Pap Holdings Limited
Unaudited Financial Statements
For the year ended 31 March 2025
Pages for Filing with Registrar
Company Registration No. 09682241 (England and Wales)
Pap Holdings Limited
Company Information
Directors
D King
A King
Company number
09682241
Registered office
6th Floor
9 Appold Street
London
EC2A 2AP
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Business address
"Avila"
12 Cronks Hill Road
Redhill
Surrey
United Kingdom
RH1 6LY
Pap Holdings Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
Pap Holdings Limited
Balance Sheet
As at 31 March 2025
Page 1
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
233,112
224,559
Investment properties
4
450,000
450,000
Investments
5
8,340
25,758
691,452
700,317
Current assets
Debtors
7
93,424
70,370
Cash at bank and in hand
525,353
544,820
618,777
615,190
Creditors: amounts falling due within one year
8
(18,294)
(70,337)
Net current assets
600,483
544,853
Total assets less current liabilities
1,291,935
1,245,170
Capital and reserves
Called up share capital
9
110
110
Share premium account
733,935
733,935
Capital redemption reserve
52,643
52,643
Profit and loss reserves
505,247
458,482
Total equity
1,291,935
1,245,170
Pap Holdings Limited
Balance Sheet (Continued)
As at 31 March 2025
Page 2

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 28 November 2025 and are signed on its behalf by:
D King
Director
Company Registration No. 09682241
Pap Holdings Limited
Notes to the Financial Statements
For the year ended 31 March 2025
Page 3
1
Accounting policies
Company information

Pap Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts. The company has taken advantage from disclosing transactions with subsidiary companies as permitted under FRS 102.

1.2
Turnover

Turnover is recognised at the fair value of the 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 discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
2% Straight Line
Fixtures, fittings & equipment
25% Reducing Balance
Motor vehicles
25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Pap Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 4
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
Impairment of fixed assets

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with bank s and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

Basic financial instruments are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Pap Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
1
Accounting policies
(Continued)
Page 5
1.10
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.11
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was: 2 (2024 - 2).

Pap Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 6
3
Tangible fixed assets
Land and buildings Freehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2024
239,805
1,081
34,742
275,628
Additions
-
0
-
0
20,094
20,094
At 31 March 2025
239,805
1,081
54,836
295,722
Depreciation and impairment
At 1 April 2024
35,530
952
14,587
51,069
Depreciation charged in the year
4,796
32
6,713
11,541
At 31 March 2025
40,326
984
21,300
62,610
Carrying amount
At 31 March 2025
199,479
97
33,536
233,112
At 31 March 2024
204,275
129
20,155
224,559
4
Investment property
2025
£
Fair value
At 1 April 2024 and 31 March 2025
450,000

The freehold property in St Johns Redhill was purchased in 2011 for £157,346 and t he freehold property in Reigate was purchased in 2013 for £290,450 by Papatuo Holdings Limited.

After the transfer at 8 November 2016, the properties had been revalued by the directors to reflect their current market value.

5
Fixed asset investments
2025
2024
£
£
Shares in group undertakings and participating interests
8,340
25,758
Pap Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
5
Fixed asset investments
(Continued)
Page 7
Movements in fixed asset investments
Shares in subsidiaries and joint ventures
£
Cost or valuation
At 1 April 2024
25,758
Disposals
(17,418)
At 31 March 2025
8,340
Carrying amount
At 31 March 2025
8,340
At 31 March 2024
25,758
6
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
DK Audio Visual Services Limited
England
Ordinary
100.00
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
18
-
0
Amounts owed by group undertakings
93,406
70,370
93,424
70,370
Pap Holdings Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2025
Page 8
8
Creditors: amounts falling due within one year
2025
2024
£
£
Amounts owed to group undertakings
-
0
42,688
Corporation tax
-
0
2,419
Other taxation and social security
6,478
6,841
Other creditors
8,166
15,439
Accruals and deferred income
3,650
2,950
18,294
70,337
9
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
110
110
110
110
10
Related party transactions

The company has taken advantage from disclosing transactions with subsidiary companies as permitted under FRS 102.

Included within other creditors is an amount of £8,166 (202 4: £15,439) due to the directors of the company.

11
Parent company

The ultimate controlling party is Mr and Mrs King at the balance sheet date by virtue of their joint ownership.

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