Company registration number 10829306 (England and Wales)
PFD INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
PFD INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
PFD INVESTMENTS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
1,775,103
1,775,103
Current assets
Debtors
4
4,904
6,987
Cash at bank and in hand
102,582
121,026
107,486
128,013
Creditors: amounts falling due within one year
5
(331,269)
(321,130)
Net current liabilities
(223,783)
(193,117)
Total assets less current liabilities
1,551,320
1,581,986
Creditors: amounts falling due after more than one year
6
(1,087,948)
(1,113,896)
Provisions for liabilities
(85,385)
(85,385)
Net assets
377,987
382,705
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
376,987
381,705
Total equity
377,987
382,705
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
PFD INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 26 January 2024
D Quastel
Director
Company Registration No. 10829306
PFD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
PFD Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Fourth Floor, Watson House, 54 Baker Street, London, England, W1U 7BU.
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
Turnover
Turnover represents gross rent receivable from the company's investment properties which is based on tenancy agreements.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash at bank and in hand
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.
1.5
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
PFD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Investment property
2023
£
Fair value
At 1 May 2022 and 30 April 2023
1,775,103
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 April 2023 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
PFD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
4,904
6,987
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,666
9,666
Trade creditors
3,111
210
Amounts owed to group undertakings
314,399
307,161
Other creditors
4,093
4,093
331,269
321,130
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,087,948
1,113,896
The bank loans are secured by a legal charge over the company's investment property.
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
750 Ordinary 'A' shares of £1 each
750
750
125 Ordinary 'B' shares of £1 each
125
125
125 Ordinary 'C' shares of £1 each
125
125
1,000
1,000
The Ordinary 'A', Ordinary 'B' and Ordinary 'C' shares rank pari passu in all respects except with the declaration of dividends, whereby a dividend in respect of one class of share shall not compel a dividend at the same rate to be declared in respect of any other class of share.
PFD INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 6 -
8
Related party transactions
Included within other creditors is an amount of £314,399 (2022: £307,161) due to Property Finance & Development Limited, the parent company. There are no specific terms as to interest or repayment in respect of this balance.
D A Quastel acts as a guarantor for the company's bank loan amounting to £1,063,837.