Company registration number 08476921 (England and Wales)
PG MANAGEMENT (STONEHOUSE) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PG MANAGEMENT (STONEHOUSE) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
PG MANAGEMENT (STONEHOUSE) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
266,005
243,147
Cash at bank and in hand
64,993
70,921
330,998
314,068
Creditors: amounts falling due within one year
4
(265,930)
(244,023)
Net current assets
65,068
70,045
Creditors: amounts falling due after more than one year
5
(16,757)
(23,908)
Net assets
48,311
46,137
Capital and reserves
Called up share capital
6
130
130
Profit and loss reserves
48,181
46,007
Total equity
48,311
46,137
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 2023 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 30 November 2023 and are signed on its behalf by:
Mrs J May
Director
Company Registration No. 08476921
PG MANAGEMENT (STONEHOUSE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
130
58,819
58,949
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
147,070
147,070
Dividends
-
(159,882)
(159,882)
Balance at 31 March 2022
130
46,007
46,137
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
147,102
147,102
Dividends
-
(144,928)
(144,928)
Balance at 31 March 2023
130
48,181
48,311
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.
PG MANAGEMENT (STONEHOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
PG Management (Stonehouse) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Stanley Mills, Stonehouse, Gloucester, United Kingdom, GL10 3HQ.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised as earned when and to the extent that, the company obtains the right to consideration for goods provided. Turnover represents amounts receivable for goods and services provided in the normal course of business, net of trade discounts, VAT and other sales-related taxes.
1.3
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 rate 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.
1.4
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 profit and loss account 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.
PG MANAGEMENT (STONEHOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
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 profit and loss account, 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.
1.5
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 fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
PG MANAGEMENT (STONEHOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
266,005
243,147
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
7,150
6,974
Trade creditors
30
Corporation tax
34,506
34,498
Other taxation and social security
7,190
7,543
Other creditors
217,054
195,008
265,930
244,023
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
16,757
23,908
The bank loan is repayable in monthly instalments from July 2021 and is repayable in full by June 2026. Interest is charged to the company at 0% per annum for the first 12 months and 2.5% per annum thereafter.
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
60
60
60
60
Ordinary B shares of £1 each
30
30
30
30
Ordinary C shares of £1 each
40
40
40
40
130
130
130
130
PG MANAGEMENT (STONEHOUSE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Directors' transactions
Dividends totalling £144,928 (2022 - £159,882) were paid in the year in respect of shares held by the company's directors.
Mrs J May, director, operates a current loan account with the company which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn directors' fees. The balance outstanding at the year end was £nil (2022: £37,142) due to the company from Mrs J May. This is included within other debtors due within one year.
Mr M Griffiths, director, operates a current loan account with the company which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn directors' fees. The balance outstanding at the year end was £3 (2022: £3) due by the company to Mr M Griffiths This is included within other creditors due within one year.
8
Related party transactions
Remuneration of key management personnel
2023
2022
£
£
Aggregate compensation
20,000
20,000
Transactions with related parties
During the year the company entered into the following transactions with related parties:
During the year the company received £144,000 (2022: £144,000) of management fees from Marlings Limited. At the year end the company owed £214,096 (2022: £193,965) to Marlings Limited, a company of which Mrs J May is a director. This amount is included within other creditors falling due within one year.
During the year the company received £60,000 (2022: £60,000) of property management fees from Peter Griffiths (Stanley Mills) Limited. At the year end the company was owed £266,005 (2022: £206,005) from Peter Griffiths (Stanley Mills) Limited, a company of which Mrs J May is a director. This amount is included within other debtors falling due within one year.
9
Ultimate controlling party
The ultimate controlling party is Mrs J May by virtue of her shareholding.