Registered number
03567803
THE PHILIP JAMES PARTNERSHIP LIMITED
Filleted Accounts
30 September 2024
THE PHILIP JAMES PARTNERSHIP LIMITED
Registered number: 03567803
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 442,859 442,859
Tangible assets 4 79,290 60,261
Investments 5 1,813,438 437,634
2,335,587 940,754
Current assets
Debtors 6 114,510 214,756
Cash at bank and in hand 6,517,580 6,295,147
6,632,090 6,509,903
Creditors: amounts falling due within one year 7 (5,939,060) (4,880,032)
Net current assets 693,030 1,629,871
Net assets 3,028,617 2,570,625
Capital and reserves
Called up share capital 300 300
Share premium 280,000 280,000
Profit and loss account 2,748,317 2,290,325
Shareholders' funds 3,028,617 2,570,625
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P A Nolan
Director
Approved by the board on 4 December 2024
THE PHILIP JAMES PARTNERSHIP LIMITED
Notes to the Accounts
for the year ended 30 September 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration receivable, value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Property improvements 20% per annum straight line basis
Plant and machinery 15% per annum reducing balance basis
Motor vehicles 15% per annum reducing balance basis
Investments
Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 43 36
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2023 578,562
At 30 September 2024 578,562
Amortisation
At 1 October 2023 135,703
At 30 September 2024 135,703
Net book value
At 30 September 2024 442,859
At 30 September 2023 442,859
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 October 2023 113,715 5,875 119,590
Additions 30,330 - 30,330
At 30 September 2024 144,045 5,875 149,920
Depreciation
At 1 October 2023 56,466 2,863 59,329
Charge for the year 10,419 882 11,301
At 30 September 2024 66,885 3,745 70,630
Net book value
At 30 September 2024 77,160 2,130 79,290
At 30 September 2023 57,249 3,012 60,261
5 Investments
Other
investments
£
Cost
At 1 October 2023 437,634
Additions 1,375,804
At 30 September 2024 1,813,438
Historical cost
At 1 October 2023 437,634
At 30 September 2024 1,813,438
6 Debtors 2024 2023
£ £
Trade debtors and prepayments 114,510 214,756
7 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors and accruals 2,078,040 1,244,171
Corporation tax 397,621 298,287
Other taxes and social security costs 215,603 175,210
Other creditors 3,247,796 3,162,364
5,939,060 4,880,032
8 Events after the reporting date
There were no events after the reporting date which would affect the user'sunderstanding of these accounts.
9 Contingent liabilities
There were no contingent liabilities in existence at the year end.
10 Controlling party
The company is controlled by Terenure Holdings Ltd, (a company controlled by Mr P A Nolan) who owns 59% of the company's issued ordinary share capital.
11 Other information
THE PHILIP JAMES PARTNERSHIP LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
24 Oswald Road
Chorlton Cum Hardy
Manchester
M21 9LP
THE PHILIP JAMES PARTNERSHIP LIMITED 03567803 false 2023-10-01 2024-09-30 2024-09-30 VT Final Accounts April 2024 Mr P A Nolan No description of principal activity 03567803 2022-10-01 2023-09-30 03567803 core:WithinOneYear 2023-09-30 03567803 core:ShareCapital 2023-09-30 03567803 core:SharePremium 2023-09-30 03567803 core:RetainedEarningsAccumulatedLosses 2023-09-30 03567803 2023-10-01 2024-09-30 03567803 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 03567803 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 03567803 bus:Director40 2023-10-01 2024-09-30 03567803 1 2023-10-01 2024-09-30 03567803 2 2023-10-01 2024-09-30 03567803 core:PlantMachinery 2023-10-01 2024-09-30 03567803 core:Vehicles 2023-10-01 2024-09-30 03567803 countries:England 2023-10-01 2024-09-30 03567803 bus:FRS102 2023-10-01 2024-09-30 03567803 bus:FilletedAccounts 2023-10-01 2024-09-30 03567803 2024-09-30 03567803 core:WithinOneYear 2024-09-30 03567803 core:ShareCapital 2024-09-30 03567803 core:SharePremium 2024-09-30 03567803 core:RetainedEarningsAccumulatedLosses 2024-09-30 03567803 core:Goodwill 2024-09-30 03567803 core:PlantMachinery 2024-09-30 03567803 core:Vehicles 2024-09-30 03567803 core:AdditionsToInvestments 2024-09-30 03567803 2023-09-30 03567803 core:Goodwill 2023-09-30 03567803 core:PlantMachinery 2023-09-30 03567803 core:Vehicles 2023-09-30 iso4217:GBP xbrli:pure