house specialists, as well as the estimated costs to complete.
Valuation of work in progress:
Work in progress reflects costs incurred to date, less amounts recognised as cost of sales (including any provisions for foreseeable losses). This is impacted by the profit on long term contracts as noted above, and any provision required against cost of developing residential property to reduce it to net realisable value. This requires an estimate of costs to complete and expected sales prices based on local market conditions..
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the group.
Turnover on long term contracts represents the sales value of work done in the period, including estimates in respect of amounts not invoiced.
Turnover and profit on residential property are recognised when the contract for the sale is completed.
Long term contracts
Profit on long term contracts is taken as work is carried out if 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 year end, by recording turnover and related costs (labour, materials and other direct costs) as contract activity progresses. Turnover is calculated by independent valuation. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
PCBL Limited
Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)
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2 |
Accounting policies (continued) |
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold property |
2% straight line |
|
Plant and machinery |
6-25% straight line |
|
Motor vehicles |
25% straight line |
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Stocks
Stock if land is stated at the lower of purchase cost and net realisable value. Options over the land are initially carried at cost and are amortised over the period of the option.
Work in progress is measured at the lower of cost and net realisable value.
PCBL Limited
Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)
|
2 |
Accounting policies (continued) |
Leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest charged is charged to the profit and loss account on a straight line basis.
Pension schemes
The group operates a money purchase pension scheme for certain employees. The assets of the scheme are held separately from those of the group. The annual contributions payable are charged to the profit and loss account.
The group has 1 employee who is a member of the Plumbing and Mechanical Services (UK) Pension Scheme. The scheme was closed to future accrual on 30 June 2019. This is a multi-employer defined benefit pension scheme, however it is not currently possible to estimate the share of assets and liabilities relating to the group's employees or the share of any recovery plan. Consequently the scheme is accounted for as a defined contribution scheme and pension contributions are charged to the profit and loss account when payable.
Financial instruments
Recognition and measurement
Short term trade and other debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment (doubtful debts) are recognised in the profit and loss account before operating profit.
Bank loans
Bank loans are initially recorded at transaction price and subsequently measured at amortised cost using the effective interest method.
|
Turnover |
The analysis of the group's turnover for the year by market is as follows:
|
2025 |
2024 |
|
|
UK |
|
|
PCBL Limited
Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Miscellaneous other operating income |
|
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Gain on disposal of tangible assets |
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Operating lease expense - other |
|
|
|
Profit on disposal of property, plant and equipment |
( |
( |
|
Auditors remuneration |
24,150 |
23,000 |
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
PCBL Limited
Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)
|
8 |
Staff costs (continued) |
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Other short-term employee benefits |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
350,334 |
333,636 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2025 |
2024 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
PCBL Limited
Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
24,150 |
23,000 |
|
Taxation |
Tax charged/(credited) in the consolidated statement of comprehensive income
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
( |
|
169,538 |
93,527 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax expense from unrecognised temporary difference from a prior period |
- |
|
|
Total tax charge |
|
|
PCBL Limited
Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)
|
11 |
Taxation (continued) |
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Liability |
|
Excess of taxation allowances over depreciation of fixed assets |
|
|
Rolled over gains |
|
|
Other short term timing differences |
( |
|
|
|
2024 |
Liability |
|
Excess of taxation allowances over depreciation of fixed assets |
|
|
Rolled over gains |
|
|
Other short term timing differences |
( |
|
|
PCBL Limited
Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)
|
Tangible assets |
Group
|
Freehold land and buildings |
Plant and machinery |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 May 2024 |
|
|
|
|
|
Additions |
- |
|
- |
|
|
Disposals |
- |
( |
( |
( |
|
At 30 April 2025 |
|
|
|
|
|
Depreciation |
||||
|
At 1 May 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
( |
( |
|
At 30 April 2025 |
|
|
|
|
|
Carrying amount |
||||
|
At 30 April 2025 |
|
|
|
|
|
At 30 April 2024 |
|
|
|
|
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2025 |
2024 |
|
|
Plant and machinery |
96,559 |
45,135 |
|
Investments |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
PCBL Limited
Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)
|
13 |
Investments (continued) |
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 May 2024 |
|
|
At 30 April 2025 |
|
|
Provision |
|
|
Carrying amount |
|
|
At 30 April 2025 |
|
|
At 30 April 2024 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2025 |
2024 |
|||
|
Subsidiary undertakings |
||||
|
|
Brannam Crescent
|
|
|
|
|
Subsidiary undertakings |
|
Pearce Construction (Barnstaple) Limited The principal activity of Pearce Construction (Barnstaple) Limited is |
|
Stocks |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Raw materials and consumables |
|
|
- |
- |
|
Merchandise |
|
|
- |
- |
|
Work in progress |
|
|
- |
- |
|
|
|
- |
- |
|
PCBL Limited
Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)
|
Debtors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Trade debtors |
|
|
- |
- |
|
|
Amounts owed by related parties |
- |
- |
|
|
|
|
Prepayments |
|
|
- |
- |
|
|
|
|
|
|
||
|
Less non-current portion |
( |
( |
- |
- |
|
|
|
|
|
|
||
Details of non-current trade and other debtors
Group
£349,180 (2024 - £137,681) of trade debtors is classified as non current.
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash on hand |
|
|
- |
- |
|
Bank overdrafts |
( |
( |
- |
- |
|
Cash and cash equivalents in statement of cash flows |
(533,869) |
(1,033,265) |
- |
- |
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Trade creditors |
|
|
- |
- |
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Other creditors |
|
|
- |
- |
|
|
Accruals |
|
|
- |
- |
|
|
Corporation tax |
173,291 |
93,527 |
- |
- |
|
|
Payments on account |
|
|
- |
- |
|
|
|
|
- |
- |
||
PCBL Limited
Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)
|
17 |
Creditors (continued) |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Provisions for liabilities |
Group
|
Deferred tax |
|
|
At 1 May 2024 |
|
|
Increase (decrease) in existing provisions |
|
|
At 30 April 2025 |
|
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100,000 |
|
100,000 |
|
Reserves |
Company
Profit and loss account
This reserve records retained earnings and accumulated losses.
PCBL Limited
Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
|
|
- |
- |
|
Hire purchase contracts |
|
|
- |
- |
|
|
|
- |
- |
|
Current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Bank borrowings |
|
|
- |
- |
|
Bank overdrafts |
|
|
- |
- |
|
Hire purchase contracts |
|
|
- |
- |
|
|
|
- |
- |
|
During 2020, the group arranged a bank loan of £500,000 under the Coronavirus Business Interruption Loan Scheme (CBILS). Interest is charged at 2.09% over Bank of England base rate and the loan is repayable in monthly instalments over 5 years commencing July 2021. The loan is secured on the freehold property of the group.
On 29 April 2003, the group gave security in the form of an unlimited debenture incorporating a fixed and floating charge.
On 23 November 2023, the group granted a charge over land in respect of a further loan taken during the period.
|
Obligations under leases and hire purchase contracts |
Group
Finance leases
Finance lease liabilities are secured on the assets to which they relate.
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
PCBL Limited
Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)
|
23 |
Obligations under leases and hire purchase contracts (continued) |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
- |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
Interim dividends paid
|
2025 |
2024 |
|||
|
Interim dividend of £Nil (2024 - £ |
- |
|
||
|
Contingencies |
Group
The group had entered into an unlimited cross composite guarantee for the joint bank facility given to the group undertakings by Lloyds Bank plc. In addition, the group enters into performance bonds in the normal course of business. The directors expect no liability to arise in respect of these transactions.
|
Related party transactions |
Group
Summary of transactions with other related parties
Sales of £Nil were made to a company with a common director (of which £Nil was outstanding at the year end), and purchases of £14,676 were made from a company with a common director (£Nil was outstanding at the year end).
PCBL Limited
Notes to the Financial Statements for the Year Ended 30 April 2025 (continued)
|
Parent and ultimate parent undertaking |
The company's immediate parent is