Company registration number 10787540 (England and Wales)
PETER HOLMES ASSOCIATES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
PETER HOLMES ASSOCIATES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PETER HOLMES ASSOCIATES LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,189
1,726
Current assets
Debtors
4
441
16,714
Cash at bank and in hand
82,371
76,555
82,812
93,269
Creditors: amounts falling due within one year
5
(63,284)
(65,701)
Net current assets
19,528
27,568
Net assets
20,717
29,294
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
20,617
29,194
Total equity
20,717
29,294
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 22 February 2025 and are signed on its behalf by:
P Holmes
Director
Company registration number 10787540 (England and Wales)
PETER HOLMES ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
Peter Holmes Associates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 18 Melbourne Grove, London, SE22 8RA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of sales related taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
33.3% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
PETER HOLMES ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 2
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 and 31 May 2024
8,771
Depreciation and impairment
At 1 June 2023
7,045
Depreciation charged in the year
537
At 31 May 2024
7,582
Carrying amount
At 31 May 2024
1,189
At 31 May 2023
1,726
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
16,263
Other debtors
441
451
441
16,714
PETER HOLMES ASSOCIATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
10,592
9,034
Other taxation and social security
3,096
7,992
Other creditors
39,984
40,751
Accruals and deferred income
9,612
7,924
63,284
65,701
6
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100 ordinary shares of £1 each
100
100
7
Directors' transactions
The directors operate a joint loan account with the company on an interest free basis. At the beginning of the year the directors were owed £40,751 by the company. During the year aggregate advances of £53,063 were made to the directors on account of a dividend of £50,000 and expenses of £2,296 they incurred on the company's behalf. At the end of the year the directors were owed £39,984 by the company.