REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
PM & HP HOLDINGS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
PM & HP HOLDINGS LIMITED |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
Page |
Statement of Financial Position | 1 | to | 2 |
Notes to the Financial Statements | 3 | to | 10 |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
STATEMENT OF FINANCIAL POSITION |
31 JULY 2023 |
31.7.23 | 31.7.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable reserve |
Capital redemption reserve |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
STATEMENT OF FINANCIAL POSITION - continued |
31 JULY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
1. | STATUTORY INFORMATION |
PM & HP HOLDINGS LIMITED is a |
Registered number: |
Registered office: |
The principal activity of the company during the year is that of a holding company. The company also holds some investment property that is used within the trading group. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in sterling, which is the functional currency of the entity. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Valuation of investment property |
The directors consider the investment properties to be stated at fair value as at 31 July 2023. |
Revenue recognition |
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 |
Fixtures and fittings | - |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
Investment property |
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. |
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. |
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Operating leases |
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income. |
Consolidation |
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 August 2022 |
Additions |
Reclassification/transfer |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
Reclassification/transfer |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 August 2022 |
Additions |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
The company owns 100% of the issued share capital of the companies listed below: |
Grindco 427 Limited, a company incorporated in England and Wales. The principal activity of the company is to be a leading retailer providing alcohol, confectionery and everyday essentials at competitive prices. The registered office of the subsidiary is Thorougoods Unit 62 Longton Exchange, Longton, Stoke On Trent, Staffordshire, ST3 2JA. |
£1 Baguettes & Pies Dividy Limited, a company incorporated in England and Wales. The principal activity of the company is the retail of food. The registered office of the subsidiary is Grindco 427 Ltd Unit 62 Longton Exchange, Longton, Stoke On Trent, Staffordshire, ST3 2JA. |
£1 Baguettes & Pies (Longton) Limited, a company incorporated in England and Wales. The principal activity of the company is the retail of food. The registered office of the subsidiary is C/O Grindco 427 Ltd Unit 62 Longton Exchange, Longton, Stoke On Trent, Staffordshire, ST3 2JA. |
iVape Tunstall Limited, a company incorporated in England and Wales. The principal activity of the company is the retail of e-cigs and accessories. The registered office of the subsidiary is Unit 62 Longton Exchange, Longton, Stoke On Trent, Staffordshire, ST3 2JA. |
iVape Longton Limited, a company incorporated in England and Wales. The principal activity of the company is the retail of e-cigs and accessories. The registered office of the subsidiary is Unit 62 Longton Exchange, Longton, Stoke On Trent, Staffordshire, ST3 2JA. |
Bargain Booze (Dividy Road) Limited, a company incorporated in England and Wales. The principal activity of the company is to be a leading retailer providing alcohol, confectionary and everyday essentials at competitive prices. The registered office of the subsidiary is Grindco 427 Ltd Unit 62 Longton Exchange, Longton, Stoke On Trent, Staffordshire, ST3 2JA. |
Bargain Booze Biddulph Limited, a company incorporated in England and Wales. The principal activity of the company is to be a leading retailer providing alcohol, confectionary and everyday essentials at competitive prices. The registered office of the subsidiary is Grindco 427 Ltd Unit 62 Longton Exchange, Longton, Stoke On Trent, Staffordshire, ST3 2JA. |
Bargain Booze Tunstall Limited, a company incorporated in England and Wales. The principal activity of the company is to be a leading retailer providing alcohol, confectionary and everyday essentials at competitive prices. The registered office of the subsidiary is Grindco 427 Ltd Unit 62 Longton Exchange, Longton, Stoke On Trent, Staffordshire, ST3 2JA. |
Bargain Booze Abbey Hulton Limited, a company incorporated in England and Wales. The principal activity of the company is to be a leading retailer providing alcohol, confectionary and everyday essentials at competitive prices. The registered office of the subsidiary is Grindco 427 Ltd Unit 62 Longton Exchange, Longton, Stoke On Trent, Staffordshire, ST3 2JA. |
Bargain Booze (Leek) Limited, a company incorporated in England and Wales. The company is dormant. The registered office of the subsidiary is Grindco 427 Ltd Unit 62 Longton Exchange, Longton, Stoke On Trent, Staffordshire, ST3 2JA. |
The company owns 95% of the issued share capital of the company listed below: |
iVape Wholesale Limited, a company incorporated in England and Wales. The principal activity of the company is the retail of e-cigs and accessories. The registered office of the subsidiary is Unit 62 Longton Exchange, Longton, Stoke On Trent, Staffordshire, ST3 2JA. |
The company owns 80% of the issued share capital of the company listed below: |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
5. | FIXED ASSET INVESTMENTS - continued |
iVape.Delivery Limited, a company incorporated in England and Wales. The principal activity of the company is the retail of e-cigs and accessories. The registered office of the subsidiary is Unit 62 Longton Exchange, Longton, Stoke On Trent, Staffordshire, ST3 2JA. |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2022 |
Disposals | ( |
) |
Revaluations | 13,777 |
Impairments | (10,027 | ) |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
The directors consider the investment properties are stated at fair value as at 31 July 2023. |
Fair value at 31 July 2023 is represented by: |
£ |
Valuation in 2018 | 89,946 |
Valuation in 2020 | (60,000 | ) |
Valuation in 2022 | 5,814 |
Valuation in 2023 | (2,474 | ) |
Cost | 181,714 |
215,000 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Amounts owed by group undertakings |
Amounts due from connected |
companies | 38,130 | 17,580 |
Directors' loan accounts | 194,180 | 177,937 |
VAT |
Prepayments |
Amounts owed by group undertakings and connected companies are unsecured, interest free and are repayable on demand. |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
Amounts due to connected |
companies | 35,281 | 35,281 |
Amounts owed to group undertakings and connected companies are unsecured, interest free and are repayable on demand. |
A debenture dated 3 April 2009 exists by the way of a fixed and floating charge over the property and assets of the company. |
There is a charge in favour of National Westminster Bank Plc dated 28 May 2019 giving a fixed charge over the properties 28 and 30 Tunstall Road, Biddulph. |
The bank loans are secured by way of fixed and floating charges over the assets of the company. |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.7.23 | 31.7.22 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans payable more than |
5 years by instalments |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans payable more than |
5 years by instalments | 54,286 | 80,993 |
54,286 | 80,993 |
PM & HP HOLDINGS LIMITED (REGISTERED NUMBER: 06813395) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 July 2023 and 31 July 2022: |
31.7.23 | 31.7.22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The directors had interest free loans during the year. By virtue of the loan accounts, a liability to taxation exists under section 455 CTA 2010 in the sum of £65,536 which will be repaid or discharged when the loans are repaid. It is anticipated that the loans will be repaid within nine months of the year end and, as such, no provision for the taxation has been made. |
11. | EVENTS AFTER THE END OF THE REPORTING PERIOD |
There were no significant events up to the date of approval of the financial statements by the Board. |