REGISTERED NUMBER: 02473227 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2024

for

PELHAM INCORPORATED LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

Directors:

Ms S Randeree

F A Randeree

N M Waller

Secretary:

C E Shelley

Registered office:

84 Newman Street

London

W1T 3EU

Registered number:

02473227 (England and Wales)

Senior statutory auditor:

Naresh Jani

Auditors:

Andertons Europe Ltd (Statutory Auditors)

1st Floor Mezzanine

35-37 Ludgate Hill

London

EC4M 7JN

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

Principal activity

The principal activity of the company in the year under review was that of property management.

Dividends

No dividends will be distributed for the year ended 31 December 2024.

Directors

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Ms S Randeree

F A Randeree

N M Waller

Political donations and expenditure

The company made no charitable donations during the year.

Statement of directors' responsibilities

The directors are responsible for preparing the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditors, Andertons Europe Ltd (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:

Ms S Randeree - Director

29 December 2025

Opinion

We have audited the financial statements of PELHAM INCORPORATED LIMITED (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 company's affairs as at 31 December 2024 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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 two, 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 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.

Auditors' 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 a Report of the Auditors 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:

Audit response to risks identified :

We considered the extent of compliance with laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting, attention was drawn to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management overide of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether

judgements made in making accounting estimates gave rise to a possible indication of management bias. The review at the completion stage of the audit, included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non- compliance with laws and regulations and fraud.

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 though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional

misrepresentations , or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Naresh Jani (Senior Statutory Auditor)

for and on behalf of Andertons Europe Ltd (Statutory Auditors)

1st Floor Mezzanine

35-37 Ludgate Hill

London

EC4M 7JN

29 December 2025

Turnover

2,094,644

2,078,800

Cost of sales

(852,364

)

(872,626

)

Gross profit

1,242,280

1,206,174

Distribution costs

(9,601

)

(1,884

)

Administrative expenses

(1,326,091

)

(1,303,992

)

Operating loss

(93,412

)

(99,702

)

Interest receivable etc

367,879

201,438

Profit before taxation

4

274,467

101,736

Tax on profit

5

(73,971

)

3,001

Profit for the financial year

200,496

104,737

Profit for the year

200,496

104,737

Other comprehensive income

-

-

Total comprehensive income for the year

200,496

104,737

Fixed assets

Tangible assets

6

26,140

38,883

Investments

7

42,500

43,250

68,640

82,133

Current assets

Debtors

8

2,595,774

1,906,616

Cash at bank

28,894,961

31,714,534

31,490,735

33,621,150

Creditors

Amounts falling due within one year

9

29,098,046

31,439,473

Net current assets

2,392,689

2,181,677

Total assets less current liabilities

2,461,329

2,263,810

Provisions for liabilities

10

5,586

8,563

Net assets

2,455,743

2,255,247

Capital and reserves

Called up share capital

11

50,000

50,000

Retained earnings

12

2,405,743

2,205,247

Shareholders' funds

2,455,743

2,255,247

The financial statements were approved by the Board of Directors and authorised for issue on 29 December 2025 and were signed on its behalf by:

Ms S Randeree - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

50,000

2,100,510

2,150,510

Changes in equity

Total comprehensive income

-

104,737

104,737

Balance at 31 December 2023

50,000

2,205,247

2,255,247

Changes in equity

Total comprehensive income

-

200,496

200,496

Balance at 31 December 2024

50,000

2,405,743

2,455,743

1.	Statutory information

PELHAM INCORPORATED LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold improvements

20% per annum

Fixtures and fittings

10% per annum

Computer equipment

Straight line over three years

Fixed asset investments

Straight line over their life

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Deferred taxation

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date.

3.	Employees and directors

2024

2023

£

£

Wages and salaries

749,706

736,324

Social security costs

88,116

87,007

Other pension costs

29,419

28,515

867,241

851,846

The average number of employees during the year was as follows:

2024

2023

Administration

12

14

2024

2023

£

£

Directors' remuneration

146,942

144,456

4.	Profit before taxation

The profit is stated after charging:

2024

2023

£

£

Equipment hire

5,824

6,114

Other operating leases

150,000

150,000

Depreciation - owned assets

14,231

15,904

Auditors' remuneration

8,300

8,500

5.

Taxation

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

76,948

-

Deferred tax

(2,977

)

(3,001

)

Tax on profit

73,971

(3,001

)

6.	Tangible fixed assets

Short

Equipment,fixtures

Computer

leasehold

& fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

122,275

32,461

100,637

255,373

Additions

-

-

1,488

1,488

At 31 December 2024

122,275

32,461

102,125

256,861

DEPRECIATION

At 1 January 2024

95,308

23,675

97,507

216,490

Charge for year

10,637

1,533

2,061

14,231

At 31 December 2024

105,945

25,208

99,568

230,721

NET BOOK VALUE

At 31 December 2024

16,330

7,253

2,557

26,140

At 31 December 2023

26,967

8,786

3,130

38,883

7.	Fixed asset investments

Unlisted

investment

£

COST

At 1 January 2024

and 31 December 2024

67,200

PROVISIONS

At 1 January 2024

23,950

Provision for year

750

At 31 December 2024

24,700

NET BOOK VALUE

At 31 December 2024

42,500

At 31 December 2023

43,250

8.

Debtors: amounts falling due within one year

2024

2023

£

£

Trade debtors

599,967

543,865

Amounts due from landlord clients

812,505

389,586

Amounts owed by group undertakings

704,733

670,963

Other debtors

139,625

139,625

Prepayments and accrued income

338,944

162,577

2,595,774

1,906,616

9.

Creditors: amounts falling due within one year

2024

2023

£

£

Trade creditors

7,976

33,799

Monies held on behalf of clients

26,846,177

30,536,079

Monies payable on behalf of clients

1,884,560

690,725

Tax

76,948

-

Social security and other taxes

135,964

105,929

Accruals and deferred income

146,421

72,941

29,098,046

31,439,473

Cash at bank includes monies of £28,707,097 ( 2023: £31,587,043 ) held on behalf of clients.

10.	Provisions for liabilities

2024

2023

£

£

Deferred tax

Accelerated capital allowances

5,586

8,563

Deferred

tax

£

Balance at 1 January 2024

8,563

Credit to Income Statement during year

(2,977

)

Balance at 31 December 2024

5,586

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

50,000

Ordinary

£ 1.0

0

50,000

50,000

12.

Reserves

Retained

earnings

£

At 1 January 2024

2,205,247

Profit for the year

200,496

At 31 December 2024

2,405,743

13.	Pension commitments

The company operates a defined contribution scheme via its ultimate holding company. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs of £ 29,420 (2023 - £ 28,515) represent contributions payable by the company to the fund.

14.	Ultimate parent company

At 31 December 2024 the company's ultimate parent company was Dominion Alliance Holdings Limited, a company incorporated in Seychelles.

DCD London & Mutual Plc is the immediate parent company by virtue of its 100% ownership of the company's share capital.

Copies of the consolidated financial statements of DCD London & Mutual Plc are available to the public, on payment of the appropriate fee, from Companies House.

15.	Capital commitments

The company had annual commitments under operating leases as set out below:

2024

2024

2023

2023

Land and

Land and

Buildings

Other

Buildings

Other

£

£

£

£

Operating leases which expire:

Within one year

150,000

1,475

-

-

Between one and five years

-

-

75,000

1,475

More than five years

-

-

-

-

-------------

-------------

-------------

------------

150,000

1,475

75,000

1,475

=======

=======

=======

======