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REGISTERED NUMBER: 03240793 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31ST DECEMBER 2024 |

| FOR |

| PHILIP PAUL LIMITED |

| PHILIP PAUL LIMITED (REGISTERED NUMBER: 03240793) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| PHILIP PAUL LIMITED |

COMPANY INFORMATION

FOR THE YEAR ENDED 31ST DECEMBER 2024

| DIRECTORS: | P M Hughes

| P D Hughes

| SECRETARY: | P M Hughes

| REGISTERED OFFICE: | Philip Paul Car Centre

| Maesbury Road

| Oswestry

| Shropshire

| SY10 8JW

| REGISTERED NUMBER: | 03240793 (England and Wales)

| ACCOUNTANTS: | M. D. Coxey and Co. Limited

| 10 Nicholas Street

| Chester

| CH1 2NX

| BANKERS: | Yorkshire Bank

| 2 Moorfields

| Liverpool

| L2 2BS

| PHILIP PAUL LIMITED (REGISTERED NUMBER: 03240793) |

BALANCE SHEET

31ST DECEMBER 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 4,125 |  | 8,250 |  |

Tangible assets | 5 | 104,253 |  | 98,269 |  |

108,378 |  | 106,519 |  |

CURRENT ASSETS

Stocks | 6 | 1,538,205 |  | 1,608,625 |  |

Debtors | 7 | 570,665 |  | 446,423 |  |

Cash in hand | 594 |  | 364 |  |

2,109,464 |  | 2,055,412 |  |

CREDITORS

Amounts falling due within one year | 8 | 492,120 |  | 605,629 |  |

NET CURRENT ASSETS | 1,617,344 |  | 1,449,783 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,725,722 |  | 1,556,302 |  |

CREDITORS

Amounts falling due after more than one year | 9 | (4,198 | ) | (14,292 | ) |

PROVISIONS FOR LIABILITIES | 12 | (20,583 | ) | (20,786 | ) |

NET ASSETS | 1,700,941 |  | 1,521,224 |  |

CAPITAL AND RESERVES

Called up share capital | 13 | 2 |  | 2 |  |

Retained earnings | 14 | 1,700,939 |  | 1,521,222 |  |

SHAREHOLDERS' FUNDS | 1,700,941 |  | 1,521,224 |  |

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

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

The directors acknowledge their 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.

| PHILIP PAUL LIMITED (REGISTERED NUMBER: 03240793) |

BALANCE SHEET - continued

31ST DECEMBER 2024

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 Board of Directors and authorised for issue on 10th September 2025 and were signed on its behalf by:

P M Hughes - Director

| PHILIP PAUL LIMITED (REGISTERED NUMBER: 03240793) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

1. | STATUTORY INFORMATION

| Philip Paul 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.

| Turnover

| Turnover is recognised on the fair value of consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement and volume rebates.

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

| Goodwill

| Acquired goodwill is written off in equal instalments over its estimated useful economic life of twenty years.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Tangible fixed assets

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

| Short leasehold | - | 5 years

| Plant and machinery | - | 15% on reducing balance

| Fixtures and fittings | - | 15% on reducing balance

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| 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.

| PHILIP PAUL LIMITED (REGISTERED NUMBER: 03240793) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

2. | ACCOUNTING POLICIES - continued

| 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.

| Hire purchase and leasing commitments

| 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 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 27 (2023 - 25 ) .

4. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1st January 2024

| and 31st December 2024 | 82,500 |  |

| AMORTISATION

| At 1st January 2024 | 74,250 |  |

| Amortisation for year | 4,125 |  |

| At 31st December 2024 | 78,375 |  |

| NET BOOK VALUE

| At 31st December 2024 | 4,125 |  |

| At 31st December 2023 | 8,250 |  |

| PHILIP PAUL LIMITED (REGISTERED NUMBER: 03240793) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

