Pembrokeshire Living Limited 07445057 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is the development of building projects. Digita Accounts Production Advanced 6.30.9574.0 true true 07445057 2023-01-01 2023-12-31 07445057 2023-12-31 07445057 core:CurrentFinancialInstruments 2023-12-31 07445057 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07445057 bus:SmallEntities 2023-01-01 2023-12-31 07445057 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07445057 bus:FullAccounts 2023-01-01 2023-12-31 07445057 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07445057 bus:RegisteredOffice 2023-01-01 2023-12-31 07445057 bus:Director2 2023-01-01 2023-12-31 07445057 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07445057 core:OtherRelatedParties 2023-01-01 2023-12-31 07445057 countries:EnglandWales 2023-01-01 2023-12-31 07445057 2022-01-01 2022-12-31 07445057 2022-12-31 07445057 core:CurrentFinancialInstruments 2022-12-31 07445057 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 07445057

Prepared for the registrar

Pembrokeshire Living Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Pembrokeshire Living Limited

(Registration number: 07445057)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Stocks

653,625

480,966

Debtors

4

4,831

9,388

Cash at bank and in hand

 

39,024

660,108

 

697,480

1,150,462

Creditors: Amounts falling due within one year

5

(729,416)

(1,178,556)

Net liabilities

 

(31,936)

(28,094)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(32,036)

(28,194)

Shareholders' deficit

 

(31,936)

(28,094)

For the financial year 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 year 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 


M Knight-Adams
Director

 

Pembrokeshire Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

1

General information

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

The address of its registered office is:
The Stables
Ballards Drive
Upper Colwall
Malvern
WR13 6PP

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

 

Pembrokeshire Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Borrowings are classified as current liabilities unless the company 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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

4

Debtors

2023
 £

2022
 £

Other debtors

4,831

9,388

 

Pembrokeshire Living Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

 

5

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

6

16,094

28,720

Trade creditors

 

12,173

39,496

Amounts due to related parties

7

653,329

881,329

Accrued expenses

 

47,820

229,011

 

729,416

1,178,556

 

6

Loans and borrowings

Note

2023
£

2022
£

Current loans and borrowings

Other borrowings

7

16,094

28,720

 

7

Related party transactions

Summary of transactions with other related parties

At 31 December 2023 the company owed £653,329 (2022: £881,329) to Alpha Stanway Finance Limited, its parent company. No interest was paid on this balance and there are no fixed repayment terms.

At 31 December 2023 the company owed £16,094 (2022: £28,720) to a director. No interest was paid on this balance and there are no fixed repayment terms.

 

 

8

Parent and ultimate parent undertaking

The company's immediate parent is Alpha Stanway Finance Limited, incorporated in England and Wales.