Plummeridge Property Developments Limited - Period Ending 2021-02-28

Plummeridge Property Developments Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

Plummeridge Property Developments Limited

(Registration number: 12475592)
Statement of Financial Position
28 February 2021

	Note	2021 £
Fixed assets
Tangible assets	4	889
Investment property	5	235,854
		236,743
Current assets
Cash at bank and in hand		1,007
Creditors: Amounts falling due within one year	6	(89,867)
Net current liabilities		(88,860)
Total assets less current liabilities		147,883
Creditors: Amounts falling due after more than one year	6	(173,494)
Net liabilities		(25,611)
Capital and reserves
Called up share capital		2
Profit and loss account		(25,613)
Shareholders' deficit		(25,611)

For the financial period ending 28 February 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 period 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.

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.

Plummeridge Property Developments Limited

(Registration number: 12475592)
Statement of Financial Position
28 February 2021

Approved and authorised by the Board on 15 November 2021 and signed on its behalf by:
 

.........................................

E Sheward
Director

Plummeridge Property Developments Limited

Notes to the Unaudited Financial Statements
for the period from 21 February 2020 to 28 February 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:
Millfield House
Station Road
Angmering
West Sussex
BN16 4HY

These financial statements were authorised for issue by the Board on 15 November 2021.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 financial statements have been prepared on a going concern basis. The directors have considered relevant information, including the future cash flows and the impact of subsequent events in making their assessment. The COVID-19 pandemic and the ensuing economic shutdown has not impacted on the company's operations. Based on these assessments and having regard to the resources available, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in the financial statements.

Plummeridge Property Developments Limited

Notes to the Unaudited Financial Statements
for the period from 21 February 2020 to 28 February 2021

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Equipment	20% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

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.

Plummeridge Property Developments Limited

Notes to the Unaudited Financial Statements
for the period from 21 February 2020 to 28 February 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

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.

Financial instruments

Classification
The entity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
 
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

Plummeridge Property Developments Limited

Notes to the Unaudited Financial Statements
for the period from 21 February 2020 to 28 February 2021

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
Additions	984	984
At 28 February 2021	984	984
Depreciation
Charge for the period	95	95
At 28 February 2021	95	95
Carrying amount
At 28 February 2021	889	889

5	Investment properties

	2021 £
Additions	235,854
At 28 February	235,854

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The investment property has been measured at fair value which is the open market value of the property. When arising, the fair value adjustment is taken through the profit and loss account.

Plummeridge Property Developments Limited

Notes to the Unaudited Financial Statements
for the period from 21 February 2020 to 28 February 2021

6

Creditors

Creditors: amounts falling due within one year

	2021 £
Due within one year
Accruals and deferred income	768
Other creditors	89,099
	89,867

Creditors: amounts falling due after more than one year

	Note	2021 £
Due after one year
Loans and borrowings	7	173,494

7	Loans and borrowings

	2021 £
Non-current loans and borrowings
Bank borrowings	173,494