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Registered number: 09976314









PETERLEETWO LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
PETERLEETWO LIMITED
 
 
COMPANY INFORMATION


Director
Mr M E Harrison 




Registered number
09976314



Registered office
Brownhills Glass Co Limited
Beecham Close

Walsall

WS9 8UZ




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

158 Edmund Street

Birmingham

B3 2HB





 
PETERLEETWO LIMITED
REGISTERED NUMBER: 09976314

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets

 4 

1,907,109
1,932,080

Current assets
  

Debtors: amounts falling due within one year
 5 
-
3,200

Cash at bank and in hand
 6 
723
82

  
723
3,282

Creditors: amounts falling due within one year
 7 
(1,258,912)
(1,132,176)

Net current liabilities
  
 
 
(1,258,189)
 
 
(1,128,894)

Total assets less current liabilities
  
648,920
803,186

Creditors: amounts falling due after more than one year
 8 
(250,000)
(250,000)

Provisions for liabilities
  

Deferred tax
 10 
(118,012)
(118,012)

Net assets
  
280,908
435,174


Capital and reserves
  

Called up share capital 
 11 
1,000
1,000

Revaluation reserve
 12 
426,021
426,021

Profit and loss account
 12 
(146,113)
8,153

  
280,908
435,174


Page 1

 
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.




Mr M E Harrison
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 2

 
PETERLEETWO LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 December 2021
1,000
255,997
524
257,521



Profit for the year
-
-
107,629
107,629

Surplus on revaluation of leasehold property
-
227,987
-
227,987

Deferred tax on revaluation of freehold property
-
(57,963)
-
(57,963)

Dividends: Equity capital
-
-
(100,000)
(100,000)



At 1 December 2022
1,000
426,021
8,153
435,174



Loss for the year
-
-
(154,266)
(154,266)


At 30 November 2023
1,000
426,021
(146,113)
280,908


The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
PETERLEETWO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


General information

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

 
2.1

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:

 
2.2

Going concern

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.

 
2.3

Turnover

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.

 
2.4

Finance costs

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive income in the year in which they are incurred.

Page 4

 
PETERLEETWO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.6

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.

 
2.7

Tangible fixed assets

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:

Freehold property
-
2% straight line basis
Short-term leasehold property
-
over the term of the lease
Plant and machinery
-
15% reducing balance basis
Fixtures and fittings
-
15% reducing balance basis
Freehold land
-
is not depreciated

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.

Page 5

 
PETERLEETWO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

 
2.8

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.

 
2.9

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.

 
2.10

Debtors

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.

 
2.11

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.

 
2.12

Creditors

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.

Page 6

 
PETERLEETWO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.Accounting policies (continued)

  
2.13

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.

 
2.14

Financial instruments

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.

 
2.15

Dividends

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.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Page 7

 
PETERLEETWO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


Tangible fixed assets





Freehold property
Short-term leasehold property
Plant and machinery
Fixtures and fittings
Total

£
£
£
£
£



Cost or valuation


At 1 December 2022
1,945,000
-
-
-
1,945,000


Additions
-
-
-
1,018
1,018


Transfers intra group
-
208,642
60,300
39,661
308,603



At 30 November 2023

1,945,000
208,642
60,300
40,679
2,254,621



Depreciation


At 1 December 2022
12,920
-
-
-
12,920


Charge for year
24,971
8,759
2,314
3,293
39,337


Transfers intra group
-
80,086
38,313
9,373
127,772


Impairment charge
-
119,797
19,673
28,013
167,483



At 30 November 2023

37,891
208,642
60,300
40,679
347,512



Net book value



At 30 November 2023
1,907,109
-
-
-
1,907,109



At 30 November 2022
1,932,080
-
-
-
1,932,080

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).

Page 8

 
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:

2023
2022
£
£



Cost
1,472,954
1,472,954

Accumulated depreciation
(88,145)
(69,908)

Net book value
1,384,809
1,403,046


5.


Debtors

2023
2022
£
£


Prepayments and accrued income
-
3,200

-
3,200



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
723
82



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
1,257,130
1,125,944

Other taxation and social security
-
5,167

Other creditors
1,782
1,065

1,258,912
1,132,176


Page 9

 
PETERLEETWO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
250,000
250,000


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by installments
50,848
50,848




9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£


Amounts falling due 1-2 years

Other loans
46,610
46,610


46,610
46,610

Amounts falling due 2-5 years

Other loans
152,542
152,542


152,542
152,542

Amounts falling due after more than 5 years

Other loans
50,848
50,848

50,848
50,848

250,000
250,000


Page 10

 
PETERLEETWO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

10.


Deferred taxation




2023


£






At beginning of year
(118,012)



At end of year
(118,012)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Deferred tax on surplus revaluation
(118,012)
(118,012)

(118,012)
(118,012)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1,000
1,000



12.


Reserves

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.

Page 11

 
PETERLEETWO LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

13.


Contingent liabilities

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).


14.


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. 


15.


Controlling party

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.


16.


Auditors' information

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.

 
Page 12