P.T.T. Holdings Limited 02222199 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of a holding company. Digita Accounts Production Advanced 6.30.9574.0 true false false 02222199 2023-01-01 2023-12-31 02222199 2023-12-31 02222199 bus:OrdinaryShareClass1 2023-12-31 02222199 core:CurrentFinancialInstruments 2023-12-31 02222199 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 02222199 core:OtherPropertyPlantEquipment 2023-12-31 02222199 bus:SmallEntities 2023-01-01 2023-12-31 02222199 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 02222199 bus:FullAccounts 2023-01-01 2023-12-31 02222199 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 02222199 bus:RegisteredOffice 2023-01-01 2023-12-31 02222199 bus:Director1 2023-01-01 2023-12-31 02222199 bus:Director2 2023-01-01 2023-12-31 02222199 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 02222199 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 02222199 bus:Agent1 2023-01-01 2023-12-31 02222199 core:LandBuildings 2023-01-01 2023-12-31 02222199 core:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 02222199 core:PlantMachinery 2023-01-01 2023-12-31 02222199 core:AllSubsidiaries 2023-01-01 2023-12-31 02222199 core:ParentEntities core:RenderingOrReceivingServices 2023-01-01 2023-12-31 02222199 core:Subsidiary1 2023-01-01 2023-12-31 02222199 core:Subsidiary1 1 2023-01-01 2023-12-31 02222199 core:Subsidiary1 countries:England 2023-01-01 2023-12-31 02222199 countries:EnglandWales 2023-01-01 2023-12-31 02222199 2022-12-31 02222199 core:CostValuation 2022-12-31 02222199 core:OtherPropertyPlantEquipment 2022-12-31 02222199 2022-01-01 2022-12-31 02222199 2022-12-31 02222199 bus:OrdinaryShareClass1 2022-12-31 02222199 core:CurrentFinancialInstruments 2022-12-31 02222199 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 02222199 core:OtherPropertyPlantEquipment 2022-12-31 02222199 core:ParentEntities core:RenderingOrReceivingServices 2022-01-01 2022-12-31 02222199 core:Subsidiary1 1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02222199

P.T.T. Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

P.T.T. Holdings Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 11

 

P.T.T. Holdings Limited

Company Information

Directors

R A Gray

J Gray

Registered office

C/o Bissell & Brown
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

Accountants

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
P.T.T. Holdings Limited
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of P.T.T. Holdings Limited for the year ended 31 December 2023 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of P.T.T. Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 11 June 2021. Our work has been undertaken solely to prepare for your approval the accounts of P.T.T. Holdings Limited and state those matters that we have agreed to state to the Board of Directors of P.T.T. Holdings Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P.T.T. Holdings Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that P.T.T. Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of P.T.T. Holdings Limited. You consider that P.T.T. Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of P.T.T. Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Bissell & Brown Midlands Ltd
Chartered Certified Accountants
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ

15 March 2024

 

P.T.T. Holdings Limited

(Registration number: 02222199)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

4,587

5,734

Investment property

6

200,000

200,000

Investments

7

191,250

191,250

 

395,837

396,984

Current assets

 

Debtors

8

915

916

Cash at bank and in hand

 

42,508

28,403

 

43,423

29,319

Creditors: Amounts falling due within one year

9

(28,271)

(22,735)

Net current assets

 

15,152

6,584

Total assets less current liabilities

 

410,989

403,568

Provisions for liabilities

(110)

(397)

Net assets

 

410,879

403,171

Capital and reserves

 

Called up share capital

10

500

500

Revaluation reserve

114,308

114,308

Retained earnings

296,071

288,363

Shareholders' funds

 

410,879

403,171

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the directors' report and the Profit and Loss Account.

Approved and authorised by the Board on 15 March 2024 and signed on its behalf by:
 

.........................................
R A Gray
Director

 

P.T.T. Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
C/o Bissell & Brown
Charter House
56 High Street
Sutton Coldfield
West Midlands
B72 1UJ
United Kingdom

The principal place of business is:
70 Prince of Wales Lane
Kings Heath
Birmingham
B14 4JZ
West Midlands

These financial statements were authorised for issue by the Board on 15 March 2024.

2

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Group accounts not prepared

The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts..

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.

 

P.T.T. Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible 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

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

Land and buildings

Open market valuation

Plant and machinery

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

P.T.T. Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

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.

 

P.T.T. Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
Trade debtors
Trade debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade debtors are subsequently measured at amortised cost, being the transaction price less any amounts settled and any impairment losses.

Where the arrangement with a trade debtor constitutes a financing transaction, the debtor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

A provision for impairment of trade debtors is established when there is objective evidence that the amounts due will not be collected according to the original terms of the contract. Impairment losses are recognised in profit or loss for the excess of the carrying value of the trade debtor over the present value of the future cash flows discounted using the original effective interest rate. Subsequent reversals of an impairment loss that objectively relate to an event occurring after the impairment loss was recognised, are recognised immediately in profit or loss.

 Recognition and measurement
Financial instruments are classified as liabilities and equity instruments 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.

Trade creditors
Trade creditors payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Where the arrangement with a trade creditor constitutes a financing transaction, the creditor is initially and subsequently measured at the present value of future payments discounted at a market rate of interest for a similar instrument.

Borrowings
Borrowings are initially recognised at the transaction price, including transaction costs, and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Commitments to receive a loan are measured at cost less impairment.

 Impairment
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. A financial liability (or part thereof) is derecognised when the obligation specified in the contract is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

P.T.T. Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,147

2,317

5

Tangible assets

Plant and machinery, etc
£

Total
£

Cost or valuation

At 1 January 2023

235,490

235,490

At 31 December 2023

235,490

235,490

Depreciation

At 1 January 2023

229,756

229,756

Charge for the year

1,147

1,147

At 31 December 2023

230,903

230,903

Carrying amount

At 31 December 2023

4,587

4,587

At 31 December 2022

5,734

5,734

6

Investment properties

2023
£

At 1 January

200,000

At 31 December

200,000


The fair value of the investment property was valued on 31 December 2021, by the directors after taking advice from surveyors. The directors believe this to represent the open market value at the balance sheet date.

7

Investments

2023
£

2022
£

Investments in subsidiaries

191,250

191,250

 

P.T.T. Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

7

Investments (continued)

Subsidiaries

£

Cost or valuation

At 1 January 2023

191,250

Provision

Carrying amount

At 31 December 2023

191,250

At 31 December 2022

191,250

Details of 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:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

T-Tech Tooling Limited

70 Prince of Wales Lane
Kings Heath
Birmingham
B14 4JZ
West Midlands

England

Ordinary

75%

75%

Subsidiary undertakings

T-Tech Tooling Limited

The principal activity of T-Tech Tooling Limited is the manufacture of machine tools.

8

Debtors

Current

2023
£

2022
£

Other debtors

915

916

 

915

916

 

P.T.T. Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9.1

2,695

1,767

Trade creditors

 

43

43

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

4,428

4,428

Taxation and social security

 

5,588

5,635

Accruals and deferred income

 

1,785

2,052

Corporation tax liability

 

13,732

8,810

 

28,271

22,735

9.1

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

2,695

1,767

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

500

500

500

500

         
 

P.T.T. Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

11

Related party transactions

Summary of transactions with subsidiaries

At the balance sheet date £4,428 (2022: £4,428) is owed to T-Tech Tooling Limited.
 

Income and receivables from related parties

2023

Parent
£

Receipt of services

91,164

2022

Parent
£

Receipt of services

91,164