Providence Place Limited 13738600 false 2022-12-01 2023-11-30 2023-11-30 2023-11-30 The principal activity of the company is in investment property companies, a timber and building materials business, a manufacture and resale of garden buildings business and farming. Digita Accounts Production Advanced 6.30.9574.0 true true true false true false false false false false false false false false 13738600 2022-12-01 2023-11-30 13738600 2023-11-30 13738600 bus:Director1 bus:Consolidated 1 2023-11-30 13738600 bus:Consolidated 2023-11-30 13738600 bus:Consolidated 1 2023-11-30 13738600 bus:Consolidated 2 2023-11-30 13738600 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2023-11-30 13738600 core:ShareCapital bus:Consolidated 2023-11-30 13738600 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2023-11-30 13738600 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss bus:Consolidated 2023-11-30 13738600 core:CurrentFinancialInstruments 2023-11-30 13738600 core:CurrentFinancialInstruments bus:Consolidated 2023-11-30 13738600 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 13738600 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2023-11-30 13738600 core:Non-currentFinancialInstruments 2023-11-30 13738600 core:Non-currentFinancialInstruments bus:Consolidated 2023-11-30 13738600 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 13738600 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2023-11-30 13738600 core:FinancialLiabilitiesFairValueThroughProfitOrLoss bus:Consolidated 2023-11-30 13738600 core:Goodwill bus:Consolidated 2023-11-30 13738600 core:AdditionsToInvestments 2023-11-30 13738600 core:CostValuation 2023-11-30 13738600 core:BetweenTwoFiveYears bus:Consolidated 2023-11-30 13738600 core:MoreThanFiveYears bus:Consolidated 2023-11-30 13738600 core:WithinOneYear bus:Consolidated 2023-11-30 13738600 core:FurnitureFittingsToolsEquipment bus:Consolidated 2023-11-30 13738600 core:LandBuildings bus:Consolidated 2023-11-30 13738600 core:MotorVehicles bus:Consolidated 2023-11-30 13738600 core:OtherPropertyPlantEquipment bus:Consolidated 2023-11-30 13738600 core:DeferredTaxation bus:Consolidated 2023-11-30 13738600 bus:FRS102 bus:Consolidated 2022-12-01 2023-11-30 13738600 bus:Audited bus:Consolidated 2022-12-01 2023-11-30 13738600 bus:FullAccounts bus:Consolidated 2022-12-01 2023-11-30 13738600 bus:RegisteredOffice bus:Consolidated 2022-12-01 2023-11-30 13738600 bus:Director1 2022-12-01 2023-11-30 13738600 bus:Director1 bus:Consolidated 2022-12-01 2023-11-30 13738600 bus:Director1 bus:Consolidated 1 2022-12-01 2023-11-30 13738600 bus:Director1 bus:Consolidated 1 2022-12-01 2023-11-30 13738600 bus:Consolidated 2022-12-01 2023-11-30 13738600 bus:Consolidated 1 2022-12-01 2023-11-30 13738600 bus:PrivateLimitedCompanyLtd bus:Consolidated 2022-12-01 2023-11-30 13738600 bus:ConsolidatedGroupCompanyAccounts 2022-12-01 2023-11-30 13738600 core:LegalProceedings bus:Consolidated 2022-12-01 2023-11-30 13738600 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-12-01 2023-11-30 13738600 core:ShareCapital bus:Consolidated 2022-12-01 2023-11-30 13738600 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-12-01 2023-11-30 13738600 core:Goodwill bus:Consolidated 2022-12-01 2023-11-30 13738600 core:FurnitureFittingsToolsEquipment bus:Consolidated 2022-12-01 2023-11-30 13738600 core:LandBuildings bus:Consolidated 2022-12-01 2023-11-30 13738600 core:LeaseholdImprovements bus:Consolidated 2022-12-01 2023-11-30 13738600 core:MotorVehicles bus:Consolidated 2022-12-01 2023-11-30 13738600 core:OtherPropertyPlantEquipment bus:Consolidated 2022-12-01 2023-11-30 13738600 core:PlantMachinery bus:Consolidated 2022-12-01 2023-11-30 13738600 core:DeferredTaxation bus:Consolidated 2022-12-01 2023-11-30 13738600 core:Subsidiary1 2022-12-01 2023-11-30 13738600 core:Subsidiary1 1 2022-12-01 2023-11-30 13738600 core:Subsidiary1 countries:England 2022-12-01 2023-11-30 13738600 core:Subsidiary2 2022-12-01 2023-11-30 13738600 core:Subsidiary2 1 2022-12-01 2023-11-30 13738600 core:Subsidiary2 countries:England 2022-12-01 2023-11-30 13738600 core:Subsidiary3 2022-12-01 2023-11-30 13738600 core:Subsidiary3 1 2022-12-01 2023-11-30 13738600 core:Subsidiary3 countries:England 2022-12-01 2023-11-30 13738600 core:Subsidiary4 2022-12-01 2023-11-30 13738600 core:Subsidiary4 1 2022-12-01 2023-11-30 13738600 core:Subsidiary4 countries:England 2022-12-01 2023-11-30 13738600 core:Subsidiary5 