IRIS Accounts Production v25.1.3.33 07727831 Board of Directors 30.9.24 1.10.23 30.9.24 30.9.24 true true true false true true false false false false false false false false false false true false Fair value model A Preference 0.12500 B Preference 0.12520 First Priority Preference 1.00000 PJH Preference 0.06250 Ordinary 0.06250 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REGISTERED NUMBER: 07727831 (England and Wales)
















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 30 September 2024

for

PJHP Limited

PJHP Limited (Registered number: 07727831)






Contents of the Consolidated Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


PJHP Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: C J H Philpot
P J H Philpot
A P T Philpot
S J R Philpot





SECRETARY: J C W Philpot





REGISTERED OFFICE: Barleylands Farmhouse
Barleylands Road
Billericay
Essex
CM11 2UD





REGISTERED NUMBER: 07727831 (England and Wales)





AUDITORS: Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

PJHP Limited (Registered number: 07727831)

Group Strategic Report
for the Year Ended 30 September 2024

The directors present their strategic report of the company and the group for the year ended 30 September 2024.

REVIEW OF BUSINESS
Despite the ongoing difficult trading conditions, the directors are very pleased to be able to present a strong performance for the year 2024.

We have been able to quickly adapt and minimise the impact on the financial performance by considering new opportunities available to make best use of the farm and diversify other areas of the business.

The results for the year and financial position of the group are as shown in the annexed financial statements.
The key financial highlights are as follows:

2024 2023
£    £   
Operating profit - continuing operations 2,072,325 1,860,711
Gross assets 61,618,044 61,205,434
Net assets 41,303,483 40,931,561

PRINCIPAL RISKS AND UNCERTAINTIES
The group is committed to combating financial risk by a combination of careful review of its markets and consideration of its cost base. The group continued to refine its health and safety, environmental and corporate and social policies during the year and will continue to ensure that these are maintained to the highest standard. The board have undertaken a risk assessment and consider the key risks arising are as follows:

Inherent risk
Looking forward, it is expected that the general economic conditions will continue to be challenging but the directors are confident that the group is well placed to manage the challenges ahead helped by its diverse range of operations and robust financial management.

Liquidity Risk
The financial climate is such that the group will continue to use its cash reserves to the best use and careful control of working capital, including the monitoring of debtors. The group reviews its cash position on a daily basis and prepares cashflow forecasts on a regular basis. The group is committed to combating financial risk by a combination of careful review of its markets and consideration of its cost base.

Credit risk
The directors regularly review the group's debtor listings and imposes a cash before order policy where necessary.

FUTURE DEVELOPMENTS
At the date of approving these financial statements, the leisure and tourism arm of the business is seeing higher demand than in previous years. The group continues to improve current operations and seek to find new areas of investment to increase our offering of the local community.

ON BEHALF OF THE BOARD:





A P T Philpot - Director


14 April 2025

PJHP Limited (Registered number: 07727831)

Report of the Directors
for the Year Ended 30 September 2024

The directors present their report with the financial statements of the company and the group for the year ended 30 September 2024.

PRINCIPAL ACTIVITY
The principal activities of the group in the year under review were those of farming, agricultural contracting, the
running of a farm park attraction for the public and property rental and management.

DIVIDENDS
The total distribution of dividends for the year ended 30 September 2024 will be £400,421 (2023 - £400,421).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

C J H Philpot
P J H Philpot
A P T Philpot
S J R Philpot

Other changes in directors holding office are as follows:

T H C Philpot - resigned 23 February 2024

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008,Sch.7 to be contained in the directors' report. It has done so in respect of financial risk management objectives and future developments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

PJHP Limited (Registered number: 07727831)

Report of the Directors
for the Year Ended 30 September 2024


AUDITORS
The auditors, Hardcastle Burton LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





A P T Philpot - Director


14 April 2025

Report of the Independent Auditors to the Members of
PJHP Limited

Opinion
We have audited the financial statements of PJHP Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 September 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
PJHP Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
PJHP Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The objectives of our audit, in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identification during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach was as follows:-

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that related to the reporting framework (FRS 102 and Companies Act 2006) and the relevant tax compliance regulations in the jurisdictions that the group operates.

In addition, we concluded that there are certain significant laws and regulations which may have an effect on the determination of the amounts and disclosures in the financial statements being those relating to the environment, occupational health and safety.

We obtained an understanding to how the group is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of supporting licensing documentation.

We assessed the susceptivity of the group's financial statements to material misstatement, including how fraud might occur by meeting with management from various parts of the business to understand the systems and controls of the group.

