Company Registration No. 09746960 (England and Wales)
P.I.P (FLETTON QUAYS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
P.I.P (FLETTON QUAYS) LIMITED
Company information
Directors
Mr D W Taylor
Mr E S Rice
Mr A P Chapman
(Appointed 27 May 2022)
Mr T W R Hennessy
(Appointed 27 May 2022)
Company number
09746960
Registered office
4 Riversway Business Village
Unit 4 Navigation Way
Aston-On-Ribble
Preston
Lancashire
England
PR2 2YP
Auditor
DJH Mitten Clarke Audit Limited
Chester House
LLoyd Drive
Ellesmere Port
Cheshire
United Kingdom
CH65 9HQ
P.I.P (FLETTON QUAYS) LIMITED
Contents
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Income statement
6
Statement of financial position
7
Statement of changes in equity
8
Cash flow statement
9
Notes to the financial statements
10 - 19
P.I.P (FLETTON QUAYS) LIMITED
Directors' report
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities and operations

The principal activity of the company is that of the buying and selling of real estate.

 

The company has been set up as a special purpose vehicle to undertake a development project at a site referred to as Fletton Quays by the parent LLP, Peterborough Investment Partnership LLP. This is a 50:50 joint venture partnership between Peterborough Partnership Limited and Peterborough City Council.

 

The Group is effectively financed through loans made available by the designated members in the parent LLP, which can be for land or finance. Historically it has been the parent LLP that then provides financial support to the subsidiary to meet its direct costs and overheads. However the company now has its own funds and working capital.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr P Hiller
(Resigned 27 May 2022)
Mr W Fitzgerald
(Resigned 27 May 2022)
Mr D W Taylor
Mr E S Rice
Mr A P Chapman
(Appointed 27 May 2022)
Mr T W R Hennessy
(Appointed 27 May 2022)

All of the directors who are eligible offer themselves for re-election at the forthcoming Annual General Meeting.

Auditor

The auditor, DJH Mitten Clarke Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

P.I.P (FLETTON QUAYS) LIMITED
Directors' report (continued)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, International Accounting Standard 1 requires that directors:

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

Each director in office at the date of approval of this annual report confirms that:

 

 

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

 

 

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415a of the Companies Act 2006.

 

 

 

 

On behalf of the board
Mr D W Taylor
Mr T W R Hennessy
Director
Director
4 January 2024
2024-01-04
4 January 2024
P.I.P (FLETTON QUAYS) LIMITED
Independent auditor's report
TO THE MEMBERS OF P.I.P (FLETTON QUAYS) LIMITED
- 3 -
Opinion

We have audited the financial statements of P.I.P (Fletton Quays) Limited (the 'company') for the year ended 31 March 2023 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

P.I.P (FLETTON QUAYS) LIMITED
Independent auditor's report (continued)
TO THE MEMBERS OF P.I.P (FLETTON QUAYS) LIMITED
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

 

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Explanation as to what extent the audit was considered capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the company and management.

P.I.P (FLETTON QUAYS) LIMITED
Independent auditor's report (continued)
TO THE MEMBERS OF P.I.P (FLETTON QUAYS) LIMITED
- 5 -
Our approach was as follows:

We obtained an understanding of the legal and regulatory framework that is applicable to the company and determined that the most significant are frameworks which are directly relevant to the assertions in the financial statements including amounts and disclosures; those that relate to reporting framework IFRS; the Companies Act 2006 and UK taxation legislation.

 

We assessed how the company is complying with those frameworks by:

- making enquiries of management;

- reviewing minutes of meetings of those charged with governance; and

- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations together with the use of an appropriate software package to check the disclosures required by the relevant accounting standards and legislation.

 

We assessed the susceptibility of the company’s financial statements to material misstatement including how fraud might occur. The risk of fraud associated with management override of controls is always deemed high and we performed audit procedures to address this specific risk including testing journal entries and other adjustments for appropriateness; also assessing whether judgements and assumptions used in accounting estimates were indicative of potential bias.

