P & P Associates Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02124920 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

P & P ASSOCIATES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr P E Cook

Mr M E Cook

REGISTERED OFFICE:

Falcon House

Primett Road

Stevenage

SG1 3EE

REGISTERED NUMBER:

02124920 (England and Wales)

ACCOUNTANTS:

Foxley Kingham

Chartered Accountants

260 - 270 Butterfield

Great Marlings

Luton

Bedfordshire

LU2 8DL

FIXED ASSETS

Intangible assets

4

18,297

28,509

Tangible assets

5

154,110

134,042

Investments

6

3

3

172,410

162,554

CURRENT ASSETS

Debtors

7

3,480,673

2,689,823

Cash at bank

739,114

1,102,145

4,219,787

3,791,968

CREDITORS

Amounts falling due within one year

8

1,599,556

1,145,765

NET CURRENT ASSETS

2,620,231

2,646,203

TOTAL ASSETS LESS CURRENT LIABILITIES

2,792,641

2,808,757

CREDITORS

Amounts falling due after more than one year

9

85,769

61,173

NET ASSETS

2,706,872

2,747,584

CAPITAL AND RESERVES

Called up share capital

12

100,006

100,006

Retained earnings

2,606,866

2,647,578

SHAREHOLDERS' FUNDS

2,706,872

2,747,584

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 15 September 2023 and were signed on its behalf by:

Mr P E Cook - Director

1.	STATUTORY INFORMATION

P & P Associates Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is derived from the provision of travel services as a travel management company and retail travel agent and tour operator.

Where the company acts as the principal tour operator, turnover represents the gross value of the holiday sold (excluding VAT). The full cost of such holidays is included within cost of sales. Revenue from the sale of these products is recognised on the date of departure, gross of all charges billed to the customer less any discounts and sales taxes. Customer payments relating to holiday packages and flights with dates of departure beyond the accounting reference date are carried forward as deferred income.

Where the company acts as a travel management company, turnover represents the gross value of all charges (excluding VAT) to customers for travel services provided by the company such as airline, hotel, and rail reservations, along with transaction fees and commissions earned at the same time of sale. Revenue is recognised at the time of booking.

Fees receivable relate to income receivable based on a contingency agreement following the sale of the company's division in previous years.

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirers interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life.

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.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten 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.

Freehold property

-

not provided

Fixtures and fittings

-

10% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

33% on cost

Tangible fixed assets under the cost model are recognised at historical cost less accumulated depreciation and any accumulated impairment losses.

Motor vehicles are initially measured at cost and depreciated over the estimated useful life of the asset using the cost price less the residual value.

The freehold land is being depreciated to its estimated residual value over it's deemed useful economic life. The directors believe the residual value to be at least the current carrying value in these accounts

and therefore depreciation would be negligible. The maintenance costs are charged to the profit and loss account in the year incurred. The directors review the estimated residual value at the end of each accounting period.

Gains and losses on disposals are recognised in the profit and loss account.

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.

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 at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2022 - 10 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

400,105

AMORTISATION

At 1 April 2022

371,596

Amortisation for year

10,212

At 31 March 2023

381,808

NET BOOK VALUE

At 31 March 2023

18,297

At 31 March 2022

28,509

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Motor

Computer

property

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2022

10,000

113,303

118,885

172,664

414,852

Additions

-

-

76,500

3,693

80,193

Disposals

-

-

(55,417

)

-

(55,417

)

At 31 March 2023

10,000

113,303

139,968

176,357

439,628

DEPRECIATION

At 1 April 2022

-

100,563

22,741

157,506

280,810

Charge for year

-

2,230

14,880

7,289

24,399

Eliminated on disposal

-

-

(19,691

)

-

(19,691

)

At 31 March 2023

-

102,793

17,930

164,795

285,518

NET BOOK VALUE

At 31 March 2023

10,000

10,510

122,038

11,562

154,110

At 31 March 2022

10,000

12,740

96,144

15,158

134,042

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

Motor

vehicles

£

COST

At 1 April 2022

118,885

Additions

76,500

Disposals

(55,417

)

At 31 March 2023

139,968

DEPRECIATION

At 1 April 2022

22,741

Charge for year

14,880

Eliminated on disposal

(19,691

)

At 31 March 2023

17,930

NET BOOK VALUE

At 31 March 2023

122,038

At 31 March 2022

96,144

6.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 April 2022

and 31 March 2023

3

NET BOOK VALUE

At 31 March 2023

3

At 31 March 2022

3

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

1,063,419

648,885

Other debtors

1,163,989

1,218,255

Directors' loan accounts

961,944

735,817

VAT

14,538

7,282

Prepayments and accrued income

276,783

79,584

3,480,673

2,689,823

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Hire purchase contracts (see note 10)

8,588

25,798

Trade creditors

1,039,890

610,707

Corporation tax

83,435

21,530

Taxation and social security

4,637

5,046

Other creditors

363,797

477,958

Accrued expenses

99,209

4,726

1,599,556

1,145,765

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts (see note 10)

85,769

61,173

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2023

2022

£

£

Net obligations repayable:

Within one year

8,588

25,798

Between one and five years

85,769

61,173

94,357

86,971

Non-cancellable operating

leases

2023

2022

£

£

Within one year

76,661

63,500

Between one and five years

59,982

62,167

136,643

125,667

11.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Hire purchase contracts

94,357

86,971

The hire purchase liabilities are secured against the assets to which they relate.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

40,006

Ordinary

1

40,006

40,006

60,000

Ordinary B

1

60,000

60,000

100,006

100,006

Ordinary shares have full voting, dividend and capital distribution rights. They do not confer any rights of redemption.

Ordinary B shares have full dividend rights. They do not confer any rights of redemption.

The directors may resolve to declare a dividend on one class of share and not the other.

13.	CONTINGENT LIABILITIES

A debenture is held by the company's bank which included a fixed charge over all present freehold and leasehold property. First fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First floating charge over all assets and undertaking both present and future.

14.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

2023

2022

£

£

Mr P E Cook

Balance outstanding at start of year

735,817

669,572

Amounts advanced

528,822

315,245

Amounts repaid

(240,000

)

(249,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,024,639

735,817

Interest has been charged on the overdrawn loan account balance at the HMRC approved rate of 2.5%.

15.	RELATED PARTY DISCLOSURES

All related party transactions have been carried out at arms' length.

16.	ULTIMATE CONTROLLING PARTY

The immediate parent company is P&P Group Limited and the ultimate parent company is PPA Group Ltd. Both companies are registered in the United Kingdom. The entities are exempt from the obligation to prepare and deliver group accounts.

The ultimate controlling party in the current and prior year was Mr P E Cook.