P.G. Developments (South West) Limited - Period Ending 2021-12-31

P.G. Developments (South West) Limited - Period Ending 2021-12-31


P.G. Developments (South West) Limited 03758032 false 2021-01-01 2021-12-31 2021-12-31 The principal activity of the company is the rental of properties and the provision of management and administration services Digita Accounts Production Advanced 6.30.9574.0 true true false true 03758032 2021-01-01 2021-12-31 03758032 2021-12-31 03758032 core:RetainedEarningsAccumulatedLosses 2021-12-31 03758032 core:ShareCapital 2021-12-31 03758032 core:CurrentFinancialInstruments 2021-12-31 03758032 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 03758032 core:Non-currentFinancialInstruments 2021-12-31 03758032 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 03758032 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 03758032 core:FurnitureFittingsToolsEquipment 2021-12-31 03758032 core:MotorVehicles 2021-12-31 03758032 core:OtherRelatedParties 2021-12-31 03758032 core:ParentEntities 2021-12-31 03758032 1 2021-12-31 03758032 bus:SmallEntities 2021-01-01 2021-12-31 03758032 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 03758032 bus:FullAccounts 2021-01-01 2021-12-31 03758032 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 03758032 bus:RegisteredOffice 2021-01-01 2021-12-31 03758032 bus:Director4 2021-01-01 2021-12-31 03758032 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 03758032 core:ComputerSoftware 2021-01-01 2021-12-31 03758032 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-01-01 2021-12-31 03758032 core:FurnitureFittingsToolsEquipment 2021-01-01 2021-12-31 03758032 core:MotorVehicles 2021-01-01 2021-12-31 03758032 core:Vehicles 2021-01-01 2021-12-31 03758032 core:OtherRelatedParties 2021-01-01 2021-12-31 03758032 core:ParentEntities 2021-01-01 2021-12-31 03758032 1 2021-01-01 2021-12-31 03758032 1 2021-01-01 2021-12-31 03758032 countries:EnglandWales 2021-01-01 2021-12-31 03758032 2020-12-31 03758032 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-12-31 03758032 core:CostValuation 2020-12-31 03758032 core:FurnitureFittingsToolsEquipment 2020-12-31 03758032 core:MotorVehicles 2020-12-31 03758032 core:OtherRelatedParties 2020-12-31 03758032 core:ParentEntities 2020-12-31 03758032 2020-01-01 2020-12-31 03758032 2020-12-31 03758032 core:RetainedEarningsAccumulatedLosses 2020-12-31 03758032 core:ShareCapital 2020-12-31 03758032 core:CurrentFinancialInstruments 2020-12-31 03758032 core:CurrentFinancialInstruments core:WithinOneYear 2020-12-31 03758032 core:Non-currentFinancialInstruments 2020-12-31 03758032 core:Non-currentFinancialInstruments core:AfterOneYear 2020-12-31 03758032 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2020-12-31 03758032 core:FurnitureFittingsToolsEquipment 2020-12-31 03758032 core:MotorVehicles 2020-12-31 03758032 core:OtherRelatedParties 2020-12-31 03758032 core:ParentEntities 2020-12-31 03758032 1 2020-12-31 03758032 core:OtherRelatedParties 2020-01-01 2020-12-31 03758032 core:ParentEntities 2020-01-01 2020-12-31 03758032 core:OtherRelatedParties 2019-12-31 03758032 core:ParentEntities 2019-12-31 iso4217:GBP xbrli:pure

Registration number: 03758032

P.G. Developments (South West) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

P.G. Developments (South West) Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 12

 

P.G. Developments (South West) Limited

(Registration number: 03758032)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

5,177

6,800

Tangible assets

5

287,545

328,687

Investments

6

2

2

 

292,724

335,489

Current assets

 

Stocks

7

107,200

70,000

Debtors

8

1,627,237

1,220,578

Cash at bank and in hand

 

964

77,161

 

1,735,401

1,367,739

Creditors: Amounts falling due within one year

9

(1,155,265)

(891,458)

Net current assets

 

580,136

476,281

Total assets less current liabilities

 

872,860

811,770

Creditors: Amounts falling due after more than one year

9

(592,033)

(626,338)

Net assets

 

280,827

185,432

Capital and reserves

 

Called up share capital

4

4

Profit and loss account

280,823

185,428

Total equity

 

280,827

185,432

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

P.G. Developments (South West) Limited

(Registration number: 03758032)
Balance Sheet as at 31 December 2021

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 September 2022 and signed on its behalf by:
 

Mr S Gaiger
Director

   
     
 

P.G. Developments (South West) Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Number One Bristol Office 1
Lewins Mead
Bristol
Avon
BS1 2NJ
England

These financial statements were authorised for issue by the Board on 29 September 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The directors have prepared cash flow forecasts for the foreseeable future which are based upon their assessment of the amount and timing of future cash flows. The company relies upon the financial support from its fellow group companies to fund working capital and the forecasts show that the group will be able to continue to operate within agreed borrowing facilities for the foreseeable future. Therefore, the directors consider it appropriate to prepare the financial statements on the going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

P.G. Developments (South West) Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Government grants

Government grants have been recognised on an accruals basis and have been recognised in the same period in which the related expense has been incurred.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% reducing balance and 25% straight line

Motor vehicles

20% reducing balance and 20% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development costs

20% straight line

 

P.G. Developments (South West) Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

P.G. Developments (South West) Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 33 (2020 - 22).

