REGISTERED NUMBER: |
PGA PROPERTIES LIMITED |
Unaudited Financial Statements for the Year Ended 31 July 2023 |
REGISTERED NUMBER: |
PGA PROPERTIES LIMITED |
Unaudited Financial Statements for the Year Ended 31 July 2023 |
PGA PROPERTIES LIMITED (REGISTERED NUMBER: 05216499) |
Contents of the Financial Statements |
for the year ended 31 July 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 | to | 5 |
PGA PROPERTIES LIMITED |
Company Information |
for the year ended 31 July 2023 |
Director: |
Registered office: |
Registered number: |
Accountants: |
CUBO Birmingham |
Office 401, 4th Floor |
Birmingham |
West Midlands |
B3 3AX |
Bankers: |
81 High Street |
Stourbridge |
DY8 1EB |
PGA PROPERTIES LIMITED (REGISTERED NUMBER: 05216499) |
Statement of Financial Position |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current (liabilities)/assets | ( |
) |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital |
Share premium |
Fair value reserve | 7 |
Retained earnings |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
PGA PROPERTIES LIMITED (REGISTERED NUMBER: 05216499) |
Notes to the Financial Statements |
for the year ended 31 July 2023 |
1. | Statutory information |
PGA Properties Limited is a private company, limited by shares. registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. |
2. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
The company's directors believe that the financial statements of the company should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company's needs. The directors have considered a period of twelve months from the date of approval of the financial statements. They believe that no further disclosures relating to the ability of the company to continue as going concerns need to be made in the financial statements. |
Turnover |
The turnover shown in the profit and loss account represents amounts receivable for goods and services provided during the year. |
Fixed assets |
All fixed assets are initially recorded at cost. |
Depreciation |
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows: |
Freehold Property | - | 2% Straight Line |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
PGA PROPERTIES LIMITED (REGISTERED NUMBER: 05216499) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2023 |
2. | Accounting policies - continued |
Debtors and creditors receivable/payable within one year |
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. |
3. | Employees and directors |
The average number of employees during the year was NIL (2022 - |
4. | Investment property |
Total |
£ |
Fair value |
At 1 August 2022 |
Additions |
Revaluations | 1,017,296 |
At 31 July 2023 |
Net book value |
At 31 July 2023 |
At 31 July 2022 |
If investment property had not been revalued it would have been included at the following historical cost: |
Cost | 1,987,460 |
Accumulated depreciation | (43,530 | ) |
During the year property was acquired from Central Steel Pickling Limited and Anderson estates. |
Investment property was revalued on an open market basis on 30 March 2022 by Harris Lamb Limited and the valuations have been adopted for all properties as at 31 July 2023. The director considers the above figures reflect the fair value of the properties as at July 2023. |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Other debtors |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | Reserves |
Fair value |
reserve |
£ |
At 1 August 2022 |
Revaluation | 1,017,296 |
At 31 July 2023 |
PGA PROPERTIES LIMITED (REGISTERED NUMBER: 05216499) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2023 |
8. | Related party disclosures |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Mr P G Anderson operates a loan account with the company. At the end of the year the balance on the loan account was £723,400 (2022: £1,600 due to the company) due from the company and is included within other creditors. |
9. | Ultimate controlling party |
During the year C S P Holdings Limited, a company also incorporated and registered in England and Wales became the immediate and ultimate parent company. Previously the company was under the control of Mr P G Anderson. |