Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-31false0false2022-08-010false 13683300 2022-08-01 2023-07-31 13683300 2021-10-15 2022-07-31 13683300 2023-07-31 13683300 2022-07-31 13683300 c:CompanySecretary1 2022-08-01 2023-07-31 13683300 c:Director1 2022-08-01 2023-07-31 13683300 c:Director2 2022-08-01 2023-07-31 13683300 c:Director3 2022-08-01 2023-07-31 13683300 c:RegisteredOffice 2022-08-01 2023-07-31 13683300 d:CurrentFinancialInstruments 2023-07-31 13683300 d:CurrentFinancialInstruments 2022-07-31 13683300 d:Non-currentFinancialInstruments 2023-07-31 13683300 d:Non-currentFinancialInstruments 2022-07-31 13683300 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 13683300 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 13683300 d:ShareCapital 2023-07-31 13683300 d:ShareCapital 2021-10-15 2022-07-31 13683300 d:ShareCapital 2022-07-31 13683300 d:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 13683300 d:RetainedEarningsAccumulatedLosses 2023-07-31 13683300 d:RetainedEarningsAccumulatedLosses 2022-07-31 13683300 d:OtherDeferredTax 2023-07-31 13683300 d:OtherDeferredTax 2022-07-31 13683300 c:OrdinaryShareClass1 2022-08-01 2023-07-31 13683300 c:OrdinaryShareClass1 2023-07-31 13683300 c:OrdinaryShareClass1 2022-07-31 13683300 c:EntityHasNeverTraded 2022-08-01 2023-07-31 13683300 c:FRS102 2022-08-01 2023-07-31 13683300 c:Audited 2022-08-01 2023-07-31 13683300 c:FullAccounts 2022-08-01 2023-07-31 13683300 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 13683300 6 2022-08-01 2023-07-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13683300










PRITCHATTS PARK INVESTMENT COMPANY LIMITED










DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

 
PRITCHATTS PARK INVESTMENT COMPANY LIMITED
 
 
COMPANY INFORMATION


Directors
S Bray 
D Z Edwards 
C M Gilbert 




Company secretary
D Z Edwards



Registered number
13683300



Registered office
Finance Office - Aston Webb Building
The University of Birmingham

Edgbaston

Birmingham

B15 2TT




Independent auditors
Ryecroft Glenton
Chartered Accountants & Statutory Auditors

32 Portland Terrace

Newcastle upon Tyne

Tyne & Wear

NE2 1QP





 
PRITCHATTS PARK INVESTMENT COMPANY LIMITED
 

CONTENTS



Page
Directors' Report
1 - 3
Independent Auditors' Report
4 - 7
Income Statement
8
Statement of Financial Position
9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 15


 
PRITCHATTS PARK INVESTMENT COMPANY LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JULY 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Principal activity

The principal activity of the Company is a holding Company of Pritchatts Park Village LLP, a student village in which the company has a 10% holding of.

Directors

The directors who served during the year were:

S Bray 
D Z Edwards 
C M Gilbert 

Going concern

The financial statements have been prepared on the going concern basis. The Company had net assets of £82,852 (2022: £1) as at 31 July 2023.
The directors consider the going concern status of the Company to be tied to that of Pritchatts Park Village LLP, the SPV in which the Company has a 10% holding. The future financial performance of the project has been closely modelled to 2074 and shows that the project, once fully operational, will be profitable and cash generative. Phase 1 of the refurbishment became operational in September 2022, phase 2 in September 2023 and construction of the remaining phase is expected to achieve practical completion by September 2024. There are significant cash reserves in the project to complete construction. The directors are satisfied that there are no issues with the going concern status of this Company and have prepared the financial statements on this basis. 
 
The directors are confident that the Company can continue to operate as normal for at least the next 12 months from the date of signing this report. Accordingly, the going concern basis has been adopted in preparing the financial statements.

Page 1

 
PRITCHATTS PARK INVESTMENT COMPANY LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Qualifying third party indemnity provisions

Throughout the year, the University of Birmingham has held on behalf of the Company a directors’ and officers’ liability insurance policy.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsRyecroft Glentonwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Page 2

 
PRITCHATTS PARK INVESTMENT COMPANY LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023

This report was approved by the board on 15 April 2024 and signed on its behalf.
 





S Bray
Director

Page 3

 
PRITCHATTS PARK INVESTMENT COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRITCHATTS PARK INVESTMENT COMPANY LIMITED
 

Opinion


We have audited the financial statements of Pritchatts Park Investment Company Limited (the 'Company') for the year ended 31 July 2023, which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 July 2023 and of its result for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
PRITCHATTS PARK INVESTMENT COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRITCHATTS PARK INVESTMENT COMPANY LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Page 5

 
PRITCHATTS PARK INVESTMENT COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRITCHATTS PARK INVESTMENT COMPANY LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which the audit was considered capable of detecting irregularities including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence,   capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with members and
          other  management, and from our commercial knowledge and experience of the infrastructure sector;
• we focused on specific laws and regulations which we considered may have a direct material effect on the  financial statements or the operations of the Company, including the Companies Act 2006, data protection
          and anti-bribery legislation;                                                                                                                                                                                                 • we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management and inspecting legal correspondence; and
• we ensured that the identified laws and regulations were communicated within the audit team regularly    and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
• making enquiries of management as to where they considered there was susceptibility to fraud and their    knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations.
 
