Company registration number 08939289 (England and Wales)
PT&P HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PT&P HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PT&P HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
1,000
1,000
Current assets
Debtors
5
3,655,139
4,020,000
Cash at bank and in hand
75,468
34,600
3,730,607
4,054,600
Creditors: amounts falling due within one year
6
(499,847)
(427,564)
Net current assets
3,230,760
3,627,036
Total assets less current liabilities
3,231,760
3,628,036
Creditors: amounts falling due after more than one year
7
(136,600)
Net assets
3,231,760
3,491,436
Capital and reserves
Called up share capital
8
1,000
1,000
Profit and loss reserves
3,230,760
3,490,436
Total equity
3,231,760
3,491,436
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 December 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 11 April 2024 and are signed on its behalf by:
Mrs J A Bentley
Director
Company registration number 08939289 (England and Wales)
PT&P HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
PT&P Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Old Moss House, 21 Higham Road, Huntroyde, Nr. Padiham, Lancashire, BB12 9AP.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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.
1.2
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.3
Cash at bank and in hand
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 current liabilities.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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.
PT&P HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors, loans and loans from group companies, 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.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
5
5
3
Fixed asset investments
2023
2022
£
£
Investments
1,000
1,000
PT&P HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Fixed asset investments
(Continued)
- 4 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2023 & 31 December 2023
1,000
Carrying amount
At 31 December 2023
1,000
At 31 December 2022
1,000
4
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Address
Class of
% Held
shares held
Direct
Jetglobal Limited
1
Ordinary
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Old Moss House, 21 Higham Road, Huntroyde, Nr. Padiham BB12 9AP
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,655,139
4,020,000
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
2,893
318
Other creditors
496,954
427,246
499,847
427,564
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
136,600
PT&P HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 5 -
Other creditors in the comparative year represented Preference Shares which were not redeemable and carried an entitlement to a cumulative preferential dividend of 8% per annum.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
'A' Ordinary Shares of £1 each
100
100
100
100
'B' Ordinary Shares of £1 each
200
200
200
200
'C' Ordinary Shares of £1 each
200
200
200
200
'D' Ordinary Shares of £1 each
200
200
200
200
'E' Ordinary Shares of £1 each
100
100
100
100
'G' Ordinary Shares of £1 each
200
200
200
200
1,000
1,000
1,000
1,000
9
Directors' transactions
At 31 December 2023 the company owed £72,494 (2022 - £85,726) to the directors in respect of loan monies advanced.
At 31 December 2023 Nil (2022 - 136,600) preference shares of £1 each were held by a trust of which Mr and Mrs P T Harper are the trustees. The trustees have waived their entitlement to receive a preference dividend in respect of the shares.
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
At 31 December 2023 the company owed £54,094 (2022 - £16,850) to trusts controlled by Mr and Mrs P T Harper.
Included in other creditors is a loan from family members of the directors of £370,365 (2022 - £324,671).