REGISTERED NUMBER: 06709899 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

PETTY SON & PRESTWICH LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr J T Wagstaff

REGISTERED OFFICE:

11 Woodbine Place

Wanstead

London

E11 2RH

REGISTERED NUMBER:

06709899 (England and Wales)

ACCOUNTANTS:

THP Limited

Chartered Accountants

34-40 High Street

Wanstead

London

E11 2RJ

FIXED ASSETS

Tangible assets

4

28,859

38,800

CURRENT ASSETS

Debtors

5

818,710

790,865

Cash at bank and in hand

1,048,879

1,065,921

1,867,589

1,856,786

CREDITORS

Amounts falling due within one year

6

1,179,899

1,155,650

NET CURRENT ASSETS

687,690

701,136

TOTAL ASSETS LESS CURRENT LIABILITIES

716,549

739,936

PROVISIONS FOR LIABILITIES

-

186

NET ASSETS

716,549

739,750

CAPITAL AND RESERVES

Called up share capital

350

350

Capital redemption reserve

150

150

Retained earnings

716,049

739,250

SHAREHOLDERS' FUNDS

716,549

739,750

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 14 August 2025 and were signed by:

Mr J T Wagstaff - Director

1.	STATUTORY INFORMATION

Petty Son & Prestwich Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition

Revenue represents net invoiced commissions receivable in respect of sale and letting of properties, excluding value added tax.

Revenue is recognised in the accounting period in which the services were rendered. On sales commission revenue is recognised at the point of completion of the property purchase.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating leases

Rentals paid under operating leases are charged to the profit and loss account as incurred.

Financial instruments

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently carried at this value less any provision for impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2024

54,924

10,704

35,761

Additions

-

-

383

Disposals

-

-

(3,970

)

At 31 December 2024

54,924

10,704

32,174

DEPRECIATION

At 1 January 2024

26,575

8,459

32,457

Charge for year

5,493

845

2,368

Eliminated on disposal

-

-

(3,970

)

At 31 December 2024

32,068

9,304

30,855

NET BOOK VALUE

At 31 December 2024

22,856

1,400

1,319

At 31 December 2023

28,349

2,245

3,304

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

12,959

64,186

178,534

Additions

-

3,847

4,230

Disposals

-

(12,661

)

(16,631

)

At 31 December 2024

12,959

55,372

166,133

DEPRECIATION

At 1 January 2024

9,720

62,523

139,734

Charge for year

3,239

2,226

14,171

Eliminated on disposal

-

(12,661

)

(16,631

)

At 31 December 2024

12,959

52,088

137,274

NET BOOK VALUE

At 31 December 2024

-

3,284

28,859

At 31 December 2023

3,239

1,663

38,800

5.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

118,778

115,821

Other debtors

12,672

45,357

Deposits held by DPS

676,508

622,865

Deferred tax asset

Accelerated capital allowances

805

-

Prepayments

5,072

1,947

813,835

785,990

Amounts falling due after more than one year:

Rent deposit

4,875

4,875

Aggregate amounts

818,710

790,865

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

20,590

14,954

Corporation tax

57,119

62,345

Social security and other taxes

34,331

46,367

VAT

103,391

81,044

DPS deposits due to clients

676,508

622,865

Amounts due to clients

254,667

259,640

Accrued expenses

33,293

68,435

1,179,899

1,155,650

DPS deposits relate to rental deposits held by a third party "The Deposit Protection Service". The balance has been shown in debtors and creditors.

Amounts due to clients relate to monies held in the general client bank account.

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

23,716

20,724

Between one and five years

47,806

68,530

71,522

89,254

The above operating leases relate to company's business premises and telephone system.

8.	REGISTERED CHARGE

A rent security deposit deed of £10,000 has been registered at Companies House, this relates to the company's obligations to the landlord of one of its business premises.