Company Registration No. 01521053 (England and Wales)
PORT RICHBOROUGH DEVELOPMENTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
PORT RICHBOROUGH DEVELOPMENTS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 8
PORT RICHBOROUGH DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Cash at bank and in hand
6,113
6,152
Net current assets
6,113
6,152
Provisions for liabilities
4
(579,000)
(337,000)
Net assets excluding pension surplus
(572,887)
(330,848)
Defined benefit pension surplus
5
2,316,000
1,347,000
Net assets
1,743,113
1,016,152
Equity
Called up share capital
6
6
6
Retained earnings
1,743,107
1,016,146
Total equity
1,743,113
1,016,152
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 20 November 2023 and are signed on its behalf by:
Mr M McGuirk
Mr J D C Hambling
Director
Director
Company Registration No. 01521053
PORT RICHBOROUGH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information
Port Richborough Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hardys Yard, London Road, Riverhead, Sevenoaks, Kent, TN13 2DN.
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 £1.
The financial statements have been prepared under the historical cost. The principal accounting policies adopted are set out below.
1.2
Going concern
On 24 December 2015, the company ceased trading. The directors have prepared the financial statements on a going concern basis as the company continues to administer its pension scheme.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.4
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.
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.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
PORT RICHBOROUGH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
All called up share capital is allotted and fully paid.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
1.7
Retirement benefits
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
PORT RICHBOROUGH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
2
Judgements and key sources of estimation uncertainty
Key sources of estimation uncertainty
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.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Defined benefit pension scheme
The defined benefit scheme has been valued on a roll forward method based on the latest full actuarial valuation as at 1 October 2021.
All assumptions and estimates are disclosed in note 5.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2022 - 2).
4
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Retirement benefit obligations
579,000
337,000
2023
Movements in the year:
£
Liability at 1 March 2022
337,000
Charge to other comprehensive income
242,000
Liability at 28 February 2023
579,000
The deferred tax liability set out above is related to the company's pension scheme, which is expected to mature over the period of the scheme as benefits are paid.
PORT RICHBOROUGH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
5
Retirement benefit schemes
Defined benefit schemes
The company operates a defined benefit scheme for qualifying employees. Under the scheme the employees are entitled to retirement benefits on attainment of a retirement age of 65. No other post retirement benefits are provided.
The most recent actuarial valuations of plan assets and the present value of the defined benefit obligation were carried out at 1 October 2021 by a professionally qualified actuary. The present value of the defined benefit obligation, the related current service cost and past service cost were measured using the projected unit credit method.
The roll forward method has been used, based on the most recent comprehensive actuarial valuation, for purposes of the accounts.
The employer contributions are borne by the parent company, Ramac Holdings (Trading) Limited. The agreed contribution rate for future years is 45.0% (2022: 45.0%).
2023
2022
Key assumptions
%
%
Discount rate
4.9
2.6
Expected rate of increase of pensions in payment
2.1
2.3
Expected rate of salary increases
2.6
3.2
Pension revaluation in deferment
2.6
3.2
Inflation assumption (RPI)
3.2
3.8
Mortality assumptions
2023
2022
Assumed life expectations on retirement at age 65:
Years
Years
Retiring today
- Males
22
21.9
- Females
23.9
23.8
Retiring in 20 years
- Males
23.6
23.6
- Females
25.6
25.6
The change in economic conditions since the year end and the related change in assumptions is likely to have a material impact on the actuarial liabilities and therefore the overall pension scheme surplus.
2023
2022
Amounts recognised in the income statement
£
£
Current service cost
(97,000)
(45,000)
Net interest on defined benefit liability/(asset)
(37,000)
(23,000)
Total costs/(income)
(134,000)
(68,000)
Contributions of £123,000 (2022 - £84,000) were borne by Ramac Holdings (Trading) Limited and are therefore not included in the income statement of this company.