Based on our understanding we designed our audit procedures to identify non-compliance with such laws and regulations identified in the paragraphs above. Our procedures involved; journal entry testing; focusing on manual journals and journals indicating large or unusual transactions based on our understanding of the business; enquiries of management and focused testing in relation to revenue and management override.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
PJHP Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Kristi Johnson ACA FCCA CTA (Senior Statutory Auditor)
for and on behalf of Hardcastle Burton LLP
Lake House
Market Hill
Royston
Hertfordshire
SG8 9JN

23 April 2025

PJHP Limited (Registered number: 07727831)

Consolidated
Income Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £    £   

TURNOVER 3 5,463,348 5,586,118

Cost of sales 3,055,638 3,457,460
GROSS PROFIT 2,407,710 2,128,658

Administrative expenses 3,227,899 3,090,916
(820,189 ) (962,258 )

Other operating income 2,892,514 2,822,969
OPERATING PROFIT 5 2,072,325 1,860,711

Interest receivable and similar income 772 29,634
Other finance income 23 9,000 -
9,772 29,634
2,082,097 1,890,345
Gain/loss on revaluation of investment
property

(360,000

)

3,307,244
1,722,097 5,197,589

Interest payable and similar expenses 6 547,349 313,468
PROFIT BEFORE TAXATION 1,174,748 4,884,121

Tax on profit 7 100,677 1,224,809
PROFIT FOR THE FINANCIAL YEAR 1,074,071 3,659,312
Profit attributable to:
Owners of the parent 1,074,071 3,659,312

PJHP Limited (Registered number: 07727831)

Consolidated
Other Comprehensive Income
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   

PROFIT FOR THE YEAR 1,074,071 3,659,312


OTHER COMPREHENSIVE INCOME
Actuarial (loss) /gain on pension scheme (68,000 ) 3,045,145
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(68,000

)

3,045,145
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,006,071
Prior year adjustment (31,150 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

6,673,307

Total comprehensive income attributable to:
Owners of the parent 1,006,071 6,673,307

PJHP Limited (Registered number: 07727831)

Consolidated Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 34,584,039 34,031,217
Investments 11 28,400 28,400
Investment property 12 24,995,221 25,355,221
59,607,660 59,414,838

CURRENT ASSETS
Stocks 13 1,098,179 938,468
Debtors 14 908,036 835,569
Cash in hand 4,169 16,559
2,010,384 1,790,596
CREDITORS
Amounts falling due within one year 15 5,105,526 4,864,736
NET CURRENT LIABILITIES (3,095,142 ) (3,074,140 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

56,512,518

56,340,698

CREDITORS
Amounts falling due after more than one
year

16

(6,507,292

)

(6,552,240

)

PROVISIONS FOR LIABILITIES 20 (8,701,743 ) (8,856,897 )
NET ASSETS 41,303,483 40,931,561

CAPITAL AND RESERVES
Called up share 21 2,500 2,500
Revaluation reserve 22 18,431,205 18,701,205
Non distributable retained
earnings 22 12,349,739 12,349,739
Other reserves 22 1,037,953 993,798
Retained earnings 22 9,482,086 8,884,319
SHAREHOLDERS' FUNDS 41,303,483 40,931,561

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:





A P T Philpot - Director


PJHP Limited (Registered number: 07727831)

Company Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 10 171,383 157,619
Investments 11 37,498,715 37,478,481
Investment property 12 10,828,295 10,828,295
48,498,393 48,464,395

CURRENT ASSETS
Debtors 14 1,690,878 1,505,711
Cash at bank 5,296 3,691
1,696,174 1,509,402
CREDITORS
Amounts falling due within one year 15 1,945,956 2,005,282
NET CURRENT LIABILITIES (249,782 ) (495,880 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

48,248,611

47,968,515

CREDITORS
Amounts falling due after more than one
year

16

(6,080,631

)

(6,210,202

)

PROVISIONS FOR LIABILITIES 20 (968,107 ) (906,043 )
NET ASSETS 41,199,873 40,852,270

CAPITAL AND RESERVES
Called up share 21 2,500 2,500
Revaluation reserve 22 36,933,047 36,912,813
Non distributable retained
earnings 22 2,011,079 2,011,079
Retained earnings 22 2,253,247 1,925,878
SHAREHOLDERS' FUNDS 41,199,873 40,852,270

Company's profit for the financial year 727,791 1,285,962

The financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:





A P T Philpot - Director


PJHP Limited (Registered number: 07727831)

Consolidated Statement of Changes in Equity
for the Year Ended 30 September 2024

Called up Retained Revaluation
share earnings reserve
£    £    £   
Balance at 1 October 2022 2,500 8,564,895 15,881,060
Prior year adjustment - (31,150 ) -
As restated 2,500 8,533,745 15,881,060

Changes in equity
Dividends - (400,421 ) -
Total comprehensive income - 750,995 2,820,145
Balance at 30 September 2023 2,500 8,884,319 18,701,205

