REGISTERED NUMBER: 03240793 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2024

FOR

PHILIP PAUL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

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.

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

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.

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

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

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

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

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.