Company registration number 12821518 (England and Wales)
PROVOST DEVELOPMENTS (ROSS ROAD) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
PAGES FOR FILING WITH REGISTRAR
PROVOST DEVELOPMENTS (ROSS ROAD) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
Notes to the financial statements
2 - 4
PROVOST DEVELOPMENTS (ROSS ROAD) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Current assets
Stocks
3,135,486
1,054,253
Debtors
3
27,635
59,876
Cash at bank and in hand
11,481
10,498
3,174,602
1,124,627
Creditors: amounts falling due within one year
4
(1,015,349)
(1,125,619)
Net current assets/(liabilities)
2,159,253
(992)
Creditors: amounts falling due after more than one year
5
(2,153,766)
Net assets/(liabilities)
5,487
(992)
Capital and reserves
Called up share capital
6
2
3
Profit and loss reserves
5,485
(995)
Total equity
5,487
(992)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year 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 year 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.
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:
Mr M P Hoyle
Director
Company Registration No. 12821518
PROVOST DEVELOPMENTS (ROSS ROAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Provost Developments (Ross Road) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 147 Whiteladies Road, Bristol, BS8 2QT.
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Reporting period
The previous set of financial statements were the first since incorporation and covered a period of less than 8 months and as a result are not entirely comparable.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for for property developments provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
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 balance sheet 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.
Debtors and creditors with no stated interest and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
PROVOST DEVELOPMENTS (ROSS ROAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
3
3
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
57,712
Other debtors
27,635
2,164
27,635
59,876
4
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
1,004,749
754,377
Other creditors
370,642
Accruals and deferred income
10,600
600
1,015,349
1,125,619
5
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
2,153,766
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
3
2
3
During the year the company repurchased and then cancelled 1 Ordinary share in order to facilitate the exit from the business of a director.
PROVOST DEVELOPMENTS (ROSS ROAD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
7
Parent company
The parent company is which owns 100% of the shares and voting rights. Provost Holdings Limited's registered office address is 147 Whiteladies Road, Bristol, BS8 2QT .