| 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 |
| 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: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| 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: |
| 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. |
| Other changes in directors holding office are as follows: |
| 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: |
| 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. |
| for and on behalf of |
| Lake House |
| Market Hill |
| Royston |
| Hertfordshire |
| SG8 9JN |
| 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 |
| 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 |
| Investments | 11 |
| Investment property | 12 |
| CURRENT ASSETS |
| Debtors | 14 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 15 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share | 21 |
| Revaluation reserve | 22 |
| Non distributable retained |
| earnings | 22 |
| Retained earnings | 22 |
| SHAREHOLDERS' FUNDS |
| 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 |
| 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 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | 569,712 | 6,677,019 |
| Balance at 30 September 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - | - | ( |
) |
| Total comprehensive income | - | 727,791 | 748,025 |
| Balance at 30 September 2024 |
| 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 |
| 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 |
| Additions |
| Disposals | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 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 | 28,400 | 37,478,481 |
| Revaluations | - | 20,234 |
| At 30 September 2024 | 28,400 | 37,498,715 |
| NET BOOK VALUE |
| At 30 September 2024 | 28,400 | 37,498,715 |
| At 30 September 2023 | 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 |
| Registered office: Barleylands Farmhouse, Barleylands Road, Billericay, Essex, CM11 2UD |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Barleylands Farmhouse, Barleylands Road, Billericay, Essex, CM11 2UD |
| Nature of business: |
| % |
| Class of shares: | holding |
| 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 |
| Registered office: Barleylands Farmhouse, Barleylands Road, Billericay, Essex, CM11 2UD |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Barleylands Farmhouse, Barleylands Road, Billericay, Essex, CM11 2UD |
| Nature of business: |
| % |
| Class of shares: | holding |
| * A 100% subsidiary via its parent P J H Farming Limited. |
| Registered office: Barleylands Farmhouse, Barleylands Road, Billericay, Essex, CM11 2UD |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Barleylands Farmhouse, Barleylands Road, Billericay, Essex, CM11 2UD |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: Barleylands Farmhouse, Barleylands Road, Billericay, Essex, CM11 2UD |
| Nature of business: |
| % |
| Class of shares: | holding |
| * 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. |
| Registered office: Barleylands Farmhouse, Barleylands Road, Billericay, Essex, CM11 2UD |
| Nature of business: |
| % |
| Class of shares: | holding |
| 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 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 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 |
| Owed by related undertakings | 51,268 | 72,006 | 21,905 | 14,758 |
| Amounts owed by group undertakings | - | - |
| Other debtors | 423,287 | 406,733 |
| Tax | 96,312 | 31,426 |
| Prepayments and accrued income | 47,213 | 74,555 |
| 908,036 | 835,569 |
| 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 |
| Other loans (see note 17) | 327,802 | 292,911 |
| Hire purchase contracts (see note 18) | 117,132 | 107,711 |
| Trade creditors | 510,175 | 697,411 |
| Amounts owed to group undertakings | - | - |
| Tax | 285,563 | 215,382 |
| Owed to related undertakings | 476,117 | 292,168 | - | - |
| Social security and other taxes | 102,860 | 116,694 |
| Other creditors | 383,399 | 324,706 |
| Directors' loan accounts | 80,845 | 210,696 | 80,845 | 210,696 |
| Accrued expenses | 472,548 | 456,209 |
| Deferred government grants | 61,825 | 76,486 |
| 5,105,526 | 4,864,736 |
| 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 |
| Other loans (see note 17) | 230,631 | 230,631 |
| Hire purchase contracts (see note 18) | 117,132 | - |
| Deferred government grants | 259,529 | 292,038 |
| 6,507,292 | 6,552,240 |
| 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 |
| Other loans | 327,802 | 292,911 | 327,802 | 292,911 |
| 2,615,062 | 2,367,273 |
| 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 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 5,900,000 | 6,000,000 |
| Preference shares | 180,631 | 180,631 | 180,631 | 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: | £ | £ |
| A Preference | 12.5p | 1,262 | 1,262 |
| B Preference | 12.52 | p | 3,738 | 3,738 |
| First Priority Preference | £1 | 150,000 | 150,000 |
| 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 |
| 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 |
| 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 |
| Provided during year |
| Balance at 30 September 2024 |
| 21. | CALLED UP SHARE |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| 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 | 40,849,770 |
| Profit for the year | - | - |
| Dividends | ( |
) | - | - | ( |
) |
| Revaluation of subsidiaries | - | 20,234 | - | 20,234 |
| At 30 September 2024 | 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. |