REGISTERED NUMBER: 03374655 (England and Wales)

Financial Statements for the Year Ended 31 July 2025

for

P H Freeman Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

P H Freeman

SECRETARY:

Mrs W Freeman

REGISTERED OFFICE:

14 Gateland Drive

Shadwell

Leeds

LS17 8HU

REGISTERED NUMBER:

03374655 (England and Wales)

ACCOUNTANTS:

Richard Smedley Limited

Chartered Accountants & Registered Auditors

Richmond House

Lawnswood Business Park

Redvers Close

Leeds

West Yorkshire

LS16 6QY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

173,230

143,055

173,230

143,055

CURRENT ASSETS

Stocks

107,145

99,576

Debtors

6

1,761,723

1,301,720

Cash at bank and in hand

167,000

18,359

2,035,868

1,419,655

CREDITORS

Amounts falling due within one year

7

1,070,150

1,155,326

NET CURRENT ASSETS

965,718

264,329

TOTAL ASSETS LESS CURRENT LIABILITIES

1,138,948

407,384

CREDITORS

Amounts falling due after more than one year

8

(72,079

)

(8,334

)

PROVISIONS FOR LIABILITIES

(26,677

)

(16,241

)

NET ASSETS

1,040,192

382,809

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,040,092

382,709

SHAREHOLDERS' FUNDS

1,040,192

382,809

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 April 2026 and were signed by:

P H Freeman - Director

1.	STATUTORY INFORMATION

P H Freeman 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

Turnover comprises the value of sales (excluding VAT, similar taxes and trade discounts) of goods and services provided in the normal course of business. Counter sales and prescriptions are recognised when the goods are dispensed.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

Over the term of the lease

Fixtures and fittings

-

33% on cost and 15% on reducing balance

Motor vehicles

-

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.

Financial instruments

Basic financial instruments are recognised at amortised costs. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 16 (2024 - 14 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2024

and 31 July 2025

373,750

AMORTISATION

At 1 August 2024

and 31 July 2025

373,750

NET BOOK VALUE

At 31 July 2025

-

At 31 July 2024

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Motor

leasehold

fittings

vehicles

Totals

£

£

£

£

COST

At 1 August 2024

212,312

170,345

82,775

465,432

Additions

-

911

104,510

105,421

Disposals

-

-

(82,775

)

(82,775

)

At 31 July 2025

212,312

171,256

104,510

488,078

DEPRECIATION

At 1 August 2024

137,298

153,138

31,941

322,377

Charge for year

8,492

4,163

13,663

26,318

Eliminated on disposal

-

-

(33,847

)

(33,847

)

At 31 July 2025

145,790

157,301

11,757

314,848

NET BOOK VALUE

At 31 July 2025

66,522

13,955

92,753

173,230

At 31 July 2024

75,014

17,207

50,834

143,055

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 August 2024

82,775

Additions

104,510

Disposals

(82,775

)

At 31 July 2025

104,510

DEPRECIATION

At 1 August 2024

31,941

Charge for year

13,663

Eliminated on disposal

(33,847

)

At 31 July 2025

11,757

NET BOOK VALUE

At 31 July 2025

92,753

At 31 July 2024

50,834

6.

DEBTORS

31.7.25

31.7.24

£

£

Amounts falling due within one year:

Trade debtors

1,053,792

724,441

Other debtors

588,271

502,111

1,642,063

1,226,552

Amounts falling due after more than one year:

Other debtors

119,660

75,168

Aggregate amounts

1,761,723

1,301,720

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.25

31.7.24

£

£

Bank loans and overdrafts

8,334

80,822

Hire purchase contracts (see note 9)

13,140

48,913

Trade creditors

455,533

693,869

Taxation and social security

564,833

305,045

Other creditors

28,310

26,677

1,070,150

1,155,326

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.25

31.7.24

£

£

Bank loans

-

8,334

Hire purchase contracts (see note 9)

72,079

-

72,079

8,334

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

31.7.25

31.7.24

£

£

Net obligations repayable:

Within one year

13,140

48,913

Between one and five years

72,079

-

85,219

48,913

Non-cancellable

operating leases

31.7.25

31.7.24

£

£

Within one year

46,966

46,966

Between one and five years

187,864

187,864

In more than five years

140,898

187,864

375,728

422,694

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.7.25

31.7.24

£

£

Bank overdraft

-

70,822

Bank loans

8,334

18,334

Hire purchase contracts

85,219

48,913

93,553

138,069

The bank holds a legal mortgage on the leasehold of the Pharmacy unit at Wortley Beck Health Centre, Ring Road, Lower Wortley, LS12 5SG.

The bank also hold a debenture which includes a fixed and floating charge over the assets of the company.

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2025 and 31 July 2024:

31.7.25

31.7.24

£

£

P H Freeman and M L Freeman (deceased)

Balance outstanding at start of year

432,721

210,926

Amounts advanced

525,883

657,095

Amounts repaid

(394,055

)

(435,300

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

564,549

432,721

This is repayable on demand. Interest has been charged at the official rate.

Mr P Freeman has given a personal guarantee of £100,000 for the company loan.