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REGISTERED NUMBER: 03374655 (England and Wales)















Financial Statements for the Year Ended 31 July 2024

for

P H Freeman Limited

P H Freeman Limited (Registered number: 03374655)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


P H Freeman Limited

Company Information
for the Year Ended 31 July 2024







DIRECTOR: P H Freeman





SECRETARY: Mrs W Freeman





REGISTERED OFFICE: 14 Gateland Drive
Shadwell
Leeds
LS17 8HU





REGISTERED NUMBER: 03374655 (England and Wales)





ACCOUNTANTS: Richard Smedley Limited
Chartered Accountants & Registered Auditors
Richmond House
Lawnswood Business Park
Redvers Close
Leeds
West Yorkshire
LS16 6QY

P H Freeman Limited (Registered number: 03374655)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 143,055 164,021
143,055 164,021

CURRENT ASSETS
Stocks 99,576 102,960
Debtors 6 1,301,720 645,336
Cash at bank and in hand 18,359 7,547
1,419,655 755,843
CREDITORS
Amounts falling due within one year 7 1,155,326 731,047
NET CURRENT ASSETS 264,329 24,796
TOTAL ASSETS LESS CURRENT
LIABILITIES

407,384

188,817

CREDITORS
Amounts falling due after more than one year 8 (8,334 ) (67,861 )

PROVISIONS FOR LIABILITIES (16,241 ) (19,191 )
NET ASSETS 382,809 101,765

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 382,709 101,665
SHAREHOLDERS' FUNDS 382,809 101,765

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

P H Freeman Limited (Registered number: 03374655)

Balance Sheet - continued
31 July 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 April 2025 and were signed by:





P H Freeman - Director


P H Freeman Limited (Registered number: 03374655)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

P H Freeman Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover comprises the value of sales (excluding VAT, similar taxes and trade discounts) of goods and services provided in the normal course of business. Counter sales and prescriptions are recognised when the goods are dispensed.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - Over the term of the lease
Fixtures and fittings - 33% on cost and 15% on reducing balance
Motor vehicles - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised costs. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


P H Freeman Limited (Registered number: 03374655)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 373,750
AMORTISATION
At 1 August 2023
and 31 July 2024 373,750
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 -

P H Freeman Limited (Registered number: 03374655)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 1 August 2023 212,312 169,120 82,775 464,207
Additions - 1,225 - 1,225
At 31 July 2024 212,312 170,345 82,775 465,432
DEPRECIATION
At 1 August 2023 128,805 148,411 22,970 300,186
Charge for year 8,493 4,727 8,971 22,191
At 31 July 2024 137,298 153,138 31,941 322,377
NET BOOK VALUE
At 31 July 2024 75,014 17,207 50,834 143,055
At 31 July 2023 83,507 20,709 59,805 164,021

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 August 2023
and 31 July 2024 82,775
DEPRECIATION
At 1 August 2023 22,970
Charge for year 8,971
At 31 July 2024 31,941
NET BOOK VALUE
At 31 July 2024 50,834
At 31 July 2023 59,805

6. DEBTORS
31.7.24 31.7.23
£    £   
Amounts falling due within one year:
Trade debtors 724,441 397,952
Other debtors 502,111 247,384
1,226,552 645,336

P H Freeman Limited (Registered number: 03374655)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. DEBTORS - continued
31.7.24 31.7.23
£    £   
Amounts falling due after more than one year:
Other debtors 75,168 -

Aggregate amounts 1,301,720 645,336

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 80,822 196,095
Hire purchase contracts (see note 9) 48,913 6,565
Trade creditors 693,867 421,157
Taxation and social security 305,045 83,960
Other creditors 26,679 23,270
1,155,326 731,047

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans 8,334 18,334
Hire purchase contracts (see note 9) - 49,527
8,334 67,861

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.7.24 31.7.23
£    £   
Net obligations repayable:
Within one year 48,913 6,565
Between one and five years - 49,527
48,913 56,092

P H Freeman Limited (Registered number: 03374655)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
31.7.24 31.7.23
£    £   
Within one year 46,966 42,967
Between one and five years 187,864 171,869
In more than five years 187,864 214,836
422,694 429,672

10. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Bank overdrafts 70,822 181,841
Bank loans 18,334 32,588
Hire purchase contracts 48,913 56,092
138,069 270,521

The bank holds a legal mortgage on the leasehold of the Pharmacy unit at Wortley Beck Health Centre, Ring Road, Lower Wortley, LS12 5SG.

The bank also hold a debenture which includes a fixed and floating charge over the assets of the company.

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2024 and 31 July 2023:

31.7.24 31.7.23
£    £   
P H Freeman and M L Freeman (deceased)
Balance outstanding at start of year 210,926 34,325
Amounts advanced 657,095 634,591
Amounts repaid (435,300 ) (457,990 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 432,721 210,926

This is repayable on demand. Interest has been charged at the official rate.

Mr P Freeman has given a personal guarantee of £100,000 for the company loan.