P H Gillingham Group Limited - Period Ending 2017-03-25

Registration number: 04378211

P H Gillingham Group Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 25 March 2017

(Registration number: 04378211)
Balance Sheet as at 25 March 2017

	Note	2017  £	(As restated) 2016  £
Fixed assets
Investment property	3	2,940,000	2,940,000
Current assets
Debtors	5	172,309	215,082
Cash at bank and in hand		23,278	113,467
		195,587	328,549
Creditors: Amounts falling due within one year	6	(143,582)	(96,260)
Net current assets		52,005	232,289
Total assets less current liabilities		2,992,005	3,172,289
Creditors: Amounts falling due after more than one year	6	(1,624,512)	(1,679,261)
Net assets		1,367,493	1,493,028
Capital and reserves
Called up share capital		22	22
Revaluation reserve		913,015	913,015
Profit and loss account		454,456	579,991
Total equity		1,367,493	1,493,028

For the financial year ending 25 March 2017 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 2017 and signed on its behalf by:
 

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

P J Noest

Director

Notes to the Financial Statements for the Year Ended 25 March 2017

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:
Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

The principal place of business is:
Bedwell House
London Road
Northleach
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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 customers for merchandise sold or 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.

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Notes to the Financial Statements for the Year Ended 25 March 2017

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.

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

Investment properties

	2017 £
At 26 March 2016 and at 25 March 2017	2,940,000

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

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Notes to the Financial Statements for the Year Ended 25 March 2017

4

Investments

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) 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
			2017	2016
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%

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

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

5

Debtors

	Note	2017  £	2016  £
Amounts owed by related parties	8	126,168	163,308
Other debtors		46,141	52,439
Prepayments		-	(665)
		172,309	215,082

6

Creditors

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	7	53,769	48,657
Trade creditors		17,121	2,789
Amounts due to related parties	8	101	100
Social security and other taxes		13,269	12,739
Other creditors		34,967	26,975
Accrued expenses		12,063	5,000
Corporation tax liability		12,292	-
		143,582	96,260
Due after one year
Loans and borrowings	7	1,624,512	1,679,261

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Notes to the Financial Statements for the Year Ended 25 March 2017

7

Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	53,769	48,657

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	1,624,512	1,679,261

The bank loan is secured.

8

Related party transactions

Summary of transactions with other related parties

At 25 March 2017, the company was owed £61,882 (2016: £71,293) by N A Swabey in the form of a director's loan account. During the year, interest of £3,089 was charged on this loan, and there are no fixed repayment terms.

At 25 March 2017, the company was owed £64,286 (2016: £92,015) by P J Noest in the form of a director's loan account. During the year, interest of £3,308 was charged on this loan, and there are no fixed repayment terms.

At 25 March 2017, the company owed £100 (2016: £100) to PH Gillingham (Investments) Limited. No interest is charged on this amount and there are no fixed repayment terms.

At 25 March 2017, the company owed £1 (2016: £1) to PH Gillingham Properties Limited. No interest is charged on this amount and there are no fixed repayment terms.

9

Transition to FRS 102

This is the first period that the company has presented its financial statements under Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The last financial statements under previous UK GAAP were for the period from 26 March 2015 to 25 March 2016 and the date of transition to FRS 102 was therefore 26 March 2015. The following transitional adjustments are as a result of adopting FRS 102 for the first time:

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