Changes in equity
Dividends - (634,149 ) -
Total comprehensive income - 1,231,916 (270,000 )
Balance at 30 September 2024 2,500 9,482,086 18,431,205
Non
distributable
retained Other Total
earnings reserves equity
£    £    £   
Balance at 1 October 2022 9,607,649 602,571 34,658,675
Prior year adjustment - - (31,150 )
As restated 9,607,649 602,571 34,627,525

Changes in equity
Dividends - - (400,421 )
Total comprehensive income 2,742,090 391,227 6,704,457
Balance at 30 September 2023 12,349,739 993,798 40,931,561

Changes in equity
Dividends - - (634,149 )
Total comprehensive income - 44,155 1,006,071
Balance at 30 September 2024 12,349,739 1,037,953 41,303,483

PJHP Limited (Registered number: 07727831)

Company Statement of Changes in Equity
for the Year Ended 30 September 2024

Non
distributable
Called up Retained Revaluation retained Total
share earnings reserve earnings equity
£    £    £    £    £   
Balance at 1 October 2022 2,500 1,756,587 31,521,756 1,294,829 34,575,672

Changes in equity
Dividends - (400,421 ) - - (400,421 )
Total comprehensive income - 569,712 5,391,057 716,250 6,677,019
Balance at 30 September 2023 2,500 1,925,878 36,912,813 2,011,079 40,852,270

Changes in equity
Dividends - (400,422 ) - - (400,422 )
Total comprehensive income - 727,791 20,234 - 748,025
Balance at 30 September 2024 2,500 2,253,247 36,933,047 2,011,079 41,199,873

PJHP Limited (Registered number: 07727831)

Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

30.9.24 30.9.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,328,075 2,604,444
Interest paid (410,109 ) (311,228 )
Finance costs paid (137,240 ) (2,240 )
Tax paid (250,536 ) (513,460 )
Net cash from operating activities 1,530,190 1,777,516

Cash flows from investing activities
Purchase of tangible fixed assets (1,328,168 ) (1,351,037 )
Sale of tangible fixed assets 295,045 103,100
Interest received 9,772 29,634
Net cash from investing activities (1,023,351 ) (1,218,303 )

Cash flows from financing activities
New hire purchase agreements 351,756 -
Loan repayments in year (94,680 ) -
New loans in the year - 636,859
Hire Purchase capital repayments in year (225,203 ) (107,682 )
Amount withdrawn by directors (129,851 ) (145,439 )
Equity dividends paid (634,149 ) (400,421 )
Net cash from financing activities (732,127 ) (16,683 )

(Decrease)/increase in cash and cash equivalents (225,288 ) 542,530
Cash and cash equivalents at beginning of
year

2

(1,057,803

)

(1,600,333

)

Cash and cash equivalents at end of year 2 (1,283,091 ) (1,057,803 )

PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

30.9.24 30.9.23
£    £   
Profit before taxation 1,174,748 4,884,121
Depreciation charges 845,177 403,975
Profit on disposal of fixed assets (4,876 ) (72,529 )
Gain on revaluation of fixed assets - (3,307,244 )
Pension contributions by employer (68,000 ) (54,000 )
Finance costs 547,349 313,468
Finance income (9,772 ) (29,634 )
2,484,626 2,138,157
(Increase)/decrease in stocks (159,711 ) 234,465
(Increase)/decrease in trade and other debtors (7,581 ) 112,680
Increase in trade and other creditors 10,741 119,142
Cash generated from operations 2,328,075 2,604,444

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 September 2024
30.9.24 1.10.23
£    £   
Cash and cash equivalents 4,169 16,559
Bank overdrafts (1,287,260 ) (1,074,362 )
(1,283,091 ) (1,057,803 )
Year ended 30 September 2023
30.9.23 1.10.22
£    £   
Cash and cash equivalents 16,559 13,956
Bank overdrafts (1,074,362 ) (1,614,289 )
(1,057,803 ) (1,600,333 )


PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 September 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.10.23 Cash flow At 30.9.24
£    £    £   
Net cash
Cash at bank and in hand 16,559 (12,390 ) 4,169
Bank overdrafts (1,074,362 ) (212,898 ) (1,287,260 )
(1,057,803 ) (225,288 ) (1,283,091 )
Debt
Finance leases (107,711 ) (126,553 ) (234,264 )
Debts falling due within 1 year (1,292,911 ) (34,891 ) (1,327,802 )
Debts falling due after 1 year (6,260,202 ) 129,571 (6,130,631 )
(7,660,824 ) (31,873 ) (7,692,697 )
Total (8,718,627 ) (257,161 ) (8,975,788 )

PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

PJHP Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office, that is also the principal place of business, can be found on the Company Information page.

