Registration number:
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P.G.M. Carpentry Holdings Limited
for the Year Ended 31 March 2025
P.G.M. Carpentry Holdings 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 Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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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 |
P.G.M. Carpentry Holdings Limited
Company Information
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Directors |
S Monk M J Wheeler |
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Registered office |
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Bankers |
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Auditors |
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P.G.M. Carpentry Holdings Limited
Strategic Report for the Year Ended 31 March 2025
The directors present their strategic report for the year ended 31 March 2025.
Principal activity
The principal activity of the group is carpentry and joinery services for new build constructions, and the introduction of fire door inspections/maintenance.
Fair review of the business
The group had a successful 2024/25 with results similar to the prior year, indicating stability in the face of increased costs and market conditions. These results have exceeded our expectations during a period of domestic and global instabilities, effects of which continue to pose risk to the global economy. The staff have risen to the challenges faced by our organisation, and we thank them for their continued efforts and hard work.
Our strategy has been continued improvement of control measures, reduced costs wastage and to further promote fire door safety services introduced in 2023. We continue to invest in our staff through training to achieve qualifications relevant to the future of our organisation. By encouraging staff CPD, these measures have had a positive impact on our business and the services that we provide.
A review of the environmental impact of our business operations was carried out during the financial year resulting in the introduction of an environmental management plan and supply chain questionnaire. Our aim is to ascertain supplier understanding and adherence and promote awareness in order to sustainably reduce organisational impact.
We look to 2025/26 with cautious optimism as the future of the UK economy remains susceptible to the global effects of political factors and ongoing wars and instabilities of other countries. Directors use management information to continue to manage the business direction and make timely decisions to keep the business on track.
Going concern
As outlined further in the accounting policies in note 2, the financial statements have been prepared on a going concern basis.
Based upon the information available, the directors consider that the group will be able to continue to trade for the foreseeable future.
Principal risks and uncertainties
The management of the business and the execution of the group's strategy are subject to several risks. The key business risks and uncertainties affecting our organisation are relative to market conditions, impacted by economic domestic and global factors. The result of such conditions poses a risk to the pricing of long-term projects competitively whilst considering uncertain fluctuations in future costs and expenses.
Another risk, which is inherent to the construction industry is health and safety. Health and safety remains a crucial focus for the directors. Policies and procedures are reviewed regularly, and operatives kept up to date with any changes.
Key performance indicators
The directors continue to focus on measuring and improving service performance, particularly through the usage of resources and labour productivity. We are fortunate to have a skilled and co-operative workforce, and we continue to invest in training and wellbeing.
The directors’ forecast for the coming year is optimistic, projecting period ups and downs while achieving overall annual stability within the industry. The result of which is expected to generate a slight increase in turnover while operating profit is expected to remain static.
P.G.M. Carpentry Holdings Limited
Strategic Report for the Year Ended 31 March 2025
The group's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2025 |
2024 |
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Turnover (Group) |
£ |
15,145,068 |
14,696,918 |
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Gross profit (Group) |
£ |
5,013,959 |
3,914,686 |
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Gross profit margin |
% |
33.11 |
26.64 |
Financial risk management objectives and policies
Credit Risk and Cash flow risk
Trade debtors are managed in respect of credit and cash flow risk policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Liquidity risk
Liquidity is maintained mainly through the group's continuing significant profitability. Therefore, sufficient funds for ongoing operations and future developments are ensured through retained profits.
Market risk
The directors review the market risk applicable to the group on an ongoing basis by considering the likelihood of market developments and consequent effect on profitability, net assets and liquidity.
Approved by the
.........................................
M J Wheeler
Director
P.G.M. Carpentry Holdings Limited
Directors' Report for the Year Ended 31 March 2025
The directors present their report and the for the year ended 31 March 2025.
Directors of the group
The directors who held office during the year were as follows:
Information included in the Strategic Report
Information relating to the group's policies on financial instruments and risk management can be found in the Strategic Report.
Future developments
We look to 2025/26 with cautious optimism as the future of the UK economy remains susceptible to the global effects of ongoing wars in other countries. Directors use management information to continue to manage the business direction and make timely decisions to keep the business on track,
The company is well placed with a strong balance sheet and sufficient resources to meet customer demands, The company has continued to be profitable post year end and the directors are confident of a strong 2025/26 even with increasing costs, cash flow will be vitally important to achieve forecast growth.
Important non adjusting events after the financial period
On 19 September 2025, after the year end, the company purchased 20 of its own ordinary shares at their nominal value of £1.00 each.
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 group'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.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Lambert Chapman LLP as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved by the
.........................................
