Parham Holdings Limited 03104127 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is a holding company, managing property investment, dealing and development on behalf of its wholly owned subsidiaries. Digita Accounts Production Advanced 6.30.9574.0 true false true true false true false false 03104127 2023-01-01 2023-12-31 03104127 2023-12-31 03104127 bus:CompanySecretaryDirector1 1 2023-12-31 03104127 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-12-31 03104127 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2023-12-31 03104127 core:CurrentFinancialInstruments 2023-12-31 03104127 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03104127 core:Non-currentFinancialInstruments 2023-12-31 03104127 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 03104127 core:FurnitureFittings 2023-12-31 03104127 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 03104127 core:PlantMachinery 2023-12-31 03104127 core:AllSubsidiaries 2023-12-31 03104127 core:ParentEntities 2023-12-31 03104127 bus:SmallEntities 2023-01-01 2023-12-31 03104127 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 03104127 bus:FilletedAccounts 2023-01-01 2023-12-31 03104127 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 03104127 bus:RegisteredOffice 2023-01-01 2023-12-31 03104127 bus:CompanySecretaryDirector1 2023-01-01 2023-12-31 03104127 bus:CompanySecretaryDirector1 1 2023-01-01 2023-12-31 03104127 bus:Director2 2023-01-01 2023-12-31 03104127 bus:Director3 2023-01-01 2023-12-31 03104127 bus:Director4 2023-01-01 2023-12-31 03104127 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2023-01-01 2023-12-31 03104127 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2023-01-01 2023-12-31 03104127 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 03104127 bus:Agent1 2023-01-01 2023-12-31 03104127 core:ComputerEquipment 2023-01-01 2023-12-31 03104127 core:FurnitureFittings 2023-01-01 2023-12-31 03104127 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 03104127 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 03104127 core:LeaseholdImprovements 2023-01-01 2023-12-31 03104127 core:PlantMachinery 2023-01-01 2023-12-31 03104127 core:AllSubsidiaries 2023-01-01 2023-12-31 03104127 core:AllSubsidiaries core:RenderingOrReceivingServices 2023-01-01 2023-12-31 03104127 core:KeyManagementPersonnel 2023-01-01 2023-12-31 03104127 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl core:RenderingOrReceivingServices 2023-01-01 2023-12-31 03104127 core:ParentEntities 2023-01-01 2023-12-31 03104127 core:ParentEntities core:RenderingOrReceivingServices 2023-01-01 2023-12-31 03104127 core:Subsidiary1 2023-01-01 2023-12-31 03104127 core:Subsidiary1 countries:AllCountries 2023-01-01 2023-12-31 03104127 core:Subsidiary2 2023-01-01 2023-12-31 03104127 core:Subsidiary2 countries:AllCountries 2023-01-01 2023-12-31 03104127 core:Subsidiary3 2023-01-01 2023-12-31 03104127 core:Subsidiary3 countries:AllCountries 2023-01-01 2023-12-31 03104127 1 2023-01-01 2023-12-31 03104127 countries:EnglandWales 2023-01-01 2023-12-31 03104127 2022-12-31 03104127 bus:CompanySecretaryDirector1 1 2022-12-31 03104127 core:FurnitureFittings 2022-12-31 03104127 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 03104127 core:PlantMachinery 2022-12-31 03104127 core:AllSubsidiaries 2022-12-31 03104127 core:ParentEntities 2022-12-31 03104127 2022-01-01 2022-12-31 03104127 2022-12-31 03104127 bus:CompanySecretaryDirector1 1 2022-12-31 03104127 bus:OrdinaryShareClass1 bus:Non-cumulativeNon-redeemableShares 2022-12-31 03104127 bus:OrdinaryShareClass2 bus:Non-cumulativeNon-redeemableShares 2022-12-31 03104127 core:CurrentFinancialInstruments 2022-12-31 03104127 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 03104127 core:Non-currentFinancialInstruments 2022-12-31 03104127 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 03104127 core:CostValuation 2022-12-31 03104127 core:FurnitureFittings 2022-12-31 03104127 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 03104127 core:PlantMachinery 2022-12-31 03104127 core:AllSubsidiaries 2022-12-31 03104127 core:ParentEntities 2022-12-31 03104127 bus:CompanySecretaryDirector1 1 2022-01-01 2022-12-31 03104127 core:AllSubsidiaries 2022-01-01 2022-12-31 03104127 core:AllSubsidiaries core:RenderingOrReceivingServices 2022-01-01 2022-12-31 03104127 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl core:RenderingOrReceivingServices 2022-01-01 2022-12-31 03104127 core:ParentEntities 2022-01-01 2022-12-31 03104127 core:ParentEntities core:RenderingOrReceivingServices 2022-01-01 2022-12-31 03104127 core:Subsidiary1 2022-01-01 2022-12-31 03104127 core:Subsidiary2 2022-01-01 2022-12-31 03104127 core:Subsidiary3 2022-01-01 2022-12-31 03104127 2021-12-31 03104127 bus:CompanySecretaryDirector1 1 2021-12-31 03104127 core:AllSubsidiaries 2021-12-31 03104127 core:ParentEntities 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03104127

Parham Holdings Limited

Annual Report and Unaudited Financial Statements Year Ended 31 December 2023

image-name

Chartered Accountants

 

Parham Holdings Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 12

 

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

Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

Accountants

Edwards and Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

 

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.






