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Registration number: 05837199

Premier Development Properties Limited

Unaudited Filleted Financial Statements

for the Period from 1 July 2022 to 31 December 2023

 

Premier Development Properties Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Premier Development Properties Limited

Company Information

Directors

P D Plewes

Mrs R J Plewes

Company secretary

Mrs R J Plewes

Registered office

Orchard Croft
Mill Lane
Foston-On-The-Wolds
Driffield
East Yorkshire
YO25 8BW

 

Premier Development Properties Limited

(Registration number: 05837199)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

-

1

Tangible assets

5

-

15,067

 

-

15,068

Current assets

 

Stocks

6

-

6,327

Debtors

7

364

12,224

Cash at bank and in hand

 

1,717

33,535

 

2,081

52,086

Creditors: Amounts falling due within one year

8

(1,589)

(53,096)

Net current assets/(liabilities)

 

492

(1,010)

Total assets less current liabilities

 

492

14,058

Provisions for liabilities

-

(2,862)

Net assets

 

492

11,196

Capital and reserves

 

Called up share capital

100

100

Retained earnings

392

11,096

Shareholders' funds

 

492

11,196

For the financial period ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 September 2024 and signed on its behalf by:
 

.........................................
P D Plewes
Director

 

Premier Development Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 31 December 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 05837199.

The address of its registered office is:
Orchard Croft
Mill Lane
Foston-On-The-Wolds
Driffield
East Yorkshire
YO25 8BW

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 presented in sterling and are rounded to the nearest pound.

Disclosure of long or short period

To align the entity’s reporting period with that of it's cessation, the entity changed the end of its reporting period from 30 June to 31 December. Amounts presented for the 2024 reporting period are for a 18-month period. Comparative figures are for a 12-month period. Consequently, comparative amounts for the profit & loss accounts, statement of comprehensive income, statement of changes in equity, related notes are not entirely comparable.

Going concern

The company ceased trading on 31 December 2023.

Revenue recognition

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

The company 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 company'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 company operates and generates taxable income.

 

Premier Development Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 31 December 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

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.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

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

Motor Vehicles

Fully depreciated

Plant and machinery

Fully depreciated

Office equipment

Fully depreciated

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’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

Fully amortised

 

Premier Development Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 31 December 2023

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 the provision of services in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) 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 company 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Premier Development Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 31 December 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company 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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the period, was 5 (2022 - 5).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

13,300

13,300

Disposals

(13,300)

(13,300)

At 31 December 2023

-

-

Amortisation

At 1 July 2022

13,299

13,299

Amortisation eliminated on disposals

(13,299)

(13,299)

At 31 December 2023

-

-

Carrying amount

At 31 December 2023

-

-

At 30 June 2022

1

1

 

Premier Development Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 31 December 2023

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

17,678

1,895

39,000

58,573

Additions

-

332

-

332

Disposals

(17,678)

(2,227)

(39,000)

(58,905)

At 31 December 2023

-

-

-

-

Depreciation

At 1 July 2022

12,315

1,437

29,754

43,506

Eliminated on disposal

(12,315)

(1,437)

(29,754)

(43,506)

At 31 December 2023

-

-

-

-

Carrying amount

At 31 December 2023

-

-

-

-

At 30 June 2022

5,363

458

9,246

15,067

6

Stocks

2023
£

2022
£

Other inventories

-

6,327

7

Debtors

2023
£

2022
£

Trade debtors

-

5,801

Other debtors

364

4,910

Prepayments

-

1,513

364

12,224

 

Premier Development Properties Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2022 to 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

207

17,269

Trade creditors

 

-

22,999

Taxation and social security

 

130

10,961

Accruals and deferred income

 

1,252

1,088

Other creditors

 

-

779

 

1,589

53,096

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Hire purchase contracts

-

2,625

Other borrowings

207

14,644

207

17,269

Obligations under finance lease and hire purchase contracts are secured against the asset to which they relate. Other borrowings relate to unsecured Director loans.

10

Related party transactions

Other transactions with directors

At the period end, the company owed the directors £207 (2022: £14,644). This amount is unsecured, interest free and repayable on demand.