Company registration number 10598225 (England and Wales)
P3P BRIGG LANE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
P3P BRIGG LANE LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 9
P3P BRIGG LANE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2022
31 March 2022
- 1 -
2022
2020
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
281,246
327,943
Investment properties
5
2,571,306
2,510,315
2,852,552
2,838,258
Current assets
Trade and other receivables
7
94,440
895,290
Cash and cash equivalents
2,149
757
96,589
896,047
Current liabilities
8
(3,008,724)
(2,373,368)
Net current liabilities
(2,912,135)
(1,477,321)
Total assets less current liabilities
(59,583)
1,360,937
Non-current liabilities
9
(39,220)
(1,770,221)
Net liabilities
(98,803)
(409,284)
Equity
Called up share capital
10
3
1
Retained earnings
(98,806)
(409,285)
Total equity
(98,803)
(409,284)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
P3P BRIGG LANE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 September 2022 and are signed on its behalf by:
A Bartho
Director
Company Registration No. 10598225
P3P BRIGG LANE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2022
- 3 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 January 2020
1
(344,034)
(344,033)
Year ended 31 December 2020:
Loss and total comprehensive income for the year
-
(65,251)
(65,251)
Balance at 31 December 2020
1
(409,285)
(409,284)
Period ended 31 March 2022:
Profit and total comprehensive income for the period
-
310,479
310,479
Issue of share capital
10
2
-
2
Balance at 31 March 2022
3
(98,806)
(98,803)
P3P BRIGG LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
- 4 -
1
Accounting policies
Company information
P3P Brigg Lane Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 5 Fleet Place, London, EC4M 7RD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the reporting date the company had net liabilities of £98,803 (31 December 2020: £409,284) due to losses in previous periods. The directors are of the opinion that the company's future trading results will continue to improve and result in a net asset statement of financial position. On this basis the directors consider it appropriate to prepare the financial statements on a going concern basis.true
1.3
Reporting period
The company has changed its accounting reference date from 31 December to 31 March. The period covered by these financial statements is the period 1 January 2021 to 31 March 2022, while the comparative figures cover the period 1 January 2020 to 31 December 2020 so are not entirely comparable. The decision to lengthen the accounting period was made to bring the company's year end in line with the rest of it's group.
1.4
Revenue
Revenue represents rent receivable, excludes Value Added Tax and arises solely in the United Kingdom.
1.5
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on a straight line basis at the following rate:
Plant and equipment
10%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the statement of income.
1.6
Investment properties
Investment property, which is property held to earn rentals and for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the income statement.
P3P BRIGG LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.7
Impairment of non-current assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, and loans from connected companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Other financial liabilities
Derivatives, including interest rate swaps, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in other gains and losses, unless hedge accounting is applied and the hedge is a cash flow hedge.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
P3P BRIGG LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 6 -
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
P3P BRIGG LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 7 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
31 March 2022
31 December 2020
Number
Number
Total
2
2
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 January 2021
402,878
Additions
3,959
At 31 March 2022
406,837
Depreciation and impairment
At 1 January 2021
74,935
Depreciation charged in the period
50,656
At 31 March 2022
125,591
Carrying amount
At 31 March 2022
281,246
At 31 December 2020
327,943
5
Investment property
2022
£
Fair value
At 1 January 2021
2,510,315
Additions
60,991
At 31 March 2022
2,571,306
The investment property has been valued by the directors with reference to their specific knowledge of the industry in which the property is used, and market evidence of transaction prices of similar properties.
P3P BRIGG LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 8 -
6
Financial instruments
31 March 2022
31 December 2020
£
£
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
530
23,143
The company uses an interest rate swap agreement to manage its interest rate risk. The valuation of this instrument is determined using widely accepted valuation techniques. The fair value of this instrument does not include an adjustment for credit risk.
Other financial liabilities above are included in current liabilities - other payables.
7
Trade and other receivables
31 March 2022
31 December 2020
£
£
Amounts falling due within one year:
Trade receivables
94,437
778,903
Other receivables
3
116,387
94,440
895,290
8
Current liabilities
31 March 2022
31 December 2020
£
£
Bank loan
1,600,560
63,464
Trade payables
436
6,752
Taxation and social security
31,038
143,420
Other payables
1,376,690
2,159,732
3,008,724
2,373,368
The bank loan is secured by way of fixed and floating charges over the assets of the company.
9
Non-current liabilities
31 March 2022
31 December 2020
£
£
Bank loan
1,616,426
Other payables
39,220
153,795
39,220
1,770,221
P3P BRIGG LANE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 9 -
10
Called up share capital
31 March 2022
31 December 2020
31 March 2022
31 December 2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each of £1 each
3
1
3
1
On 2 February 2022, the company issued 2 ordinary shares of £1 at par.
11
Related party transactions
The company has an agreement to lease land to P3P Energy Management Selby Limited, a company under common control.
During the year no rent was charged to P3P Energy Management Selby Limited (2020 - £nil).