2022-12-01 2023-11-30 13738600 core:Subsidiary5 1 2022-12-01 2023-11-30 13738600 core:Subsidiary5 countries:England 2022-12-01 2023-11-30 13738600 core:Subsidiary6 2022-12-01 2023-11-30 13738600 core:Subsidiary6 1 2022-12-01 2023-11-30 13738600 core:Subsidiary6 countries:Scotland 2022-12-01 2023-11-30 13738600 core:Subsidiary7 2022-12-01 2023-11-30 13738600 core:Subsidiary7 1 2022-12-01 2023-11-30 13738600 core:Subsidiary7 countries:England 2022-12-01 2023-11-30 13738600 core:Subsidiary8 2022-12-01 2023-11-30 13738600 core:Subsidiary8 1 2022-12-01 2023-11-30 13738600 core:Subsidiary8 countries:England 2022-12-01 2023-11-30 13738600 core:UKTax bus:Consolidated 2022-12-01 2023-11-30 13738600 countries:AllCountries bus:Consolidated 2022-12-01 2023-11-30 13738600 2022-11-30 13738600 bus:Director1 bus:Consolidated 1 2022-11-30 13738600 bus:Consolidated 2022-11-30 13738600 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-11-30 13738600 core:ShareCapital bus:Consolidated 2022-11-30 13738600 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-11-30 13738600 core:Goodwill bus:Consolidated 2022-11-30 13738600 core:CostValuation 2022-11-30 13738600 core:FurnitureFittingsToolsEquipment bus:Consolidated 2022-11-30 13738600 core:LandBuildings bus:Consolidated 2022-11-30 13738600 core:MotorVehicles bus:Consolidated 2022-11-30 13738600 core:OtherPropertyPlantEquipment bus:Consolidated 2022-11-30 13738600 core:DeferredTaxation bus:Consolidated 2022-11-30 13738600 2021-12-01 2022-11-30 13738600 2022-11-30 13738600 bus:Director1 bus:Consolidated 1 2022-11-30 13738600 bus:Consolidated 2022-11-30 13738600 bus:Consolidated 1 2022-11-30 13738600 bus:Consolidated 2 2022-11-30 13738600 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2022-11-30 13738600 core:ShareCapital bus:Consolidated 2022-11-30 13738600 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2022-11-30 13738600 core:FinancialAssetsDesignatedFairValueThroughProfitOrLoss bus:Consolidated 2022-11-30 13738600 core:CurrentFinancialInstruments 2022-11-30 13738600 core:CurrentFinancialInstruments bus:Consolidated 2022-11-30 13738600 core:CurrentFinancialInstruments core:WithinOneYear 2022-11-30 13738600 core:CurrentFinancialInstruments core:WithinOneYear bus:Consolidated 2022-11-30 13738600 core:Non-currentFinancialInstruments 2022-11-30 13738600 core:Non-currentFinancialInstruments bus:Consolidated 2022-11-30 13738600 core:Non-currentFinancialInstruments core:AfterOneYear 2022-11-30 13738600 core:Non-currentFinancialInstruments core:AfterOneYear bus:Consolidated 2022-11-30 13738600 core:FinancialLiabilitiesFairValueThroughProfitOrLoss bus:Consolidated 2022-11-30 13738600 core:Goodwill bus:Consolidated 2022-11-30 13738600 core:BetweenTwoFiveYears bus:Consolidated 2022-11-30 13738600 core:MoreThanFiveYears bus:Consolidated 2022-11-30 13738600 core:WithinOneYear bus:Consolidated 2022-11-30 13738600 core:FurnitureFittingsToolsEquipment bus:Consolidated 2022-11-30 13738600 core:LandBuildings bus:Consolidated 2022-11-30 13738600 core:MotorVehicles bus:Consolidated 2022-11-30 13738600 core:OtherPropertyPlantEquipment bus:Consolidated 2022-11-30 13738600 bus:Director1 bus:Consolidated 1 2021-12-01 2022-11-30 13738600 bus:Consolidated 2021-12-01 2022-11-30 13738600 bus:Consolidated 1 2021-12-01 2022-11-30 13738600 bus:Consolidated core:PreviouslyStatedAmount 2021-12-01 2022-11-30 13738600 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2021-12-01 2022-11-30 13738600 core:ShareCapital bus:Consolidated 2021-12-01 2022-11-30 13738600 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2021-12-01 2022-11-30 13738600 core:Subsidiary1 1 2021-12-01 2022-11-30 13738600 core:Subsidiary2 1 2021-12-01 2022-11-30 13738600 core:Subsidiary3 1 2021-12-01 2022-11-30 13738600 core:Subsidiary4 1 2021-12-01 2022-11-30 13738600 core:Subsidiary5 1 2021-12-01 2022-11-30 13738600 core:Subsidiary6 1 2021-12-01 2022-11-30 13738600 core:Subsidiary7 1 2021-12-01 2022-11-30 13738600 core:Subsidiary8 1 2021-12-01 2022-11-30 13738600 core:UKTax bus:Consolidated 2021-12-01 2022-11-30 13738600 2021-11-30 13738600 bus:Director1 bus:Consolidated 1 2021-11-30 13738600 bus:Consolidated 2021-11-30 13738600 core:RetainedEarningsAccumulatedLosses bus:Consolidated 2021-11-30 13738600 core:ShareCapital bus:Consolidated 2021-11-30 13738600 core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests bus:Consolidated 2021-11-30 iso4217:GBP xbrli:pure

