REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Year Ended 31 December 2022 |
for |
PELHAM INCORPORATED LIMITED |
REGISTERED NUMBER: |
Report of the Directors and |
Financial Statements for the Year Ended 31 December 2022 |
for |
PELHAM INCORPORATED LIMITED |
PELHAM INCORPORATED LIMITED (Registered number: 02473227) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
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 |
PELHAM INCORPORATED LIMITED |
Company Information |
for the Year Ended 31 December 2022 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Senior statutory auditor: |
Auditors: |
1st Floor |
156 Cromwell Road |
Kensington |
London |
SW7 4EF |
PELHAM INCORPORATED LIMITED (Registered number: 02473227) |
Report of the Directors |
for the Year Ended 31 December 2022 |
The directors present their report with the financial statements of the company for the year ended 31 December 2022. |
Dividends |
No dividends will be distributed for the year ended 31 December 2022. |
Directors |
The directors shown below have held office during the whole of the period from 1 January 2022 to the date of this report. |
Political donations and expenditure |
The company made Charitable donations of £ 8,342 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. |
PELHAM INCORPORATED LIMITED (Registered number: 02473227) |
Report of the Directors |
for the Year Ended 31 December 2022 |
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: |
Report of the Independent Auditors to the Members of |
PELHAM INCORPORATED LIMITED |
Opinion |
We have audited the financial statements of PELHAM INCORPORATED LIMITED (the 'company') for the year ended 31 December 2022 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 2022 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. |
Report of the Independent Auditors to the Members of |
PELHAM INCORPORATED LIMITED |
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. |
Report of the Independent Auditors to the Members of |
PELHAM INCORPORATED LIMITED |
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. |
Report of the Independent Auditors to the Members of |
PELHAM INCORPORATED 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 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. |
for and on behalf of |
1st Floor |
156 Cromwell Road |
Kensington |
London |
SW7 4EF |
PELHAM INCORPORATED LIMITED (Registered number: 02473227) |
Income Statement |
for the Year Ended 31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
Turnover |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Distribution costs | ( |
) | ( |
) |
Administrative expenses | ( |
) | ( |
) |
11,352 | 36,481 |
Other operating income |
Operating profit |
Interest receivable and similar income |
Profit before taxation | 4 |
Tax on profit | 5 | ( |
) | ( |
) |
Profit for the financial year |
PELHAM INCORPORATED LIMITED (Registered number: 02473227) |
Other Comprehensive Income |
for the Year Ended 31 December 2022 |
2022 | 2021 |
Notes | £ | £ |
Profit for the year |
Other comprehensive income | - | - |
Total comprehensive income for the year |
PELHAM INCORPORATED LIMITED (Registered number: 02473227) |
Balance Sheet |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 7 |
Investments | 8 |
Current assets |
Debtors | 9 |
Cash at bank |
Creditors |
Amounts falling due within one year | 10 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 11 |
Net assets |
Capital and reserves |
Called up share capital | 12 |
Retained earnings | 13 |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
PELHAM INCORPORATED LIMITED (Registered number: 02473227) |
Statement of Changes in Equity |
for the Year Ended 31 December 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2021 |
Changes in equity |
Total comprehensive income | - |
Balance at 31 December 2022 |
PELHAM INCORPORATED LIMITED (Registered number: 02473227) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | Statutory information |
PELHAM INCORPORATED LIMITED is a |
2. | Accounting policies |
Basis of preparing the financial statements |
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. |
PELHAM INCORPORATED LIMITED (Registered number: 02473227) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
3. | Employees and directors |
2022 | 2021 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2022 | 2021 |
Administration |
2022 | 2021 |
£ | £ |
Directors' remuneration |
4. | Profit before taxation |
The profit is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Plant and machinery |
Other operating leases | ( |
) |
Depreciation - owned assets |
Auditors' remuneration |
5. | Taxation |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax | ( |
) |
Tax on profit |
6. | Dividends |
2022 | 2021 |
£ | £ |
Ordinary shares of £ 1.00 each |
Final |
PELHAM INCORPORATED LIMITED (Registered number: 02473227) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
7. | Tangible fixed assets |
Short | Equipment,fixtures | Computer |
leasehold | & fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
8. | Fixed asset investments |
Unlisted |
investments |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
PROVISIONS |
At 1 January 2022 | 22,450 |
Provision for year | 750 |
At 31 December 2022 | 23,200 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
9. | Debtors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts due from landlord clients | 262,722 | 616,876 |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
PELHAM INCORPORATED LIMITED (Registered number: 02473227) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
10. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Trade creditors |
Monies held on behalf of clients | 31,554,903 | 36,269,526 |
Monies payable on behalf of clients | 607,666 | 582,275 |
CBIL loan | 86,667 | 166,667 |
Social security and other taxes |
Accruals and deferred income |
Cash at bank includes monies of £32,284,572 ( 2021: £36,778,293 ) held on behalf of clients. |
11. | Provisions for liabilities |
2022 | 2021 |
£ | £ |
Deferred tax |
Accelerated capital allowances |
Deferred |
tax |
£ |
Balance at 1 January 2022 |
Utilised during year | ( |
) |
Balance at 31 December 2022 |
12. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £ 1.0 | 0 | 50,000 | 50,000 |
13. | Reserves |
Retained |
earnings |
£ |
At 1 January 2022 |
Profit for the year |
At 31 December 2022 |
PELHAM INCORPORATED LIMITED (Registered number: 02473227) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
14. | 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 £ 26,809 (2021 - £ 25,388) represent contributions payable by the company to the fund. |
15. | Ultimate parent company |
At 31 December 2022 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. |
16. | Capital commitments |
The company had annual commitments under operating leases as set out below: |
2022 | 2022 | 2021 | 2021 |
Land and | Land and |
Buildings | Other | Buildings | Other |
£ | £ | £ | £ |
Operating leases which expire: |
Within one year | 150,000 | 1,475 | - | - |
Between one and five years | - | - | 212,500 | 1,475 |
More than five years | - | - | - | - |
------------- | ------------- | ------------- | ------------ |
150,000 | 1,475 | 212,500 | 1,475 |
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