Period from 27 July 2022 to
Registration number:
PG Poole Limited
Balance Sheet
31 December 2023
Note |
2023 |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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|
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Creditors: Amounts falling due within one year |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
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Shareholders' deficit |
( |
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
......................................... |
Company Registration Number: 14259227
PG Poole Limited
Notes to the Financial Statements
Period from 27 July 2022 to 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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.
The functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates. The presentational currency is the same as the functional currency.
Going concern
The financial statements have been prepared on a going concern basis.
The company has net liabilities of £3,061,675 and is therefore dependent on the continued support of its parent company and ultimate parent charity in the form of a loan. Its parent company and ultimate parent charity have 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 irrecoverable exchange of contracts in relation to property sales.
Work in Progress
Work in progress is valued at the lower of cost and net realisable value. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Full provision is made for any forseeable losses.
PG Poole Limited
Notes to the Financial Statements
Period from 27 July 2022 to 31 December 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Group loans; and
• Bank balances.
All financial instruments are classified as basic.
Recognition and measurement
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 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.
Group loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Provision |
Since the period end, a valuation has shown that there is a forseeable loss on the company's property development project and full provision has been made for this.
Interest payable |
Interest payable includes amounts of £738,227 in relation to loans due to other group entities.
Stocks |
2023 |
|
Work in progress |
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PG Poole Limited
Notes to the Financial Statements
Period from 27 July 2022 to 31 December 2023
Debtors |
2023 |
|
Prepayments |
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Other debtors |
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|
Creditors |
Creditors: amounts falling due within one year
2023 |
|
Due within one year |
|
Trade creditors |
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Accruals and deferred income |
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|
Creditors: amounts falling due after more than one year
Note |
2023 |
|
Due after one year |
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Group Loan |
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Loans and borrowings |
2023 |
|
Loans and borrowings due after one year |
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Group Loan |
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The loan is secured by way of a legal mortgage and fixed and floating charges over all the assets of the company, including its freehold property.
PG Poole Limited
Notes to the Financial Statements
Period from 27 July 2022 to 31 December 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
||
No. |
£ |
|
|
|
100 |
Related party transactions |
During the period advances totalling £1,174,471 were made to a significant shareholder, PG Construction Management Holdings Limited. The loans were repaid in full during the year. No interest was charged on the loans which were unsecured.
During the period the company's parent company advanced loans totalling £7,303,413 to the company of which £1,002,438 was repaid during the period. Loan interest of £738,227 was charged in the period and the loan is secured as explained in Note 9. The balance of the loan at 31 December 2023 was £7,039,203.
Audit report |
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The parent entity of the smallest group producing publicly available financial statements is Dart Abbey Enterprises Limited. The parent entity of the largest group 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.