M J Wheeler
Director
P.G.M. Carpentry Holdings 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.
P.G.M. Carpentry Holdings Limited
Independent Auditor's Report to the Members of P.G.M. Carpentry Holdings Limited
Opinion
We have audited the financial statements of P.G.M. Carpentry Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, 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 31 March 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.
We have nothing to report in this regard.
P.G.M. Carpentry Holdings Limited
Independent Auditor's Report to the Members of P.G.M. Carpentry Holdings Limited
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 5], 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
P.G.M. Carpentry Holdings Limited
Independent Auditor's Report to the Members of P.G.M. Carpentry Holdings Limited
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 engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with the Directors and from our knowledge and experience of the sector within which the company operates;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the taxation legislation, employment laws, building regulations and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
P.G.M. Carpentry Holdings Limited
Independent Auditor's Report to the Members of P.G.M. Carpentry Holdings Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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
Silks Way
Braintree
Essex
CM7 3GB
P.G.M. Carpentry Holdings Limited
Consolidated Profit and Loss Account for the Year Ended 31 March 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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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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(597,966) |
(461,113) |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit/(loss) for the financial year |
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( |
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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.
P.G.M. Carpentry Holdings Limited
Consolidated Statement of Comprehensive Income for the Year Ended 31 March 2025
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2025 |
2024 |
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Profit/(loss) for the year |
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( |
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Total comprehensive income for the year |
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( |
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Total comprehensive income attributable to: |
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Owners of the company |
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( |
P.G.M. Carpentry Holdings Limited
(Registration number: 13662266)
Consolidated Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
|||
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Intangible assets |
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Tangible assets |
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Current assets |
|||
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Debtors |
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Cash at bank and in hand |
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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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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
|||
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Called up share capital |
1,000 |
1,000 |
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Retained earnings |
(645,269) |
(845,539) |
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Equity attributable to owners of the company |
(644,269) |
(844,539) |
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Shareholders' deficit |
(644,269) |
(844,539) |
Approved and authorised by the
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P.G.M. Carpentry Holdings Limited
(Registration number: 13662266)
Balance Sheet as at 31 March 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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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
|||
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Called up share capital |
1,000 |
1,000 |
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Retained earnings |
3,859,059 |
(1,119,421) |
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Shareholders' funds/(deficit) |
3,860,059 |
(1,118,421) |
The company has opted to take the exemption under section 408 of the Companies Act 2006 to omit its profit and loss account. The company made a profit after tax for the financial year of £4,978,480 (2024 - loss of £469,504).
Approved and authorised by the
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P.G.M. Carpentry Holdings Limited
Consolidated Statement of Changes in Equity for the Year Ended 31 March 2025
Equity attributable to the parent company
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Share capital |
Retained earnings |
Total |
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At 1 April 2024 |
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( |
( |
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Profit for the year |
- |
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At 31 March 2025 |
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( |
( |
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Share capital |
Retained earnings |
Total |
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At 1 April 2023 |
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( |
( |
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Loss for the year |
- |
( |
( |
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At 31 March 2024 |
1,000 |
(845,539) |
(844,539) |
P.G.M. Carpentry Holdings Limited
Statement of Changes in Equity for the Year Ended 31 March 2025
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Share capital |
Retained earnings |
Total |
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At 1 April 2024 |
|
( |
( |
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Profit for the year |
- |
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At 31 March 2025 |
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Share capital |
Retained earnings |
Total |
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At 1 April 2023 |
|
( |
( |
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Loss for the year |
- |
( |
( |
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At 31 March 2024 |
1,000 |
(1,119,421) |
(1,118,421) |
P.G.M. Carpentry Holdings Limited
Consolidated Statement of Cash Flows for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
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Profit/(loss) for the year |
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( |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
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(Profit)/loss on disposal of tangible assets |
( |
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Finance income |
( |
( |
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Finance costs |
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Income tax expense |
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Working capital adjustments |
|||
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Increase in trade debtors |
( |
( |
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Increase in trade creditors |
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Cash generated from operations |
|
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Income taxes paid |
( |
( |
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Net cash flow from operating activities |
|
|
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Cash flows from investing activities |
|||
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Interest received |
|
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Acquisitions of tangible assets |
( |
( |
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Proceeds from sale of tangible assets |
|
- |
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Net cash flows from investing activities |
( |
( |
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Cash flows from financing activities |
|||
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Interest paid |
( |
( |
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Repayment of other borrowing |
( |
( |
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Net cash flows from financing activities |
( |
( |
|
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Net decrease in cash and cash equivalents |
( |
( |
|
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Cash and cash equivalents at 1 April |
|
|
|
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Cash and cash equivalents at 31 March |
1,334,312 |
1,668,430 |
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P.G.M. Carpentry Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office and trading address 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 and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
These financial statements are presented in Sterling (£), which is the company's functional currency.
