Parham Development Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3
Notes to the Unaudited Financial Statements	4 to 9

Parham Development Limited

Company Information

Directors

Mr J R Drax Mr P S Dove Mr E Q Drax Mrs L H Catford

Company secretary

Mr J R Drax

Registered office

Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA

Accountants

Edwards and Keeping Limited Chartered Accountants Unity Chambers 34 High East Street Dorchester Dorset DT1 1HA

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Parham Development Limitedfor the Year Ended 31 December 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Parham Development Limited for the year ended 31 December 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Parham Development Limited, as a body, in accordance with the terms of our engagement letter dated 29 August 2024. Our work has been undertaken solely to prepare for your approval the accounts of Parham Development Limited and state those matters that we have agreed to state to the Board of Directors of Parham Development Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Parham Development Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Parham Development Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Parham Development Limited. You consider that Parham Development Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Parham Development Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Edwards and Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

1 September 2025

Parham Development Limited

(Registration number: 02296424)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Investment property	4	9,700,000	9,700,000
Current assets
Stocks	5	6,935,000	6,935,000
Debtors	6	5,751,835	5,613,448
		12,686,835	12,548,448
Creditors: Amounts falling due within one year	7	(14,833,869)	(14,908,131)
Net current liabilities		(2,147,034)	(2,359,683)
Net assets		7,552,966	7,340,317
Capital and reserves
Called up share capital	9	5,000,000	5,000,000
Retained earnings		2,552,966	2,340,317
Shareholders' funds		7,552,966	7,340,317

For the financial year ending 31 December 2024 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 Profit and Loss Account.

Approved and authorised by the Board on 27 August 2025 and signed on its behalf by:
 

Mrs L H Catford
Director

Parham Development Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024

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:
Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA

The principal place of business is:
3rd Floor
18 Wells Street
London
W1T 3PG

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

Going concern

The balance sheet indicates net current liabilities at the balance sheet date, arising from loan balances between the group companies. The company has the continuing support of its fellow group companies to ensure that it is able to meet its debts as they fall due.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of properties and rents receivable on properties held within stock in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Parham Development Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024

Tax

The tax expense for the period comprises current 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.

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.

Stocks

Stocks include property held for development and resale and are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

Trade debtors

Trade debtors are amounts due for rent receivable or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Parham Development Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4	Investment properties

	2024 £
At 1 January	9,700,000
At 31 December	9,700,000

 

The investment properties class of fixed assets was revalued on 31 July 2023 by Colliers International Property Consultants Limited who are external to the company. The basis of this valuation was market value.

The directors consider the value of the investment property at 31 December 2024 to be unchanged from the valuation figure provided by Colliers International on 31 July 2023. This class of asset has a current market value of £9,700,000 (2023 - £9,700,000).

5

Stocks

	2024 £	2023 £
Other inventories	6,935,000	6,935,000

 

Impairment of stocks

The amount of impairment loss included in profit or loss is £31,409 (2023 - £1,663,562).

The carrying amount of stocks pledged as security for liabilities amounted to £Nil (2023 - £6,935,000).

Parham Development Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024

6

Debtors

Current	Note	2024 £	2023 £
Amounts owed by related parties	11	5,550,959	5,417,827
Prepayments		193,259	189,554
Other debtors		7,617	6,067
		5,751,835	5,613,448

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	8	1,000,000	1,000,000
Amounts owed to group undertakings and undertakings in which the company has a participating interest	11	13,665,328	13,665,327
Taxation and social security		1,895	-
Other creditors		166,646	242,804
		14,833,869	14,908,131

8	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Redeemable preference shares	1,000,000	1,000,000

Other borrowings

Redeemable deferred ordinary shares; redeemable at the option of the company or holder.
They are redeemable at £1 per share and carry no voting rights. On a winding up of the company the
holders of the shares have a right to receive assets of the company pari passu with holders of
ordinary shares. The redeemable deferred ordinary shares are presented as a liability within creditors
and accordingly are excluded from called up share capital in the balance sheet. Winding up value for
redeemable preference shares is £1.

Parham Development Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024

9	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	5,000,000	5,000,000	5,000,000	5,000,000
Redeemable deferred ordinary shares of £1 each	1,000,000	1,000,000	1,000,000	1,000,000
	6,000,000	6,000,000	6,000,000	6,000,000

10	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £20,000,000 (2023 - £21,750,000). The group has a bank loan facility; the loan capital is secured on investment properties and up until October 2024 also development properties held within the group, and the investment in shares of the subsidiary companies held by Parham Holdings Limited.

11	Related party transactions

Summary of transactions with parent

Parham Holdings Limited - 100% parent company
 Inter company loan account.
 Balance with parent - is repayable on demand
 

Summary of transactions with subsidiaries

Parham Investment Limited - another 100% subsidiary of Parham Holdings Limited
 Inter-company loan account
Transfer of property
 Balance with subsidiaries is repayable on demand
 

Expenditure with and payables to related parties

2024	Parent £
Rendering of services	111,000

2023	Parent £
Rendering of services	163,000

Parham Development Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2024

Loans to related parties

2024	Parent £	Total £
At start of period	5,417,827	5,417,827
Advanced	529,132	529,132
Repaid	(111,000)	(111,000)
Interest transactions	(285,000)	(285,000)
At end of period	5,550,959	5,550,959

2023	Parent £	Total £
At start of period	5,356,166	5,356,166
Advanced	502,661	502,661
Repaid	(163,000)	(163,000)
Interest transactions	(278,000)	(278,000)
At end of period	5,417,827	5,417,827

Loans from related parties

2024	Subsidiary £	Total £
At start of period	13,665,327	13,665,327
At end of period	13,665,327	13,665,327

2023	Subsidiary £	Total £
At start of period	13,662,822	13,662,822
Advanced	2,505	2,505
At end of period	13,665,327	13,665,327

Terms of loans from related parties

Balance with parent - is repayable on demand
 Balance with subsidiaries - is repayable on demand
 

12	Parent and ultimate parent undertaking

100% subsidiary

 The company's immediate parent is Parham Holdings Limited, incorporated in England and Wales. The immediate parent company is exempt from preparing consolidated group accounts as the group is small.

 The ultimate parent is Beaulieu Property Management Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Beaulieu Property Management Limited. These financial statements are available upon request from Companies House. The ultimate parent company is exempt from preparing consolidated group accounts as the group is small.

 The ultimate controlling party is Mr J R Drax (Director).