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Company No: 09974030 (England and Wales)

# THE PENSION DRAWDOWN HOLDINGS COMPANY LIMITED

### Unaudited Financial Statements
For the financial year ended 31 July 2025
Pages for filing with the registrar

THE PENSION DRAWDOWN HOLDINGS COMPANY LIMITED

## Unaudited Financial Statements

For the financial year ended 31 July 2025

Contents

THE PENSION DRAWDOWN HOLDINGS COMPANY LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 July 2025
THE PENSION DRAWDOWN HOLDINGS COMPANY LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2025

| Note | 2025 |  | 2024
|  | £ |  | £
|  |  |  | Restated - note 2
Fixed assets |  |  |  |
Tangible assets | 4 | 156,586 |  | 0
Investments | 5 | 2,310,100 |  | 2,310,100
|  | 2,466,686 |  | 2,310,100
Current assets |  |  |  |
Stocks | 6 | 3,098,179 |  | 2,246,908
Debtors | 7 | 1,806,183 |  | 896,945
Cash at bank and in hand |  | 3,168,227 |  | 3,674,347
|  | 8,072,589 |  | 6,818,200
Creditors: amounts falling due within one year | 8 | ( 6,305,917) |  | ( 7,679,178)
Net current assets/(liabilities) |  | 1,766,672 |  | (860,978)
Total assets less current liabilities |  | 4,233,358 |  | 1,449,122
Net assets |  | 4,233,358 |  | 1,449,122
Capital and reserves |  |  |  |
Called-up share capital | 9 | 10,000 |  | 10,000
Profit and loss account |  | 4,223,358 |  | 1,439,122
Total shareholders' funds |  | 4,233,358 |  | 1,449,122

For the financial year ending 31 July 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of THE PENSION DRAWDOWN HOLDINGS COMPANY LIMITED (registered number: 09974030) were approved and authorised for issue by the Board of Directors on 29 April 2026. They were signed on its behalf by:

Jonathan Walker Director |  | Samantha Walker Director

THE PENSION DRAWDOWN HOLDINGS COMPANY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2025
THE PENSION DRAWDOWN HOLDINGS COMPANY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

THE PENSION DRAWDOWN HOLDINGS COMPANY LIMITED (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Highfield Middle Warberry Road, Wellswood, Torquay, TQ1 1RS, United Kingdom. The principal place of business is Rockwood House, Princes Point, Park Hill Road, Torquay, Torbay, TQ1 2DU, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery | 5 years straight line
Vehicles | 5 years straight line
Computer equipment | 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

##### Ordinary share capital

The ordinary share capital of the Company is presented as equity.

##### Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

#### 2. Prior year adjustment

In 2024 an amount of £300,000 was incorrectly classified as a capital injection by the directors when this was actually income due to a subsidiary company. The impact was that the overdrawn directors loan account was understated by £300,000 from the date of receipt in December 2024, meaning additional interest and s.455 tax were due.
In December 2023 the company purchased some land for £575,000 plus VAT and costs. The gross amount was capitalised in the accounts in error when VAT of £117,208.80 should have been shown as recoverable VAT at the year end. Therefore work in progress was over-stated by his amount instead of showing as a VAT debtor. This came to light when the VAT refund was processed and paid by HMRC. An adjustment has been made to the 2024 comparative balances to rectify the position as follows:

|  | As previously reported |  | Adjustment |  | As restated
Year ended 31 July 2024 |  | £ |  | £ |  | £
Directors loan account (SoFP) |  | 67,246 |  | 304,272 |  | 371,518
Amounts owed to Group undertakings (SoFP) |  | 7,238,235 |  | 300,000 |  | 7,538,235
Other loan interest receivable (SOIRE) |  | (13,483) |  | (4,272) |  | (17,755)
Other debtors - S.455 (SoFP) |  | 128,852 |  | 112,203 |  | 241,055
Other creditors (s.455 tax) |  | (22,696) |  | (112,203) |  | (134,899)
Stock - Work-In-Progress (SoFP) |  | 2,364,117 |  | (117,209) |  | 2,246,908
VAT recoverable (SoFP) |  | 0 |  | 117,209 |  | 117,209

#### 3. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 2 |  | 2

#### 4. Tangible assets

| Plant and machinery |  | Vehicles |  | Computer equipment |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 August 2024 | 0 |  | 0 |  | 0 |  | 0
Additions | 125 |  | 234,489 |  | 1,596 |  | 236,210
Disposals | 0 |  | ( 62,989) |  | 0 |  | ( 62,989)
At 31 July 2025 | 125 |  | 171,500 |  | 1,596 |  | 173,221
Accumulated depreciation |  |  |  |  |  |  |
At 01 August 2024 | 0 |  | 0 |  | 0 |  | 0
Charge for the financial year | 2 |  | 18,600 |  | 133 |  | 18,735
Disposals | 0 |  | ( 2,100) |  | 0 |  | ( 2,100)
At 31 July 2025 | 2 |  | 16,500 |  | 133 |  | 16,635
Net book value |  |  |  |  |  |  |
At 31 July 2025 | 123 |  | 155,000 |  | 1,463 |  | 156,586
At 31 July 2024 | 0 |  | 0 |  | 0 |  | 0

#### 5. Fixed asset investments

Investments in subsidiaries

| 2025
| £
Cost |
At 01 August 2024 | 2,310,100
At 31 July 2025 | 2,310,100
Carrying value at 31 July 2025 | 2,310,100
Carrying value at 31 July 2024 | 2,310,100

#### 6. Stocks

| 2025 |  | 2024
| £ |  | £
Work in progress | 3,098,179 |  | 2,246,908

#### 7. Debtors

| 2025 |  | 2024
| £ |  | £
Amounts owed by Group undertakings | 8,900 |  | 1,700
Amounts owed by directors | 1,131,951 |  | 371,518
Prepayments | 0 |  | 165,463
VAT recoverable | 250 |  | 117,209
Other debtors | 665,082 |  | 241,055
| 1,806,183 |  | 896,945

#### 8. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 0 |  | 4,033
Amounts owed to Group undertakings | 6,034,076 |  | 7,538,235
Corporation tax | 2,011 |  | 2,011
Other creditors | 269,830 |  | 134,899
| 6,305,917 |  | 7,679,178

#### 9. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
9,700 Ordinary shares of £ 1.00 each | 9,700 |  | 9,700
300 Ordinary A shares of £ 1.00 each | 300 |  | 300
| 10,000 |  | 10,000

#### 10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

The company has taken advantage of the disclosure exemption available to wholly‑owned subsidiaries and, therefore, has not disclosed transactions with its parent undertaking or with other wholly‑owned subsidiaries within the group.

Transactions with the entity's directors

At the year end, a director owed the company £1,131,951 (2024: £371,518). No interest has been charged on this amount and there are no fixed repayment terms.

Other related party transactions

At the year end, the company was owed £404,152 (2024: £107,855) by an associated company.

#### 11. Ultimate controlling party

Throughout the period the ultimate controlling party was Mr J P Walker.