Registration number:
Princebuild UK Limited
for the Year Ended 30 September 2025
Princebuild UK 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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Statement of Income and Retained Earnings |
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Balance Sheet |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Princebuild UK Limited
Company Information
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Directors |
D J Asplin M D Asplin P Baker J M Pudney M J Pudney |
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Registered office |
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Solicitors |
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Auditors |
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Princebuild UK Limited
Strategic Report for the Year Ended 30 September 2025
The Directors present their strategic report for the year ended 30 September 2025.
Principal activity
The principal activity of the Company is that of building contractors and property maintenance specialists.
Fair review of the business
We aim to present a fair review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business, and is written in the context of the business environment, risks and uncertainties we face.
The company has experienced another strong year of trading. Turnover has increased by 1.7% to £14.6 million compared with £14.4 million in the previous year. As in the previous year, the company makes up part of the overall trade of the Princebuild group of companies. Combined turnover for the trading companies was £91.6 million, compared with £69.1 million in the previous year, reflecting a significant combined increase in turnover of 32%.
The gross profit margin for the company has increased to 16.9% compared with 12.7% in the previous year, and the overall gross profit margin for the trading group was 13.8%. The trading result is consistent with expectations and is expected to be sustainable moving forward.
Overheads have continued to be well-controlled across the group and are broadly consistent with earlier years, excepting for inflationary increases.
On 30 September 2025, the Princebuild group of companies underwent a corporate restructure as part of a longer-term succession planning exercise. This restructure involved a demerger of the trading companies from the former group of holding companies, and is expected to enable substantial further growth of the business during the coming years.
The directors would like to thank all employees for their commitment and hard work over the last 12 months.
Principal risks and uncertainties
The business environment in which the company operates continues to be challenging and the ongoing effects of inflation, combined with competitive pricing across the industry, continue to put pressure on margins.
However, the company has long-established relationships with its customers and suppliers and a proven reputation for delivering high quality service and meeting tight deadlines where necessary, providing a crucial edge over competitors. It is also expected that the recent restructure will facilitate a very proactive bringing-together of the existing directorship and management team.
Operationally, losses may be incurred as a result of inaccurate quoting, project delays, project mismanagement or other unforeseen circumstances. Ensuring that contracts are completed on time and in line with budgeted costs remains a key focus.
The current economic and political environment, particularly in view of some of the legislation introduced by the most recent budget, mean that trading conditions remain uncertain for all businesses. Restrictions on customers' capital expenditure budgets may result in unexpected project deferrals.
Future developments
Although trading conditions in the current cliamte remain challenging, the directors continue to explore opportunities to expand the business and extend the range of services offered.
Approved and authorised by the
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Princebuild UK Limited
Directors' Report for the Year Ended 30 September 2025
The Directors present their report and the financial statements for the year ended 30 September 2025.
Directors of the Company
The Directors who held office during the year were as follows:
The following director was appointed after the year end:
Dividends
Particulars of recommended dividends are detailed in Note 18 to the financial statements.
Information included in the Strategic Report
Information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 has been included in the Strategic Report.
Disclosure of information to the auditors
Each Director has taken steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information. The Directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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Princebuild UK 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 Company and of the profit or loss of the Company 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 United Kingdom 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 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.
Princebuild UK Limited
Independent Auditor's Report to the Members of Princebuild UK Limited
Opinion
We have audited the financial statements of Princebuild UK Limited (the 'Company') for the year ended 30 September 2025, which comprise the Statement of Income and Retained Earnings, Balance Sheet, 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 Company's affairs as at 30 September 2025 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 auditor 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 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.
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. |
Princebuild UK Limited
Independent Auditor's Report to the Members of Princebuild UK Limited
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, 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 as set out on page 4, 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:
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Discussions with management, including consideration of known or suspected instances of non-compliance held |
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Challenging assumptions and judgements made within significant accounting estimates and judgements such as the stage of completion and valuations of long term contracts. |
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Identification of laws and regulations central to the Company's operation and review of compliance with such laws |
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Testing of journal entries and potential areas for management override systems |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatment in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occuring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
Princebuild UK Limited
Independent Auditor's Report to the Members of Princebuild UK 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.
......................................
For and on behalf of
Grimsby
North East Lincolnshire
DN31 1LW
Princebuild UK Limited
Statement of Income and Retained Earnings for the Year Ended 30 September 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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Exceptional administrative expenses |
266,774 |
- |
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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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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
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Retained earnings brought forward |
1,091,301 |
524,341 |
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Dividends paid |
( |
- |
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Retained earnings carried forward |
2,131,516 |
1,091,301 |
Princebuild UK Limited
(Registration number: 09583165)
Balance Sheet as at 30 September 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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Approved and authorised by the
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Princebuild UK Limited
Statement of Cash Flows for the Year Ended 30 September 2025
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Note |
2025 |
2024 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Finance income |
( |
( |
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Taxation expense |
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Release of group loan balance |
(266,774) |
- |
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||
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Working capital adjustments |
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Decrease/(increase) in trade debtors |
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( |
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(Decrease)/increase in trade creditors |
( |
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Cash generated from operations |
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Tax 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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Net cash flows from investing activities |
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Net increase in cash and cash equivalents |
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Cash and cash equivalents at 1 October |
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Cash and cash equivalents at 30 September |
2,123,233 |
852,566 |
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Princebuild UK Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
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General information |
The Company is a private company limited by share capital, incorporated in England .