Registration number: 13738600

Providence Place Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 30 November 2023

 

Providence Place Limited

Contents

Company Information

1

Strategic Report

2 to 3

Director's Report

4

Statement of Director's Responsibilities

5

Independent Auditor's Report

6 to 8

Consolidated Statement of Income and Retained Earnings

9

Consolidated Statement of Comprehensive Income

10

Consolidated Balance Sheet

11

Statement of Financial Position

12

Consolidated Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Statement of Cash Flows

15

Notes to the Financial Statements

16 to 33

 

Providence Place Limited

Company Information

Director

A Stewart-Clark

Registered office

Sinclaire Cottage
Portsmouth Road
Ripley
Woking
Surrey
GU23 6EW

Auditors

Hodson & Co
Wiston House
1 Wiston Avenue
Worthing
West Sussex
BN14 7QL

 

Providence Place Limited

Strategic Report for the Year Ended 30 November 2023

The director presents his strategic report for the year ended 30 November 2023.

Principal activity

The principal activity of the group is in investment property companies, a timber and building materials business, a manufacture and resale of garden buildings business and farming.

Fair review of the business

The results for the group show a loss after tax for the year of £452,053 (2022: £216,746). Tough trading conditions for the group's timber and building materials business has impacted on the results for the year.

In November 2021, Providence Place Ltd was incorporated as parent company for the group. The introduction of a holding company constitutes a Group reconstruction and has been accounted for using merger accounting principles. Therefore, although the Group reconstruction did not become effective until November 2021, the consolidated financial statements of Providence Place Ltd are presented as if Providence Place Ltd and all of its subsidiaries had always been part of the same Group. Accordingly, the results of the Group for the entire period ended 30 November 2023 and 30 November 2022 are shown in the consolidated accounts.

The consolidated financial statements include the results of Providence Place Ltd and all its subsidiary undertakings made up to the same accounting date.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£

5,762,337

7,390,834

Increase / (Decrease)

%

(22)

20

Gross profit

£

2,993,501

3,497,540

(Loss)/Profit before tax

£

(479,689)

299,722

Shareholders funds

£

8,413,527

8,865,580

Principal risks and uncertainties

The group's operations expose it to a variety of financial risks including the effect of changes in interest rates on debt, credit risk, price risk and liquidity risk,

The group's financial assets consist of trade, stock and other receivables. After initial recognition, at transaction price, these are measured at amortised cost using the effective interest rate method, less provision for impairment. The credit risk is primarily attributable to its trade debtors. The risk is managed by maintaining a strict credit policy.

The group's timber operations are exposed to price risk and pressure on margins with a number of materials being susceptible to volatility which could impact on margins. Contracts with suppliers helps to mitigate price fluctuations where possible.

The group's financial liabilities include borrowings, trade and other payables which are measured initially at transaction price and subsequently at amortised cost using the effective interest rate method.

The directors recognise the impact of such risks and this is regularly reviewed. The group has solid reporting systems and produces timely and accurate management information which is regularly reviewed by the management and director.

Approved and authorised by the director on 21 August 2024
 

 

Providence Place Limited

Strategic Report for the Year Ended 30 November 2023

.........................................
A Stewart-Clark
Director

 

Providence Place Limited

Director's Report for the Year Ended 30 November 2023

The director presents his report and the for the year ended 30 November 2023.

Director of the group

The director who held office during the year was as follows:

A Stewart-Clark

Information included in the Strategic Report

Certain information is not shown in the Director's Report because it is shown in the Strategic Report instead. The Strategic Report includes a business review and information about the group's principal risks and uncertainties and information about the group's key performance indicators.

