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Unaudited Financial Statements
P & H Trustees Limited
For the year ended 7 April 2024



































Registered number: 02920238

 
P & H Trustees Limited
 

Company Information


Directors
Declan Salter (resigned 25 July 2023)
Christopher Etherington (appointed 25 July 2023)
James Newsome (appointed 4 October 2023)




Registered number
02920238



Registered office
Oak Hanger
Reeds Lane

Liss

England

GU33 7HU




Accountants
Grant Thornton (NI) LLP
Chartered Accountants

12 - 15 Donegall Square West

Belfast

BT1 6JH





 
P & H Trustees Limited
 

Contents



Page
Accountant's report
1
Balance sheet
2
Notes to the financial statements
3 - 6


  
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Independent Accountant's Report to the directors of the unaudited financial statements of P & H Trustees Limited for the year ended 7 April 2024

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of P & H Trustees Limited for the year ended 7 April 2024, which comprise  the Balance sheet and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements. 
 
This report is made solely to the directors of P & H Trustees Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of P & H Trustees Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P & H Trustees Limited and its directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with International Standard on Related Services 4410  (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board  (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered  Accountants Ireland relating to members undertaking the compilation of financial statements. 

You have approved the financial statements for the year ended 7 April 2024 and you have acknowledged on the Balance sheet as at 7 April 2024 your duty to ensure that P & H Trustees Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that P & H Trustees Limited is exempt from the statutory audit requirement for the year ended 7 April 2024.

We have not been instructed to carry out an audit or review the financial statements of P & H Trustees 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 financial statements. 




  


Grant Thornton (NI) LLP

Chartered Accountants
12 - 15 Donegall Square West
Belfast
BT1 6JH







Date:   6 January 2025
Page 1

 
P & H Trustees Limited
Registered number:02920238

Balance sheet
As at 7 April 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 5 
100
100

Cash at bank and in hand
 6 
17,659
28,602

  
17,759
28,702

Creditors: amounts falling due within one year
 7 
(15,319)
(28,602)

Net current assets
  
 
 
2,440
 
 
100

Total assets less current liabilities
  
2,440
100

  

Net assets
  
2,440
100


Capital and reserves
  

Called up share capital 
 8 
100
100

Profit and loss account
 9 
2,340
-

  
2,440
100


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 January 2025.




Christopher Etherington
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
P & H Trustees Limited
 
 
Notes to the financial statements
For the year ended 7 April 2024

1.


General information

P & H Trustees Limited is a private company limited by shares and incorporated in England. The registered office is Isen Barn, Chenies, Rickmansworth, Buckinghamshire, England, WD3 6EE. The principal activity of the company is the management of Palmer & Harvey McLane Holdings Ltd Employee Trust.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The finanical statements are presented in Sterling (£).

The following principal accounting policies have been applied:

 
2.2

Going concern

The director has assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
P & H Trustees Limited
 

Notes to the financial statements
For the year ended 7 April 2024

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.


 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results.
In the director's opinion, there are no significant judgements, estimates and assumptions made about the recognition of assets, liabilities, incomes and expenses.


4.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 1).

Page 4

 
P & H Trustees Limited
 
 
Notes to the financial statements
For the year ended 7 April 2024

5.


Debtors

2024
2023
£
£


Unpaid share capital
100
100

100
100



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
17,659
28,602

17,659
28,602



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
350
-

Amounts owed to connected party
12,449
26,082

Accruals and deferred income
2,520
2,520

15,319
28,602



8.


Share capital

2024
2023
£
£
Allotted, called up and partly paid



100 (2023 - 100) Ordinary shares of £1.00 each
100
100



9.


Reserves

Profit and loss account

Includes all current and prior period profits and losses.

Page 5

 
P & H Trustees Limited
 
 
Notes to the financial statements
For the year ended 7 April 2024

10.


Related party transactions

The company had the following related party transactions in the year:
In the year the company recharged expenses of £11,113 (2023 -  £39,576) to a company connected by virtue of common control. At the balance sheet date the amount owed to the connected company was £12,449 (2023 - £23,562). The loan is unsecured, interest free and repayable upon demand.
In the year the company was charged fees of £8,285 (2023 - £33,120) from a company connected by virtue of common control. At the balance sheet date the amount owed to that company was £Nil (2023: £Nil).
During the year a company connected by virtue of common control paid for fees on behalf of P&H Trustees of £2,250. The amount owed to this company at the balance sheet date was £Nil. The loan is insecured, interest free and repayable upon demand. 


11.


Controlling party

There is deemed to be no controlling party.


Page 6