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Company No: 03694419 (England and Wales)

PETER MARRIOTT & CO LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2025
Pages for filing with the registrar

PETER MARRIOTT & CO LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2025

Contents

PETER MARRIOTT & CO LIMITED

COMPANY INFORMATION

For the financial year ended 31 January 2025
PETER MARRIOTT & CO LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2025
Directors Mrs C A Marriott
Mr I M Marriott
Mr L R Marriott
Capt P R Marriott
Secretary Mrs C A Marriott
Registered office 37 St. Margarets Street
Canterbury
CT1 2TU
United Kingdom
Company number 03694419 (England and Wales)
Accountant Kreston Reeves LLP
37 St Margarets Street
Canterbury
Kent
CT1 2TU

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PETER MARRIOTT & CO LIMITED

For the financial year ended 31 January 2025

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PETER MARRIOTT & CO LIMITED (continued)

For the financial year ended 31 January 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Peter Marriott & Co Limited for the financial year ended 31 January 2025 which comprise the Balance Sheet and the related notes 1 to 10 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 www.icaew.com/regulation.

It is your duty to ensure that Peter Marriott & Co Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Peter Marriott & Co Limited. You consider that Peter Marriott & Co Limited is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Peter Marriott & Co 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.

This report is made solely to the Board of Directors of Peter Marriott & Co Limited, as a body, in accordance with the terms of our engagement letter dated 14 March 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Peter Marriott & Co Limited and state those matters that we have agreed to state to the Board of Directors of Peter Marriott & Co 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 Peter Marriott & Co Limited and its Board of Directors as a body for our work or for this report.

Kreston Reeves LLP
Chartered Accountants

37 St Margarets Street
Canterbury
Kent
CT1 2TU

06 May 2025

PETER MARRIOTT & CO LIMITED

BALANCE SHEET

As at 31 January 2025
PETER MARRIOTT & CO LIMITED

BALANCE SHEET (continued)

As at 31 January 2025
Note 2025 2024
£ £
Fixed assets
Tangible assets 3 1,245 2,701
Investment property 4 579,443 591,663
580,688 594,364
Current assets
Stocks 554,492 563,144
Debtors 5 73,667 88,545
Cash at bank and in hand 38,258 21,614
666,417 673,303
Creditors: amounts falling due within one year 6 ( 684,846) ( 755,069)
Net current liabilities (18,429) (81,766)
Total assets less current liabilities 562,259 512,598
Creditors: amounts falling due after more than one year 7 ( 31,937) ( 39,167)
Net assets 530,322 473,431
Capital and reserves
Called-up share capital 8 2 2
Revaluation reserve 181,635 191,533
Profit and loss account 348,685 281,896
Total shareholders' funds 530,322 473,431

For the financial year ending 31 January 2025 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 Peter Marriott & Co Limited (registered number: 03694419) were approved and authorised for issue by the Board of Directors on 06 May 2025. They were signed on its behalf by:

Capt P R Marriott
Director
PETER MARRIOTT & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025
PETER MARRIOTT & CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2025
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

Peter Marriott & Co 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 37 St. Margarets Street, Canterbury, CT1 2TU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 10 years straight line
Vehicles 4 years straight line
Fixtures and fittings 10 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2025 2024
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 February 2024 11,267 7,000 13,674 21,705 53,646
Disposals ( 6,877) 0 ( 13,674) ( 21,705) ( 42,256)
At 31 January 2025 4,390 7,000 0 0 11,390
Accumulated depreciation
At 01 February 2024 8,602 6,999 13,664 21,680 50,945
Charge for the financial year 717 0 0 0 717
Disposals ( 6,173) 0 ( 13,664) ( 21,680) ( 41,517)
At 31 January 2025 3,146 6,999 0 0 10,145
Net book value
At 31 January 2025 1,244 1 0 0 1,245
At 31 January 2024 2,665 1 10 25 2,701

4. Investment property

Investment property
£
Valuation
As at 01 February 2024 591,663
Fair value movement (12,220)
As at 31 January 2025 579,443

The 2025 valuations were made by Peter Marriott, a director, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2025 2024
£ £
Historic cost 355,202 355,202

5. Debtors

2025 2024
£ £
Prepayments 1,366 1,301
Deferred tax asset 72,112 86,865
VAT recoverable 189 177
Other debtors 0 202
73,667 88,545

6. Creditors: amounts falling due within one year

2025 2024
£ £
Bank loans 7,231 7,231
Amounts owed to directors 660,350 729,477
Accruals and deferred income 17,241 18,318
Other creditors 24 43
684,846 755,069

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

2025 2024
£ £
Bank loans 31,937 39,167

There are no amounts included above in respect of which any security has been given by the small entity.

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

2025 2024
£ £
Bank loans (repayable by instalments) 3,013 10,244

The bank loan payable over 7 years is repayable by June 2030. Interest at a fixed rate of 2.5% is charged on the loan.

8. Called-up share capital

2025 2024
£ £
Allotted, called-up and fully-paid
1 Ordinary A share of £ 1.00 1 1
1 Ordinary B share of £ 1.00 1 1
2 2

9. Related party transactions

Transactions with the entity's directors

The directors have waived their right to interest on the directors loan in the current period, thus no interest has been paid on the loan.

Other related party transactions

The company has borrowed £660,350 (2024 - £729,477) from the directors, Capt P and Mrs C Marriott, at the balance sheet date. No terms have been set for repayment, and no interest is payable.

10. Ultimate controlling party

The controlling parties are Capt P. Marriott and Mrs C. Marriott, who are husband and wife, as they each own 50% of the issued share capital of the company.