 

P.G. Developments (South West) Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2021

8,500

8,500

Additions

85

85

At 31 December 2021

8,585

8,585

Amortisation

At 1 January 2021

1,700

1,700

Amortisation charge

1,708

1,708

At 31 December 2021

3,408

3,408

Carrying amount

At 31 December 2021

5,177

5,177

At 31 December 2020

6,800

6,800

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2021

469,637

15,536

485,173

Additions

24,455

-

24,455

At 31 December 2021

494,092

15,536

509,628

Depreciation

At 1 January 2021

142,460

14,026

156,486

Charge for the year

64,087

1,510

65,597

At 31 December 2021

206,547

15,536

222,083

Carrying amount

At 31 December 2021

287,545

-

287,545

At 31 December 2020

327,177

1,510

328,687

 

P.G. Developments (South West) Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

6

Investments

2021
£

2020
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

At 1 January 2021 and 31 December 2020

2

Carrying amount

At 31 December 2021

2

At 31 December 2020

2

7

Stocks

2021
£

2020
£

Work in progress

107,200

70,000

8

Debtors

Note

2021
£

2020
£

Trade debtors

 

10,636

11,702

Amounts owed by group undertakings and undertakings in which the company has a participating interest

12

1,077,800

745,088

Other debtors

 

429,523

437,017

Prepayments and accrued income

 

109,278

26,771

 

1,627,237

1,220,578

 

P.G. Developments (South West) Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

9

Creditors

Note

2021
£

2020
£

Due within one year

 

Bank loans and other finance liabilities

10

87,943

90,790

Trade creditors

 

85,559

75,171

Amounts owed to related parties

 

724,984

562,938

Taxation and social security

 

204,172

142,123

Other creditors

 

13,767

3,551

Accruals and deferred income

 

38,840

16,885

 

1,155,265

891,458

Creditors include bank loans and net obligations under finance leases which are secured of £179,974 (2020 - £217,128).

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

10

592,033

626,338

 

P.G. Developments (South West) Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

10

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Bank borrowings

9,761

-

HP and finance lease liabilities

78,182

90,790

87,943

90,790

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

40,239

-

Other borrowings

500,000

500,000

HP and finance lease liabilities

51,794

126,338

592,033

626,338

Bank borrowings

A bounce back loan is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 19 January 2026. The carrying amount at year end is £50,000 (2020 - £Nil).

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £Nil (2020 - £35,140). The company has given unlimited, multilateral guarantees against the bank debts of fellow group companies PG Properties Ltd and PG Enterprises Ltd.

 

P.G. Developments (South West) Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

12

Related party transactions

Summary of transactions with parent

PG Properties Ltd
 The parent has provided loans to the company.
 The loans are unsecured.
 

Loans to related parties

2021

Other related parties
£

At start of period

1,182,105

Advanced

322,869

At end of period

1,504,974

2020

Other related parties
£

At start of period

565,015

Advanced

617,090

At end of period

1,182,105

Loans from related parties

2021

Parent
£

Other related parties
£

At start of period

1,053,130

10,799

Advanced

881,448

51,120

Repaid

(771,513)

-

At end of period

1,163,065

61,919

2020

Parent
£

Other related parties
£

At start of period

878,162

-

Advanced

174,968

10,799

At end of period

1,053,130

10,799

Terms of loans from related parties

The company continued to receive a loan from its parent company throughout the year.
 The loans with other related parties are unsecured, interest free and repayable on demand.

 

P.G. Developments (South West) Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Summary of transactions with other related parties

Perran Properties Ltd, PG Enterprises Ltd, PG Lewins Ltd, Assisi Cafe Ltd, PG Lettings Ltd, GGB Projects Ltd, PG Construction Management Holdings Ltd, Dillon Developments Ltd, PG Carriageworks LLP, Promenade House Management Company Ltd, PG Group Ltd and The Grant Bradley Charitable Trust
 Intercompany loans have been provided between the related parties.
 

13

Parent and ultimate parent undertaking

The company's immediate parent is PG Properties Limited, incorporated in England and Wales.