DRCT (PHPH) Ltd - Accounts to registrar (filleted) - small 18.2
DRCT (PHPH) Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 30 June 2019 |
| for |
| DRCT (PHPH) Ltd |
| DRCT (PHPH) Ltd (Registered number: 10206541) |
| Contents of the Financial Statements |
| for the year ended 30 June 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Chartered Accountants' Report | 5 |
| DRCT (PHPH) Ltd |
| Company Information |
| for the year ended 30 June 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| St George's Court |
| Winnington Avenue |
| Northwich |
| Cheshire |
| CW8 4EE |
| DRCT (PHPH) Ltd (Registered number: 10206541) |
| Balance Sheet |
| 30 June 2019 |
| 2019 | 2018 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors: amounts falling due after more than one year |
4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
| NET ASSETS/(LIABILITIES) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) |
| ( |
) |
| 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. |
| 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 behalf by: |
| DRCT (PHPH) Ltd (Registered number: 10206541) |
| Notes to the Financial Statements |
| for the year ended 30 June 2019 |
| 1. | STATUTORY INFORMATION |
| DRCT (PHPH) Ltd is a |
| 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 |
| 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 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. |
| Investments in joint ventures |
| Investments in joint venture entities are held at cost less accumulated impairment losses and are shown within "Amounts |
| owed by joint ventures" within debtors. Amounts owed by joint ventures are initially recognised at fair value and |
| subsequently at amortised cost using the effective interest rate method. |
| The company's share of the net profit or loss in the year of the joint venture partner is shown as "income/expense from |
| participating interests" in the income statement. |
| Share capital |
| Ordinary shares are classed as equity. |
| Short term debtors and creditors |
| Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from |
| impairment are recognised in the profit and loss account. |
| Cash and cash equivalents |
| Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown |
| within borrowings in current liabilities. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2018 - NIL). |
| 4. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Amounts owed by joint ventures |
| DRCT (PHPH) Ltd (Registered number: 10206541) |
| Notes to the Financial Statements - continued |
| for the year ended 30 June 2019 |
| 4. | DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
| Amounts owed by joint ventures relates to loans provided to PH Alderley Park LLP and PH Alderley Park (Alderley House) |
| LLP of which DRCT (PHPH) Ltd is a designated member. |
| The PH Alderley Park LLP loan is secured by way of fixed assets over land held by the partnership and attracted no interest |
| until 31 December 2018 and 7% thereafter. Interest of £447,394 was charged to PH Alderley Park LLP during the period. |
| The balance outstanding as at 30 June 2019 was £14,577,006 (2018: £12,583,017). An extension of the repayment date was |
| agreed between the two parties on 30 September 2019 and the loan is now due for repayment on 30 September 2023. |
| The PH Alderley Park (Alderley House) LLP loan is interest free and the balance outstanding as at 30 June 2019 was |
| £334,243. The loan is due for repayment in full on 5 June 2020. |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Tax |
| Accrued expenses |
| 6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Loan from director shareholder | 12,936,375 | 12,599,575 |
| The director and shareholder has provided an interest free loan facility to the company of up to £17,000,000 which is |
| repayable in full on 30 September 2023. |
| Chartered Accountants' Report to the Board of Directors |
| on the Unaudited Financial Statements of |
| DRCT (PHPH) Ltd |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited |
| financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. |
| Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are |
| not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial |
| statements of DRCT (PHPH) Ltd for the year ended 30 June 2019 which comprise the Income Statement, Balance Sheet, Statement |
| of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of DRCT (PHPH) Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of DRCT (PHPH) Ltd and state those matters that we have agreed to state to the Board of Directors of DRCT (PHPH) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than DRCT (PHPH) Ltd and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that DRCT (PHPH) Ltd 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 DRCT (PHPH) Ltd. You consider that DRCT (PHPH) Ltd is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of DRCT (PHPH) Ltd. 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. |
| Chartered Accountants |
| St George's Court |
| Winnington Avenue |
| Northwich |
| Cheshire |
| CW8 4EE |