A.H.Philpot & Sons 2 Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 13577847 (England and Wales)

Financial Statements

for the Period 23 August 2021 to 30 September 2022

for

A.H.Philpot & Sons 2 Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

C J H Philpot

A P T Philpot

S J R Philpot

P J H Philpot

T H C Philpot

SECRETARY:

Mrs J C W Philpot

REGISTERED OFFICE:

Barleylands Farmhouse

Barleylands Road

Billericay

Essex

CM11 2UD

REGISTERED NUMBER:

13577847 (England and Wales)

AUDITORS:

Hardcastle Burton LLP

Lake House

Market Hill

Royston

Hertfordshire

SG8 9JN

FIXED ASSETS

Tangible assets

4

3,702

Investment property

5

3,600,000

3,603,702

CURRENT ASSETS

Debtors

6

409,419

CREDITORS

Amounts falling due within one year

7

68,958

NET CURRENT ASSETS

340,461

TOTAL ASSETS LESS CURRENT LIABILITIES

3,944,163

PROVISIONS FOR LIABILITIES

8

650,000

NET ASSETS

3,294,163

CAPITAL AND RESERVES

Called up share capital

9

200,002

Non distributable reserve

10

1,950,000

Other reserves

10

867,934

Development reserve

10

276,227

SHAREHOLDERS' FUNDS

3,294,163

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 28 March 2023 and were signed on its behalf by:

A P T Philpot - Director

1.	STATUTORY INFORMATION

A.H.Philpot & Sons 2 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 as modified by the revaluation of certain assets.

The directors believe that the company will continue to be profitable and will have adequate cash resources in order to pay all of its creditors as they fall due for the foreseeable future and for at least 12 months from the date of signing of these financial statements.

Turnover

Turnover represents gross invoiced sales of services less value added tax calculated n those gross sales, which are recognised when the services are provided.

Rental income is recognised over the period of the lease.

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

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties, which are properties held to earn rentals and/or for capital appreciation, are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently they are measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 23 August 2021

and 30 September 2022

3,702

NET BOOK VALUE

At 30 September 2022

3,702

At 22 August 2021

3,702

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

1,000,000

Revaluations

2,600,000

At 30 September 2022

3,600,000

NET BOOK VALUE

At 30 September 2022

3,600,000

Fair value at 30 September 2022 is represented by:

£

Valuation in 2022

2,600,000

Cost

1,000,000

3,600,000

The company's investment property was reviewed for revaluation as at 30 September 2022 by the directors. The directors consider that the valuation prepared by Strutt & Parker, an independent valuer, as at 30 September 2021 to still be appropriate and therefore no revaluation was considered necessary during the year ended 30 September 2022.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

75,766

Amounts owed by group undertakings

277,653

Other debtors

56,000

409,419

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

2,458

Taxation and social security

66,500

68,958

8.	PROVISIONS FOR LIABILITIES

£

Deferred tax

Investment property valuations

650,000

Deferred

tax

£

Charge to Income Statement during period

650,000

Balance at 30 September 2022

650,000

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

700,003

Ordinary

.25

175,001

100,000

Development

.25

25,000

1

Deferred share

1.00

1

200,002

Ordinary shares

Ordinary share capital have the following rights a)subject to the rights of the development shareholders, the ordinary shareholders have the sole right to vote on any matter concerning the company. each ordinary shareholder has one vote on a show of hands, and on a poll one vote for each share held. b) the ordinary shareholders are, after satisfaction of the rights of other shares, entitled to dividends as declared by the directors according to the amounts paid up, ranked on a pari passu basis. c) on a return of the assets, after amounts (if any) due to the holders of the development shares, ordinary shareholders are entitled to the balance of such assets after satisfaction of the rights of the other shareholders, ranking on a pari passu basis. d) ordinary shares are non-redeemable.

Development shares

The development shares have the following rights: a) the development shareholders have voting rights only in respect of matters affecting the development reserve. Each development shareholder has one vote on a show of hands, and on a poll one vote for each share held. b) the development shareholders are entitled to dividends only out of the profits available for distribution and attributable to the development reserve. c) on a return of assets, development shareholders are entitled to receive by way of distribution the development reserve. d) development shares are non-redeemable.

Deferred share

The deferred share has the following rights: a) the deferred share confers no rights to vote. b) the deferred share confers no rights to participate in the profit of the company. c) on a return of assets, the holder of the deferred share is entitled to the amount of share capital paid up thereon but only after the return of capital to the holders of the development shares and after the holders of the ordinary shares have received the amount of £100,000 in respect of each ordinary share held by them. d) development shares are nonredeemable.

10.

RESERVES

Non

Retained

distributable

Other

Development

earnings

reserve

reserves

reserve

Totals

£

£

£

£

£

Profit for the period

2,226,227

2,226,227

Transfer

(2,226,227

)

1,950,000

-

276,227

-

Capital contribution

-

-

867,934

-

867,934

At 30 September 2022

-

1,950,000

867,934

276,227

3,094,161

The other reserve was created on 30 September 2021 when A. H. Philpot and Sons Limited, a fellow subsidiary, transferred a property to the company with a value of £1,000,000.

The development reserve relates to the reserve created from profits arising from certain assets held by the company that are defined in the company's articles of association.

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

The Report of the Auditors was unqualified.

Kristi Johnson FCCA CTA (Senior Statutory Auditor)

for and on behalf of Hardcastle Burton LLP

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.