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 £1.

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" the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain freehold land and buildings.

The group has net current liabilities of £3,095,142 (2023: £3,074,140).

The group operates in the farming sector which is affected by global commodity pressures. The group has diversified its operations significantly to manage this risk and provide business stability and profitability and the directors are therefore certain that the group is well placed to manage its business risks successfully.

The directors are confident that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual reports and accounts.

Basis of consolidation
Acquisition accounting is used to account for the subsidiaries of the Group. Identifiable assets and liabilities of the entities acquired are measured initially in the consolidated balance sheet at their fair value at the date of acquisition. The results and cash flows of acquired entities are brought into the group accounts only from the date of acquisition. The difference between the fair value of the net identifiable assets acquired and the fair value of the purchase consideration is goodwill.

Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions which impact on the reported amounts of assets and liabilities. Estimates and judgements 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 revaluation of freehold property is periodically carried out by independent valuers and regularly reviewed for movements by the directors.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

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 shorter.


Freehold land and building- Freehold land and buildings are not depreciated.
Plant and machinery- 10 to 25% straight line- 0 to 33.33% reducing balance

Assets under construction
- Assets under construction are not depreciated. Depreciation will be
charged when construction is complete.

Freehold land and buildings used for the purpose of the trade of the company are revalued periodically and any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

The carrying value of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Investment property
Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving stocks.

Crops in store are valued at the lower end of deemed cost and net realisable value.

Arable cultivations are valued at the cost per hectare for the various acts of husbandry carried out.

Investments
Investments held as fixed assets are stated at cost less provision for any impairment in value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Provision is made for potential tax due on the revalued amount of the freehold property.

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.

PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group contributes to the following pension schemes:

(i) Defined contribution scheme

Contributions are charged to profit and loss account as they become payable in accordance with the rules of the scheme

(ii) Defined benefit scheme

A H Philpot & Sons Ltd (subsidiary) is the named principal employer of the multi-employer defined benefit scheme "A H Philpot Limited Pension & Assurance scheme". The company is legally responsible for the scheme and therefore per FRS 102 section 28 the company must recognise the net defined benefit cost of the scheme in its individual financial statements.

For defined benefit retirement schemes, the cost of providing benefits is determined using the projected unit credit method and are based on independent actuarial advice.

The net defined asset/liability represents the present value of the defined benefit obligation minus the fair value of plan assets out of which obligations are to be settled.

The rate used to discount the benefit obligations to their present value is set by reference to yields available at the accounting date on UK AA-rated corporate bonds with terms consistent with those of the benefit obligations.

Gains or losses recognised in profit or loss:

The change in the net defined benefit liability arising from employee service during the period is recognised as an employee cost.

The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred.

Net interest on the net defined benefit asset/liability comprises the interest cost on the defined benefit obligation and interest income on the plan assets, calculated by multiplying the fair value of the plan's net assets at the beginning of the period by the rate used to discount the benefit obligations.

Gains or losses recognised in other comprehensive income:

Actuarial gains and losses

The difference between the interest income on the plan assets and the actual return on the plan assets

PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Government and other grants
Government grants on capital expenditure are credited to a deferred account and are released to revenue over the expected useful life of the relevant asset by equal annual instalments.

Income receivable under the EU Single Payment scheme is not recognised as income until the point at which the following criteria are both met:

- A valid application form has been submitted and accepted by the Rural Payments Agency and
- The relevant land has been eligible for the entire calendar year to 31 December.

The subsidy income received from the government changed on 1 January 2024, to the delinked payment scheme. The new subsidy income is delinked from the requirement to meet cross-compliance conditions. The delinked payment income is recognised on receipt.

Joint venture interests
The investment in the joint venture has been shown on the balance sheet as at 30 September 2024 at cost, as the group does not benefit from a share of the profit and loss account or assets of the joint venture until such a time the joint venture company has settled its debts to the founding director.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

30.9.24 30.9.23
£    £   
Arable 2,775,356 2,999,523
Farm park 1,765,743 1,841,335
Equestrian Centre 531,976 491,637
Showground and campsite 390,273 253,623
5,463,348 5,586,118

4. EMPLOYEES AND DIRECTORS
30.9.24 30.9.23
£    £   
Wages and salaries 1,779,447 1,561,271
Social security costs 13,956 18,424
Other pension costs 26,003 14,996
1,819,406 1,594,691

The average number of employees during the year was as follows:
30.9.24 30.9.23

Directors 4 5
Other 68 69
72 74

PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

4. EMPLOYEES AND DIRECTORS - continued

30.9.24 30.9.23
£    £   
Directors' remuneration 117,967 88,146
Directors' pension contributions to money purchase schemes 3,989 -

