ACCOUNTS - Final Accounts

CARDALE PROJECT MANAGEMENT LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2021-05-312021-05-312021-05-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2020-06-01false22truefalse 08336301 2020-06-01 2021-05-31 08336301 2019-06-01 2020-05-31 08336301 2021-05-31 08336301 2020-05-31 08336301 c:CompanySecretary1 2020-06-01 2021-05-31 08336301 c:Director1 2020-06-01 2021-05-31 08336301 c:Director2 2020-06-01 2021-05-31 08336301 c:RegisteredOffice 2020-06-01 2021-05-31 08336301 d:CurrentFinancialInstruments 2021-05-31 08336301 d:CurrentFinancialInstruments 2020-05-31 08336301 d:CurrentFinancialInstruments d:WithinOneYear 2021-05-31 08336301 d:CurrentFinancialInstruments d:WithinOneYear 2020-05-31 08336301 d:UKTax 2020-06-01 2021-05-31 08336301 d:UKTax 2019-06-01 2020-05-31 08336301 d:ShareCapital 2021-05-31 08336301 d:ShareCapital 2020-05-31 08336301 d:RetainedEarningsAccumulatedLosses 2020-06-01 2021-05-31 08336301 d:RetainedEarningsAccumulatedLosses 2021-05-31 08336301 d:RetainedEarningsAccumulatedLosses 2019-06-01 2020-05-31 08336301 d:RetainedEarningsAccumulatedLosses 2020-05-31 08336301 d:RetainedEarningsAccumulatedLosses 2019-06-01 08336301 c:OrdinaryShareClass1 2020-06-01 2021-05-31 08336301 c:OrdinaryShareClass1 2021-05-31 08336301 c:FRS102 2020-06-01 2021-05-31 08336301 c:Audited 2020-06-01 2021-05-31 08336301 c:FullAccounts 2020-06-01 2021-05-31 08336301 c:PrivateLimitedCompanyLtd 2020-06-01 2021-05-31 08336301 1 2020-06-01 2021-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08336301

CARDALE PROJECT MANAGEMENT LIMITED

AUDITED

DIRECTORS' REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 MAY 2021

CARDALE PROJECT MANAGEMENT LIMITED

COMPANY INFORMATION

DIRECTORS	Mr R J Austin
	Mr A T S Parry


COMPANY SECRETARY	Mr A T S Parry


REGISTERED NUMBER	08336301


REGISTERED OFFICE	4 Greengate
	Cardale Park
	Harrogate
	North Yorkshire
	HG3 1GY


INDEPENDENT AUDITORS	Wellden Turnbull Limited
	Chartered Accountants & Statutory Auditors
	Albany House
	Claremont Lane
	Esher
	Surrey
	KT10 9FQ

CARDALE PROJECT MANAGEMENT LIMITED

CONTENTS

	Page
Directors' report	1 - 2
Independent auditors' report	3 - 6
Statement of income and retained earnings	7
Balance sheet	8
Notes to the financial statements	9 - 14

CARDALE PROJECT MANAGEMENT LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MAY 2021

The directors present their report and the financial statements for the year ended 31 May 2021.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRINCIPAL ACTIVITY

The company is a trading company which provides project management services to companies providing operational services under the Government's Private Finance Initiative (PFI).

RESULTS AND DIVIDENDS

The loss for the year, after taxation, amounted to £592 (2020 - loss £3,266).

No dividends (2020 - £40,000) were paid during the year and the directors have not recommended a final dividend to be paid (2020 - £nil).

DIRECTORS

The directors who served during the year were:

Mr R J Austin

Mr A T S Parry

POST BALANCE SHEET EVENTS

Subsequent to the year end date, global economies and financial markets have continued to be affected by the uncertainties arising from the COVID-19 virus pandemic. The Company provides project management services to several group companies, and has no external or group loan financing. The Directors have assessed the impact and risk of the current market conditions on the Company and do not believe these to be material in nature. Details of the Directors' going concern assessment are included in note 2.3.

Page 1

CARDALE PROJECT MANAGEMENT LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2021

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

Mr A T S Parry

Director

Date: 28 February 2022

Page 2

CARDALE PROJECT MANAGEMENT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARDALE PROJECT MANAGEMENT LIMITED

OPINION

We have audited the financial statements of Cardale Project Management Limited (the 'Company') for the year ended 31 May 2021, which comprise the statement of income and retained earnings, the balance sheet and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 May 2021 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 3

CARDALE PROJECT MANAGEMENT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARDALE PROJECT MANAGEMENT LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the directors' report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4

CARDALE PROJECT MANAGEMENT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARDALE PROJECT MANAGEMENT LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Enquiry of management and those charged with governance as to actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias;

∙Reviewing the tax provisions of the Company with the assistance of our independent tax specialists; and

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.

Page 5

CARDALE PROJECT MANAGEMENT LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CARDALE PROJECT MANAGEMENT LIMITED (CONTINUED)

USE OF OUR REPORT

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Nelligan FCA (senior statutory auditor)

for and on behalf of

Wellden Turnbull Limited

Chartered Accountants

Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ

Date: 28 February 2022

Page 6

CARDALE PROJECT MANAGEMENT LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 MAY 2021

	2021	2020
Note	£	£


Turnover		777,411	752,093
Administrative expenses		(778,003)	(755,359)
OPERATING LOSS		(592)	(3,266)
Tax on loss	5	-	-
LOSS AFTER TAX		(592)	(3,266)



Retained earnings at the beginning of the year	61,883	105,149
Loss for the year	(592)	(3,266)
Dividends declared and paid	-	(40,000)
RETAINED EARNINGS AT THE END OF THE YEAR	61,291	61,883

There were no recognised gains and losses for 2021 or 2020 other than those included in the statement of income and retained earnings.

