REGISTERED NUMBER: 04179878 (England and Wales)

Financial Statements

for the Period 1 October 2023 to 31 December 2024

for

Paxton & Whitfield Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr A D Brownsword

Mr J Rutter

Ms A Brownsword-Matthews

REGISTERED OFFICE:

93 Jermyn Street

London

SW1Y 6JE

REGISTERED NUMBER:

04179878 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

600,024

477,713

600,024

477,713

CURRENT ASSETS

Stocks

454,090

464,748

Debtors

6

453,877

506,464

Cash at bank

795,327

74,401

1,703,294

1,045,613

CREDITORS

Amounts falling due within one year

7

1,449,587

663,134

NET CURRENT ASSETS

253,707

382,479

TOTAL ASSETS LESS CURRENT LIABILITIES

853,731

860,192

CAPITAL AND RESERVES

Called up share capital

4,400,000

4,400,000

Retained earnings

(3,546,269

)

(3,539,808

)

SHAREHOLDERS' FUNDS

853,731

860,192

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 29 September 2025 and were signed on its behalf by:

........................................................................

Ms A Brownsword-Matthews - Director

1.	STATUTORY INFORMATION

Paxton & Whitfield 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.

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

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on delivery of the goods to the buyer.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill - over 20 years

Concessions and names - over 10 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.

Concessions and names are being amortised evenly over their estimated useful life of nil years.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Leasehold Property - over the remaining lease term

Office, Shop and Other Equipment - 10% to 33 1/3% straight line

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 period 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 period 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling during the year at an average rate of exchange. Exchange differences are taken into account in arriving at the operating profit.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 51 (2023 - 50 ) .

4.	INTANGIBLE FIXED ASSETS

Concessions

Goodwill

and names

Totals

£

£

£

COST

At 1 October 2023

and 31 December 2024

1,201,523

79,679

1,281,202

AMORTISATION

At 1 October 2023

and 31 December 2024

1,201,523

79,679

1,281,202

NET BOOK VALUE

At 31 December 2024

-

-

-

At 30 September 2023

-

-

-

5.	TANGIBLE FIXED ASSETS

Office,

shop and

Leasehold

other

property

equipment

Totals

£

£

£

COST

At 1 October 2023

852,875

650,438

1,503,313

Additions

57,040

161,865

218,905

At 31 December 2024

909,915

812,303

1,722,218

DEPRECIATION

At 1 October 2023

446,221

579,379

1,025,600

Charge for period

57,547

39,047

96,594

At 31 December 2024

503,768

618,426

1,122,194

NET BOOK VALUE

At 31 December 2024

406,147

193,877

600,024

At 30 September 2023

406,654

71,059

477,713

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

277,513

171,911

Other debtors

47,952

85,100

Deferred tax asset

11,542

11,542

Prepayments and accrued income

116,870

237,911

453,877

506,464

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

884,954

352,933

Social security and other taxes

28,647

17,791

Other creditors

31,744

2,194

Directors' loan account

410,000

250,000

Accruals and deferred income

94,242

40,216

1,449,587

663,134

8.	LEASING AGREEMENTS

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

2024

2023

£

£

Within one year

270,091

232,591

Between one and five years

852,544

711,469

In more than five years

177,354

287,979

1,299,989

1,232,039

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Martin Longmore (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

10.	RELATED PARTY DISCLOSURES

At the year end £410,000 (2023: £250,000) was owed to Mr A D Brownsword, a director, by the company. This amount was included within director's loan accounts at the year end. Interest of £24,156 (2023: £7,628), was accrued during the year, of which £Nil (2023: £Nil) was outstanding at the year end. Interest accrues on advances at 1% above the base rate of interest as set by the Bank of England.

11.	POST BALANCE SHEET EVENTS

In August 2025 the company issued 195,122 new ordinary shares, generating additional funds of £400,000. A number of ordinary shares were also redesignated as non-voting deferred shares, and ownership of the company was transferred to a subsidiary of the The Bath Priory Limited Group, a group under the ultimate control of members of the Brownsword family. The board of directors, and the day to day management of the company, remains unchanged.

12.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A D Brownsword.

13.	DEFERRED TAX ASSET

A deferred tax asset of £11,542 (2023: £11,542) for UK tax losses and capital allowances has been recognised in the accounts. A further deferred tax asset of £572,014 (2023: £538,270) has not been recognised because it is the directors' assessment that it is less likely that there will be sufficient taxable profits available in the group in the foreseeable future against which these losses and allowances can be utilised.

14.	CHANGE IN ACCOUNTING REFERENCE DATE

The Company has changed its accounting reference date from September to December in order to better fit with the seasonality of the business. This resulted in the current accounting period being 15 months. Therefore, the comparative amounts presented in the financial statements are for a shorter period.