Porth Beach Holdings Limited - Period Ending 2018-03-31
Porth Beach Holdings Limited - Period Ending 2018-03-31
Year Ended
Registration number:
Porth Beach Holdings Limited
Contents
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Balance Sheet |
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Notes to the Financial Statements |
Porth Beach Holdings Limited
Balance Sheet
31 March 2018
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Note |
31 March |
31 March |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Non distributable reserves |
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Profit and loss account |
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Total equity |
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Page 1 |
Porth Beach Holdings Limited
Balance Sheet
31 March 2018
For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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......................................... |
Company Registration Number: 06570409
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Page 2 |
Porth Beach Holdings Limited
Notes to the Financial Statements
Year Ended 31 March 2018
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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
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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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A 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.
Tangible assets
Tangible assets are stated in the balance sheet 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:
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Asset class |
Depreciation method and rate |
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Leasehold investment property |
are not depreciated |
Investment property
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Page 3 |
Porth Beach Holdings Limited
Notes to the Financial Statements
Year Ended 31 March 2018
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.
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Page 4 |
Porth Beach Holdings Limited
Notes to the Financial Statements
Year Ended 31 March 2018
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
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Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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Page 5 |
Porth Beach Holdings Limited
Notes to the Financial Statements
Year Ended 31 March 2018
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Tangible assets |
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Leasehold investment property |
Total |
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Cost or valuation |
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At 1 April 2017 |
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Revaluations |
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At 31 March 2018 |
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Depreciation |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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A declaration of trust has been made by One The Beach Porth Limited, Two The Beach Porth Limited, Three The Beach Porth Limited, Four The Beach Porth Limited, Five The Beach Porth Limited, Six The Beach Porth Limited, Seven The Beach Porth Limited, Eight The Beach Porth Limited, Nine The Beach Porth Limited and The Shop Beach Porth Limited to the company for a 995 year lease on each of the properties owned by the subsidiaries.
The investment property was revalued on 20 March 2017 by Richard Powell of Cunningham Lindsey. The basis of the valuation was open market basis.
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Investments |
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31 March |
31 March |
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Investments in subsidiaries |
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Page 6 |
Porth Beach Holdings Limited
Notes to the Financial Statements
Year Ended 31 March 2018
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 April 2017 |
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Revaluation |
( |
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At 31 March 2018 |
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Provision |
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Carrying amount |
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At 31 March 2018 |
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At 31 March 2017 |
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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:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2018 |
2017 |
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Subsidiary undertakings |
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Towngate House
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Ordinary |
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England and Wales |
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Towngate House
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Ordinary |
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England and Wales |
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Towngate House
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Ordinary |
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England and Wales |
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Towngate House
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Ordinary |
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England and Wales |
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Page 7 |
Porth Beach Holdings Limited
Notes to the Financial Statements
Year Ended 31 March 2018
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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Towngate House
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Ordinary |
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England and Wales |
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Towngate House
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Ordinary |
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England and Wales |
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Towngate House
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Ordinary |
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England and Wales |
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Towngate House
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Ordinary |
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England and Wales |
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Towngate House
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Ordinary |
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England and Wales |
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Towngate House
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Ordinary |
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England and Wales |
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Towngate House
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Ordinary |
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England and Wales |
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All the subsidiary undertakings were dissolved on 2 October 2018.
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Page 8 |
Porth Beach Holdings Limited
Notes to the Financial Statements
Year Ended 31 March 2018
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The principal activity of One The Beach Porth Limited is |
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The principal activity of Two The Beach Porth Limited is |
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The principal activity of Three The Beach Porth Limited is |
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The principal activity of Four The Beach Porth Limited is |
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The principal activity of Five The Beach Porth Limited is |
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The principal activity of Six The Beach Porth Limited is |
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The principal activity of Seven The Beach Porth Limited is |
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The principal activity of Eight The Beach Porth Limited is |
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The principal activity of Nine The Beach Porth Limited is |
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The principal activity of The Shop Beach Porth Limited is |
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The principal activity of The Beach Porth Management Limited is |
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Debtors |
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2018 |
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Other debtors |
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Page 9 |
Porth Beach Holdings Limited
Notes to the Financial Statements
Year Ended 31 March 2018
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Creditors |
Creditors: amounts falling due within one year
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Note |
2018 |
2017 |
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Due within one year |
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Loans and borrowings |
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Amounts due to group undertakings |
- |
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Corporation tax |
21,238 |
9,413 |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
31 March |
31 March |
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Due after one year |
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Loans and borrowings |
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31 March |
31 March |
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Due after more than five years |
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After more than five years by instalments |
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- |
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Page 10 |
Porth Beach Holdings Limited
Notes to the Financial Statements
Year Ended 31 March 2018
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Loans and borrowings |
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31 March |
31 March |
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Loans and borrowings due after one year |
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Bank borrowings |
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Other borrowings |
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31 March |
31 March |
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Current loans and borrowings |
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Bank borrowings |
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Bank borrowings
The purchase of the company's leasehold property was partially funded by a bank loan from Aldermore Bank PLC. This loan is secured by a first legal charge over the leasehold property known as The Beach, Alexandra Road, Newquay and a first legal charge over the leasehold properties known as Flats 1 to 9, The Beach, Alexandra Road, Newquay and the shop of the same address.
The loan is also secured by a second legal charge over the property known as Land, Droskyn Point, Perrenporth, Cornwall, a guarantee, limited to £500,000 plus interest and costs from the director of the company, I C Moore and a charge over the shares of The Beach Porth Management Company Limited.
Composite corporate guarantees exist for each of the subsidiary companies, namely, One The Beach Porth Limited, Two The Beach Porth Limited, Three The Beach Porth Limited, Four The Beach Porth Limited, Five The Beach Porth Limited, Six The Beach Porth Limited, Seven The Beach Porth Limited, Eight The Beach Porth Limited, Nine The Beach Porth Limited and The Shop Beach Porth Limited, each limited to £1,000,000 plus interest and costs.
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Share capital |
Allotted, called up and fully paid shares
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31 March |
31 March |
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No. |
£ |
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1,251,000 |
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1,000 |
During the year 1,250,000 £1 Ordinary shares were issued at par.
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Page 11 |