Future developments

The group has a clear strategy in place to expand and achieve continued growth across all subsidiaries to create a strong profitable performance for the forseeable future.

Going concern

The director has a reasonable expectation that the group and company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt a going concern basis in preparing the financial statements.

Disclosure of information to the auditor

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditor is unaware.

Approved and authorised by the director on 21 August 2024
 

.........................................
A Stewart-Clark
Director

 

Providence Place Limited

Statement of Director's Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Providence Place Limited

Independent Auditor's Report to the Members of Providence Place Limited

Opinion

We have audited the financial statements of Providence Place Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023, which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Statement of Financial Position, Consolidated Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, 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).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 30 November 2023 and of the group's loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Providence Place Limited

Independent Auditor's Report to the Members of Providence Place Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director's Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the director

As explained more fully in the Statement of Director's Responsibilities [set out on page 5], the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

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 auditor’s 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities 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.

Obtaining an understanding of the legal and regulatory frameworks that the entity operates in, focusing on those laws and regulations that had a direct effect on the financial statements;

Enquiry of management about any instances of non-compliance with laws and regulations;

Enquiry of management to identify any instances of known or suspected instances of fraud;

Enquiry of management and those charged with governance around actual and potential litigation and claims;

Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

 

Providence Place Limited

Independent Auditor's Report to the Members of Providence Place Limited

Reviewing minutes of meetings of those charged with governance; and

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.

In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect noncompliance with all laws and regulations. If a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Matthew Hodson Bsc FCA (Senior Statutory Auditor)
For and on behalf of Hodson & Co, Statutory Auditor

Wiston House
1 Wiston Avenue
Worthing
West Sussex
BN14 7QL

21 August 2024

 

Providence Place Limited

Consolidated Statement of Income and Retained Earnings for the Year Ended 30 November 2023

Note

2023
£

2022
£

Turnover

3

5,762,337

7,390,834

Cost of sales

 

(2,768,836)

(3,893,294)

Gross profit

 

2,993,501

3,497,540

Administrative expenses

 

(3,060,494)

(3,007,149)

Other operating income

4

803

-

Operating (loss)/profit

6

(66,190)

490,391

Other interest receivable and similar income

7

6,634

895

Interest payable and similar charges

8

(420,133)

(191,564)

 

(413,499)

(190,669)

(Loss)/profit before tax

 

(479,689)

299,722

Taxation

12

27,636

(82,976)

(Loss)/profit for the financial year

 

(452,053)

216,746

Profit/(loss) attributable to:

 

Owners of the company

 

(452,053)

216,746

Retained earnings brought forward

 

4,275,857

4,059,111

Retained earnings carried forward

 

3,823,804

4,275,857

 

Providence Place Limited

Consolidated Statement of Comprehensive Income for the Year Ended 30 November 2023

2023
£

2022
£

(Loss)/profit for the year

(452,053)

216,746

Total comprehensive income for the year

(452,053)

216,746

Total comprehensive income attributable to:

Owners of the company

(452,053)

216,746

 

Providence Place Limited

(Registration number: 13738600)
Consolidated Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

13

19,480

24,350

Tangible assets

14

2,089,197

2,127,539

Investment property

15

12,916,435

12,916,435

 

15,025,112

15,068,324

Current assets

 

Stocks

17

621,902

821,909

Debtors

18

460,717

455,345

Cash at bank and in hand

 

670,244

1,299,093

 

1,752,863

2,576,347

Creditors: Amounts falling due within one year

20

(1,587,202)

(1,708,091)

Net current assets

 

165,661

868,256

Total assets less current liabilities

 

15,190,773

15,936,580

Creditors: Amounts falling due after more than one year

20

(6,773,466)

(7,039,585)

Provisions for liabilities

21

(3,780)

(31,415)

Net assets

 

8,413,527

8,865,580

Capital and reserves

 

Called up share capital

23

4,589,723

4,589,723

Retained earnings

3,823,804

4,275,857

Equity attributable to owners of the company

 

8,413,527

8,865,580

Shareholders' funds

 

8,413,527

8,865,580

Approved and authorised by the director on 21 August 2024
 

.........................................
A Stewart-Clark
Director

 

Providence Place Limited

(Registration number: 13738600)
Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investments

16

4,689,855

4,689,825

Current assets

 

Debtors

18

-

1,750

Creditors: Amounts falling due within one year

20

(1)

(1)

Net current (liabilities)/assets

 

(1)

1,749

Total assets less current liabilities

 

4,689,854

4,691,574

Creditors: Amounts falling due after more than one year

20

(100,030)

(101,750)

Net assets

 

4,589,824

4,589,824

Capital and reserves

 

Called up share capital

23

4,589,723

4,589,723

Retained earnings

101

101

Shareholders' funds

 

4,589,824

4,589,824

The company made no profit or loss after tax for the financial year of £- (2022 - loss of £-).