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

30.9.24 30.9.23
£    £   
Hire of plant and machinery 25,826 20,349
Depreciation - owned assets 774,736 682,893
Depreciation - assets on hire purchase contracts 70,441 81,083
Profit on disposal of fixed assets (4,876 ) -
Auditors' remuneration 39,138 36,469

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.9.24 30.9.23
£    £   
Bank interest 410,051 296,673
Bank loan interest 58 14,555
Preference share dividend 137,240 2,240
547,349 313,468

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.9.24 30.9.23
£    £   
Current tax:
UK corporation tax 255,831 341,484

Deferred tax (155,154 ) 883,325
Tax on profit 100,677 1,224,809

PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30.9.24 30.9.23
£    £   
Profit before tax 1,174,748 4,884,121
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 22.010 %)

293,687

1,074,995

Effects of:
Expenses not deductible for tax purposes 101,480 161,699
Income not taxable for tax purposes (11,009 ) -
Defined benefit scheme contributions (14,750 ) (11,885 )
Additional deferred tax arising on tax rate change (268,731 ) -
Total tax charge 100,677 1,224,809

Tax effects relating to effects of other comprehensive income

30.9.24
Gross Tax Net
£    £    £   
Actuarial (loss) /gain on pension scheme (68,000 ) - (68,000 )

30.9.23
Gross Tax Net
£    £    £   
Revaluation of properties 3,045,145 - 3,045,145

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
30.9.24 30.9.23
£    £   
Ordinary shares of 6.25p each
Interim 634,149 400,421

PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

10. TANGIBLE FIXED ASSETS

Group
Freehold Asset
Land and under Plant and
Buildings construction machinery Totals
£    £    £    £   
COST OR VALUATION
At 1 October 2023 31,308,921 624,982 4,297,590 36,231,493
Additions 14,892 387,919 925,357 1,328,168
Disposals - - (613,514 ) (613,514 )
Reclassification/transfer - (382,867 ) 382,867 -
At 30 September 2024 31,323,813 630,034 4,992,300 36,946,147
DEPRECIATION
At 1 October 2023 10,648 - 2,189,627 2,200,275
Charge for year 18,370 - 466,807 485,177
Eliminated on disposal - - (323,344 ) (323,344 )
At 30 September 2024 29,018 - 2,333,090 2,362,108
NET BOOK VALUE
At 30 September 2024 31,294,795 630,034 2,659,210 34,584,039
At 30 September 2023 31,298,273 624,982 2,107,963 34,031,218

The group's freehold investment property and freehold land and buildings were revalued at market value as at 30 September 2024 by the directors.

Cost or valuation at 30 September 2024 is represented by:

Freehold Asset
Land and under Plant and
Buildings construction machinery Totals
£    £    £    £   
Valuation in 2023 23,904,435 - - 23,904,435
Cost 7,419,378 630,034 4,992,300 13,041,712
31,323,813 630,034 4,992,300 36,946,147

The net book value of fixed assets held under hire purchase contracts at the year-end were £493,084 (2023: £324,833). Depreciation charged on assets under hire purchase contracts during the year was £70,441 (2023: £81,083).

PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

10. TANGIBLE FIXED ASSETS - continued

Company
Plant and
machinery
£   
COST
At 1 October 2023 236,353
Additions 110,546
Disposals (105,853 )
At 30 September 2024 241,046
DEPRECIATION
At 1 October 2023 78,734
Charge for year 31,657
Eliminated on disposal (40,728 )
At 30 September 2024 69,663
NET BOOK VALUE
At 30 September 2024 171,383
At 30 September 2023 157,619

11. FIXED ASSET INVESTMENTS

Group
Interest
in other
participating
interests
£   
COST OR VALUATION
At 1 October 2023
and 30 September 2024 28,400
NET BOOK VALUE
At 30 September 2024 28,400
At 30 September 2023 28,400

Cost or valuation at 30 September 2024 is represented by:

Interest
in other
participating
interests
£   
Valuation in 2023 (148,975 )
Cost 177,375
28,400

PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

11. FIXED ASSET INVESTMENTS - continued

Company
Interest
Shares in in other
group participating
undertakings interests Totals
£    £    £   
COST OR VALUATION
At 1 October 2023 37,450,081 28,400 37,478,481
Revaluations 20,234 - 20,234
At 30 September 2024 37,470,315 28,400 37,498,715
NET BOOK VALUE
At 30 September 2024 37,470,315 28,400 37,498,715
At 30 September 2023 37,450,081 28,400 37,478,481

Cost or valuation at 30 September 2024 is represented by:



Shares in
group
undertakings


Share in
Farming
Partnership




Totals
£ £ £

Valuation in 2023 - (148,975 ) (148,975 )
Valuation in 2024 37,081,922 - 37,081,922
Cost 388,393 177,375 565,768
37,470,315 28,400 37,498,715




The company's accounting policy is to hold the shares in group undertakings at the value of the underlying net assets of the individual subsidiaries less provision for any impairment in value.