A fuller description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Desirie Lea FCA FCCA (Senior Statutory Auditor)
For and on behalf of DJH Mitten Clarke Audit Limited
9 January 2024
Accountants
Statutory Auditor
Chester House
LLoyd Drive
Ellesmere Port
Cheshire
United Kingdom
CH65 9HQ
P.I.P (FLETTON QUAYS) LIMITED
Income statement
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
2023
2022
Notes
£
£
Revenue
3
-
28,266
Cost of sales
-
0
53,229
Gross profit
-
81,495
Administrative expenses
(27,253)
(45,877)
Operating (loss)/profit
4
(27,253)
35,618
Income tax expense
6
-
(6,767)
(Loss)/profit for the year
15
(27,253)
28,851

The income statement has been prepared on the basis that all operations are continuing operations.

P.I.P (FLETTON QUAYS) LIMITED
Statement of financial position
AS AT
31 MARCH 2023
31 March 2023
- 7 -
2023
2022
Notes
£
£
Current assets
Inventories
8
240,000
240,000
Trade and other receivables
9
1,869
6,188
Cash and cash equivalents
5,475
34,498
247,344
280,686
Total assets
247,344
280,686
Current liabilities
Trade and other payables
10
9,845
7,705
Current tax liabilities
-
0
6,767
Borrowings
11
12,606
14,068
22,451
28,540
Total liabilities
22,451
28,540
Equity
Called up share capital
13
1
1
Capital reserve
14
25,584
25,584
Retained earnings
15
199,308
226,561
Total equity
224,893
252,146
Total equity and liabilities
247,344
280,686
The financial statements were approved by the Board of directors and authorised for issue on 4 January 2024
Signed on its behalf by:
Mr D W Taylor
Mr T W R Hennessy
Director
Director
Company Registration No. 09746960
P.I.P (FLETTON QUAYS) LIMITED
Statement of changes in equity
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
Share capital
Capital reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 April 2021
1
25,584
582,710
608,295
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
-
28,851
28,851
Dividends
7
-
-
(385,000)
(385,000)
Transfer between reserves
14
-
-
-
0
-
0
Balance at 31 March 2022
1
25,584
226,561
252,146
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
(27,253)
(27,253)
Transfer between reserves
14
-
-
-
0
-
0
Balance at 31 March 2023
1
25,584
199,308
224,893
P.I.P (FLETTON QUAYS) LIMITED
Statement of cash flows
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
2023
2022
Notes
£
£
£
£
Cash absorbed by operations
18
(22,256)
(74,714)
Tax paid
(6,767)
(5,869)
Net cash outflow from operating activities
18
(29,023)
(80,583)
Net cash used in investing activities
-
-
Financing activities
Dividends paid to parent entity
-
0
(385,000)
Net cash used in financing activities
-
(385,000)
Net decrease in cash and cash equivalents
(29,023)
(465,583)
Cash and cash equivalents at beginning of year
34,498
500,081
Cash and cash equivalents at end of year
5,475
34,498
P.I.P (FLETTON QUAYS) LIMITED
Notes to the financial statements
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
1
Accounting policies
Company information

P.I.P (Fletton Quays) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Riversway Business Village, Unit 4 Navigation Way, Aston-On-Ribble, Preston, Lancashire, England, PR2 2YP. The company's principal activities and nature of its operations are disclosed in the directors' report.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements have been prepared on the historical cost basis, with the exception of financial instruments. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future in terms of selling the remaining development plot and then successfully winding up the company. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue represents the fair value of the consideration received or receivable in respect of land and/or property based transactions entered into in the normal course of business, net of discounts and VAT. This is recognised on legal completion.

1.4
Inventories

Inventories 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 inventories to their present location and condition.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.5
Cash and cash equivalents

Cash and cash equivalents 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.

1.6
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

P.I.P (FLETTON QUAYS) LIMITED
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 11 -
Loans and receivables

Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables' and are initially measured at fair value plus transaction costs. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. This carrying value equates to fair value or it is re-evaluated.

 

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets

Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.7
Financial liabilities

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities

Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. This carrying value equates to fair value or it is re-evaluated.

 

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.8
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.

P.I.P (FLETTON QUAYS) LIMITED
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 12 -
1.9
Fair value measurement

IFRS 13 establishes a single source of guidance for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. The resulting calculations under IFRS 13 affected the principles that the company uses to assess the fair value, but the assessment of fair value under IFRS 13 has not materially changed the fair values recognised or disclosed. IFRS 13 mainly impacts the disclosures of the company. It requires specific disclosures about fair value measurements and disclosures of fair values, some of which replace existing disclosure requirements in other standards.

1.10
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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 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.