Edwards and Keeping
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

27 August 2024

 

Parham Holdings Limited

(Registration number: 03104127)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

89,660

103,019

Investments

6

22,403,718

22,403,718

 

22,493,378

22,506,737

Current assets

 

Debtors

7

9,450,631

9,561,947

Cash at bank and in hand

 

14,011,427

14,795,202

 

23,462,058

24,357,149

Creditors: Amounts falling due within one year

8

(29,022,540)

(8,383,964)

Net current (liabilities)/assets

 

(5,560,482)

15,973,185

Total assets less current liabilities

 

16,932,896

38,479,922

Creditors: Amounts falling due after more than one year

8

-

(21,750,000)

Provisions for liabilities

(22,415)

(25,508)

Net assets

 

16,910,481

16,704,414

Capital and reserves

 

Called up share capital

10

1,000

1,000

Share premium reserve

286,537

286,537

Capital redemption reserve

5,000,000

5,000,000

Retained earnings

11,622,944

11,416,877

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 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 Profit and Loss Account.

Approved and authorised by the Board on 23 August 2024 and signed on its behalf by:
 

Mrs L H Catford
Director

 

Parham 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:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
England

The principal place of business is:
3rd Floor
18 Wells Street
London
W1T 3PG

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 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 5).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

15,917

17,500

 

Parham Holdings Limited

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

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost

At 1 January 2023

88,487

62,607

27,865

178,959

Additions

-

-

2,557

2,557

At 31 December 2023

88,487

62,607

30,422

181,516

Depreciation

At 1 January 2023

11,061

39,139

25,740

75,940

Charge for the year

4,424

9,432

2,060

15,916

At 31 December 2023

15,485

48,571

27,800

91,856

Carrying amount

At 31 December 2023

73,002

14,036

2,622

89,660

At 31 December 2022

77,426

23,468

2,125

103,019

6

Investments

2023
£

2022
£

Investments in subsidiaries

22,403,718

22,403,718

Subsidiaries

£

Cost

At 1 January 2023

22,403,718

Carrying amount

At 31 December 2023

22,403,718

At 31 December 2022

22,403,718

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

     

2023

2022

Subsidiary undertakings

Parham Investment Limited

Ordinary

100%

100%

 

England & Wales

     

Parham Development Limited

Ordinary

100%

100%

 

England & Wales

     

Benrage Limited

Ordinary

100%

100%

 

England & Wales

     

Subsidiary undertakings

Parham Investment Limited

The principal activity of Parham Investment Limited is property investment.

Parham Development Limited

The principal activity of Parham Development Limited is property development and investment.

Benrage Limited

The principal activity of Benrage Limited is dormant.

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

399,824

327,071

Amounts owed by related parties

12

8,809,223

9,053,998

Prepayments

 

90,584

35,878

Other debtors

 

151,000

145,000

   

9,450,631

9,561,947

 

Parham Holdings Limited

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

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

21,750,000

1,000,000

Trade creditors

 

149,209

111,038

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

12

5,417,828

5,356,167

Taxation and social security

 

199,763

416,881

Other creditors

 

1,505,740

1,499,878

 

29,022,540

8,383,964

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

21,750,000

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

-

21,750,000

Current loans and borrowings

2023
£

2022
£

Bank borrowings

21,750,000

1,000,000

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.

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary 'A' shares of £1 each

500

500

500

500

Ordinary 'B' shares of £1 each

500

500

500

500

1,000

1,000

1,000

1,000

 

Parham Holdings Limited

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

11

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 £597,881 (2022 - £167,269).

12

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%

(2,951)

80,073

(76,968)

109

263

2022

At 1 January 2022
£

Repayments by director
£

Other payments made to company by director
£

At 31 December 2022
£

Mr J R Drax

Short term loan, repayable on demand, with interest charged at 2.00%

2,740

(5,705)

14

(2,951)

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

316,977

311,976

Summary of transactions with parent

Beaulieu Property Management Limited
 Inter-company loan to parent company
 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

Parham Investment Limited, Parham Development Limited and Benrage Limited
 Inter-company loan by/to their immediate parent company (Parham Holdings Limited)
 Balance payable/repayable on demand
 

Income and receivables from related parties

2023

Subsidiary
£

Receipt of services

1,027,000

2022

Subsidiary
£

Receipt of services

1,912,000

Expenditure with and payables to related parties

2023

Parent
£

Key management
£

Rendering of services

300,000

100,043

2022

Parent
£

Key management
£

Rendering of services

503,000

139,383

Loans to related parties

2023

Parent
£

Subsidiary
£

Total
£

At start of period

26,180

9,027,818

9,053,998

Advanced

-

864,000

864,000

Repaid

-

(2,510,775)

(2,510,775)

Interest transactions

-

1,402,000

1,402,000

At end of period

26,180

8,783,043

8,809,223

2022

Parent
£

Subsidiary
£

Total
£

At start of period

35,253

13,142,598

13,177,851

Advanced

29,143

1,632,000

1,661,143

Repaid

(38,216)

(6,503,780)

(6,541,996)

Interest transactions

-

757,000

757,000

At end of period

26,180

9,027,818

9,053,998

 

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

5,356,166

5,356,166

Advanced

502,661

502,661

Repaid

(163,000)

(163,000)

Interest transactions

(278,000)

(278,000)

At end of period

5,417,827

5,417,827

2022

Subsidiary
£

Total
£

At start of period

4,748,508

4,748,508

Advanced

1,067,658

1,067,658

Repaid

(280,000)

(280,000)

Interest transactions

(180,000)

(180,000)

At end of period

5,356,166

5,356,166

Terms of loans from related parties

Balances are repayable on demand
 

13

Parent and ultimate parent undertaking

The company is a 100% owned subsidiary of the parent company

 The company's immediate parent is Beaulieu Property Management Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Beaulieu Property Management Limited. These financial statements are available upon request from Companies House, Cardiff. The parent company is exempt from preparing consolidated group accounts as it is a small group.

 The ultimate controlling party is Mr J R Drax (Director).