PG Developments (South West) Limited - Period Ending 2015-12-31

Registration number: 03758032

PG Developments (South West) Limited

Unaudited abbreviated accounts

for the year ended 31 December 2015
 

PG Developments (South West) Limited
Contents

Abbreviated balance sheet 1 to 2

Notes to the abbreviated accounts 3 to 6

PG Developments (South West) Limited
(Registration number: 03758032)
Abbreviated balance sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Tangible fixed assets		2			708,413			833,536
Investments		2			2			2
					708,415			833,538
Current assets
Stock					13,382			9,153
Debtors		3			1,152,044			693,351
Cash at bank and in hand					17,731			2,432
					1,183,157			704,936
Creditors: amounts falling due within one year		4			(481,583)			(562,709)
Net current assets					701,574			142,227
Total assets less current liabilities					1,409,989			975,765
Creditors: amounts falling due after more than one year		4			(1,316,057)			(904,623)
Net assets					93,932			71,142
Capital and reserves
Called up share capital		5			4			4
Revaluation reserve					90,997			34,830
Profit and loss account					2,931			36,308
Shareholders' funds					93,932			71,142

The notes on pages 3 to 6 form an integral part of these abbreviated accounts.
Page 1

PG Developments (South West) Limited
(Registration number: 03758032)
Abbreviated balance sheet at 31 December 2015
......... continued

For the year ending 31 December 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the board on 29 September 2016 and signed on its behalf by:

 Mrs F Bradley
 Director

The notes on pages 3 to 6 form an integral part of these abbreviated accounts.
Page 2

PG Developments (South West) Limited
Notes to the abbreviated accounts for the year ended 31 December 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The directors have prepared cash flow forecasts for the foreseeable future. The forecasts are based upon the directors’ assessment of the amount and timing of future cash flows. The forecasts show that the company and its fellow group companies will be able 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.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation rate and method
Long leasehold property	Nil
Investment properties	Nil
Fixtures, fittings and equipment	25% reducing balance and 25% straight line
Motor vehicles	25% reducing balance

Investment properties

Page 3

PG Developments (South West) Limited
Notes to the abbreviated accounts for the year ended 31 December 2015
......... continued

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Work in progress

Work in progress is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Financial instruments

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 in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 4

PG Developments (South West) Limited
Notes to the abbreviated accounts for the year ended 31 December 2015
......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 January 2015		896,046			2			896,048
Disposals		(125,000)			-			(125,000)
At 31 December 2015		771,046			2			771,048
Depreciation
At 1 January 2015		62,510			-			62,510
Charge for the year		123			-			123
At 31 December 2015		62,633			-			62,633
Net book value
At 31 December 2015		708,413			2			708,415
At 31 December 2014		833,536			2			833,538

3

Debtors

Debtors includes £657,836 (2014 - £657,836) receivable after more than one year.

 

4

Creditors

Included in creditors are the following amounts due after more than five years:

		2015 £			2014 £
After more than five years by instalments		90,560			106,085

Page 5

PG Developments (South West) Limited
Notes to the abbreviated accounts for the year ended 31 December 2015
......... continued

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		372,438			494,223
Amounts falling due after more than one year		151,625			165,943
Total secured creditors		524,063			660,166

5	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £ 1 each		4			4			4			4

Page 6