P.I.P (FLETTON QUAYS) LIMITED
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
2
Critical accounting estimates and judgements

The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities. The estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable and constitute management’s best judgement at the date of the financial statements. In the future, actual experience could differ from those estimates.

 

The principal estimates and judgements that could have a significant effect upon the financial results are inter company balances and loan account positions between the parent LLP and the company. It is assumed that the balance will be repaid within twelve months of the balance sheet date and as such the fair value is equal to the face value.

 

The calculation of work in progress also relies on judgement as it requires a measure of its value at each balance sheet date.

3
Revenue

An analysis of the company's revenue is as follows:

2023
2022
£
£
Revenue analysed by class of business
Lock out agreement for negotiating sale of land
-
25,000
Recharged costs
-
3,266
-
28,266
4
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Fees payable to the company's auditor for the audit of the company's financial statements
3,625
1,900
Cost of inventories recognised as an expense
-
(53,229)
Write downs of inventories recognised as an expense
15,788
19,192
5
Employees

There were no staff costs for the year ended 31 March 2023 or 31 March 2022.

6
Corporation tax expense
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
6,767
P.I.P (FLETTON QUAYS) LIMITED
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
6
Corporation tax expense
(Continued)
- 14 -

The charge for the year can be reconciled to the (loss)/profit per the income statement as follows:

2023
2022
£
£
(Loss)/profit before taxation
(27,253)
35,618
Expected tax (credit)/charge based on a corporation tax rate of 19.00%
(5,178)
6,767
Unutilised tax losses carried forward
5,178
-
0
Taxation charge for the year
-
6,767
7
Dividends
2023
2022
2023
2022
per share
per share
£
£
Amounts recognised as distributions to equity holders:
Ordinary share
Interim dividend paid
-
385,000
-
385,000
8
Inventories
2023
2022
£
£
Work in progress
240,000
240,000
9
Trade and other receivables
2023
2022
£
£
VAT recoverable
1,269
6,188
Prepayments
600
-
0
1,869
6,188
1,869
6,188
P.I.P (FLETTON QUAYS) LIMITED
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
- 15 -
10
Trade and other payables
2023
2022
£
£
Trade payables
600
-
0
Accruals
9,245
7,705
9,845
7,705
11
Borrowings
2023
2022
£
£
Loans from parent undertaking
12,606
14,068
Analysis of borrowings

Borrowings are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:

2023
2022
£
£
Current liabilities
12,606
14,068

The above debts are secured by way of a fixed and floating charge over all assets and undertakings of the company.

P.I.P (FLETTON QUAYS) LIMITED
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
- 16 -
12
Financial instruments

Financial instruments include amounts due from/to the parent undertaking. Financial instruments can give rise to liquidity, credit and interest rate risk. Information about these risks and how they are managed is set out below.

2023
2022
Financial assets
£
£
Cash and cash equivalents
5,475
34,498
Cash and receivables
5,475
34,498
2023
2022
Financial liabilities
£
£
Amounts due to parent undertaking
12,606
14,068
Trade and other payables
9,845
7,705
Liabilities at amortised cost
22,451
21,773
Total net financial instruments
(16,976)
12,725
P.I.P (FLETTON QUAYS) LIMITED
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
12
Financial instruments
(Continued)
- 17 -

The directors consider that the carrying amounts of financial liabilities carried at amortised cost in the financial statements approximate to their fair values.

 

Liquidity risk

 

The ultimate responsibility for liquidity risk management lies with the board of directors, which has developed an appropriate liquidity management framework for the management of the company's liquidity risk. The company manages liquidity risk by maintaining inter-company borrowing facilities.

 

Liquidity risk arises from the company's ongoing financial obligations being amounts owed to group undertakings of £12,606, which is repayable within one year.

 

Credit risk

 

Credit risk arises when one party to a financial instrument causes loss for the other party by failing to discharge an obligation.

 

The credit risk on liquid funds is limited because a leading high street bank is used.

 

Interest rate risk

 

Interest rate risk arises from cash and cash equivalents and interest bearing investments and loans.

 

Interest is not earned on cash deposits of £5,475.

 

Loan notes included within amounts due from/to group undertakings are interest free and therefore the board does not consider interest rate risk to be relevant.

 

Capital Contribution

 

Amounts due to group undertakings, including loan notes and inter-company loans, have been recognised initially at fair value. The difference between the face value and the fair value of the loans on initial recognition has been recognised as a capital contribution in reserves.

