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REGISTERED NUMBER: 02124920 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

P & P ASSOCIATES LTD

P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


P & P ASSOCIATES LTD

COMPANY INFORMATION
for the Year Ended 31 MARCH 2024







DIRECTORS: Mr P E Cook
Mr M E Cook





REGISTERED OFFICE: Falcon House
Primett Road
Stevenage
SG1 3EE





REGISTERED NUMBER: 02124920 (England and Wales)





ACCOUNTANTS: Foxley Kingham
Chartered Accountants
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 8,264 18,297
Tangible assets 5 212,252 154,110
Investments 6 3 3
220,519 172,410

CURRENT ASSETS
Debtors 7 3,828,480 3,480,673
Cash at bank 843,794 739,114
4,672,274 4,219,787
CREDITORS
Amounts falling due within one year 8 2,042,081 1,599,556
NET CURRENT ASSETS 2,630,193 2,620,231
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,850,712

2,792,641

CREDITORS
Amounts falling due after more than one
year

9

109,224

85,769
NET ASSETS 2,741,488 2,706,872

CAPITAL AND RESERVES
Called up share capital 12 100,006 100,006
Retained earnings 2,641,482 2,606,866
SHAREHOLDERS' FUNDS 2,741,488 2,706,872

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by:





Mr P E Cook - Director


P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 MARCH 2024

1. STATUTORY INFORMATION

P & P Associates Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is derived from the provision of travel services as a travel management company and retail travel agent and tour operator.

Where the company acts as the principal tour operator, turnover represents the gross value of the holiday sold (excluding VAT). The full cost of such holidays is included within cost of sales. Revenue from the sale of these products is recognised on the date of departure, gross of all charges billed to the customer less any discounts and sales taxes. Customer payments relating to holiday packages and flights with dates of departure beyond the accounting reference date are carried forward as deferred income.

Where the company acts as a travel management company, turnover represents the gross value of all charges (excluding VAT) to customers for travel services provided by the company such as airline, hotel, and rail reservations, along with transaction fees and commissions earned at the same time of sale. Revenue is recognised at the time of booking.

Fees receivable relate to income receivable based on a contingency agreement following the sale of the company's division in previous years.

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - not provided
Fixtures and fittings - 10% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

Tangible fixed assets under the cost model are recognised at historical cost less accumulated depreciation and any accumulated impairment losses.

Motor vehicles are initially measured at cost and depreciated over the estimated useful life of the asset using the cost price less the residual value.

The freehold land is being depreciated to its estimated residual value over it's deemed useful economic life. The directors believe the residual value to be at least the current carrying value in these accounts
and therefore depreciation would be negligible. The maintenance costs are charged to the profit and loss account in the year incurred. The directors review the estimated residual value at the end of each accounting period.

Gains and losses on disposals are recognised in the profit and loss account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 400,105
AMORTISATION
At 1 April 2023 381,808
Amortisation for year 10,033
At 31 March 2024 391,841
NET BOOK VALUE
At 31 March 2024 8,264
At 31 March 2023 18,297

P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 10,000 113,303 139,968 176,357 439,628
Additions - 9,074 163,552 25,172 197,798
Disposals - - (139,968 ) - (139,968 )
At 31 March 2024 10,000 122,377 163,552 201,529 497,458
DEPRECIATION
At 1 April 2023 - 102,793 17,930 164,795 285,518
Charge for year - 2,261 19,341 10,325 31,927
Eliminated on disposal - - (32,239 ) - (32,239 )
At 31 March 2024 - 105,054 5,032 175,120 285,206
NET BOOK VALUE
At 31 March 2024 10,000 17,323 158,520 26,409 212,252
At 31 March 2023 10,000 10,510 122,038 11,562 154,110

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 139,968
Additions 163,552
Disposals (139,968 )
At 31 March 2024 163,552
DEPRECIATION
At 1 April 2023 17,930
Charge for year 19,341
Eliminated on disposal (32,239 )
At 31 March 2024 5,032
NET BOOK VALUE
At 31 March 2024 158,520
At 31 March 2023 122,038

P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2024

6. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 April 2023
and 31 March 2024 3
NET BOOK VALUE
At 31 March 2024 3
At 31 March 2023 3

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,416,595 1,063,419
Other debtors 943,387 1,163,989
Directors' loan accounts 1,197,097 961,944
VAT 21,279 14,538
Prepayments and accrued income 250,122 276,783
3,828,480 3,480,673

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 10) 33,098 8,588
Trade creditors 1,608,806 1,039,890
Corporation tax 89,930 83,435
Taxation and social security 7,205 4,637
Other creditors 273,461 363,797
Accrued expenses 29,581 99,209
2,042,081 1,599,556

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 10) 109,224 85,769

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 33,098 8,588
Between one and five years 109,224 85,769
142,322 94,357

P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2024

10. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 54,615 76,661
Between one and five years 2,367 59,982
56,982 136,643

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 142,322 94,357

The hire purchase liabilities are secured against the assets to which they relate.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
40,006 Ordinary 1 40,006 40,006
60,000 Ordinary B 1 60,000 60,000
100,006 100,006

Ordinary shares have full voting, dividend and capital distribution rights. They do not confer any rights of redemption.

Ordinary B shares have full dividend rights. They do not confer any rights of redemption.

The directors may resolve to declare a dividend on one class of share and not the other.

13. CONTINGENT LIABILITIES

A debenture is held by the company's bank which included a fixed charge over all present freehold and leasehold property. First fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First floating charge over all assets and undertaking both present and future.

P & P ASSOCIATES LTD (REGISTERED NUMBER: 02124920)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 MARCH 2024

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr P E Cook
Balance outstanding at start of year 961,944 735,817
Amounts advanced 254,364 529,127
Amounts repaid (180,000 ) (303,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,036,308 961,944

Mr M E Cook
Balance outstanding at start of year - -
Amounts advanced 160,789 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 160,789 -

Interest has been charged on the overdrawn loan account balance at the HMRC approved rate of 2.5%.

15. RELATED PARTY DISCLOSURES

All related party transactions have been carried out at arms' length.

16. ULTIMATE CONTROLLING PARTY

The immediate parent company is P&P Group Limited and the ultimate parent company is PPA Group Ltd. Both companies are registered in the United Kingdom. The entities are exempt from the obligation to prepare and deliver group accounts.

The ultimate controlling party in the current and prior year was Mr P E Cook.