PG Glastonbury Limited 14222822 false 2022-07-08 2023-12-31 2023-12-31 The principal activity of the company is property development. Digita Accounts Production Advanced 6.30.9574.0 true true true 14222822 2022-07-08 2023-12-31 14222822 2023-12-31 14222822 bus:OrdinaryShareClass1 2023-12-31 14222822 bus:Consolidated 2023-12-31 14222822 core:RetainedEarningsAccumulatedLosses 2023-12-31 14222822 core:ShareCapital 2023-12-31 14222822 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 14222822 core:CurrentFinancialInstruments 2023-12-31 14222822 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 14222822 core:Non-currentFinancialInstruments 2023-12-31 14222822 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 14222822 core:OtherPropertyPlantEquipment 2023-12-31 14222822 bus:SmallEntities 2022-07-08 2023-12-31 14222822 bus:Audited 2022-07-08 2023-12-31 14222822 bus:FullAccounts 2022-07-08 2023-12-31 14222822 bus:SmallCompaniesRegimeForAccounts 2022-07-08 2023-12-31 14222822 bus:RegisteredOffice 2022-07-08 2023-12-31 14222822 bus:Director1 2022-07-08 2023-12-31 14222822 bus:OrdinaryShareClass1 2022-07-08 2023-12-31 14222822 bus:PrivateLimitedCompanyLtd 2022-07-08 2023-12-31 14222822 core:OtherPropertyPlantEquipment 2022-07-08 2023-12-31 14222822 core:PlantMachinery 2022-07-08 2023-12-31 14222822 1 2022-07-08 2023-12-31 14222822 countries:EnglandWales 2022-07-08 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

PG Glastonbury Limited

Annual Report and Financial Statements
Period from 8 July 2022 to 31 December 2023

Registration number: 14222822

 

PG Glastonbury Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

PG Glastonbury Limited

Balance Sheet

31 December 2023

Note

2023
£

Fixed assets

 

Tangible assets

6

6,458

Current assets

 

Stocks

7

3,000,000

Debtors

8

109,795

Cash at bank and in hand

 

1,332

 

3,111,127

Creditors: Amounts falling due within one year

9

(80,646)

Net current assets

 

3,030,481

Total assets less current liabilities

 

3,036,939

Creditors: Amounts falling due after more than one year

9

(4,577,140)

Net liabilities

 

(1,540,201)

Capital and reserves

 

Called up share capital

13

2

Profit and loss account

(1,540,203)

Shareholders' deficit

 

(1,540,201)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

.........................................
Mr PA Arkwright
Director

   
     

Company Registration Number: 14222822

 

PG Glastonbury Limited

Notes to the Financial Statements

Period from 8 July 2022 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Buckfast Abbey
Buckfast
Buckfastleigh
TQ11 0EE

These financial statements were authorised for issue by the Board on 31 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company has net liabilities of £1,540,201 and is therefore dependent on the continued support of its parent charity in the form of a loan. Its parent charity has confirmed that this support will continue until at least 31 July 2025. Consequently, the accounts have been prepared on a going concern basis.

Revenue recognition

Revenue from property developments is recognised based on irrevocable exchange of contracts in relation to property sales.
Other operating income includes rental income and revenue from electricity sales. It is recognised according to the period to which it relates.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

PG Glastonbury Limited

Notes to the Financial Statements

Period from 8 July 2022 to 31 December 2023

Asset class

Depreciation method and rate

Plant and Machinery

25% Straight Line

Stocks

Stock - stock is valued at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less costs to complete and sell. Full provision is made for any foreseeable losses.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

PG Glastonbury Limited

Notes to the Financial Statements

Period from 8 July 2022 to 31 December 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Long term group loans; and
• Bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for long term group loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Long term group loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 0.

4

Impairment

A recent valuation has shown that there is a foreseeable loss on the development and full provision has been made for this.

5

Interest payable

Interest payable includes amounts of £481,749 in relation to loans due to other group entities.

 

PG Glastonbury Limited

Notes to the Financial Statements

Period from 8 July 2022 to 31 December 2023

6

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

Additions

10,000

10,000

At 31 December 2023

10,000

10,000

Depreciation

Charge for the period

3,542

3,542

At 31 December 2023

3,542

3,542

Carrying amount

At 31 December 2023

6,458

6,458

7

Stocks

2023
£

Stocks

3,000,000

8

Debtors

2023
£

Trade debtors

10,104

Prepayments

33,620

Other debtors

66,071

109,795

 

PG Glastonbury Limited

Notes to the Financial Statements

Period from 8 July 2022 to 31 December 2023

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

Due within one year

 

Loans and borrowings

10

2,000

Trade creditors

 

47,443

Other creditors

 

4,583

Accruals and deferred income

 

26,620

 

80,646

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

10

4,577,140

10

Loans and borrowings

2023
£

Loans and borrowings due after one year

HP and finance contracts

5,667

Group loan

4,571,473

4,577,140

The loan is secured by way of a legal mortgage and fixed and floating charges over all of the assets of the company, including its stocks.

2023
£

Current loans and borrowings

HP and finance contracts

2,000

 

PG Glastonbury Limited

Notes to the Financial Statements

Period from 8 July 2022 to 31 December 2023

11

Related party transactions

During the period management fees of £120,000 were charged to the company by PG Developments (South West) Limited, a company of which S Gaiger and F Bradley are directors. Unsecured, interest free advances of £200,982 were also made to this company and repaid during the period.

During the period interest free advances totalling £88,880 were made to PG Construction Management Holdings Limited, a company of which S Gaiger and F Bradley are directors. The advances were unsecured and at 31 December 2023 the balance of the loan was £44,953.

During the period interest free advances totalling £74,876 were made to PG Enterprises Limited, a company of which S Gaiger and F Bradley are directors. The advances were unsecured and were repaid during the period.

During the period an advance of £1,700 was made to PG Properties Ltd, a company of which S Gaiger and F Bradley are directors. It was repaid during the period.

12

Commitments

The minimum lease rentals receivable are £41,250, all due within one year.

13

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary shares of £1 each

2

2

     

14

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Sharon Austen FCCA, who signed for and on behalf of PKF Francis Clark on 1 August 2024.

15

Parent and ultimate parent undertaking

The company's immediate parent is The Buckfast Abbey Trust, a charity registered with the Charity Commission under registration number 232497 in England and Wales.

 The most senior parent entity producing publicly available financial statements is The Buckfast Abbey Trust. These financial statements are available upon request from the registered office at Buckfast Abbey, Buckfastleigh, Devon, TQ11 0EE.