PG Developments (South West) Limited - Period Ending 2016-12-31
PG Developments (South West) Limited - Period Ending 2016-12-31
Registration number:
for the Year Ended
PG Developments (South West) Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
PG Developments (South West) Limited
(Registration number: 03758032)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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|
|
|
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
|
Net assets |
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|
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Capital and reserves |
|||
Called up share capital |
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Revaluation reserve |
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|
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Profit and loss account |
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( |
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Total equity |
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Page 1 |
PG Developments (South West) Limited
(Registration number: 03758032)
Balance Sheet as at 31 December 2016
For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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
Mrs F Bradley
Director
Page 2 |
PG Developments (South West) Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
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 |
Long leasehold property |
Nil |
Investment properties |
Nil |
Fixtures, fittings and equipment |
25% reducing balance and 25% straight line |
Page 3 |
PG Developments (South West) Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Motor vehicles |
25% reducing balance |
Investment property
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.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
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.
Trade 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.
Page 4 |
PG Developments (South West) Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
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 inventories 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.
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.
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.
Page 5 |
PG Developments (South West) Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
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At 1 January 2016 |
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|
|
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Additions |
- |
- |
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At 31 December 2016 |
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Depreciation |
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At 1 January 2016 |
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|
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Charge for the year |
- |
- |
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At 31 December 2016 |
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Carrying amount |
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At 31 December 2016 |
|
- |
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At 31 December 2015 |
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- |
- |
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Included within the net book value of land and buildings above is £333,413 (2015 - £333,413) in respect of long leasehold land and buildings.
Revaluation
The fair value of the company's Land and buildings was revalued on
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £
Page 6 |
PG Developments (South West) Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Investment properties |
2016 |
|
At 1 January 2016 |
|
Disposals |
( |
At 31 December 2016 |
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There has been no valuation of investment property by an independent valuer.
Investments |
2016 |
2015 |
|
Investments in subsidiaries |
|
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Subsidiaries |
£ |
Cost or valuation |
|
At 1 January 2016 |
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Provision |
|
Carrying amount |
|
At 31 December 2016 |
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At 31 December 2015 |
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Stocks |
2016 |
2015 |
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Work in progress |
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Debtors |
Note |
2016 |
2015 |
|
Trade debtors |
|
|
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
|
|
Prepayments and accrued income |
111,011 |
106,433 |
|
|
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Page 7 |
PG Developments (South West) Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Details of non-current trade and other debtors
£Nil (2015 -£657,836) of Amounts owed by group undertakings is classified as non current.
Creditors |
Note |
2016 |
2015 |
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Due within one year |
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Bank loans and overdrafts |
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|
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Trade creditors |
|
|
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Taxation and social security |
|
|
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Other creditors |
|
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Accruals and deferred income |
6,849 |
11,201 |
|
|
|
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Due after one year |
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Loans and borrowings |
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|
2016 |
2015 |
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After more than five years by instalments |
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Loans and borrowings |
2016 |
2015 |
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Non-current loans and borrowings |
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Bank borrowings |
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Finance lease liabilities |
|
- |
Other borrowings |
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2016 |
2015 |
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Current loans and borrowings |
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Bank borrowings |
|
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Finance lease liabilities |
|
- |
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The loans and overdrafts are secured over the assets of the company.
Dividends |
Final dividends paid
Page 8 |
PG Developments (South West) Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
2016 |
2015 |
|
Current year dividends paid |
- |
|
Financial commitments, guarantees and contingencies |
The total amount of guarantees not included in the balance sheet is £1,190,528 (2015 - £1,035,851). The company has given unlimited, multilateral guarantees against the bank debts of fellow group companies PG Properties Ltd and PG Enterprises Ltd.
Related party transactions |
Summary of transactions with parent
The loans are unsecured, interest free and repayable on demand.
