Registered number:
FOR THE YEAR ENDED 31 JULY 2023
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PRITCHATTS PARK INVESTMENT COMPANY LIMITED
COMPANY INFORMATION
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PRITCHATTS PARK INVESTMENT COMPANY LIMITED
CONTENTS
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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.
The directors who served during the year were:
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.
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PRITCHATTS PARK INVESTMENT COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
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 2006. They 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.
The auditors, Ryecroft Glenton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
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PRITCHATTS PARK INVESTMENT COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
This report was approved by the board on
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PRITCHATTS PARK INVESTMENT COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRITCHATTS PARK INVESTMENT COMPANY LIMITED
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 policies. The 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).
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.
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.
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PRITCHATTS PARK INVESTMENT COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRITCHATTS PARK INVESTMENT COMPANY LIMITED (CONTINUED)
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.
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.
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.
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PRITCHATTS PARK INVESTMENT COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRITCHATTS PARK INVESTMENT COMPANY LIMITED (CONTINUED)
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.
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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.
for and on behalf of
Chartered Accountants
Statutory Auditors
32 Portland Terrace
Tyne & Wear
NE2 1QP
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PRITCHATTS PARK INVESTMENT COMPANY LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 JULY 2023
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PRITCHATTS PARK INVESTMENT COMPANY LIMITED
REGISTERED NUMBER: 13683300
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 11 to 15 form part of these financial statements.
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PRITCHATTS PARK INVESTMENT COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
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PRITCHATTS PARK INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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
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:
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.
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PRITCHATTS PARK INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
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PRITCHATTS PARK INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
2.Accounting policies (continued)
Auditors' remuneration is paid for by the ultimate parent undertaking.
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PRITCHATTS PARK INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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PRITCHATTS PARK INVESTMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
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.
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