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Registration number: 00088551

Paull & Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2025

 

Paull & Company Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 12

 

Paull & Company Limited

(Registration number: 00088551)
Statement of Financial Position as at 31 January 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

5

528,603

569,996

Investment property

6

5,752,817

4,859,126

Other financial assets

7

1,458,943

1,796,117

 

7,740,363

7,225,239

Current assets

 

Stocks

8

270,171

322,865

Debtors

9

133,573

68,781

Cash at bank and in hand

 

473,243

447,735

 

876,987

839,381

Creditors: Amounts falling due within one year

10

(734,147)

(304,739)

Net current assets

 

142,840

534,642

Total assets less current liabilities

 

7,883,203

7,759,881

Creditors: Amounts falling due after more than one year

10

(99,109)

(116,970)

Provisions for liabilities

(241,935)

(224,102)

Net assets

 

7,542,159

7,418,809

Capital and reserves

 

Called up share capital

2,449

2,449

Capital redemption reserve

3,913

3,913

Profit and loss account

7,535,797

7,412,447

Shareholders' funds

 

7,542,159

7,418,809

 

Paull & Company Limited

(Registration number: 00088551)
Statement of Financial Position as at 31 January 2025 (continued)

For the financial year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 8 July 2025 and signed on its behalf by:
 


Mr P C Paull
Chairman


Mr D C Paull
Director

 

Paull & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Coat Road
Martock
Somerset
TA12 6EX

Principal activity

The principal activity of the company is the retail of builiding products, and domestic and gardening products and the development of building projects.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

 

Paull & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

 

Paull & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

- 2% straight line

Plant & Machinery

- 4-10 years

Motor Vehicles

- 5 years

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Paull & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website

- 33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Paull & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

 

Paull & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2024 - 28).

4

Intangible assets

Website Costs
 £

Cost or valuation

At 1 February 2024

9,767

At 31 January 2025

9,767

Amortisation

At 1 February 2024

9,767

At 31 January 2025

9,767

Carrying amount

At 31 January 2025

-

 

Paull & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2024

700,000

435,648

183,683

1,319,331

Additions

-

3,766

-

3,766

At 31 January 2025

700,000

439,414

183,683

1,323,097

Depreciation

At 1 February 2024

256,371

372,440

120,524

749,335

Charge for the year

12,603

13,390

19,166

45,159

At 31 January 2025

268,974

385,830

139,690

794,494

Carrying amount

At 31 January 2025

431,026

53,584

43,993

528,603

At 31 January 2024

443,629

63,208

63,159

569,996

Martock Station (Coat Road) is included at directors valuation. The property's original cost was £233,476 (2024 £233,746)

6

Investment properties

2025
£

At 1 February

4,859,126

Additions

916,952

Fair value adjustments

(23,261)

At 31 January

5,752,817


 

 

Paull & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

6

Investment properties (continued)

Historical Cost
£

Cost/ Valuation 31/01/23
£

Additions/ (disposals)
£

Revaluation
£

Cost/ Valuation
31/01/24
£

Investment properties

Stoke Road Farmland

119,593

1,272,000

-

-

1,272,000

Red Cedar Court, Yeovil

1,271,962

1,000,000

-

-

1,000,000

Martock Workspace

2,835,817

1,974,189

861,868

-

2,835,817

Great Western Road

352,860

295,000

-

-

295,000

Land at Over Stratton

173,261

317,937

55,323

(23,260)

350,000

 

4,753,493

4,859,126

917,191

(23,260)

5,752,817

The investment properties are included in the accounts at a directors valuation dated 31 January 2025.

7

Investments

Investments
£

Cost or valuation

At 1 February 2024

1,796,117

Fair value adjustments

84,271

Additions

38,319

Disposals

(459,764)

At 31 January 2025

1,458,943

Quoted investments are included at fair value of £1,138,390 at 31 January 2025 (£1,475,564 at 31 January 2024).

Unquoted investments are included at fair value, where there is an active market, otherwise, they are included at cost. The unquoted shares are:-

22,296 £1 Ordinary shares in Yeo Paull Limited (at fair value £12.00 per share)

267,553

500 £1 Ordinary Shares in Home hardware Ltd (at cost)

1,000

1 Ordinary share in H&B Commercial Projects Limited

50,000

5 year unsecured loan stock in Home Hardware Ltd (at cost)

2,000

320,553

 

Paull & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

8

Stocks

2025
£

2024
£

Other inventories

270,171

322,865

9

Debtors

2025
£

2024
£

Trade debtors

82,139

57,007

Other debtors

37,926

-

Prepayments

13,508

11,774

133,573

68,781

 

Paull & Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2025 (continued)

10

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

50,300

41,600

Trade creditors

 

81,089

138,609

Taxation and social security

 

88,126

50,945

Other creditors

 

514,632

73,585

 

734,147

304,739

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

81,549

83,200

Other creditors

 

17,560

33,770

 

99,109

116,970

11

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Capital redemption reserve

This reserve represents amounts paid following a redemption or share buyback.