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

H R Philpot & Son (Barleylands) Limited
Registered office: Barleylands Farmhouse, Barleylands Road, Billericay, Essex, CM11 2UD
Nature of business: Farming, agricultural contracting & attractions
%
Class of shares: holding
Ordinary 100.00

A H Philpot & Sons Limited
Registered office: Barleylands Farmhouse, Barleylands Road, Billericay, Essex, CM11 2UD
Nature of business: Farming and Agricultural products
%
Class of shares: holding
Ordinary 100.00

PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

11. FIXED ASSET INVESTMENTS - continued

Company

P J H Farming Limited
Registered office: Barleylands Farmhouse, Barleylands Road, Billericay, Essex, CM11 2UD
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

H R Philpot & Son (Holdings) Limited*
Registered office: Barleylands Farmhouse, Barleylands Road, Billericay, Essex, CM11 2UD
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

* A 100% subsidiary via its parent P J H Farming Limited.

H R Philpot & Son (Great Hayes) Limited
Registered office: Barleylands Farmhouse, Barleylands Road, Billericay, Essex, CM11 2UD
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Heart of Gold Ltd
Registered office: Barleylands Farmhouse, Barleylands Road, Billericay, Essex, CM11 2UD
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

Heart of Gold Care Ltd*
Registered office: Barleylands Farmhouse, Barleylands Road, Billericay, Essex, CM11 2UD
Nature of business: Domiciliary care (ceased trading 31 July 2017)
%
Class of shares: holding
Ordinary 100.00

* A 100% subsidiary via its parent Heart of Gold Ltd.

The company is 1 of 4 designated members of Takeley Farming LLP, a farming company. The registered office of Takeley Farming LLP is Barleylands Farmhouse, Barleylands Road, Billericay, Essex, CM11 2UD.

AH. Philpot & Sons 2 Limited
Registered office: Barleylands Farmhouse, Barleylands Road, Billericay, Essex, CM11 2UD
Nature of business: Farming and Agricultural products
%
Class of shares: holding
Ordinary 100.00


PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

12. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1 October 2023
and 30 September 2024 25,715,221
DEPRECIATION
At 1 October 2023 360,000
Charge for year 360,000
At 30 September 2024 720,000
NET BOOK VALUE
At 30 September 2024 24,995,221
At 30 September 2023 25,355,221

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2023 16,709,313
Cost 9,005,908
25,715,221

Company
Total
£   
FAIR VALUE
At 1 October 2023
and 30 September 2024 10,828,295
NET BOOK VALUE
At 30 September 2024 10,828,295
At 30 September 2023 10,828,295

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2023 2,728,937
Cost 8,099,358
10,828,295

The company's freehold investment properties were revalued as at 30 September 2024 by the directors.

13. STOCKS

Group
30.9.24 30.9.23
£    £   
Stocks 1,098,179 938,468

PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Trade debtors 289,956 250,849 9,341 7,026
Owed by related undertakings 51,268 72,006 21,905 14,758
Amounts owed by group undertakings - - 1,659,632 1,458,372
Other debtors 423,287 406,733 - -
Tax 96,312 31,426 - -
Prepayments and accrued income 47,213 74,555 - 25,555
908,036 835,569 1,690,878 1,505,711

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Bank loans and overdrafts (see note 17) 2,287,260 2,074,362 1,000,000 1,000,000
Other loans (see note 17) 327,802 292,911 327,802 292,911
Hire purchase contracts (see note 18) 117,132 107,711 - -
Trade creditors 510,175 697,411 56,170 45,761
Amounts owed to group undertakings - - 290,435 290,435
Tax 285,563 215,382 112,495 81,548
Owed to related undertakings 476,117 292,168 - -
Social security and other taxes 102,860 116,694 6,702 10,699
Other creditors 383,399 324,706 - -
Directors' loan accounts 80,845 210,696 80,845 210,696
Accrued expenses 472,548 456,209 41,936 29,000
Deferred government grants 61,825 76,486 29,571 44,232
5,105,526 4,864,736 1,945,956 2,005,282

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Bank loans (see note 17) 5,900,000 6,029,571 5,900,000 6,029,571
Other loans (see note 17) 230,631 230,631 180,631 180,631
Hire purchase contracts (see note 18) 117,132 - - -
Deferred government grants 259,529 292,038 - -
6,507,292 6,552,240 6,080,631 6,210,202

PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,287,260 1,074,362 - -
Bank loans 1,000,000 1,000,000 1,000,000 1,000,000
Other loans 327,802 292,911 327,802 292,911
2,615,062 2,367,273 1,327,802 1,292,911
Amounts falling due between one and two years:
Capital grant - 29,571 - 29,571
Other loans - 1-2 years 50,000 50,000 - -
50,000 79,571 - 29,571
Amounts falling due between two and five years:
Bank loans - 2-5 years 5,900,000 6,000,000 5,900,000 6,000,000
Preference shares 180,631 180,631 180,631 180,631
6,080,631 6,180,631 6,080,631 6,180,631

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
10,100 A Preference 12.5p 1,262 1,262
29,900 B Preference 12.52 p 3,738 3,738
350,000 First Priority Preference £1 150,000 150,000
10,100 PJH Preference 6.25p 631 631
100,000 Preference 25p 25,000 25,000
180,631 180,631

PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

17. LOANS - continued

The preference shares are entitled to a non cumulative fixed preferential dividend in priority to any other class of shares and on a return of assets to repayment of £53 on each share in priority to any other class of shares.

The PJH shares carry right of priority in respect of income , and in priority to any dividend or return of capital on any other class of shares, other than the preference shares and on a return of assets, priority to the A and B preference shares, to repayments of £139.604 on each share.

The A preference shares carry no right to income and as regards capital, and during the Relevant Period only, on return of assets to the holders of the B preference shares, the holders of the A preference shares shall be entitled, but not in priority to any return of capital or other sums due on the preference shares, to repayment of the sum equal to X multiplied (10,000 / 29,900), where X equals £1.75m as adjusted every 12 months from 30 September 2011 by the average RPI measure of inflation in the United Kingdom.

The B preference shares carry no right to income and as regards capital, and during the Relevant Period only, on return of assets to the holders of the B preference shares, shall be entitled, but not in priority to any return of capital or other sums due on the preference shares, to require the transfer of the Barleylands Farmhouse to them provided that any such return shall only be made if a return is also made simultaneously to the holders of the A preference shares.

Neither the preference shares nor the A or B preference shares carry voting rights unless the business of the meeting includes a resolution for the winding up of the company or for a reduction in the capital or any resolution directly or adversely modifying or abrogating any of the rights attached to the preference shares.

The First Priority Preference shares carry no voting rights unless the business of the meeting includes a resolution for the winding up of the company, or for a reduction in the capital or any resolution directly or adversely modifying or abrogating any of the special rights or privileges attached to the First Priority Preference shares.

The First Priority Preference shares entitle the holders to a fixed cumulative preferential dividend of 1.5% of the original subscription price for First Priority Preference share.

18. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30.9.24 30.9.23
£    £   
Net obligations repayable:
Within one year 117,132 107,711
Between one and five years 117,132 -
234,264 107,711

PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

19. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Bank overdraft 1,287,260 1,074,362 - -
Bank loans 6,900,000 7,000,000 6,900,000 7,000,000
8,187,260 8,074,362 6,900,000 7,000,000

The bank overdraft and loan are secured on the group's freehold property. The bank overdraft is also secured by cross guarantees from the group companies, PJHP Ltd, A. H. Philpot & Sons Ltd and H. R. Philpot & Son (Barleylands) Limited.

Hire purchase liabilities are secured against the assets they relate to.

20. PROVISIONS FOR LIABILITIES

Group Company
30.9.24 30.9.23 30.9.24 30.9.23
£    £    £    £   
Deferred tax
Accelerated capital allowances 595,337 660,491 254,932 192,868
Revaluations 8,106,406 8,196,406 713,175 713,175
8,701,743 8,856,897 968,107 906,043

Group
Deferred
tax
£   
Balance at 1 October 2023 8,856,897
Utilised during year (155,154 )
Balance at 30 September 2024 8,701,743

Company
Deferred
tax
£   
Balance at 1 October 2023 906,043
Provided during year 62,064
Balance at 30 September 2024 968,107

21. CALLED UP SHARE

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
40,000 Ordinary 6.25p 2,500 2,500

PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

21. CALLED UP SHARE - continued

The ordinary shares are entitled, after satisfaction of the rights of the other shares, to a dividend as declared by the directors. On a return of assets, to the balance of such assets after satisfaction of the rights of the other shareholders. The holders of the ordinary shares shall have sole right to vote on any matter concerning the company.

