Petersham Land (Catford) Holdings Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 08413676 (England and Wales)

PETERSHAM LAND (CATFORD)

HOLDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

7

DIRECTOR:

Mr J C Davis

REGISTERED OFFICE:

24 Park Road South

Havant

Hampshire

PO9 1HB

REGISTERED NUMBER:

08413676 (England and Wales)

ACCOUNTANTS:

Rothman Pantall LLP

Chartered Accountants

24 Park Road South

Havant

Hampshire

PO9 1HB

FIXED ASSETS

Investments

4

4,136,224

4,492,188

CURRENT ASSETS

Debtors

5

2,778,069

2,325,945

Cash at bank

760,788

961,651

3,538,857

3,287,596

CREDITORS

Amounts falling due within one year

6

5,855,443

54,788

NET CURRENT (LIABILITIES)/ASSETS

(2,316,586

)

3,232,808

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,819,638

7,724,996

CREDITORS

Amounts falling due after more than one
year

7

-

5,800,000

NET ASSETS

1,819,638

1,924,996

CAPITAL AND RESERVES

Called up share capital

100

Share premium

2,040,108

Retained earnings

(220,570

)

(115,212

)

1,819,638

1,924,996

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of
Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to
financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 30 August 2018 and were signed by:

Mr J C Davis - Director

1.	STATUTORY INFORMATION

Petersham Land (Catford) Holdings Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is pound sterling (£) and is rounded to the nearest pound

(£).

Preparation of consolidated financial statements

The financial statements contain information about Petersham Land (Catford) Holdings Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The company is exempt

under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial

statements.

Significant judgements and estimates

The preparation of financial statements requires the use of estimates and assumptions that affect reported

amounts of assets and liabilities during the reporting period. THese estimates and assumptions are based on

management's best knowledge of the amount, event or actions. Actual results may differ from those amounts.

Key sources of estimation uncertainty

The company had other loans that were classified as financing arrangements in accordance with Section 11 of

FRS 102. In determining the present value of the future payments a discount rate of 5% had been applied. The

director considered this to be an appropriate market rate of interest. Due to a change in circumstances, this

interest has now been released.

Key judgements

Management do not consider there to be any significant judgements used in the preparation of the financial

statements.

Financial instruments

Financial instruments are recognised in line with Sections 11 and 12 of FRS 102.

Basic financial instruments, such as bank and cash, loans and amounts due to/from group undertakings are

initially recognised at transaction price, unless they constitute a financing arrangement, when the transaction is

measured at present value of future receipts/payments discounted at a market rate of interest. Such instruments

are subsequently carried at amortised cost using the effective interest rate method.

When circumstances change, previously charged interest is released.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company makes contributions to the director's SIPP. Contributions are charged to the profit and loss

account when paid.

Fixed asset investments

Fixed Asset Investments which are shares, are stated in the balance sheet at cost less any provision made for

impairment in value. Such investments are classified as current assets when regarded as available for sale.

The company makes loans to its subsidiary undertaking which are not repayable on demand and which are not

subject to a market rate of interest. The difference between the consideration paid and the present value of

future repayments discounted at a market rate of interest is classified as a Fixed Asset Investment as allowed by

FRS 102.

Income from shares in group undertakings

Income from shares in group undertakings comprises dividends receivable from subsidiaries

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	FIXED ASSET INVESTMENTS

2018

2017

£

Shares in group undertakings

4,136,224

Loans to group undertakings

-

355,964

4,136,224

4,492,188

Additional information is as follows:

Shares in

group

undertakings

£

COST

At 1 March 2017

and 28 February 2018

4,136,224

NET BOOK VALUE

At 28 February 2018

4,136,224

At 28 February 2017

4,136,224

Loans to

group

undertakings

£

At 1 March 2017

355,964

Impairment due to change of

loan terms

(355,964

)

At 28 February 2018

-

5.

DEBTORS

2018

2017

£

Amounts falling due within one year:

Amounts owed by group undertakings

2,776,773

558,557

Other debtors

1,296

16,842

2,778,069

575,399

Amounts falling due after more than one year:

Amounts owed by group undertakings

-

1,750,546

Aggregate amounts

2,778,069

2,325,945

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

Bank loans and overdrafts

5,800,000

-

Other creditors

55,443

54,788

5,855,443

54,788

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

Bank loans

-

5,800,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

Bank loans

5,800,000

The bank loan is secured against the property owned by the subsidiary Petersham Land (Catford) Limited.

9.	RELATED PARTY DISCLOSURES

Mr J C Davis

Director

Included within other creditors due within one year is an amount due to the director at the balance sheet date of

£28,713 (2017 - £28,713).

Pension contributions of £Nil (2017 - £70,000) have been paid to the director's personal pension scheme.

Petersham Land (Catford) Limited

Subsidiary Undertaking

The company made a long term interest free loan to Petersham Land (Catford) Limited. This loan was classified

as a financing arrangement in accordance with Section 11 of FRS 102 and was included within the financial

statements at the current estimate of the present value of the future payments upon first application of FRS 102,

discounted at a market rate of interest of 5%.

The difference between the consideration paid and the present value of future repayments discounted at a

market rate of interest was classified as a Fixed Asset Investment.

As the company is refinancing the loan, this has been reclassified in the year to a short term loan repayable in

one year, and the notional interest has been reversed against the profit and loss account and the Fixed Asset

Investment. The amount outstanding at the year end totalled £2,776,774 (2017: £2,309,103).

Notional interest of £Nil (2017: £112,240) has been charged during the year.

Dividends of £200,000 (2017: £450,000) have been received during the year from Petersham Land (Catford)

Limited.

10.	GOING CONCERN

At the year end, the company had net current liabilities of £2,316,586 (2017: net current assets £3,232,808).

This is primarily made up of a large bank loan of £5,800,000 (2017: > 1 year £5,800,000) which has been

classified this year as < 1 year due to refinancing in the current year.

These accounts have been prepared on the going concern basis as the company is being refinanced in the

current year. The director has confirmed that he is willing to support the company over the refinancing period.

On the basis of the above, the director considers the going concern basis to be deemed appropriate for the

preparation of these accounts.

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and

the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Petersham Land (Catford) Holdings Limited for the year ended 28 February 2018 which comprise

the Income Statement, Balance Sheet and the related notes from the company's accounting records and from

information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Petersham Land (Catford) Holdings Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Petersham Land (Catford) Holdings Limited and state those matters that we have agreed to state to the director of Petersham Land (Catford) Holdings Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Petersham Land (Catford) Holdings Limited and its director for our work or for this report.

It is your duty to ensure that Petersham Land (Catford) Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Petersham Land (Catford) Holdings Limited. You consider that Petersham Land (Catford) Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Petersham Land (Catford) Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Rothman Pantall LLP

Chartered Accountants

24 Park Road South

Havant

Hampshire

PO9 1HB

30 August 2018

Petersham Land (Catford) Holdings Ltd - Accounts to registrar (filleted) - small 18.2

Petersham Land (Catford) Holdings Ltd - Accounts to registrar (filleted) - small 18.2