P H Gillingham Group Limited - Period Ending 2021-03-25

P H Gillingham Group Limited

(Registration number: 04378211)
Balance Sheet as at 25 March 2021

	Note	2021  £	2020  £
Fixed assets
Investment property	4	2,500,000	2,500,000
Investments	5	101	101
		2,500,101	2,500,101
Current assets
Debtors	6	9,128	50,945
Cash at bank and in hand		46,496	25,558
		55,624	76,503
Creditors: Amounts falling due within one year	7	(194,572)	(184,977)
Net current liabilities		(138,948)	(108,474)
Total assets less current liabilities		2,361,153	2,391,627
Creditors: Amounts falling due after more than one year	7	(1,517,447)	(1,567,546)
Net assets		843,706	824,081
Capital and reserves
Called up share capital		22	22
Revaluation reserve		473,015	473,015
Profit and loss account		370,669	351,044
Total equity		843,706	824,081

For the financial year ending 25 March 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.

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 20 December 2021 and signed on its behalf by:
 

 

P J Noest
Director

P H Gillingham Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 25 March 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:
Bedwell House
London Road
Northleach
Cheltenham
Gloucestershire
GL54 3LU

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. This statement is made subject to all of the potential implications of the current COVID-19 outbreak on the company’s trade, customers, suppliers and the wider economy, as these are difficult to evaluate.

Revenue recognition

Turnover comprises the fair value of the rents received or receivable in respect of the investment property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in the profit or loss account.

P H Gillingham Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 25 March 2021

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

Trade debtors

Trade debtors are amounts due from tenants for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

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.

P H Gillingham Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 25 March 2021

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

4

Investment properties

	2021 £
At 26 March 2020 and at 25 March 2021	2,500,000

On 25 March 2021 the investment property was valued by the directors on an open market basis.

There has been no valuation of investment property by an independent valuer during the year.

 

P H Gillingham Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 25 March 2021

5

Investments

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2021	2020
Subsidiary undertakings
PH Gillingham (Investments) Limited	Windsor House Bayshill Road Cheltenham	Ordinary	100%	100%
PH Gillingham Properties Limited	Windsor House Bayshill Road Cheltenham	Ordinary	100%	100%

Subsidiary undertakings

PH Gillingham (Investments) Limited The principal activity of PH Gillingham (Investments) Limited is a dormant company.

PH Gillingham Properties Limited The principal activity of PH Gillingham Properties Limited is a dormant company.

6

Debtors

	2021  £	2020  £
Other debtors	4,703	45,340
Prepayments	4,425	5,605
	9,128	50,945

P H Gillingham Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 25 March 2021

7

Creditors

	Note	2021  £	2020  £
Due within one year
Loans and borrowings	8	81,861	65,318
Trade creditors		4,794	918
Amounts due to related parties	9	50,842	29,973
Social security and other taxes		8,709	8,270
Other creditors		-	11,270
Accrued expenses		29,292	13,638
Corporation tax liability		10,270	23,034
Deferred income		8,804	32,556
		194,572	184,977

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	8	1,517,447	1,567,546

8

Loans and borrowings

	2021 £	2020 £
Current loans and borrowings
Bank borrowings	81,861	65,318

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	1,517,447	1,567,546

The bank loan is secured on the investment property.

9

Related party transactions

Summary of transactions with other related parties

At 25 March 2021, the company owed £50,741 to (2020: £29,873) to the directors in the form of directors' loan accounts. No interest was paid on these loans, and there are no fixed repayment terms.

At 25 March 2021, the company owed £100 (2020: £100) to PH Gillingham (Investments) Limited. No interest is charged on this amount and there are no fixed repayment terms.

At 25 March 2021, the company owed £1 (2020: £1) to PH Gillingham Properties Limited. No interest is charged on this amount and there are no fixed repayment terms.