Approved and authorised by the director on 21 August 2024
 

.........................................
A Stewart-Clark
Director

 

Providence Place Limited

Consolidated Statement of Changes in Equity for the Year Ended 30 November 2023
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 December 2022

4,589,723

4,275,857

8,865,580

8,865,580

Loss for the year

-

(452,053)

(452,053)

(452,053)

At 30 November 2023

4,589,723

3,823,804

8,413,527

8,413,527

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 December 2021

100

4,059,111

4,059,211

4,059,211

Profit for the year

-

216,746

216,746

216,746

New share capital issued

4,589,623

-

4,589,623

4,589,623

At 30 November 2022

4,589,723

4,275,857

8,865,580

8,865,580

 

Providence Place Limited

Consolidated Statement of Cash Flows for the Year Ended 30 November 2023

Note

2023
£

2022
£

Cash flows from operating activities

(Loss)/profit for the year

 

(452,053)

216,746

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

50,990

56,877

Profit on disposal of tangible assets

5

(2,934)

-

Finance income

(6,634)

(895)

Finance costs

420,133

191,564

Income tax expense

12

(27,636)

82,976

 

(18,134)

547,268

Working capital adjustments

 

Decrease/(increase) in stocks

17

200,007

(60,821)

Increase in trade debtors

18

(5,371)

(151,212)

Decrease in trade creditors

20

(67,181)

(45,526)

Cash generated from operations

 

109,321

289,709

Income taxes (paid)/received

12

(30,968)

213,577

Net cash flow from operating activities

 

78,353

503,286

Cash flows from investing activities

 

Interest received

6,634

100,799

Acquisitions of tangible assets

-

(96,835)

Proceeds from sale of tangible assets

 

-

1

Acquisition of intangible assets

13

(26,400)

(24,350)

Proceeds from sale of intangible assets

 

21,557

-

Acquisition of investment properties

-

(5,366,794)

Proceeds from sale of investment properties

 

-

910

Net cash flows from investing activities

 

1,791

(5,386,269)

Cash flows from financing activities

 

Interest paid

(420,133)

(291,468)

Proceeds from issue of ordinary shares, net of issue costs

 

-

4,589,623

Proceeds from bank borrowing draw downs

 

-

1,521,439

Repayment of bank borrowing

 

(288,860)

-

Net cash flows from financing activities

 

(708,993)

5,819,594

Net (decrease)/increase in cash and cash equivalents

 

(628,849)

936,611

Cash and cash equivalents at 1 December

 

1,299,093

362,482

Cash and cash equivalents at 30 November

 

670,244

1,299,093

 

Providence Place Limited

Statement of Cash Flows for the Year Ended 30 November 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit/(loss) for the year

 

-

-

Working capital adjustments

 

Decrease/(increase) in trade debtors

18

1,750

(1,750)

(Decrease)/increase in trade creditors

20

(1,720)

101,649

Net cash flow from operating activities

 

30

99,899

Cash flows from investing activities

 

Acquisition of subsidiaries

16

(30)

(4,689,522)

Cash flows from financing activities

 

Proceeds from issue of ordinary shares, net of issue costs

 

-

4,589,623

Net increase/(decrease) in cash and cash equivalents

 

-

-

Cash and cash equivalents at 1 December

 

-

-

Cash and cash equivalents at 30 November

 

-

-

 

Providence Place Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
Sinclaire Cottage
Portsmouth Road
Ripley
Woking
Surrey
GU23 6EW

The company's registered number is 13738600.

These financial statements were authorised for issue by the director on 21 August 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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom 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 financial statements are prepared in sterling, which is the functional currency of the entity.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 November 2023.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

In November 2021, Providence Place Ltd was incorporated as parent company for the group.

The introduction of a holding company constitutes a Group reconstruction and has been accounted for using merger accounting principles. Therefore, although the Group reconstruction did not become effective until November 2021, the consolidated financial statements of Providence Place Ltd are presented as if Providence Place Ltd and all of its subsidiaries had always been part of the same Group. Accordingly, the results of the Group for the entire period ended 30 November 2023 and 30 November 2022 are shown in the consolidated accounts.

The consolidated financial statements include the results of Providence Place Ltd and all its subsidiary undertakings made up to the same accounting date. Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full. Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

 

Providence Place Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Going concern

The financial statements have been prepared on a going concern basis as the directors believe that no material uncertainties exist. The director has considered the level of reserves held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the group and company to be able to continue as a going concern.

