Registration number:
Parham Holdings Limited
Chartered Accountants
Parham Holdings Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Parham Holdings Limited
Company Information
Directors |
Mr J R Drax Mr P S Dove Mr E Q Drax Mrs L H Catford |
Company secretary |
Mr J R Drax |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Parham Holdings Limitedfor 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 Parham Holdings Limited for the year ended 31 December 2023 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Parham Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 5 July 2023. Our work has been undertaken solely to prepare for your approval the accounts of Parham Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Parham Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parham Holdings Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Parham 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 Parham Holdings Limited. You consider that Parham 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 Parham 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.
Chartered Accountants
34 High East Street
Dorchester
Dorset
DT1 1HA
Parham Holdings Limited
(Registration number: 03104127)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investments |
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|
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Current assets |
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Debtors |
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Cash at bank and in hand |
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|
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|
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Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
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Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Share premium reserve |
286,537 |
286,537 |
|
Capital redemption reserve |
5,000,000 |
5,000,000 |
|
Retained earnings |
11,622,944 |
11,416,877 |
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Shareholders' funds |
16,910,481 |
16,704,414 |
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 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 Profit and Loss Account.
Approved and authorised by the
Director
Parham Holdings Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
The principal place of business is:
3rd Floor
18 Wells Street
London
W1T 3PG
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 were prepared in accordance with the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'
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 balance sheet discloses net current liabilities as bank loan facilities are due for renewal in 2024. These are currently under review pending renewal.
Exemption from preparing group accounts
The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the 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 and after eliminating sales within the company.
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.
Tax
The tax expense for the period comprises current 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.
Parham Holdings Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023
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 |
Computer equipment |
Over 4 years straight line basis |
Fixtures, fittings and equipment |
Over 5 years straight line basis |
Leasehold improvements |
Over 20 years straight line basis |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
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.
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.
Parham Holdings Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023
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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
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Depreciation expense |
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Parham Holdings Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023
Tangible assets |
Short leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Total |
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Cost |
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At 1 January 2023 |
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Additions |
- |
- |
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At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost |
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At 1 January 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Parham Holdings Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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Ordinary |
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England & Wales |
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Ordinary |
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England & Wales |
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Ordinary |
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England & Wales |
Subsidiary undertakings |
Parham Investment Limited The principal activity of Parham Investment Limited is |
Parham Development Limited The principal activity of Parham Development Limited is |
Benrage Limited The principal activity of Benrage Limited is |
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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Parham Holdings Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
- |
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Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
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Bank borrowings |
- |
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Current loans and borrowings
2023 |
2022 |
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Bank borrowings |
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Bank borrowings
All funding is secured on investment properties held within the group and the investment in shares of subsidiary companies held by Parham Holdings Limited.
Current borrowing facilities are under negotiation for renewal in 2024.
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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|
500 |
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500 |
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|
500 |
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500 |
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Parham Holdings Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Key management personnel
Mr J R Drax (Director)
Mr P S Dove (Director) is also a member of Griffin 1 LLP
Transactions with directors |
2023 |
At 1 January 2023 |
Advances to director |
Repayments by director |
Other payments made to company by director |
At 31 December 2023 |
Mr J R Drax |
|||||
Short term loan, repayable on demand, with interest charged at 2.00% |
( |
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( |
109 |
|
2022 |
At 1 January 2022 |
Repayments by director |
Other payments made to company by director |
At 31 December 2022 |
Mr J R Drax |
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Short term loan, repayable on demand, with interest charged at 2.00% |
|
( |
14 |
( |
Directors' remuneration
The directors' remuneration for the year was as follows:
2023 |
2022 |
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Remuneration |
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Summary of transactions with parent
Balance repayable on demand
Parham Holdings Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023
Summary of transactions with subsidiaries
Balance payable/repayable on demand
Income and receivables from related parties
2023 |
Subsidiary |
Receipt of services |
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2022 |
Subsidiary |
Receipt of services |
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Expenditure with and payables to related parties
2023 |
Parent |
Key management |
Rendering of services |
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2022 |
Parent |
Key management |
Rendering of services |
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Loans to related parties
2023 |
Parent |
Subsidiary |
Total |
At start of period |
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|
|
Advanced |
- |
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|
Repaid |
- |
( |
( |
Interest transactions |
- |
|
|
At end of period |
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|
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|
2022 |
Parent |
Subsidiary |
Total |
At start of period |
|
|
|
Advanced |
|
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Repaid |
( |
( |
( |
Interest transactions |
- |
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At end of period |
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Parham Holdings Limited
Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023
Loans from related parties
2023 |
Subsidiary |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
Interest transactions |
( |
( |
At end of period |
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|
2022 |
Subsidiary |
Total |
At start of period |
|
|
Advanced |
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Repaid |
( |
( |
Interest transactions |
( |
( |
At end of period |
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Terms of loans from related parties
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is