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Company No: 10474194 (England and Wales)

PHILIP BEARD HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

PHILIP BEARD HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

PHILIP BEARD HOLDINGS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
PHILIP BEARD HOLDINGS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS M Beard
P R Beard
R M T Beard
Z C Beard
SECRETARY R M T Beard
REGISTERED OFFICE Centenary House Peninsula Business Park
Rydon Lane
Exeter
EX2 7XE
United Kingdom
COMPANY NUMBER 10474194 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
PHILIP BEARD HOLDINGS LIMITED

BALANCE SHEET

As at 31 March 2024
PHILIP BEARD HOLDINGS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investments 3 1,875,383 1,875,383
1,875,383 1,875,383
Current assets
Debtors 4 2,986 3,751
Cash at bank and in hand 4,590 3,576
7,576 7,327
Creditors: amounts falling due within one year 5 ( 766,578) ( 712,122)
Net current liabilities (759,002) (704,795)
Total assets less current liabilities 1,116,381 1,170,588
Creditors: amounts falling due after more than one year 6 ( 263,742) ( 320,880)
Net assets 852,639 849,708
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 852,539 849,608
Total shareholders' funds 852,639 849,708

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Philip Beard Holdings Limited (registered number: 10474194) were approved and authorised for issue by the Board of Directors on 20 October 2024. They were signed on its behalf by:

R M T Beard
Director
PHILIP BEARD HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
PHILIP BEARD HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Philip Beard Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Centenary House Peninsula Business Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Dividend income

Dividend income is recognised on receipt.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Investments in subsidiaries are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Fixed asset investments

2024 2023
£ £
Subsidiary undertakings 1,875,383 1,875,383

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 1,875,383
0
0
At 31 March 2024 1,875,383
Carrying value at 31 March 2024 1,875,383
Carrying value at 31 March 2023 1,875,383

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.03.2024
Ownership
31.03.2023
K L Reynolds Limited Centenary House, Peninsula Business Park, Rydon Lane, Exeter, EX2 7XE Pharamacy Ordinary Shares 100.00% 100.00%

The principal activity of K L Reynolds Limited is that of a pharmacy.

4. Debtors

2024 2023
£ £
Prepayments 2,986 3,751

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 35,370 37,538
Amounts owed to own subsidiaries 281,687 238,275
Amounts owed to directors 364,128 376,833
Other loans 76,955 54,000
Accruals 4,411 1,620
Other creditors 4,027 3,856
766,578 712,122

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 263,742 320,880

The bank borrowings are secured by fixed and floating charges over the assets of the company and its subsidiary K L Reynolds Limited, as well as personal guarantees given by the directors.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured) 22,806 43,249

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
40 Ordinary shares of £ 1.00 each 40 40
50 Ordinary B shares of £ 1.00 each 50 50
10 Ordinary C shares of £ 1.00 each 10 10
100 100

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Directors' loan account 364,128 376,832

During the period the company received funding from its directors in the form of interest bearing loans. The balance owed to the directors at the balance sheet date was as above. Interest of £17,646 (2023: £16,666) has been charged on these loans during the period and amounts are repayable on demand.