Period from 8 July 2022 to
Registration number:
PG Glastonbury Limited
Balance Sheet
31 December 2023
Note |
2023 |
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Fixed assets |
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Tangible assets |
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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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Creditors: Amounts falling due within one year |
( |
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Net current assets |
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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: 14222822
PG Glastonbury Limited
Notes to the Financial Statements
Period from 8 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.
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
• 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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Impairment |
A recent valuation has shown that there is a foreseeable loss on the development and full provision has been made for this.
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
Tangible assets |
Plant and machinery |
Total |
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Cost or valuation |
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Additions |
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At 31 December 2023 |
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Depreciation |
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Charge for the period |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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Stocks |
2023 |
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Stocks |
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Debtors |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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PG Glastonbury Limited
Notes to the Financial Statements
Period from 8 July 2022 to 31 December 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Other creditors |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2023 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2023 |
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Loans and borrowings due after one year |
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HP and finance contracts |
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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 of the assets of the company, including its stocks.
2023 |
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Current loans and borrowings |
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HP and finance contracts |
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PG Glastonbury Limited
Notes to the Financial Statements
Period from 8 July 2022 to 31 December 2023
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.
Commitments |
The minimum lease rentals receivable are £41,250, all due within one year.
Share capital |
Allotted, called up and fully paid shares
2023 |
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No. |
£ |
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2 |
Audit report |
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is