Key sources of estimation uncertainty

Management is required to make key decisions and judgements in the process of applying the group’s accounting policies. The most significant areas where such judgements have been necessary is the valuation of investment properties. Where judgement has been applied, the key factors taken into consideration are disclosed in the accounting policies and the appropriate note in these financial statements.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.. The carrying amount is £12,916,435 (2022 -£12,916,435).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group's activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

Providence Place Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

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:

Asset class

Depreciation method and rate

Freehold property

over 50 years

Short leasehold property

over 14 years

Plant and machinery

20% reducing balance/over 4 years

Fixtures, fittings and equipment

33% reducing balance

Motor vehicles

25% reducing balance

Investment property

Investment property is recognised at fair value according to the fair value model, which reflects market conditions at end of the reporting period. Gains or losses resulting from a change in the fair value of investment property are recognised in the income statement in the year they arise.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 5 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.

 

Providence Place Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average cost method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The entity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
 

 

Providence Place Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

3

Revenue

The analysis of the group's turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

5,070,894

6,909,061

Rendering of services

41,475

24,997

Rental income from investment property

605,169

427,444

Commissions received

14,722

-

Other revenue

30,077

29,332

5,762,337

7,390,834

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Miscellaneous other operating income

803

-

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2023
£

2022
£

Gain on disposal of property, plant and equipment

2,934

-

6

Operating (loss)/profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

46,120

56,877

Amortisation expense

4,870

-

Write-down of stocks to net realisable value

33,283

-

Research and development cost

660

-

Profit on disposal of property, plant and equipment

(2,934)

-

7

Other interest receivable and similar income

2023
£

2022
£

Interest income on bank deposits

6,633

881

Other finance income

1

14

6,634

895

 

Providence Place Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

8

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

419,833

190,180

Interest expense on other finance liabilities

300

1,384

420,133

191,564

9

Staff costs

The aggregate payroll costs (including director's remuneration) were as follows:

2023
£

2022
£

Wages and salaries

1,223,228

1,187,061

Social security costs

99,631

125,227

Pension costs, defined contribution scheme

24,568

27,055

Other employee expense

17,635

17,424

1,365,062

1,356,767

The average number of persons employed by the group (including the director) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

52

55

52

55

10

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

88,606

83,653

Contributions paid to money purchase schemes

-

921

88,606

84,574

11

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

23,007

21,178

Other fees to auditors

All other non-audit services

1,164

1,525


 

 

Providence Place Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

12

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

-

72,084

Deferred taxation

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

(27,636)

10,892

Tax (receipt)/expense in the income statement

(27,636)

82,976

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 0% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

(Loss)/profit before tax

(479,689)

299,722

Corporation tax at standard rate

23,607

56,947

Effect of expense not deductible in determining taxable profit (tax loss)

-

23,541

Effect of tax losses

(23,607)

(4,108)

Tax decrease from effect of capital allowances and depreciation

-

(4,296)

Tax (decrease)/increase from other short-term timing differences

(27,636)

10,892

Total tax (credit)/charge

(27,636)

82,976

From 1 April 2023, the rate of corporation tax will increase from 19% to 25%. Companies with profits of £50,000 or less will continue to be taxed at 19%, whereas taxable profits between £50,000 and £250,000, the higher 25% rate will apply but with marginal relief applying as profits increase. With associated companies the lower and upper limits are divided by the number of associated companies. These changes may affect the tax charge in the future for the group.

 

Providence Place Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

13

Intangible assets

Group

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

24,350

24,350

At 30 November 2023

24,350

24,350

Amortisation

Amortisation charge

4,870

4,870

At 30 November 2023

4,870

4,870

Carrying amount

At 30 November 2023

19,480

19,480

At 30 November 2022

24,350

24,350

 

Providence Place Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

14

Tangible assets

Group

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

2,018,975

310,050

338,901

304,783

2,972,709

Additions

4,534

21,866

-

-

26,400

Disposals

-

-

(32,843)

(61,190)

(94,033)

At 30 November 2023

2,023,509

331,916

306,058

243,593

2,905,076

Depreciation

At 1 December 2022

52,542

251,061

294,977

246,590

845,170

Charge for the year

3,753

22,135

7,684

12,548

46,120

Eliminated on disposal

-

-

(18,864)

(56,547)

(75,411)

At 30 November 2023

56,295

273,196

283,797

202,591

815,879

Carrying amount

At 30 November 2023

1,967,214

58,720

22,261

41,002

2,089,197

At 30 November 2022

1,966,433

58,989

43,924

58,193

2,127,539

Included within the net book value of land and buildings above is £1,967,214 (2022 - £1,966,432) in respect of freehold land and buildings and £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
 

 

Providence Place Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Restriction on title and pledged as security

Land and buildings with a carrying amount of £1,967,214 (2022 - £1,966,433) has been pledged as security for borrowings.