22. RESERVES

Group
Non
distributable
Retained Revaluation retained Other
earnings reserve earnings reserves Totals
£    £    £    £    £   

At 1 October 2023 8,884,319 18,701,205 12,349,739 993,798 40,929,061
Profit for the year 1,074,071 1,074,071
Dividends (634,149 ) (634,149 )
Transfer 225,845 (270,000 ) - 44,155 -
Actuarial gain / (loss) (68,000 ) - - - (68,000 )
At 30 September 2024 9,482,086 18,431,205 12,349,739 1,037,953 41,300,983

Company
Non
distributable
Retained Revaluation retained
earnings reserve earnings Totals
£    £    £    £   

At 1 October 2023 1,925,878 36,912,813 2,011,079 40,849,770
Profit for the year 727,791 - - 727,791
Dividends (400,422 ) - - (400,422 )
Revaluation of subsidiaries - 20,234 - 20,234
At 30 September 2024 2,253,247 36,933,047 2,011,079 41,197,373

Non distributable retained earnings of £12,349,739 in the group relates to the revaluation gain net of any deferred tax recognised on investment properties held by the group (see Note 12).

Non distributable retained earnings of £2,011,079 in the company relates to the revaluation gain net of any deferred tax recognised on investment properties held by the company (see Note 12).

Other reserves of £1,037,953 includes £711,609 relating the development reserve. The development reserve is allocated to the shareholders of the development shares.

PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

23. EMPLOYEE BENEFIT OBLIGATIONS

The objectives of our audit, in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identification during the audit. However, the company is the named principal employer of the A H Philpot Limited Pension & Assurance scheme which is closed to new members. The scheme provides benefits based on final pensionable salary. The assets of the scheme are held separately from those of the company.

A valuation of the scheme for purposes of section 28 of FRS 102 has been carried out at 30th September 2024 supported by a qualified independent actuary. As required by FRS 102, the value of the defined benefit liabilities has been measured using the projected unit method. The last full actuarial valuation was carried out as at 31st July 2022 and indicated a funding level of 73.2% on a continuing valuation basis. A recovery plan was agreed on 8th December 2016 which is aimed at removing the deficit by 31 July 2035 and this requires annual payments of £59,000.

The amounts recognised in the Balance Sheet are as follows:

30.9.24 30.9.23
£    £   
Present value of defined benefit obligations (1,449,000 ) (1,368,000 )
Fair value of plan assets 1,624,000 1,500,000
Pension asset / (liability) at year end 175,000 132,000

Related deferred tax asset - -
Pension asset / (liability) net of deferred tax asset 175,000 132,000
Under FRS 102, the net pension asset balance of £175,000 has not been included in the balance sheet at 30 September 2024.

The amounts recognised in profit or loss are as follows:

Defined benefit
pension plans
30.9.24 30.9.23
£    £   
Current service cost - -
Net interest from net defined benefit
asset/liability

131,000

73,000
Past service cost - -
131,000 73,000

Actual return on plan assets 125,000 (1,000 )

PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

23. EMPLOYEE BENEFIT OBLIGATIONS - continued

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit
pension plans
30.9.24 30.9.23
£    £   
Opening defined benefit obligation 1,500,000 1,458,000
Interest cost 70,000 73,000
Actuarial losses/(gains) 150,000 (91,000 )
Benefits paid (139,000 ) (72,000 )
Oblig other remeasurement 43,000 132,000
1,624,000 1,500,000

Changes in the fair value of scheme assets are as follows:

Defined benefit
pension plans
30.9.24 30.9.23
£    £   
Opening fair value of scheme assets 1,500,000 1,446,000
Contributions by employer 59,000 54,000
Interest income 79,000 73,000
Actuarial gain/(losses) 125,000 (1,000 )
Benefits paid (139,000 ) (72,000 )
1,624,000 1,500,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit
pension plans
30.9.24 30.9.23
£    £   
Oblig other remeasurement (43,000 ) (132,000 )
(43,000 ) (132,000 )

The major categories of scheme assets as a percentage of total scheme assets are as follows:

Defined benefit
pension plans
30.9.24 30.9.23
Equities 70% 70%
Bonds 30% 30%
100% 100%

PJHP Limited (Registered number: 07727831)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 September 2024

23. EMPLOYEE BENEFIT OBLIGATIONS - continued

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

30.9.24 30.9.23
Discount rate 5.10% 5.40%
Inflation assumption (RPI) 2.90% 3.20%
Inflation assumption (CPI) 2.30% 2.50%
Mortality rate (S2PA tables) 1.00% 1.00%

24. RELATED PARTY DISCLOSURES

Other related parties
30.9.24 30.9.23
£    £   
Sales 1,562,691 1,763,960
Purchases 1,393,707 2,318,132
Amount due from related party 51,268 72,006
Amount due to related party 476,117 292,168

No remuneration was paid to key management personnel other than already disclosed in note 4.

25. ULTIMATE CONTROLLING PARTY

The directors confirm PJHP Group is controlled by the Philpot family.