Summary of transactions with other related parties
Loans from related parties
2016 |
Parent |
Other related parties |
At start of period |
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Repaid |
( |
( |
At end of period |
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2015 |
Parent |
Other related parties |
At start of period |
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Advanced |
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At end of period |
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Page 9 |
PG Developments (South West) Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Parent and ultimate parent undertaking |
The ultimate controlling party is
Transition to FRS 102 |
Balance Sheet at 1 January 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
833,536 |
(500,000) |
- |
333,536 |
|
Investment property |
- |
500,000 |
- |
500,000 |
|
Investments |
2 |
- |
- |
2 |
|
833,538 |
- |
- |
833,538 |
||
Current assets |
|||||
Stocks |
9,153 |
- |
- |
9,153 |
|
Debtors |
693,351 |
- |
- |
693,351 |
|
Cash at bank and in hand |
2,432 |
- |
- |
2,432 |
|
704,936 |
- |
- |
704,936 |
||
Creditors: Amounts falling due within one year |
(562,709) |
- |
- |
(562,709) |
|
Net current assets |
142,227 |
- |
- |
142,227 |
|
Total assets less current liabilities |
975,765 |
- |
- |
975,765 |
|
Creditors: Amounts falling due after more than one year |
(904,623) |
- |
- |
(904,623) |
|
Provisions for liabilities |
- |
- |
(33,253) |
(33,253) |
|
Net assets/(liabilities) |
71,142 |
- |
(33,253) |
37,889 |
|
Capital and reserves |
|||||
Called up share capital |
(4) |
- |
- |
(4) |
|
Revaluation reserve |
(34,830) |
(140,188) |
33,253 |
(141,765) |
|
Profit and loss account |
(36,308) |
140,188 |
- |
103,880 |
|
Total equity |
(71,142) |
- |
33,253 |
(37,889) |
Page 10 |
PG Developments (South West) Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Balance Sheet at 31 December 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
708,413 |
(375,000) |
- |
333,413 |
|
Investment property |
- |
375,000 |
- |
375,000 |
|
Investments |
2 |
- |
- |
2 |
|
708,415 |
- |
- |
708,415 |
||
Current assets |
|||||
Stocks |
13,382 |
- |
- |
13,382 |
|
Debtors |
1,152,044 |
- |
- |
1,152,044 |
|
Cash at bank and in hand |
17,731 |
- |
- |
17,731 |
|
1,183,157 |
- |
- |
1,183,157 |
||
Creditors: Amounts falling due within one year |
(481,583) |
- |
- |
(481,583) |
|
Net current assets |
701,574 |
- |
- |
701,574 |
|
Total assets less current liabilities |
1,409,989 |
- |
- |
1,409,989 |
|
Creditors: Amounts falling due after more than one year |
(1,316,057) |
- |
- |
(1,316,057) |
|
Provisions for liabilities |
- |
- |
(33,253) |
(33,253) |
|
Net assets/(liabilities) |
93,932 |
- |
(33,253) |
60,679 |
|
Capital and reserves |
|||||
Called up share capital |
(4) |
- |
- |
(4) |
|
Revaluation reserve |
(90,997) |
(84,021) |
33,253 |
(141,765) |
|
Profit and loss account |
(2,931) |
84,021 |
- |
81,090 |
|
Total equity |
(93,932) |
- |
33,253 |
(60,679) |
Page 11 |
PG Developments (South West) Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Profit and Loss Account for the year ended 31 December 2015
Note |
As originally reported |
Remeasurement |
As restated |
|
Turnover |
740,851 |
- |
740,851 |
|
Cost of sales |
(57,650) |
- |
(57,650) |
|
Gross profit |
683,201 |
- |
683,201 |
|
Administrative expenses |
(285,324) |
- |
(285,324) |
|
Operating profit |
397,877 |
- |
397,877 |
|
Other interest receivable and similar income |
5,295 |
- |
5,295 |
|
Interest payable and similar expenses |
(20,382) |
- |
(20,382) |
|
(15,087) |
- |
(15,087) |
||
Profit before tax |
382,790 |
- |
382,790 |
|
Profit for the financial year |
382,790 |
- |
382,790 |
Page 12 |