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements cover the individual entity and have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates 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
In the case of long term contracts, where the outcome of individual contracts can be estimated reliably and it is probable that the contract will be profitable, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting date. The stage of completion is assessed by reference to the proportion of work done relative to the total value of work under the contract. Provision is made for all known or expected losses on individual contracts in the year in which such losses are foreseen.
Government grants
Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.
Princebuild UK Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current 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 company 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 and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Motor vehicles |
25% straight line |
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Furniture, fittings and equipment |
25% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.
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.
Trade creditors are recognised at the transaction price.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Princebuild UK Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company 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.
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Turnover |
The analysis of the Company's Turnover for the year from continuing operations is as follows:
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2025 |
2024 |
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Rendering of services |
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The amount of contract revenue recognised as Turnover in the year was £
date.
The stage of completion is assessed by reference to the proportion of work done relative to the total value of work under the contract.
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Other operating income |
The analysis of the Company's other operating income for the year is as follows:
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2025 |
2024 |
|
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Government grants |
|
|
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Operating profit |
Arrived at after charging/(crediting)
|
2025 |
2024 |
|
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Depreciation expense |
|
|
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Release of group loan balance |
(266,774) |
- |
During the year, agreement was reached to write-off balances of certain group loans prior to the agreed restructure.
Princebuild UK Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
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Other interest receivable and similar income |
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2025 |
2024 |
|
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Interest income on bank deposits |
|
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Other finance income |
- |
|
|
|
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Staff costs |
The aggregate payroll costs (including Directors' remuneration) were as follows:
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2025 |
2024 |
|
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Wages and salaries |
|
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Social security costs |
|
|
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Pension costs, defined contribution scheme |
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The average number of persons employed by the Company (including Directors) during the year, was as follows:
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2025 |
2024 |
|
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Monthly payroll |
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Weekly payroll |
|
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|
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Auditors' remuneration |
|
2025 |
2024 |
|
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Audit of the financial statements |
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Other fees to auditors |
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All other non-audit services |
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Princebuild UK Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
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Taxation |
Tax charged/(credited) in the statement of income and retained earnings
|
2025 |
2024 |
|
|
Current taxation |
||
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UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
- |
|
347,714 |
189,045 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of revenues exempt from taxation |
( |
- |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
( |
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Total tax charge |
|
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Deferred tax
Deferred tax assets and liabilities
Deferred tax liabilities
The deferred tax liability is made up as follows:
|
2025 |
2024 |
|
|
Differences between accumulated depreciation and capital allowances |
|
|
|
|
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There are no unused tax losses or unused tax credits.
The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £169 (2024 - £129). The expected reversal is due to the unwinding of depreciation in excess of capital allowances on assets owned at each year-end.
Princebuild UK Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Tangible assets |
|
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||
|
At 1 October 2024 |
|
|
|
|
Additions |
|
- |
|
|
Disposals |
- |
( |
( |
|
At 30 September 2025 |
|
- |
|
|
Depreciation |
|||
|
At 1 October 2024 |
|
|
|
|
Charge for the year |
|
- |
|
|
Eliminated on disposal |
- |
( |
( |
|
At 30 September 2025 |
|
- |
|
|
Carrying amount |
|||
|
At 30 September 2025 |
|
- |
|
|
At 30 September 2024 |
|
- |
|
|
Debtors |
|
2025 |
2024 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Gross amount due from customers for contract work |
|
|
|
|
|
The classification of contract balances for the year end 30 September 2025 and the comparatives has been split to disclose amounts recoverable on contracts separate to amounts received in advance on contracts. The change in classification has not impacted on company reserves.
|
Cash and cash equivalents |
|
2025 |
2024 |
|
|
Cash at bank |
|
|
Princebuild UK Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
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Creditors |
|
Note |
2025 |
2024 |
|
|
Due within one year |
|||
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Trade creditors |
|
|
|
|
Amounts due to related parties |
|
|
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Social security and other taxes |
|
|
|
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Other payables |
|
|
|
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Accruals |
|
|
|
|
Corporation tax liability |
322,724 |
64,045 |
|
|
Gross amount due to customers for contract work |
|
|
|
|
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 October 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 30 September 2025 |
|
|
|
|
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Pension and other schemes |
Defined contribution pension scheme
The Company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Company to the scheme and amounted to £
Contributions totalling £2,354 (2024 - £2,413) were payable to the scheme at the end of the year and are included in creditors.
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.
|
Reserves |
Retained earnings
Retained earnings represents the accumulated profits made by the company attributable to the shareholders of the company.
Princebuild UK Limited
Notes to the Financial Statements for the Year Ended 30 September 2025
|
Dividends |
Dividends paid during the year totalled £266,774 (2024 - £nil).
|
Analysis of changes in net debt |
|
At 1 October 2024 |
Cash flows |
At 30 September 2025 |
|
|
Cash and cash equivalents |
|||
|
Cash |
852,566 |
1,270,667 |
2,123,233 |
|
|
|
|
|
|
|
|||
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Financial guarantee contracts |
The company is party to a cross guarantee and debenture with Princebuild Group Limited, Princebuild Holdings Limited and Princebuild Limited dated May 2021.
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Related party transactions |
The company has taken advantage of the exemption in relation to section 33 of FRS 102 'Related Party Disclosures' from disclosing transactions with other members of the group in which any subsidary which is party to the transaction is wholly owned by the group.
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Parent and ultimate parent undertaking |
The Company's immediate parent is
The most senior parent entity producing publicly available financial statements is