Silverfin false false 31/07/2023 01/08/2022 31/07/2023 P D Dance 12/05/2017 S A Dance 12/05/2017 07 December 2023 The principal activity of the Company during the financial year was that of a property investment company. 10767662 2023-07-31 10767662 bus:Director1 2023-07-31 10767662 bus:Director2 2023-07-31 10767662 2022-07-31 10767662 core:CurrentFinancialInstruments 2023-07-31 10767662 core:CurrentFinancialInstruments 2022-07-31 10767662 core:Non-currentFinancialInstruments 2023-07-31 10767662 core:Non-currentFinancialInstruments 2022-07-31 10767662 core:ShareCapital 2023-07-31 10767662 core:ShareCapital 2022-07-31 10767662 core:FurtherSpecificReserve1ComponentTotalEquity 2023-07-31 10767662 core:FurtherSpecificReserve1ComponentTotalEquity 2022-07-31 10767662 core:RetainedEarningsAccumulatedLosses 2023-07-31 10767662 core:RetainedEarningsAccumulatedLosses 2022-07-31 10767662 core:MoreThanFiveYears 2023-07-31 10767662 core:MoreThanFiveYears 2022-07-31 10767662 2022-08-01 2023-07-31 10767662 bus:FilletedAccounts 2022-08-01 2023-07-31 10767662 bus:SmallEntities 2022-08-01 2023-07-31 10767662 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 10767662 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 10767662 bus:Director1 2022-08-01 2023-07-31 10767662 bus:Director2 2022-08-01 2023-07-31 10767662 2021-08-01 2022-07-31 10767662 core:CurrentFinancialInstruments 2022-08-01 2023-07-31 10767662 core:Non-currentFinancialInstruments 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Company No: 10767662 (England and Wales)

PD & CL ESTATES LTD

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

PD & CL ESTATES LTD

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

PD & CL ESTATES LTD

BALANCE SHEET

As at 31 July 2023
PD & CL ESTATES LTD

BALANCE SHEET (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 3,550,000 1,742,125
3,550,000 1,742,125
Current assets
Debtors 4 5,379 0
Cash at bank and in hand 7,285 16,171
12,664 16,171
Creditors: amounts falling due within one year 5 ( 793,114) ( 1,019,647)
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 ( 1,565,525) ( 565,525)
Provision for liabilities ( 313,035) ( 49,904)
Net assets 890,990 123,220
Capital and reserves
Called-up share capital 1,000 1,000
Fair value reserve 939,106 149,712
Profit and loss account ( 49,116 ) ( 27,492 )
Total shareholder's funds 890,990 123,220

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of PD & CL Estates Ltd (registered number: 10767662) were approved and authorised for issue by the Director on 07 December 2023. They were signed on its behalf by:

P D Dance
Director
S A Dance
Director
PD & CL ESTATES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
PD & CL ESTATES LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

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.

General information and basis of accounting

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 £.

Turnover

Turnover comprises the rental amounts due on the investment properties held in the period. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when:
the amount of rent can be reliably measured;
It is confirmed that the rent is due to the entity.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

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.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 August 2022 1,742,125
Additions 755,349
Fair value movement 1,052,526
As at 31 July 2023 3,550,000

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.

4. Debtors

2023 2022
£ £
Other debtors 5,379 0

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 28 0
Amounts owed to Group undertakings 747,027 998,787
Other creditors 46,059 20,860
793,114 1,019,647

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 1,565,525 565,525

The loans are secured against the investment properties.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured) 565,525 565,525

7. Related party transactions

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.