ACCOUNTS - Final Accounts preparation

Registered number: 11424584

PHYSICAL DEVELOPMENT LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2025

Chartered Accountants

2nd Floor, Heathmans House

19 Heathmans Road

London

SW6 4TJ


PHYSICAL DEVELOPMENT LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PHYSICAL DEVELOPMENT LIMITED
FOR THE YEAR ENDED 31 AUGUST 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Physical Development Limited for the year ended 31 August 2025 which comprise the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Physical Development Limited, as a body, in accordance with the terms of our engagement letter dated 19 March 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Physical Development Limited and state those matters that we have agreed to state to the Board of Directors of Physical Development Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Physical Development Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Physical Development Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Physical Development Limited. You consider that Physical Development Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Physical Development Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Haggards Crowther LLP

Chartered Accountants

2nd Floor, Heathmans House

19 Heathmans Road

London

SW6 4TJ

21 May 2026

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PHYSICAL DEVELOPMENT LIMITED REGISTERED NUMBER:11424584

BALANCE SHEET

AS AT 31 AUGUST 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	4		-		3,800
Tangible assets	5		53,266		65,052
			53,266		68,852
Current assets
Debtors: amounts falling due within one year	6	381,162		179,729
Cash at bank and in hand		36,884		217
		418,046		179,946
Creditors: amounts falling due within one year	7	(394,014)		(127,443)
Net current assets			24,032		52,503
Total assets less current liabilities			77,298		121,355
Creditors: amounts falling due after more than one year	8		(126,593)		(170,602)
Provisions for liabilities
Other provisions		(10,153)		(12,360)
			(10,153)		(12,360)
Net liabilities			(59,448)		(61,607)

Capital and reserves
Called up share capital	18	18
Share premium account	8,918	8,918
Revaluation reserve	50,999	50,999
Profit and loss account	(119,383)	(121,542)
	(59,448)	(61,607)

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PHYSICAL DEVELOPMENT LIMITED REGISTERED NUMBER:11424584

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 May 2026.

Mr D A R Gyles

Director

The notes on pages 4 to 9 form part of these financial statements.

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PHYSICAL DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

1.	General information

Physical Development Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 11424584 and its registered address is 2nd Floor, Heathmans House, 19 Heathmans Road, London, United Kingdom, SW6 4TJ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

2.2

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements.

2.3

Turnover

Turnover is stated net of VAT. Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the services provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

2.4

Intangible assets

Intangible assets are initially measured at cost. After initial recognitions, intangible assets are measured at fair value less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on the following bases:

Franchise license areas

20%

on a straight-line basis

2.5

Tangible fixed assets

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

Plant and machinery	-	25%	on reducing balance
Motor vehicles	-	25%	on reducing balance
Computer equipment	-	25%	on reducing balance

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PHYSICAL DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

2.Accounting policies (continued)

2.6

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 statement of financial position date.

2.7

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

2.8

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to Income statement on a straight-line basis over the lease term.

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Average number of employees	85	88

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PHYSICAL DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

4.	Intangible assets

		Computer software
		£
	Cost
	At 1 September 2024	66,000
	At 31 August 2025	66,000
	Amortisation
	At 1 September 2024	62,200
	Charge for the year on owned assets	3,800
	At 31 August 2025	66,000
	Net book value
	At 31 August 2025	-
	At 31 August 2024	3,800

Cost or valuation at 31 August 2025 is represented by:

		Other intangible assets

		£

	Valuation in 2021	66,000

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PHYSICAL DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

5.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Computer equipment	Total
	£	£	£	£
Cost or valuation
At 1 September 2024	42,580	38,396	40,218	121,194
Additions	3,235	-	3,297	6,532
Disposals	-	(4,800)	-	(4,800)
At 31 August 2025	45,815	33,596	43,515	122,926
Depreciation
At 1 September 2024	21,992	11,230	22,920	56,142
Charge for the year	5,494	6,412	4,557	16,463
Eliminated on disposal	-	(2,945)	-	(2,945)
At 31 August 2025	27,486	14,697	27,477	69,660
Net book value
At 31 August 2025	18,329	18,899	16,038	53,266
At 31 August 2024	20,588	27,166	17,298	65,052

Debtors

					2025	2024
					£	£


Trade debtors	60,915	16,274
Other debtors	207,538	97,671
Prepayments and accrued income	67,230	65,784
Tax recoverable	45,479	-
	381,162	179,729

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PHYSICAL DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

7.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	-	5,793
Bank loans	187,726	18,507
Other loans	6,023	5,551
Trade creditors	39,864	61,990
Corporation tax	45,479	(20)
Other taxation and social security	46,925	20,240
Obligations under finance lease and hire purchase contracts	3,748	-
Other creditors	14,376	12,889
Accruals and deferred income	49,873	2,493
	394,014	127,443

8.	Creditors: Amounts falling due after more than one year
		2025	2024
		£	£

Bank loans	74,627	105,035
Other loans	24,657	30,762
Hire purchase contracts	27,309	34,805
	126,593	170,602

Bank loans comprise of three loans as follows: Loan 1 amounting to £74,026 (2024: 91,337) of which £20,233 (2024: £13,107) has been included in creditors payable within one year, subject to 15.7% interest p.a. and repayable by 30 September 2028; Loan 2 amounting to £161,938 (2024: £Nil) included in creditors payable within one year, subject to 4.55% interest for a 30 day period and repayable by 31 August 2026; Loan 3 amounting to £26,389 (2024: £32,204) of which £5,555 (2024: £5,399) has been included in creditors payable within one year, subject to 2.5% interest p.a. and repayable by 31 July 2030.
Loan 1 and 2 are secured by personal guarantees provided by the directors. Loan 3 is a government backed bounce back loan.

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PHYSICAL DEVELOPMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

9.	Directors' advances, credits and guarantees

Included in other debtors is a loan to Mr Chick of £100,228 (2024: £53,146) and Mr Gyles of £92,059 (2024: £44,525). The loans are unsecured and interest has been charged at 2.25% on the outstanding balance.
Included in other loans is a loan from Mr Scroby of £30,679 (2024: £36,313) of which £6,023 (2024: £5,551) has been included in creditors payable within one year and the remaining £24,657 (2024: £30,762) has been included in creditors falling due after more than one year. The outstanding balance is unsecured, subject to interest of 2.5% after a 6-month interest free period and payable within 10 years.

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