Caseware UK (AP4) 2022.0.179 2022.0.179 The principal activity of the company is that of managing the commercial property known as Plough Industrial Estate.truefalse22022-08-012trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01174035 2022-08-01 2023-07-31 01174035 2021-08-01 2022-07-31 01174035 2023-07-31 01174035 2022-07-31 01174035 2021-08-01 01174035 2 2022-08-01 2023-07-31 01174035 2 2021-08-01 2022-07-31 01174035 d:Director1 2022-08-01 2023-07-31 01174035 e:PlantMachinery 2022-08-01 2023-07-31 01174035 e:PlantMachinery 2023-07-31 01174035 e:PlantMachinery 2022-07-31 01174035 e:PlantMachinery e:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 01174035 e:ComputerEquipment 2022-08-01 2023-07-31 01174035 e:ComputerEquipment 2023-07-31 01174035 e:ComputerEquipment 2022-07-31 01174035 e:ComputerEquipment e:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 01174035 e:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 01174035 e:FreeholdInvestmentProperty 2023-07-31 01174035 e:FreeholdInvestmentProperty 2022-07-31 01174035 e:FreeholdInvestmentProperty 2 2022-08-01 2023-07-31 01174035 e:CurrentFinancialInstruments 2023-07-31 01174035 e:CurrentFinancialInstruments 2022-07-31 01174035 e:CurrentFinancialInstruments e:WithinOneYear 2023-07-31 01174035 e:CurrentFinancialInstruments e:WithinOneYear 2022-07-31 01174035 e:ShareCapital 2022-08-01 2023-07-31 01174035 e:ShareCapital 2023-07-31 01174035 e:ShareCapital 2021-08-01 2022-07-31 01174035 e:ShareCapital 2022-07-31 01174035 e:ShareCapital 2021-08-01 01174035 e:InvestmentPropertiesRevaluationReserve 2022-08-01 2023-07-31 01174035 e:InvestmentPropertiesRevaluationReserve 2023-07-31 01174035 e:InvestmentPropertiesRevaluationReserve 2 2022-08-01 2023-07-31 01174035 e:InvestmentPropertiesRevaluationReserve 2021-08-01 2022-07-31 01174035 e:InvestmentPropertiesRevaluationReserve 2022-07-31 01174035 e:InvestmentPropertiesRevaluationReserve 2021-08-01 01174035 e:InvestmentPropertiesRevaluationReserve 2 2021-08-01 2022-07-31 01174035 e:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 01174035 e:RetainedEarningsAccumulatedLosses 2023-07-31 01174035 e:RetainedEarningsAccumulatedLosses 2 2022-08-01 2023-07-31 01174035 e:RetainedEarningsAccumulatedLosses 2021-08-01 2022-07-31 01174035 e:RetainedEarningsAccumulatedLosses 2022-07-31 01174035 e:RetainedEarningsAccumulatedLosses 2021-08-01 01174035 e:RetainedEarningsAccumulatedLosses 2 2021-08-01 2022-07-31 01174035 d:FRS102 2022-08-01 2023-07-31 01174035 d:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 01174035 d:FullAccounts 2022-08-01 2023-07-31 01174035 d:CompanyLimitedByGuarantee 2022-08-01 2023-07-31 01174035 e:AcceleratedTaxDepreciationDeferredTax 2023-07-31 01174035 e:AcceleratedTaxDepreciationDeferredTax 2022-07-31 01174035 e:OtherDeferredTax 2023-07-31 01174035 e:OtherDeferredTax 2022-07-31 01174035 2 2022-08-01 2023-07-31 01174035 f:PoundSterling 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 01174035










Plough Holdings Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 July 2023

 
Plough Holdings Limited
 
  
Chartered Accountants' Report to the Director on the preparation of the Unaudited Statutory Financial Statements of Plough Holdings Limited for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Plough Holdings Limited for the year ended 31 July 2023 which comprise  the Balance Sheet, the Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Plough Holdings Limited in accordance with the terms of our engagement letter dated 1 September 2023Our work has been undertaken solely to prepare for your approval the financial statements of Plough Holdings Limited  and state those matters that we have agreed to state to the director of Plough Holdings Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Plough Holdings Limited and its director for our work or for this report. 