13
Share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary share of £1 each
1
1

The company has one class of ordinary shares which have attached to them the full voting, dividend and capital distribution (including on winding up) rights; they do not confer any rights of redemption.

P.I.P (FLETTON QUAYS) LIMITED
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
- 18 -
14
Capital reserve
£
At 1 April 2021
25,584
At 31 March 2022
25,584
At 31 March 2023
25,584

The capital reserve represents the difference between face value and amortised cost at initial recognition of intercompany loans and intercompany loan notes.

15
Retained earnings
£
At 1 April 2021
582,710
Profit for the year ended 31 March 2022
28,851
Dividends
(385,000)
At 31 March 2022
226,561
Loss for the year
(27,253)
Dividends
-
0
Transfer from capital reserve
-
0
At 31 March 2023
199,308
P.I.P (FLETTON QUAYS) LIMITED
Notes to the financial statements (continued)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
16
Related party transactions

During the year the company entered into the following transactions with related parties:

 

During the year Peterborough Investment Partnership LLP paid costs on behalf of the company to the value of £nil (2022: £21,600) at face value. During the year P.I.P (Fletton Quays) Limited paid costs on behalf of the parent in the sum of £1,462 (2022: £7,532).

 

At the balance sheet date there was an amount owing to Peterborough Investment Partnership LLP in the sum of £12,606 (2022: £14,068). As the amount is expected to be repaid in full within twelve months, it is anticipated that the fair value of the loan is equal to its face value.

 

During the year Peterborough Investment Partnership LLP charged a management fee to the company in the sum of £nil (2022: £18,000). These amounts were paid via the inter-company loan balance.

 

17
Ultimate controlling party

Peterborough Investment Partnership LLP has the direct interest by virtue of its shareholding of 100%.

 

Peterborough Investment Partnership LLP has been set up as a 50:50 joint venture partnership between Peterborough Partnership Limited and Peterborough City Council.

18
Cash generated from operations
2023
2022
£
£
(Loss)/profit for the year after tax
(27,253)
28,851
Adjustments for:
Taxation charged
-
6,767
Movements in working capital:
Repayment of intercompany borrowings
(1,462)
(123,149)
Decrease in trade and other receivables
4,319
71,833
Increase/(decrease) in trade and other payables
2,140
(73,084)
Movement in finance costs included within inventories
-
-
New intercompany loans in period
-
14,068
Cash absorbed by operations
(22,256)
(74,714)
2023-03-312022-04-01falseCCH SoftwareCCH Accounts Production 2023.300Mr P HillerMr W FitzgeraldMr D W TaylorMr E S RiceMr A P ChapmanMr T W R Hennessy097469602022-04-012023-03-3109746960bus:Director32022-04-012023-03-3109746960bus:Director42022-04-012023-03-3109746960bus:Director52022-04-012023-03-3109746960bus:Director62022-04-012023-03-3109746960bus:Director12022-04-012023-03-3109746960bus:Director22022-04-012023-03-3109746960bus:RegisteredOffice2022-04-012023-03-31097469602023-03-3109746960core:ContinuingOperations2022-04-012023-03-31097469602021-04-012022-03-3109746960core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3109746960core:RetainedEarningsAccumulatedLosses2021-04-012022-03-31097469602022-03-31097469602022-03-31097469602021-03-3109746960core:CurrentFinancialInstruments2023-03-3109746960core:CurrentFinancialInstruments2022-03-3109746960core:ShareCapital2023-03-3109746960core:ShareCapital2022-03-3109746960core:CapitalRedemptionReserve2023-03-3109746960core:CapitalRedemptionReserve2022-03-3109746960core:RetainedEarningsAccumulatedLosses2023-03-3109746960core:RetainedEarningsAccumulatedLosses2022-03-3109746960core:ShareCapital2021-03-3109746960core:CapitalRedemptionReserve2021-03-3109746960core:RetainedEarningsAccumulatedLosses2021-03-3109746960core:CapitalRedemptionReserve2022-03-3109746960core:OtherMiscellaneousReserve2021-03-3109746960core:LoansReceivables2022-04-012023-03-3109746960core:UKTax2022-04-012023-03-3109746960core:UKTax2021-04-012022-03-3109746960bus:PrivateLimitedCompanyLtd2022-04-012023-03-3109746960bus:Audited2022-04-012023-03-3109746960bus:FullIFRS2022-04-012023-03-3109746960bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP