Company No:
Contents
Note | 2023 | 2022 | ||
£ | £ | |||
Fixed assets | ||||
Investment property | 3 |
|
|
|
3,550,000 | 1,742,125 | |||
Current assets | ||||
Debtors | 4 |
|
|
|
Cash at bank and in hand |
|
|
||
12,664 | 16,171 | |||
Creditors: amounts falling due within one year | 5 | (
|
(
|
|
Net current liabilities | (780,450) | (1,003,476) | ||
Total assets less current liabilities | 2,769,550 | 738,649 | ||
Creditors: amounts falling due after more than one year | 6 | (
|
(
|
|
Provision for liabilities | (
|
(
|
||
Net assets |
|
|
||
Capital and reserves | ||||
Called-up share capital |
|
|
||
Fair value reserve |
|
|
||
Profit and loss account | (
|
(
|
||
Total shareholder's funds |
|
|
Directors' responsibilities:
The financial statements of PD & CL Estates Ltd (registered number:
P D Dance
Director |
S A Dance
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
PD & CL Estates Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 3, Belvedere Court, 10 Beaufighter Road, Weston-Super-Mare, BS24 8EE, England, United Kingdom.
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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company recognises revenue when:
the amount of rent can be reliably measured;
It is confirmed that the rent is due to the entity.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
The fair value is determined annually by the directors, on an open market value for existing use basis.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2023 | 2022 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
|
|
Investment property | |
£ | |
Valuation | |
As at 01 August 2022 |
|
Additions | 755,349 |
Fair value movement | 1,052,526 |
As at 31 July 2023 |
|
Valuation
The fair value of the investment properties is assessed annually and the carrying value adjusted as required. The directors, who are internal to the company, have assessed the fair value of the properties on an open market value basis, based on available market data. In the current year, as a result of the directors' assessment, the carrying value was uplifted by £1,052,526 to reflect the fair value of the properties as at 31 July 2023. In the prior period, the carrying value was uplifted by £199,616 to reflect the value of the properties as at 31 July 2022.
2023 | 2022 | ||
£ | £ | ||
Other debtors |
|
|
2023 | 2022 | ||
£ | £ | ||
Trade creditors |
|
|
|
Amounts owed to Group undertakings |
|
|
|
Other creditors |
|
|
|
|
|
2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
|
|
Amounts repayable after more than 5 years are included in creditors falling due over one year:
2023 | 2022 | ||
£ | £ | ||
Bank loans (secured) |
|
|
Other related party transactions
PD & CL Building Services Limited is a company under common control and ownership. At the year end the company owed £747,027 (2022 - £998,787) to PD & CL Building Services Limited.