Registered number: 09976314
PETERLEETWO LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 NOVEMBER 2023
|
PETERLEETWO LIMITED
COMPANY INFORMATION
|
|
|
|
|
|
|
|
|
|
|
|
|
Brownhills Glass Co Limited
|
|
|
|
|
|
|
|
|
|
|
|
PKF Smith Cooper Audit Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PETERLEETWO LIMITED
REGISTERED NUMBER: 09976314
BALANCE SHEET
AS AT 30 NOVEMBER 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PETERLEETWO LIMITED
REGISTERED NUMBER: 09976314
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 August 2024.
The notes on pages 4 to 12 form part of these financial statements.
|
PETERLEETWO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Surplus on revaluation of leasehold property
|
|
|
|
|
Deferred tax on revaluation of freehold property
|
|
|
|
|
Dividends: Equity capital
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 4 to 12 form part of these financial statements.
|
|
PETERLEETWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Peterleetwo Limited is a private limited company limited by shares and incorporated in England. The address of the registered office is Brownhills Glass Co Limited, Beecham Close, Walsall, WS9 8UZ. The company's registration number is 09976314. The nature of the company's operations and principal activities is that of an investment property company.
The financial statements are prepared in Sterling which is the functional currency of the company. The financial statements level of rounding is to the nearest £1.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The financial statements have been prepared on the going concern basis. The director has reviewed the funding in place for the company and has taken into account the amounts of £1,257,130 (2022 - £1,125,944) which are included in creditors where the timing of repayments is under the control of the parent company. In light of the future trading indications and the funding position of the group the director considers the company to be a going concern.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Rental income is accounted for so as to recognise income in the period for which the leaseholder has an obligation to pay rent.
Finance costs are charged to the Statement of Comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of Comprehensive income in the year in which they are incurred.
|
PETERLEETWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line method and reducing balance basis.
Depreciation is provided on the following basis:
|
|
|
|
|
|
|
|
|
|
|
Short-term leasehold property
|
|
over the term of the lease
|
|
|
|
|
|
|
15% reducing balance basis
|
|
|
|
|
|
|
15% reducing balance basis
|
|
|
|
|
|
|
|
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.
|
PETERLEETWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
|
|
Revaluation of tangible fixed assets
|
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in Statement of Comprehensive Income.
|
|
Impairment of fixed assets and goodwill
|
Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
|
PETERLEETWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
2.Accounting policies (continued)
|
|
Provisions for liabilities
|
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
|
The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).
|
|
PETERLEETWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
|
|
|
Short-term leasehold property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The freehold property is secured by a first legal charge against the company in relation to a bank loan held in the parent company, United Glass Group Ltd.
During April 2022, Land and buildings with a carrying amount of £1,945,000 were revalued by Bradley Hall, Chartered Surveyors, on an existing use open market value basis. Bradley Hall are not connected with the company. The valuation was based on recent market transactions on an arm's length basis for similar properties. The property has subsequently been sold for £1,900,000 on 1 July 2024.
Included in freehold property is freehold land valued at £681,524 (2022 - £681,524) which is not depreciated.
Included within the net book value of tangible fixed assets is £1,907,109 (2022 - £1,932,080) relating to an asset held for use in an operating lease. The depreciation charged to the financial statements in the year in respect of the asset amounted to £24,971 (2022 - £22,149).
|
PETERLEETWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
4.Tangible fixed assets (continued)
|
If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PETERLEETWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
|
Creditors: Amounts falling due after more than one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayable by installments
|
|
|
|
|
|
Analysis of the maturity of loans is given below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due 1-2 years
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due 2-5 years
|
|
|
|
|
|
|
|
|
|
|
|
Amounts falling due after more than 5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PETERLEETWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
|
The provision for deferred taxation is made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax on surplus revaluation
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
1,000 (2022 - 1,000) Ordinary shares of £1.00 each
|
|
|
Revaluation reserve
This reserve records all current and prior period revaluation gains and losses.
Profit and loss account
This reserve records all current and prior period retained profit and losses.
|
PETERLEETWO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
Lloyds Bank plc hold a letter of set off between the company, parent company and fellow subsidiaries, Brownhills Glass Company Limited, Peterlee Glass Company Limited, Tufwell Glass Limited, Brownhills Investments Property Limited and London Architectural Glass Ltd. The company is therefore jointly and severally liable for the amount owed by United Glass Group Ltd, Brownhills Glass Company Limited, Peterlee Glass Company Limited, Tufwell Glass Limited, Brownhills Investments Property Limited and London Architectural Glass Ltd to Lloyds Bank plc. The total balances guaranteed at 30 November 2023 amounted to £3,358,214 (2022 - £4,610,489).
The company is party, together with other group and related undertakings, to multilateral guarantees given to Duke Royalty Limited. The total balances guaranteed at 30 November 2023 amounted to £11,647,170 (2022 - £11,778,257).
|
Related party transactions
|
|
The company has taken advantage of the exemption in section 33.1A of Financial Reporting Standard 102 from the requirement to disclose transactions with wholly owned members of the group.
|
The company is a wholly owned subsidiary undertaking of United Glass Group Ltd, which is also the ultimate parent company. The registered address of the parent company is Beecham Close, Aldridge, Walsall, West Midlands, WS9 8UZ.
United Glass Group Ltd prepares group financial statements and copies can be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
At the balance sheet date, the ultimate controlling party was M E Harrison by virtue of his shareholding in United Glass Group Ltd. Subsequently, at the time of approval of these financial statements, the ultimate controlling party is now Duke Royalty UK Limited by virtue of their shareholding in United Glass Group Ltd.
The auditors' report on the financial statements for the year ended 30 November 2023 was unqualified.
The audit report was signed on 29 August 2024 by Stephen Newman (Senior Statutory Auditor) on behalf of PKF Smith Cooper Audit Limited.
|