Summary of disclosure exemptions
The company has taken the exemption available from disclosing transactions with other members of the group in accordance with FRS 102 section 33.1A
The group has taken exemption from disclosing key management compensation under FRS 102 section 33.7A as key management are only directors which has been disclosed as directors remuneration.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2025.
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.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
P.G.M. Carpentry Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Judgements and key sources of estimation uncertainty
In the group's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Key sources of estimation uncertainty
The preparation of the group's financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts and accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of an asset or liability affected in future periods.
Trade debtors - management applies judgement in evaluating the recoverability of debtors. To the extent that the directors believe debtors not to be recoverable they have been provided for in the financial statements.
Fixed assets - management determine whether there are indicators of impairment of the group's tangible assets. Factors taken into consideration in reaching a decision include the economic viability and expected future financial performance of an asset..
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of carpentry and joinery services for new build constructions together with fire door installation and maintenance in the ordinary course of the group’s activities. Turnover is shown net of value added tax and discounts.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.
Contract revenue recognition
Long term contracts are assessed on a contract by contract basis and reflected in the statement of comprehensive income by recording revenue and related costs as contract activity progresses in order to reflect an accurate gross profit margin attributable to specific projects and this is assessed by management. Revenue is ascertained in a manner appropriate to the stages of completion of the contract and measured by reference to the value of work done in comparison to the total contract value. Credit is taken for profit earned to date when the outcome of the contract can be assessed with reasonable certainty. The amount by which the turnover exceeds payments on account is classified as "amounts recoverable on contracts" and is included within debtors; to the extent that payments on account exceed relevant turnover on long term contract balances, the excess is included as a creditor. Where it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense as soon as it is foreseen.
P.G.M. Carpentry Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Government grants
Government grants are recognised using the accrual model and are shown within other operating income.
Fair value of financial assets and liabilities
Where the fair value of financial assets and liabilities cannot be derived from active markets, they are determined using a variety of valuation techniques. The input to these models is derived from observable markets where available, a degree of judgement is required in determining assumptions used when calculating the fair value.
Provisions for impairment
In determining impairment of financial assets, judgement is required in the estimation of the amount and timing of future cash flows.
Tax
Current Tax is recognised in the profit and loss account, 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.
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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.
Depreciation
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and equipment |
20% reducing balance method |
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Fixtures and fittings |
33% straight line method |
|
Computer equipment |
33% straight line method |
|
Motor vehicles |
25% reducing balance method |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
P.G.M. Carpentry Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Asset class |
Amortisation method and rate |
|
Goodwill |
10% straight line method |
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at discounted cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for the provision of carpentry and joinery services for new build constructions together with fire door installation and maintenance in the ordinary course of business.
Retentions
Retentions on long term contracts are recognised within other debtors. Retentions on work completed have been recognised within turnover.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Where the group makes payments in advance or arrears of the initial expected life of the loan it shall be recalculated in accordance with Section 11.20 of FRS102 with the effect of recalculation being shown in in the profit and loss account.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at their fair value at inception of the lease. These assets are depreciated on a reducing balance basis over the useful life of the asset. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
P.G.M. Carpentry Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Share capital
Ordinary shares are classified as equity.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
P.G.M. Carpentry Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2025 |
2024 |
|
|
Construction services |
|
|
|
Other services |
|
|
|
|
|
Other services consists of sales in respect of fire door installation and maintenance, crane hire and customer care services. All sales are made to the UK.
