Registration number:
Prestbury Investment Holdings Limited
for the Year Ended 28 February 2023
Prestbury Investment Holdings Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Prestbury Investment Holdings Limited
Company Information
Directors |
S L Gumm N M Leslau |
Company secretary |
S L Gumm |
Registered office |
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Prestbury Investment Holdings Limited
(Registration number: 03985560)
Balance Sheet as at 28 February 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Investment in subsidiaries and associate |
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Other investments |
50,149,372 |
- |
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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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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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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 |
115 |
116 |
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Capital redemption reserve |
34,367 |
34,366 |
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Profit and loss account |
50,622,275 |
60,824,050 |
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Shareholders' funds |
50,656,757 |
60,858,532 |
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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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. |
Prestbury Investment Holdings Limited
(Registration number: 03985560)
Balance Sheet as at 28 February 2023
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of comprehensive income and the directors' report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.
Approved and authorised by the
......................................... |
Prestbury Investment Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
General information |
The company is a private company limited by share capital, incorporated in England. The registered office address is shown on page 1.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except where otherwise disclosed in these accounting policies certain items are measured at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Exemption from preparing group accounts
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of the financial statements in compliance with FRS102 Section 1A Small Entities may require the use of certain critical estimates. It may also require the directors to exercise judgement in applying the accounting policies. |
In preparing these financial statements, the directors have had to make the following significant judgements: |
- Determination of whether there are indicators of impairment of the company's investments that are carried at cost. Factors taken into consideration in reaching such a decision include knowledge as to the economic viability and expected future financial performance of the investments, extent to which the distributions received from the investments are linked to a reduction in the scale of operations and balance sheet value of the relevant underlying business, local market conditions and risk associated with repatriation of cash from overseas entities. |
- Determination of whether there is objective evidence to support the reliable remeasurement of the company's other investments to fair value. Such evidence could include the market share price where shares are publicly traded, new external investment being made being made into the investee entity, an arm's length disposal of all or part of the investment close to the balance sheet date or the investee entity generating sustainable earnings to support a valuation based on a multiple of those earnings. |
There were no other significant judgements or areas of critical estimation uncertainty. |
Prestbury Investment Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
2 |
Accounting policies (continued) |
Summary of significant accounting policies
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 periods presented, unless otherwise stated.
Turnover
Turnover in the year consisted of fees receivable in the UK for management services at invoiced amounts excluding any value added tax. Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.
Foreign currency transactions and balances
Tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.
Current and deferred tax assets and liabilities are not discounted.
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 provided on tangible fixed assets so as to write off the cost of assets to their residual values on a straight line basis over their estimated useful lives, as follows:
Asset class |
Asset life |
Leasehold improvements |
5 years |
Fixtures, fittings and equipment |
10 years |
Computer hardware and software |
3 years |
Prestbury Investment Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
2 |
Accounting policies (continued) |
Investment in subsidiaries and associates
Investments in subsidiary undertakings are measured in the company's balance sheet at cost less any accumulated impairment.
An entity is treated as a subsidiary undertaking where the company has the power to govern the financial and operating policies of the investee entity so as to obtain benefits from its activities.
Investments in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investor's share of profit or loss, other comprehensive income and equity of the associate.
An entity is treated as an associate undertaking where the company has a participating interest and has the power to exercise significant influence over its operating and financial policy decisions.
Income from group undertakings, participating interests and other fixed asset investments
Income from investments in group undertakings, participating interests and other fixed asset investments is recognised when the amounts have been received or otherwise where there is certainty as to the receipt of the income receivable at the relevant balance sheet date.
Cash at bank and in hand
This comprises cash at bank.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Provisions
The company has recognised provisions in respect of its incentive arrangements for certain individuals. The provisions are measured as the best estimate of the expenditure required to settle the obligations at the reporting date and are not discounted for the time value of money.
Dividends
Equity dividends are recognised when they become legally payable: interim dividends when paid and final dividends when approved by the shareholders at an annual general meeting.
Pensions
Contributions to the company's defined contribution pension scheme are charged to profit or loss in the year. The assets of the scheme are held seperately from those of the company in an independently administered fund.
In addition, the pension costs also include the amount paid by the company until July 2022 into a director's personal pension plan.
