Company registration number 06815349 (England and Wales)
PETERSHAM LAND (CATFORD) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
PETERSHAM LAND (CATFORD) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
PETERSHAM LAND (CATFORD) LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
12,000,000
14,500,000
Current assets
Debtors
4
818,740
818,808
Cash at bank and in hand
168,399
404,195
987,139
1,223,003
Creditors: amounts falling due within one year
5
(1,491,936)
(154,814)
Net current (liabilities)/assets
(504,797)
1,068,189
Total assets less current liabilities
11,495,203
15,568,189
Creditors: amounts falling due after more than one year
6
(3,000,000)
(4,900,000)
Provisions for liabilities
-
0
(459,126)
Net assets
8,495,203
10,209,063
Capital and reserves
Called up share capital
2
2
Revaluation reserve
2,377,284
4,418,158
Profit and loss reserves
6,117,917
5,790,903
Total equity
8,495,203
10,209,063

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

PETERSHAM LAND (CATFORD) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 August 2024 and are signed on its behalf by:
Mr J C Davis
Director
Company Registration No. 06815349
PETERSHAM LAND (CATFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Petersham Land (Catford) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 24 Park Road South, Havant, Hampshire, England, PO9 1HB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

 

The company has taken advantage of the exemption, under Financial Reporting Standard 102, not to disclose transactions with wholly owned companies within the group.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

The financial statements contain information about Petersham Land (Catford) Limited as an individual entity.

1.2
Turnover

Turnover represents rent receivable net of VAT from the letting of the company's investment property. Income is recognised in accordance with the terms of the lease.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Basic financial instruments, such as bank and cash, loans, amounts due to/from group undertakings, trade receivable and payables are initially recognised at transaction price, unless they constitute a financing arrangement, when the transaction is measured at present value of the future receipts/payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest rate method.

 

When circumstances change, previously charged interest is released.

PETERSHAM LAND (CATFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax. Tax is recognised in the Income Statement, except to the extent that is related to items recognised in other comprehensive income or directly in equity.

 

Current of deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timings differences that have been originated but not reversed at the balance sheet date.

 

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that they expected to apply to the reversal of timing difference.

 

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

1.7

Transfer to revaluation reserve

Gains or losses on fair value of investment property have been transferred from retained earnings to a specific non-distributable reserve; a revaluation reserve. Similarly all deferred tax relating to these fair value movements has been transferred to the same reserve.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
3
1
3
Investment property
2024
£
Fair value
At 1 March 2023
14,500,000
Revaluations
(2,500,000)
At 28 February 2024
12,000,000
PETERSHAM LAND (CATFORD) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
3
Investment property
(Continued)
- 5 -

If leasehold investment property had not been revalued, it would have been included at its historical cost of £9,622,717.

 

Leasehold investment property was valued on a fair value basis on 28 February 2024 by the director, Mr T J B Davis.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,516
4,324
Amounts owed by group undertakings
720,934
718,534
Other debtors
93,290
95,950
818,740
818,808
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
0
360
Taxation and social security
105,276
79,859
Other creditors
1,386,660
74,595
1,491,936
154,814
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,000,000
4,900,000

The bank loan is secured against the property owned by the company and the company's whole assets and undertaking.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable other than by instalments
3,000,000
4,900,000
7
Related party transactions

A company controlled by the sole shareholder and director

 

Included within other debtors due within one year is an amount owed to the company at the balance sheet date of £80,040 (2023 - £80,040).

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