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REGISTERED NUMBER: 02580568 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Premier Developments (South West)
Limited

Premier Developments (South West)
Limited (Registered number: 02580568)

Contents of the Financial Statements
for the Year Ended 31 October 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

Premier Developments (South West)
Limited

Company Information
for the Year Ended 31 October 2023







DIRECTOR: M Gould





REGISTERED OFFICE: 5 Barnfield Crescent
Exeter
Devon
EX1 1QT





REGISTERED NUMBER: 02580568 (England and Wales)





ACCOUNTANTS: Kirk Hills Business Advisors
a trading name of RT Marke and
Co Chartered Accountants Ltd
5 Barnfield Crescent
Exeter
Devon
EX1 1QT

Premier Developments (South West)
Limited (Registered number: 02580568)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 419,540 400,441

CURRENT ASSETS
Stocks 1,794,301 1,794,301
Debtors 5 984,020 517,633
Investments 6 100,500 100,500
Cash at bank 100,306 85,050
2,979,127 2,497,484
CREDITORS
Amounts falling due within one year 7 412,054 452,328
NET CURRENT ASSETS 2,567,073 2,045,156
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,986,613

2,445,597

CREDITORS
Amounts falling due after more than one
year

8

(2,261,606

)

(1,879,796

)

PROVISIONS FOR LIABILITIES (77,738 ) (72,725 )
NET ASSETS 647,269 493,076

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Fair value reserve 10 226,886 213,849
Retained earnings 419,383 278,227
SHAREHOLDERS' FUNDS 647,269 493,076

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Premier Developments (South West)
Limited (Registered number: 02580568)

Balance Sheet - continued
31 October 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 July 2024 and were signed by:





M Gould - Director


Premier Developments (South West)
Limited (Registered number: 02580568)

Notes to the Financial Statements
for the Year Ended 31 October 2023


1. STATUTORY INFORMATION

Premier Developments (South West) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal place of business is 13 Lower North Street, Exeter, Devon, EX4 3ET.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net property sales and rental income, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 20% on cost and 15% on reducing balance

Expenditure is capitalised when it is expected to have a useful life of more than one year.

Stocks
Property stock is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all costs in bringing stocks to their present location and condition.

Financial instruments
(i) Financial assets
Basic financial assets, including trade and other debtors are initially recognised at the transaction price and therefore stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


Premier Developments (South West)
Limited (Registered number: 02580568)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Investment property
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Investment Freehold Plant and
Property Property machinery
£    £    £   
COST OR VALUATION
At 1 November 2022 350,000 48,385 1,938
Additions - - -
Revaluations 20,000 - -
At 31 October 2023 370,000 48,385 1,938
DEPRECIATION
At 1 November 2022 - 5,806 538
Charge for year - 968 210
At 31 October 2023 - 6,774 748
NET BOOK VALUE
At 31 October 2023 370,000 41,611 1,190
At 31 October 2022 350,000 42,579 1,400

Premier Developments (South West)
Limited (Registered number: 02580568)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST OR VALUATION
At 1 November 2022 16,948 903 418,174
Additions 637 1,166 1,803
Revaluations - - 20,000
At 31 October 2023 17,585 2,069 439,977
DEPRECIATION
At 1 November 2022 11,029 360 17,733
Charge for year 1,008 518 2,704
At 31 October 2023 12,037 878 20,437
NET BOOK VALUE
At 31 October 2023 5,548 1,191 419,540
At 31 October 2022 5,919 543 400,441

Cost or valuation at 31 October 2023 is represented by:

Investment Freehold Plant and
Property Property machinery
£    £    £   
Valuation in 2014 154,925 - -
Valuation in 2021 105,000 - -
Valuation in 2022 25,000 - -
Valuation in 2023 20,000 - -
Cost 65,075 48,385 1,938
370,000 48,385 1,938

Fixtures
and Computer
fittings equipment Totals
£    £    £   
Valuation in 2014 - - 154,925
Valuation in 2021 - - 105,000
Valuation in 2022 - - 25,000
Valuation in 2023 - - 20,000
Cost 17,585 2,069 135,052
17,585 2,069 439,977

Alder King, Chartered Surveyors, (FRICS) carried out a valuation of the company's investment property in October 2014. The valuation is based on an open market value.
The Director revalued the investment property in October 2021 and October 2022 and consider this to be consistent with the open market value.

Premier Developments (South West)
Limited (Registered number: 02580568)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 3,323 18,234
Amounts owed by group undertakings 570,751 481,790
Other debtors 409,946 17,609
984,020 517,633

6. CURRENT ASSET INVESTMENTS

Investments are a 50% shareholding in Capron Gould Limited. Cost of this investment is £100,500.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 121,561 119,816
Trade creditors 2,302 29,541
Taxation and social security 40,944 47,265
Other creditors 247,247 255,706
412,054 452,328

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans 2,261,606 1,879,796

9. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank loans 2,383,167 1,999,612

The Bank loan is secured against various properties.

10. RESERVES
Fair
value
reserve
£   
At 1 November 2022 213,849
Revaluation in year 13,037

At 31 October 2023 226,886

Premier Developments (South West)
Limited (Registered number: 02580568)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
M Gould
Balance outstanding at start of year - 12,206
Amounts repaid - (12,206 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

The amount outstanding at 31st October 2021 was repaid in July 2022

12. RELATED PARTY DISCLOSURES

During the year the company had the following transactions:

A total loan of £167,000 was received from another company controlled by the director and remains outstanding at the end of the year. This loan is repayable on demand. No interest has currently been charged.

A total loan of £400,000 was paid to another company jointly owned by the director and remains outstanding at the end of the year. This loan is repayable on demand. Interest has currently been charged at a rate of 10% over the period of the loan agreement.

The total amount owed from the holding company at the year end is £570,000 (2022 £481,790) and is repayable on demand. No interest has currently been charged


The total amount owed from another company controlled by the director at the year end is £750 and is repayable on demand. No interest has currently been charged

Total management charges of £34,539 (2022 £19,731) were paid to the company in which an investment is held in the year. The amount outstanding at the end of the year was £2,010 (2022 £2,010).

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Premier Developments (South West)
Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Premier Developments (South West) Limited for the year ended 31 October 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Premier Developments (South West) Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Premier Developments (South West) Limited and state those matters that we have agreed to state to the director of Premier Developments (South West) Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Premier Developments (South West) Limited and its director for our work or for this report.

It is your duty to ensure that Premier Developments (South West) 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 Premier Developments (South West) Limited. You consider that Premier Developments (South West) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Premier Developments (South West) 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.






Kirk Hills Business Advisors
a trading name of RT Marke and
Co Chartered Accountants Ltd
5 Barnfield Crescent
Exeter
Devon
EX1 1QT


Date: .............................................