Prestbury Investment Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
2 |
Accounting policies (continued) |
Financial instruments including other fixed asset investments
Investments in equity shares which are publicly traded are remeasured to their market value at each balance sheet date, with changes in fair value recognised in profit or loss.
Investments are classified as fixed asset investments in the circumstances where the company's intention was to hold them on a continuing basis.
Employee information |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Leasehold improvements |
Fixtures, fittings and equipment |
Computer hardware and software |
Total |
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Cost |
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At 1 March 2022 |
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Additions in the year |
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At 28 February 2023 |
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Depreciation |
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At 1 March 2022 |
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Charge for the year |
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At 28 February 2023 |
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Carrying amount |
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At 28 February 2023 |
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At 28 February 2022 |
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Prestbury Investment Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Investment in subsidiaries and associates |
2023 |
2022 |
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Investment in subsidiaries |
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Investment in associate |
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Subsidiaries |
£ |
Cost and net book value |
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At 1 March 2022 |
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Additions in the year |
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Impairment during the year |
( |
At 28 February 2023 |
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On 30 November 2022 PIHL Property LLP distributed its 100% holding in PIHL One Limited to its B capital holders, Prestbury SIR 1 Limited, Prestbury SIR 2 Limited and Prestbury SIR 3 Limited which then distributed the shares in PIHL One Limited to the company on 30 November 2022.
Associate |
£ |
Valuation |
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At 1 March 2022 |
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Impairment during the year |
( |
At 28 February 2023 |
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Prestbury Investment Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
5 |
Investment in subsidiaries and associates (continued) |
Details of undertakings
Name |
Nature of business |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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Dormant |
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Dormant |
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Dormant |
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In voluntary liquidation |
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Property letting and management |
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In voluntary liquidation |
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Dormant |
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Dormant |
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Real estate investment |
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The registered office of all the subsidiaries is the same as the company's registered office.
Associate
The company's associate is Burford Beta Holdings Limited with its registered office at Richmond House, Avonmouth Way, Avonmouth, Bristol, BS11 8DE. Its principal activities are property trading and development. The company holds a 14.45% interest, via a 43.0% holding in the ordinary A shares of Burford Beta Holdings Limited, one of three share classes in that company. The investment value reflects the directors' assessment of the recoverable amount.
Prestbury Investment Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Other investments |
Listed investments |
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Cost or valuation |
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Additions in the year |
51,921,435 |
Fair value adjustment in the year |
(1,772,063) |
At 28 February 2023 |
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The entire listed investments holding is in LXi REIT Plc, a UK Real Estate Investment Trust listed on the main market of the London Stock Exchange. These shares were distributed from PIHL Property LLP to its B capital holders, Prestbury SIR 1 Limited, Prestbury SIR 2 Limited and Prestbury SIR 3 Limited which then distributed these shares in LXi REIT Plc to the company on 30 November 2022.
Debtors |
2023 |
2022 |
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Amounts due from group undertakings |
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Prepayments and accrued income |
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Other debtors |
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Deferred tax asset |
- |
186,323 |
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Deferred tax asset of £nil (2022 - £186,323) are due after more than one year.
Prestbury Investment Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Creditors: amounts falling due within one year |
2023 |
2022 |
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Trade creditors |
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Amounts due to group undertakings |
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Taxation and social security |
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Corporation tax |
1,653,052 |
- |
Accruals |
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Other creditors |
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Corporation tax liability includes £1,653,052 liability of the company's subsidiaries, Prestbury SIR 1 Limited, Prestbury SIR 2 Limited, Prestbury SIR 3 Limited payable under a Group Payment Arrangement with HMRC.
Provisions for liabilities |
Deferred tax |
Amounts payable under incentive arrangements |
Total |
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At 1 March 2022 |
- |
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Increase in existing provisions |
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Payments under incentive arrangements |
- |
( |
( |
At 28 February 2023 |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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115 |
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116 |
On 9 January 2023, the company bought 635,372 of its own shares for £273,210.
After the balance sheet date, on 20 June 2023 the company bought a further 288,756 of its own shares for £95,867.
Prestbury Investment Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023
Related party transactions |
The company has taken advantage of exemption available in FRS 102 Section 1A not to disclose transactions with its wholly owned subsidiaries other than those disclosed elsewhere in the notes.
Parent undertaking and ultimate controlling party |
At 28 February 2023, the company's immediate parent undertaking was