The amount of contract revenue recognised as Turnover in the year was £
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2025 |
2024 |
|
|
Government grants |
|
|
|
CITB grants |
|
|
|
|
|
|
Other gains and losses |
The analysis of the group's other gains and losses for the year is as follows:
|
2025 |
2024 |
|
|
Gain/(loss) on disposal of tangible assets |
|
( |
|
Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
(Profit)/loss on disposal of property, plant and equipment |
( |
|
P.G.M. Carpentry Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Government grants |
The amount of grants recognised in the financial statements was £
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Bank interest received |
|
|
|
Other finance income |
- |
|
|
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest expense on other finance liabilities |
|
|
|
Fines and penalties |
|
- |
|
Loss on recalculation of financial instruments |
|
|
|
|
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Directors |
|
|
|
Administration and support |
|
|
|
Apprentices and other direct staff |
|
|
|
|
|
P.G.M. Carpentry Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2025 |
2024 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
294,009 |
290,972 |
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 |
|
|
|
Auditors' remuneration |
|
2025 |
2024 |
|
|
Audit of these financial statements |
11,521 |
9,997 |
P.G.M. Carpentry Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
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 higher than the standard rate of corporation tax in the UK (2024 - higher 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 |
|
|
|
Tax decrease from effect of capital allowances and depreciation |
- |
( |
|
Permanent capital allowances in excess of depreciation |
- |
|
|
Tax effect of expense not deductible in determining taxable profit |
|
|
|
Tax increase from changes in provisions |
|
|
|
Total tax charge |
|
|
Deferred tax
Group
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
- |
|
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
- |
|
P.G.M. Carpentry Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Intangible assets |
Group
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 April 2024 |
|
|
|
At 31 March 2025 |
|
|
|
Amortisation |
||
|
At 1 April 2024 |
|
|
|
Amortisation charge |
|
|
|
At 31 March 2025 |
|
|
|
Carrying amount |
||
|
At 31 March 2025 |
|
|
|
At 31 March 2024 |
|
|
|
Tangible assets |
Group
|
Computer equipment |
Motor vehicles |
Fixtures and fittings |
Plant and equipment |
Total |
|
|
Cost or valuation |
|||||
|
At 1 April 2024 |
|
|
|
|
|
|
Additions |
|
|
- |
|
|
|
Disposals |
( |
( |
- |
- |
( |
|
At 31 March 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 April 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
( |
( |
- |
- |
( |
|
At 31 March 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 March 2025 |
|
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
|
P.G.M. Carpentry Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Investments |
Group
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group 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 |
||||
|
|
Unit 4 Rawreth Industrial Estate, Rawreth Lane, Rayleigh, Essex |
|
|
|
|
England |
||||
Subsidiary undertakings
|
P.G.M. Carpentry Contractors Limited The principal activity of P.G.M. Carpentry Contractors Limited is |
Company
|
2025 |
2024 |
|
|
Investments in subsidiaries |
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 April 2024 |
|
|
Carrying amount |
|
|
At 31 March 2025 |
|
|
At 31 March 2024 |
|
P.G.M. Carpentry Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Debtors |
|
Group |
Company |
|||
|
Current |
2025 |
2024 |
2025 |
2024 |
|
Trade debtors |
|
|
- |
- |
|
Other debtors |
|
|
|
|
|
Prepayments |
|
|
- |
- |
|
Amounts recoverable on long term contracts |
|
|
- |
- |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Cash on hand |
|
|
- |
- |
|
Cash at bank |
|
|
- |
- |
|
|
|
- |
- |
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2025 |
2024 |
2025 |
2024 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
- |
- |
|
|
Amounts due to related parties |
- |
- |
|
|
|
|
Social security and other taxes |
|
|
- |
- |
|
|
Other payables |
|
|
|
|
|
|
Payments on account |
|
- |
- |
- |
|
|
Accruals |
|
|
- |
- |
|
|
Corporation tax |
372,800 |
236,298 |
- |
- |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
P.G.M. Carpentry Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 April 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 March 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. |
£ |
|
|
|
|
1,000 |
|
1,000 |
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Loans and borrowings |
Non-current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Other borrowings |
|
|
|
|
Current loans and borrowings
|
Group |
Company |
|||
|
2025 |
2024 |
2025 |
2024 |
|
|
Other borrowings |
|
|
|
|
Group
Other borrowings
P.G.M. Carpentry Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
Included in the loans and borrowings are the following amounts due after more than five years:
|
2025 |
2024 |
|
|
After more than five years by instalments |
9,750,082 |
12,067,022 |
Borrowings due after five years
Deferred consideration relating to the purchase of the subsidiary company is being settled by loan notes with an expected repayment date of January 2039, The loan is interest free and repayments have been discounted at the market rate at recognition of the instrument being 2.6%.
|
Obligations under leases and hire purchase contracts |
Group
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 £
|
Analysis of changes in net debt |
Group
|
At 1 April 2024 |
Financing cash flows |
At 31 March 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
1,668,430 |
(334,118) |
1,334,312 |
|
Borrowings |
|||
|
Long term borrowings |
16,176,868 |
(1,217,319) |
14,959,549 |
|
Short term borrowings |
308,663 |
(41,606) |
267,057 |
|
16,485,531 |
(1,258,925) |
15,226,606 |
|
|
|
|||
|
|
( |
|
|
|
Ultimate controlling party |
The ultimate controlling parties are M Wheeler and S Monk acting in concert.
|
Non adjusting events after the financial period |
|
|