It is your duty to ensure that Plough Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Plough Holdings Limited. You consider that Plough Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Plough Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
21 December 2023
Page 1

 
Plough Holdings Limited
Registered number: 01174035

Balance Sheet
As at 31 July 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,021
1,328

Investment property
 5 
4,200,000
4,400,000

  
4,201,021
4,401,328

Current assets
  

Debtors: amounts falling due within one year
 6 
29,056
28,059

Cash at bank and in hand
  
101,467
105,867

  
130,523
133,926

Creditors: amounts falling due within one year
 7 
(279,308)
(309,532)

Net current liabilities
  
 
 
(148,785)
 
 
(175,606)

Total assets less current liabilities
  
4,052,236
4,225,722

Provisions for liabilities
  

Deferred tax
 8 
(468,724)
(518,801)

  
 
 
(468,724)
 
 
(518,801)

Net assets
  
3,583,512
3,706,921


Capital and reserves
  

Called up share capital 
  
1,500
1,500

Investment property reserve
 9 
2,526,356
2,676,356

Profit and loss account
 9 
1,055,656
1,029,065

  
3,583,512
3,706,921


Page 2

 
Plough Holdings Limited
Registered number: 01174035

Balance Sheet (continued)
As at 31 July 2023

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
A P Hughes
Director
Date: 21 December 2023

The notes on pages 5 to 10 form part of these financial statements.

Page 3

 
Plough Holdings Limited
 

Statement of Changes in Equity
For the Year Ended 31 July 2023


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 August 2021
1,500
2,751,356
1,046,656
3,799,512


Comprehensive income for the year

Profit for the year
-
-
118,444
118,444

Dividends: Equity capital
-
-
(211,035)
(211,035)

Transfer to non-distributable reserve
-
(75,000)
75,000
-


Total transactions with owners
-
(75,000)
(136,035)
(211,035)



At 1 August 2022
1,500
2,676,356
1,029,065
3,706,921


Comprehensive income for the year

Profit for the year
-
-
55,076
55,076

Dividends: Equity capital
-
-
(178,485)
(178,485)

Transfer to non-distributable reserve
-
(150,000)
150,000
-


Total transactions with owners
-
(150,000)
(28,485)
(178,485)


At 31 July 2023
1,500
2,526,356
1,055,656
3,583,512


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
Plough Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2023

1.


General information

Plough Holdings Limited is a private company, limited by share capital, and incorporated in England and Wales. The registered office address is Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The functional and presentational currency of the financial statements is £ sterling.
The figures in the financial statements have been rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration;
the costs incurred can be measured reliably.

Page 5

 
Plough Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2023

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
per annum
Computer equipment
-
25%
per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Investment property

Investment property is carried at fair value derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the profit or loss.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
Plough Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2023

2.Accounting policies (continued)

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.12

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 7

 
Plough Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2023

4.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 August 2022
910
1,489
2,399


Disposals
(224)
-
(224)



At 31 July 2023

686
1,489
2,175



Depreciation


At 1 August 2022
223
848
1,071


Charge for the year on owned assets
103
161
264


Disposals
(181)
-
(181)



At 31 July 2023

145
1,009
1,154



Net book value



At 31 July 2023
541
480
1,021



At 31 July 2022
687
641
1,328


5.


Investment property


Freehold investment property

£



Valuation


At 1 August 2022
4,400,000


Surplus on revaluation
(200,000)



At 31 July 2023
4,200,000

The 2023 valuations were made by APH Chartered Surveyors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
1,205,175
1,205,175

1,205,175
1,205,175

Page 8

 
Plough Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2023

6.


Debtors

2023
2022
£
£


Trade debtors
28,263
27,235

Prepayments and accrued income
793
824

29,056
28,059



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
75
-

Corporation tax
54,593
45,990

Other taxation and social security
16,967
14,656

Other creditors
154,996
197,859

Accruals and deferred income
52,677
51,027

279,308
309,532



8.


Deferred taxation




2023


£






At beginning of year
(518,801)


Charged to profit or loss
50,077



At end of year
(468,724)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(255)
(332)

Unrealised gain on investment property
(468,469)
(518,469)

(468,724)
(518,801)

Page 9

 
Plough Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2023

9.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve includes unrealised gains on revaluation of the investment property net of deferred taxation charges. This is a non-distributable reserve.

Profit and loss account

The profit and loss account includes accrued profits and losses that have arisen less any dividends declared. This is a distributable reserve.


Page 10