PORT RICHBOROUGH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
5
Retirement benefit schemes
(Continued)
- 6 -
2023
2022
Amounts taken to other comprehensive income
£
£
Actual return on scheme assets
(72,000)
143,000
Less: calculated interest element
92,000
66,000
Return on scheme assets excluding interest income
20,000
209,000
Actuarial changes related to obligations
(855,000)
(266,000)
Total (income)/costs
(835,000)
(57,000)
The amounts included in the statement of financial position arising from the company's obligations in respect of defined benefit plans are as follows:
2023
2022
£
£
Present value of defined benefit obligations
1,582,000
2,496,000
Fair value of plan assets
(3,898,000)
(3,843,000)
Surplus in scheme
(2,316,000)
(1,347,000)
PORT RICHBOROUGH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
5
Retirement benefit schemes
(Continued)
- 7 -
2023
Movements in the present value of defined benefit obligations
£
Liabilities at 1 March 2022
2,496,000
Current service cost
26,000
Benefits paid
(60,000)
Contributions from scheme members
14,000
Actuarial gains and losses
(855,000)
Interest cost
55,000
Movement in fair value of insured annuities
(94,000)
At 28 February 2023
1,582,000
2023
Movements in the fair value of plan assets
£
Fair value of assets at 1 March 2022
3,843,000
Interest income
92,000
Return on plan assets (excluding amounts included in net interest)
(135,000)
Benefits paid
(60,000)
Contributions by the employer
123,000
Contributions by scheme members
14,000
Movement in fair value of insured annuities
(94,000)
Annual bonus
115,000
At 28 February 2023
3,898,000
The actual return on plan assets was £43,000 (2022: £252,000).
2023
2022
Fair value of plan assets at the reporting period end
£
£
Equity instruments
3,898,000
3,843,000
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
Deferred ordinary shares of £1 each
4
4
4
4
6
6
6
6
PORT RICHBOROUGH DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Christopher Reeves ACA FCCA.
The auditor was Carpenter Box.
Carpenter Box is a trading name of Carpenter Box Limited
8
Financial commitments, guarantees and contingent liabilities
The company has entered into a composite accounting agreement with Barclays Bank plc. The amount due under this agreement has been secured by way of a cross guarantee with the parent undertaking, Ramac Holdings (Trading) Limited, and its fellow subsidiary undertakings.
The total exposure under this agreement at the year end was £1,016,985 (2022 - £881,194).
9
Parent company
The ultimate parent company is Ramac Holdings (Trading) Limited by virtue of 100% shareholding in the company. The registered office and principal place of business is Hardys Yard, London Road, Riverhead, Sevenoaks, Kent, TN13 2DN.
The financial statements of the company are consolidated in the financial statements of Ramac Holdings (Trading) Limited. Copies of the consolidated financial statements are available from Companies House.
2023-02-282022-03-01false23 November 2023CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr M McGuirkMr J D C HamblingMr J D C Hamblingfalse015210532022-03-012023-02-28015210532023-02-28015210532022-02-2801521053core:ShareCapital2023-02-2801521053core:ShareCapital2022-02-2801521053core:RetainedEarningsAccumulatedLosses2023-02-2801521053core:RetainedEarningsAccumulatedLosses2022-02-2801521053core:ShareCapitalOrdinaryShares2023-02-2801521053core:ShareCapitalOrdinaryShares2022-02-2801521053bus:Director12022-03-012023-02-2801521053bus:CompanySecretaryDirector12022-03-012023-02-28015210532021-03-012022-02-2801521053bus:PrivateLimitedCompanyLtd2022-03-012023-02-2801521053bus:SmallCompaniesRegimeForAccounts2022-03-012023-02-2801521053bus:FRS1022022-03-012023-02-2801521053bus:Audited2022-03-012023-02-2801521053bus:Director22022-03-012023-02-2801521053bus:CompanySecretary12022-03-012023-02-2801521053bus:FullAccounts2022-03-012023-02-28xbrli:purexbrli:sharesiso4217:GBP