Page 7

CARDALE PROJECT MANAGEMENT LIMITED

REGISTERED NUMBER: 08336301

BALANCE SHEET

AS AT 31 MAY 2021

		2021		2020
Note		£		£


CURRENT ASSETS
Debtors: amounts falling due within one year	7	127,501		185,943
Cash at bank and in hand	8	98,459		37,524
		225,960		223,467
Creditors: amounts falling due within one year	9	(163,669)		(160,584)
NET CURRENT ASSETS			62,291		62,883
TOTAL ASSETS LESS CURRENT LIABILITIES			62,291		62,883
NET ASSETS			62,291		62,883

CAPITAL AND RESERVES
Called up share capital	11	1,000	1,000
Profit and loss account	12	61,291	61,883
SHAREHOLDERS' FUNDS		62,291	62,883

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr A T S Parry

Director

Date: 28 February 2022

The notes on pages 9 to 14 form part of these financial statements.

Page 8

CARDALE PROJECT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

1.	GENERAL INFORMATION

Cardale Project Management Limited is a private company, limited by shares, incorporated in England and Wales, registered number 08336301. The registered office is 4 Greengate, Cardale Park, Harrogate, North Yorkshire, HG3 1GY.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The financial statements are presented in sterling, which is the functional currency of the Company and rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

COMPLIANCE WITH ACCOUNTING STANDARDS

The accounts have been prepared in accordance with the provisions of FRS 102. There were no material departures from the standard.

2.3

GOING CONCERN

In assessing the appropriateness of the going concern basis of preparation, the Directors have taken into account the key risks to the business, including the uncertainty surrounding COVID-19 and its potential impact on the Company’s financial position. In doing so, the Directors have considered the Company’s business model and its availability of cash resources and assessed the Company’s cash flow needs.
Forecasts support that the subsidiary will continue to generate sufficient cash flows from its operational services PFI companies over the terms of their PFI contracts to allow it to meet its liabilities, including those under the loan agreement with the Company. The Company also has the ongoing support of its parent GH Newco 2 Limited. Having undertaken this assessment the Directors consider it is appropriate to prepare the financial statements on a going concern basis.

Page 9

CARDALE PROJECT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

2.ACCOUNTING POLICIES (CONTINUED)

2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage and completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

DEBTORS

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 10

CARDALE PROJECT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

2.ACCOUNTING POLICIES (CONTINUED)

2.8

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

2.9

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

There are no judgements or estimates when applying the accounting policies that have a significant effect on the amounts recognised in the financial statements that are not readily apparent from other sources.

EMPLOYEES

The average monthly number of employees, including the directors, during the year was as follows:

	2021	2020
	No.	No.

Directors	2	2

No director received any emoluments in the current or prior year.

Page 11

CARDALE PROJECT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

5.	TAXATION

		2021	2020
		£	£


Current tax on profits for the year	-	-

	FACTORS AFFECTING TAX CHARGE FOR THE YEAR
	There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 19% (2020 - 19%).

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

An increase to the main UK Corporation tax rate from 19% to 25% was announced in the March 2021 budget. This was substantively enacted on 24 May 2021.

6.	DIVIDENDS
		2021	2020
		£	£

Total dividends paid

40,000

DEBTORS

					2021	2020
					£	£


Trade debtors	43,094	42,509
Amounts owed by group undertakings	44,500	104,500
Prepayments and accrued income	39,907	38,934
	127,501	185,943

Amounts owed by group undertakings are interest free and repayable on demand.

8.	CASH AND CASH EQUIVALENTS
		2021	2020
		£	£

	Cash at bank and in hand	98,459	37,524

Page 12

CARDALE PROJECT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

9.	CREDITORS: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	42,338	41,740
Other taxation and social security	3,780	2,134
Accruals and deferred income	117,551	116,710
	163,669	160,584

10.	BASIC FINANCIAL INSTRUMENTS
	Financial assets held that are debt instruments measured at amortised cost amounted to £87,594 (2020 - £147,009). Financial liabilities held that are debt instruments measured at amortised cost amounted to £42,338 (2020 - £41,740).

11.	SHARE CAPITAL
		2021	2020
		£	£

Allotted, called up and fully paid

1,000 Ordinary shares of £1.00 each	1,000	1,000

12.

RESERVES

Profit & loss account

The profit and loss account represents cumulative profits and losses net of all adjustments.

13.	RELATED PARTY TRANSACTIONS
	During the year fees of £771,411 (2020 - £752,093) were charged to companies which are related undertakings by virtue of common directors/shareholders and at the year end included within trade debtors was £43,094 (2020 - £42,509). The company has taken advantage of FRS102 section 33 paragraph 1A not to disclose transactions with wholly owned group members.

14.	POST BALANCE SHEET EVENTS

Subsequent to the year end global economies have continued to be affected by the negative financial impact of the spread of the COVID-19 virus pandemic.This is considered a non-adjusting event at the year end date and details of the Directors' assessment of this event on the Company is included in the going concern note 2.3.

Page 13

CARDALE PROJECT MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

15.	CONTROLLING PARTY

Grosvenor Project Development Limited, a company registered in England and Wales, is the immediate parent company. The Company's ultimate parent undertaking and controlling party is GH Newco 2 Limited, a company registered in England and Wales.

Page 14