15

Investment properties

Group

2023
£

At 1 December

12,916,435

At 30 November

12,916,435

The 2023 valuation was undertaken by the director, at open market value and the director is satisfied that the current open market value is not materially different from the value included within the financial statements.

The historical cost is £12,890,435 (2022: £12,890,435)

Investment properties with a fair value of £12,916,435 has been pledged as secuirty for borrowings.

16

Investments

Company

2023
£

2022
£

Investments in subsidiaries

4,689,855

4,689,825

Subsidiaries

£

Cost or valuation

At 1 December 2022

4,689,825

Additions

30

At 30 November 2023

4,689,855

Provision

Carrying amount

At 30 November 2023

4,689,855

At 30 November 2022

4,689,825

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Providence Place Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Challenge Fencing Ltd

50 Station Road, Stoke D'abernon. Cobham, Surrey, KT11 3BN

England

Ordinary

100%

100%

Titan Garden Buildings Ltd

Sinclaire Cottage Portsmouth Road, Ripley, Woking, Surrey, GU23 6EW

England

Ordinary

100%

100%

Lucas Green Yard Ltd

Sinclaire Cottage Portsmouth Road, Ripley, Woking, Surrey, GU23 6EW

England

Ordinary

100%

100%

Marlin Mansion Ltd

Sinclaire Cottage Portsmouth Road, Ripley, Woking, Surrey, GU23 6EW

England

Ordinary

100%

100%

Lian Yard Ltd

Sinclaire Cottage Portsmouth Road, Ripley, Woking, Surrey, GU23 6EW

England

Ordinary

100%

100%

Humbie Farm Ltd

C/O Fbr Seed Ltd, Abbey Row, Kelso, TD5 7JF

Scotland

Ordinary

100%

100%

Lasch Ltd

Sinclaire Cottage Portsmouth Road, Ripley, Woking, Surrey, GU23 6EW

England

Ordinary

100%

100%

Valentine Farm Ripley Ltd

Sinclaire Cottage Portsmouth Road, Ripley, Woking, Surrey, GU23 6EW

England

Ordinary

100%

100%

Subsidiary undertakings

Challenge Fencing Ltd

The principal activity of Challenge Fencing Ltd is sale of timber and building materials.

Titan Garden Buildings Ltd

The principal activity of Titan Garden Buildings Ltd is manufacture and resale of garden buildings.

 

Providence Place Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Lucas Green Yard Ltd

The principal activity of Lucas Green Yard Ltd is dormant company.

Marlin Mansion Ltd

The principal activity of Marlin Mansion Ltd is investment property.

Lian Yard Ltd

The principal activity of Lian Yard Ltd is investment property.

Humbie Farm Ltd

The principal activity of Humbie Farm Ltd is mixed farming and investment property.

Lasch Ltd

The principal activity of Lasch Ltd is property management.

Valentine Farm Ripley Ltd

The principal activity of Valentine Farm Ripley Ltd is investment property.

Subsidiary undertakings

For the year ending 30 November 2023 the subsidiary Lucas Green Yard Ltd (Company number: 13740665) was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

17

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Work in progress

-

9,726

-

-

Other inventories

621,902

812,183

-

-

621,902

821,909

-

-

18

Debtors

 

Group

Company

Current

2023
£

2022
£

2023
£

2022
£

Trade debtors

280,624

219,994

-

-

Other debtors

150,501

102,413

-

1,750

Prepayments

29,592

132,938

-

-

 

460,717

455,345

-

1,750

 

Providence Place Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

19

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

2,603

2,353

-

-

Cash at bank

118,669

596,358

-

-

Short-term deposits

548,972

700,382

-

-

670,244

1,299,093

-

-

 

Providence Place Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

20

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

24

288,859

329,600

-

-

Trade creditors

 

382,799

558,332

-

-

Amounts due to related parties

27

48,577

44,857

1

1

Social security and other taxes

 

225,025

152,289

-

-

Outstanding defined contribution pension costs

 

3,672

4,931

-

-

Other payables

 

376,300

368,539

-

-

Accruals

 

220,853

177,459

-

-

Income tax liability

12

41,117

72,084

-

-

 

1,587,202

1,708,091

1

1

Due after one year

 

Loans and borrowings

24

6,773,466

7,021,585

-

-

Other non-current financial liabilities

 

-

18,000

100,030

101,750

 

6,773,466

7,039,585

100,030

101,750

21

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 December 2022

31,416

31,416

Unused provision reversed

(27,636)

(27,636)

At 30 November 2023

3,780

3,780

22

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £24,568 (2022 - £27,055).

Contributions totalling £3,672 (2022 - £4,931) were payable to the scheme at the end of the year and are included in creditors.