Page 6

 
PRITCHATTS PARK INVESTMENT COMPANY LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRITCHATTS PARK INVESTMENT COMPANY LIMITED (CONTINUED)


To address the risk of fraud through management bias and override of controls, we: 
• performed analytical procedures to identify any unusual or unexpected relationships; and
• tested journal entries to identify unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation;
• enquiring of management as to actual and potential litigation and claims; and
• reviewing correspondence with HMRC, relevant regulators and the Company’s legal expenditure.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.





Deborah Graham (Senior Statutory Auditor)
  
for and on behalf of
Ryecroft Glenton
 
Chartered Accountants
Statutory Auditors
  
32 Portland Terrace
Newcastle upon Tyne
Tyne & Wear
NE2 1QP

15 April 2024
Page 7

 
PRITCHATTS PARK INVESTMENT COMPANY LIMITED
 
 
INCOME STATEMENT
FOR THE YEAR ENDED 31 JULY 2023

2023
2022
£
£

  

Tax credit on share of losses relating to the investment in Pritchatts Park Village LLP
  
82,851
-

Profit for the financial year
  
82,851
-

The notes on pages 11 to 15 form part of these financial statements.

Page 8

 
PRITCHATTS PARK INVESTMENT COMPANY LIMITED
REGISTERED NUMBER: 13683300

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 5 
1,441,166
1,441,166

  
1,441,166
1,441,166

Current assets
  

Debtors: amounts falling due after more than one year
 6 
82,851
-

Debtors: amounts falling due within one year
 6 
1
1

  
82,852
1

Creditors: amounts falling due within one year
 7 
(1,441,166)
(1,441,166)

Net current liabilities
  
 
 
(1,358,314)
 
 
(1,441,165)

Total assets less current liabilities
  
82,852
1

  

Net assets
  
82,852
1


Capital and reserves
  

Called up share capital 
 9 
1
1

Profit and loss account
  
82,851
-

  
82,852
1


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 were approved and authorised for issue by the board and were signed on its behalf on 15 April 2024.




S Bray
Director

The notes on pages 11 to 15 form part of these financial statements.

Page 9

 
PRITCHATTS PARK INVESTMENT COMPANY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

Shares issued during the period
1
-
1



At 1 August 2022
1
-
1


Comprehensive income for the year

Profit for the year
-
82,851
82,851


At 31 July 2023
1
82,851
82,852


The notes on pages 11 to 15 form part of these financial statements.

Page 10

 
PRITCHATTS PARK INVESTMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Pritchatts Park Investment Company Limited is a private company limited by shares and is registered and incorporated in England and Wales (registered number 13683300). The registered office is Finance Office - Aston Webb Building, The University of Birmingham, Edgbaston, Birmingham, B15 2TT.

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 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The Company had net assets of £82,852 (2022: £1) as at 31 July 2023.
The directors consider the going concern status of the Company to be tied to that of Pritchatts Park Village LLP, the SPV in which the Company has a 10% holding. The future financial performance of the project has been closely modelled to 2074 and shows that the project, once fully operational, will be profitable and cash generative. Phase 1 of the refurbishment became operational in September 2022, phase 2 in September 2023 and construction of the remaining phase is expected to achieve practical completion by September 2024. There are significant cash reserves in the project to complete construction. The directors are satisfied that there are no issues with the going concern status of this Company and have prepared the financial statements on this basis. 
 
The directors are confident that the Company can continue to operate as normal for at least the next 12 months from the date of signing this report. Accordingly, the going concern basis has been adopted in preparing the financial statements.

Page 11

 
PRITCHATTS PARK INVESTMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.3

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 reporting 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 reporting 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 reporting date.

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

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 12

 
PRITCHATTS PARK INVESTMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
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.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.


3.


Auditors' remuneration

Auditors' remuneration is paid for by the ultimate parent undertaking. 


4.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

The average monthly number of employees, including directors, during the year was 0 (2022 - 0).

Page 13

 
PRITCHATTS PARK INVESTMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 August 2022
1,441,166



At 31 July 2023
1,441,166




The investment represents a 10% investment in Pritchatts Park Village LLP. The partnership designs, builds, funds, manages and operates student accommodation on the University of Birmingham's Pritchatts Park site.


6.


Debtors

2023
2022
£
£

Due after more than one year

Deferred tax asset
82,851
-

82,851
-


2023
2022
£
£

Due within one year

Amounts owed by group undertakings
1
1

1
1



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
1,441,166
1,441,166

1,441,166
1,441,166


Amounts owed to group undertakings comprise a loan totalling £1,441,166 (2022: £1,441,166) from Pritchatts Park Holding Company Limited, the parent company. There is no interest payable on the loan and no formal repayment arrangement in place.

Page 14

 
PRITCHATTS PARK INVESTMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

8.


Deferred taxation




2023


£






Charged to profit or loss
82,851



At end of year
82,851

The deferred tax asset is made up as follows:

2023
2022
£
£


Share of Pritchatts Park Village LLP losses
82,851
-

82,851
-


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary share of £1.00
1
1



10.


Related party transactions

The Company is a wholly owned subsidiary of the University of Birmingham, and is included in the consolidated financial statements of the University which are publicly available. As such,  transactions with wholly owned group undertakings are not disclosed as the Company has taken advantage of the exemption available under FRS102.


11.


Controlling party

The Company's immediate parent undertaking is Pritchatts Park Holding Company Limited (company number 13683204). The Company's ultimate parent undertaking and controlling party is the University of Birmingham. Copies of the ultimate parent's consolidated financial statements are available from, the University of Birmingham, Edgbaston, Birmingham, B15 2TT.

Page 15