Company registration number 07715179 (England and Wales)
PTARMIGAN PLANNING LTD
FINANCIAL STATEMENTS
for the year ended
31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PTARMIGAN PLANNING LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PTARMIGAN PLANNING LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
9
9
Current assets
Debtors
5
9,011,339
11,018,477
Cash at bank and in hand
2,169,467
94,660
11,180,806
11,113,137
Creditors: amounts falling due within one year
6
(115,395)
(488,097)
Net current assets
11,065,411
10,625,040
Net assets
11,065,420
10,625,049
Capital and reserves
Called up share capital
7
127,778
127,778
Share premium account
8
12,640,906
12,640,906
Profit and loss reserves
(1,703,264)
(2,143,635)
Total equity
11,065,420
10,625,049
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 16 November 2023 and are signed on its behalf by:
H G S A Kirby
Director
Company Registration No. 07715179
PTARMIGAN PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Ptarmigan Planning Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Frederic Mews, Kinnerton Street, Knightsbridge, London, SW1X 8EQ.
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.
The company and its subsidiary undertakings comprise a small sized group and has therefore taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover consists of management fees and recharged expenses.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Cash and cash equivalents
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.
PTARMIGAN PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
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.
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.
1.7
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.
PTARMIGAN PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
9
9
4
Subsidiaries
Details of the company's subsidiaries at 31 March 2023 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Ptarmigan Halstead Ltd
England & Wales
Ordinary
100.00
Ptarmigan Harwell Ltd
England & Wales
Ordinary
100.00
Ptarmigan Hatfield Ltd
England & Wales
Ordinary
100.00
Ptarmigan Milford Ltd
England & Wales
Ordinary
100.00
Ptarmigan Romford Ltd
England & Wales
Ordinary
100.00
Ptarmigan Staplegrove Ltd
England & Wales
Ordinary
100.00
Ptarmigan Ware 2 Ltd
England & Wales
Ordinary
100.00
Ptarmigan Ware C Ltd
England & Wales
Ordinary
100.00
Ptarmigan Ware Ltd
England & Wales
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
PTARMIGAN PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
4
Subsidiaries
(Continued)
- 5 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Ptarmigan Halstead Ltd
1
Ptarmigan Harwell Ltd
1
Ptarmigan Hatfield Ltd
1
Ptarmigan Milford Ltd
1
Ptarmigan Romford Ltd
1
Ptarmigan Staplegrove Ltd
1
Ptarmigan Ware 2 Ltd
1
Ptarmigan Ware C Ltd
1
Ptarmigan Ware Ltd
1
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
37,100
Amounts owed by group undertakings
8,954,613
10,876,815
Other debtors
56,726
104,562
9,011,339
11,018,477
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
104,630
478,413
Taxation and social security
1,756
1,675
Other creditors
9,009
8,009
115,395
488,097
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
10,002,889
10,002,889
100,029
100,029
Ordinary part paid shares of 1p each
1,590,000
1,590,000
15,900
15,900
Ordinary part paid PLL shares of 1p each
1,184,900
1,184,900
11,849
11,849
12,777,789
12,777,789
127,778
127,778
PTARMIGAN PLANNING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
8
Share premium account
2023
2022
£
£
At the beginning of the year
12,640,906
11,838,122
Other movements
802,784
At the end of the year
12,640,906
12,640,906
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Philip Sykes BA FCA
Statutory Auditor:
Fisher Phillips LLP
10
Related party transactions
During the year the company paid fund management fees of £120,000 (2022 - £120,000) to Ptarmigan Group Services Limited, with a year end balance owing to this company of £1,800 (2022 - £1,800). Ptarmigan Group Services Limited is a company controlled by the directors.