Company registration number 02739611 (England and Wales)
PMB HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
PMB HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PMB HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2023
31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
4
4
Current assets
Debtors
7
28,788
48,708
Cash at bank and in hand
25,475
38,950
54,263
87,658
Creditors: amounts falling due within one year
8
(13,689,300)
(13,699,359)
Net current liabilities
(13,635,037)
(13,611,701)
Net liabilities
(13,635,033)
(13,611,697)
Capital and reserves
Called up share capital
500,002
500,002
Profit and loss reserves
(14,135,035)
(14,111,699)
Total equity
(13,635,033)
(13,611,697)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 October 2023 and are signed on its behalf by:
P M Beckwith
Director
Company Registration No. 02739611
PMB HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023
- 2 -
1
Accounting policies
Company information
PMB Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Cresswells Mead, Maidenhead, United Kingdom, SL6 2YP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements as permitted by FRS 102 Section 1A ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'':
- the requirements of Section 33 Related Party Disclosures relating to transactions with its 100%
subsidiaries.
Group accounts not prepared
The financial statements contain information about PMB Holdings Limited as an individual company and do not contain consolidated financial information as parent of the group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.
1.2
Going concern
The balance sheet shows net liabilities of £13true,635,033. The company's liabilities include amounts due to related parties totalling £13,376,955. They have agreed not to seek repayment of their loans until the company has sufficient funds to repay it. The ultimate controlling party has also confirmed he will provide financial support to the company should it be required, therefore these financial statements are prepared on a going concern basis.
1.3
Turnover
Turnover represents the amounts, excluding value added tax, derived from the sale of commercial development properties and the provision of other professional services. The sale of commercial development properties is recognised on legal exchange.
1.4
Tangible fixed assets
Tangible assets are stated in the balance sheet 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 is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class
Depreciation method and rate
Computers
15% - 33%
PMB HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Investments are stated at cost less any provision for diminution in value.
1.6
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.
1.7
Financial instruments
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense for the period comprises 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.
Current tax
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 company operates and generates taxable income.
1.9
Employee benefits
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.
PMB HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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.
Investments
Unlisted investments are reviewed annually for impairment by the directors. Unlisted investments are reviewed based the current and future prospects of the investment and where applicable, external transactions relating to the share capital of the company the investment relates to.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
4
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 February 2022 and 31 January 2023
6,590
Depreciation and impairment
At 1 February 2022 and 31 January 2023
6,590
Carrying amount
At 31 January 2023
At 31 January 2022
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
4
4
PMB HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
5
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 February 2022 & 31 January 2023
254
Impairment
At 1 February 2022 & 31 January 2023
250
Carrying amount
At 31 January 2023
4
At 31 January 2022
4
6
Significant undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Arcon Properties Limited
England and Wales
Ordinary
100.00
-
Emmafan Limited
England and Wales
Ordinary
100.00
-
PMB (Europe) Limited
England and Wales
Ordinary
100.00
-
PMB General Partner Limited
England and Wales
Ordinary
100.00
-
Redmill Properties Limited
England and Wales
Ordinary
-
100.00
Setpoint Properties Limited
England and Wales
Ordinary
100.00
-
Berwick Street Securities LLP
England and Wales
Members capital
24.93
-
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
28,788
48,708
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
11,274
9,233
Amounts owed to related parties
13,376,955
13,389,055
Other creditors
301,071
301,071
13,689,300
13,699,359
PMB HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2023
- 6 -
9
Related parties
Amounts owed by group undertakings do not accrue interest.
Amounts owed to related parties do not accrue interest.
10
Ultimate controlling party
The ultimate controlling party is P M Beckwith.