5. | TANGIBLE FIXED ASSETS

| Fixtures |

| Short |  | Plant and |  | and |

| leasehold |  | machinery |  | fittings |  | Totals

£ | £ | £ | £ |

| COST

| At 1st January 2024 | 96,587 |  | 180,454 |  | 63,361 |  | 340,402 |  |

| Additions | 6,176 |  | 13,685 |  | 3,565 |  | 23,426 |  |

| At 31st December 2024 | 102,763 |  | 194,139 |  | 66,926 |  | 363,828 |  |

| DEPRECIATION

| At 1st January 2024 | 88,812 |  | 108,082 |  | 45,239 |  | 242,133 |  |

| Charge for year | 2,150 |  | 12,217 |  | 3,075 |  | 17,442 |  |

| At 31st December 2024 | 90,962 |  | 120,299 |  | 48,314 |  | 259,575 |  |

| NET BOOK VALUE

| At 31st December 2024 | 11,801 |  | 73,840 |  | 18,612 |  | 104,253 |  |

| At 31st December 2023 | 7,775 |  | 72,372 |  | 18,122 |  | 98,269 |  |

6. | STOCKS

| 31.12.24 |  | 31.12.23

£ | £ |

| Raw materials | 111,022 |  | 93,095 |  |

| Finished goods | 1,427,183 |  | 1,515,530 |  |

1,538,205 |  | 1,608,625 |  |

7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade debtors | 24,537 |  | 30,607 |  |

| Other debtors | 43,795 |  | 43,795 |  |

| Directors' current accounts | 397,298 |  | 291,380 |  |

| Tax | 105,035 |  | 80,641 |  |

570,665 |  | 446,423 |  |

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank loans and overdrafts (see note 10) | 254,702 |  | 292,799 |  |

| Trade creditors | 68,739 |  | 181,051 |  |

| Tax | 84,464 |  | 75,956 |  |

| Social security and other taxes | 16,509 |  | 12,216 |  |

| Child Maintenance | 613 |  | 387 |  |

| VAT | 59,939 |  | 35,068 |  |

| Accrued expenses | 7,154 |  | 8,152 |  |

492,120 |  | 605,629 |  |

| PHILIP PAUL LIMITED (REGISTERED NUMBER: 03240793) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank loans (see note 10) | 4,198 |  | 14,292 |  |

10. | LOANS

| An analysis of the maturity of loans is given below:

| 31.12.24 |  | 31.12.23

£ | £ |

| Amounts falling due within one year or on demand:

| Bank overdrafts | 244,702 |  | 282,799 |  |

| Bank loans | 10,000 |  | 10,000 |  |

254,702 |  | 292,799 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | 4,198 |  | 14,292 |  |

11. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank overdrafts | 244,702 |  | 282,799 |  |

| Bank loans | 14,198 |  | 24,292 |  |

258,900 |  | 307,091 |  |

| Bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.

12. | PROVISIONS FOR LIABILITIES

| 31.12.24 |  | 31.12.23

£ | £ |

| Deferred tax

| Accelerated capital allowances | 20,583 |  | 20,786 |  |

| Deferred |

| tax |

£ |

| Balance at 1st January 2024 | 20,786 |  |

| Movement in the year due to: |

| changes in tax rate |

| changes in tax allowances | (203 | ) |

| Balance at 31st December 2024 | 20,583 |  |

| PHILIP PAUL LIMITED (REGISTERED NUMBER: 03240793) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

13. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.12.24 |  | 31.12.23

| value: | £ | £ |

| 2 | Ordinary | £1 | 2 |  | 2 |  |

14. | RESERVES

| Retained

| earnings

£ |

| At 1st January 2024 | 1,521,222 |  |

| Profit for the year | 249,717 |  |

| Dividends | (70,000 | ) |

| At 31st December 2024 | 1,700,939 |  |

15. | CAPITAL COMMITMENTS

| 31.12.24 |  | 31.12.23

£ | £ |

| Contracted but not provided for in the

| financial statements | - |  | - |  |

16. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

| The following advances and credits to directors subsisted during the years ended 31st December 2024 and 31st December 2023:

| 31.12.24 |  | 31.12.23

£ | £ |

| P D Hughes

| Balance outstanding at start of year | 143,695 |  | 196,895 |  |

| Amounts advanced | 89,818 |  | 82,800 |  |

| Amounts repaid | (35,000 | ) | (136,000 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 198,513 |  | 143,695 |  |

| P M Hughes

| Balance outstanding at start of year | 147,685 |  | 68,640 |  |

| Amounts advanced | 86,100 |  | 80,045 |  |

| Amounts repaid | (35,000 | ) | (1,000 | ) |

| Amounts written off | - |  | - |  |

| Amounts waived | - |  | - |  |

| Balance outstanding at end of year | 198,785 |  | 147,685 |  |

| PHILIP PAUL LIMITED (REGISTERED NUMBER: 03240793) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31ST DECEMBER 2024

17. | RELATED PARTY DISCLOSURES

| During the year the company rented a premises from Philip Paul Partnership, a business in which both directors have an interest. The rent payable for the year was £103,000 (2023: £103,000).

| Included in other debtors is an amount of £43,795 (2023: £43,795) which relates to assets, goods and services purchased on behalf of Philip Paul Partnership.