 

Providence Place Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

23

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

4,589,723

4,589,723

4,589,723

4,589,723

         
 

Providence Place Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

24

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

6,773,466

7,021,585

-

-

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Bank borrowings

288,859

329,600

-

-

National Westminster bank has provided two loans to Challenge Fencing Ltd which are secured on the freehold and investment property held by the company.
The bank loans are denominated in Sterling with a interest rate between 2.61% and 2.65% over base. The carrying amount at the end of the year is £2,209,527 (2022 £2,312,839).

The Agricultural Mortgage Corporation PLC (AMC) has provided two loans to Challenge Fencing Ltd which are secured on the freehold and investment properties held by Humbie Farm Ltd.
The bank loan is denominated in Sterling with a interest rate between 1.9% and 3.05% over base. The carrying amount at the end of the year is £2,295,698 (2022 £2,393,830).

Aldermore bank has provided one loan to Valentine Farm Ripley Ltd and has a fixed and floating charge over the assets of the company.
The bank loan is denominated in Sterling with a interest rate of 3.95% over base. The carrying amount at the end of the year is £1,668,977 (2022 £1,756,391)

Landbay Partners Ltd has provided a mortgage to Marlin Mansion Ltd which is charged on that company's investment property.
The mortgage is denominated in Sterling and is an interest only mortgage. Interest is charged at 3.49%. The carrying amount at the end of the year is £888,125 (2022 £888,125).

Included in the loans and borrowings are the following amounts due after more than five years:

2023
£

2022
£

After more than five years by instalments

4,729,904

4,815,060

After more than five years not by instalments

888,125

888,125

5,618,029

5,703,185

 

Providence Place Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Borrowings due after five years

NatWest bank loan of £1,160,000. The bank loan is repayable over 120 months from October 2019. Interest is charged at 2.61% over base. At 30 November 2023 £59,160 (2022 £74,650) is due in less than 1 year and £890,078 (2022 £933,747) is due after more than 1 year.

NatWest bank loan of £1,400,000. The bank loan is repayable over 240 months from April 2021. Interest is charged at 2.65% over base. At 30 November 2023 £44,152 (2022 £60,000) is due in less than 1 year and £1,216,137 (2022 £1,244,442) is due after more than 1 year.

AMC bank loan of £1,295,419. The bank loan is repayable over 76 months from April 2019. Interest is charged at 1.9% over base. At 30 November 2023 £40,953 (2022 £63,000) is due in less than 1 year and £1,112,840 (2022 £1,131,745) is due after more than 1 year.

AMC bank loan of £1,296,374. The bank loan is repayable over 76 months from April 2019. Interest is charged at 3.05% over base. At 30 November 2023 £57,180 (2022 £42,000) is due in less than 1 year and £1,084,725 (2022 £1,157,085) is due after more than 1 year.

Aldermore bank loan of £1,750,000. The bank loan is repayable over 112 months from August 2022. Interest is charged at 3.95%.above base. At 30 November 2023 £87,414 (2022 £89,950) is due in less than 1 year and £1,581,563 (2022 £1,666,441) is due after more than 1 year.

Landbay Partners Ltd mortgage of £888,125. The bank loan is an interest only mortgage. The loan start date was June 2021 with the remaining loan term being 219 months from this date. Interest is charged at 3.49%. At 30 November 2023 the balance on the loan is £888,125. Early repayment charges of 3% of the account balance are in place until June 2026.

25

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

72,917

27,500

Later than one year and not later than five years

487,500

487,500

Later than five years

347,500

432,500

907,917

947,500

The amount of non-cancellable operating lease payments recognised as an expense during the year was £139,129 (2022 - £115,718).

26

Contingent liabilities

Group

Titan Garden Buildings Ltd (subsidiary) is contesting a personal injury damages claim arising out of an accident which occurred in May 2022. The amount of the claim has not been quantified.

 

Providence Place Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

27

Related party transactions

Group

Transactions with the director

2023

At 1 December 2022
£

Repayments by director
£

At 30 November 2023
£

A Stewart-Clark

Directors loan

(44,857)

(3,720)

(48,577)

       
     

 

2022

At 1 December 2021
£

Repayments by director
£

At 30 November 2022
£

A Stewart-Clark

Directors loan

(38,448)

(6,409)

(44,857)

       
     

 

At 30 November 2023 the director has a balance in credit of £48,577 (2022 £44,857)

Director guarantees

At 30 November 2023 the director has provided a personal guarantee in connection with the company's borrowings in Valentine Farm Ripley Ltd. At 30 November 2023 the financial commitments were £1,668,977.

28

Financial instruments

Group

Categorisation of financial instruments

2023
 £

2022
 £

Financial assets measured at fair value

950,868

1,519,087

Financial liabilities measured at fair value

7,445,124

7,909,517

29

APB Ethical Standards relevant circumstances

In common with many other businesses of our size and nature we use our auditors for the preparation of the financial statements.