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Registration number: 5435936

P G Estates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

P G Estates Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

P G Estates Limited

Company Information
__________________________________________________________________________

Directors

Peter Gormley

Edward Gormley

Company secretary

Edward Gormley

Registered office

342 Regents Park Road
Finchley
London
N3 2LJ


 

Accountants

Brooks Green
Accountants
Abbey House
342 Regents Park Road
London
N3 2LJ

 

P G Estates Limited

(Registration number: 5435936)
Balance Sheet as at 31 December 2023
__________________________________________________________________________

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

3

-

14,511

Tangible assets

4

3,982

4,828

Other financial assets

5

21,784

21,784

 

25,766

41,123

Current assets

 

Debtors

6

449,704

445,098

Cash at bank and in hand

 

152,487

89,947

 

602,191

535,045

Creditors: Amounts falling due within one year

7

(181,883)

(167,391)

Net current assets

 

420,308

367,654

Total assets less current liabilities

 

446,074

408,777

Creditors: Amounts falling due after more than one year

7

(142,961)

(159,220)

Net assets

 

303,113

249,557

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

303,013

249,457

Shareholders' funds

 

303,113

249,557

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 24 September 2024 and signed on its behalf by:
 

 

P G Estates Limited

(Registration number: 5435936)
Balance Sheet as at 31 December 2023
__________________________________________________________________________

.........................................
Edward Gormley
Company secretary and director

 

P G Estates Limited

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

1

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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 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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

Furniture fittings and equipment

25% RB

 

P G Estates Limited

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

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

Over 10 years

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

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 subsequently measured at amortised cost using the effective interest method.

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.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

 

P G Estates Limited

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

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 7).

 

P G Estates Limited

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

3

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

470,002

470,002

At 31 December 2023

470,002

470,002

Amortisation

At 1 January 2023

455,491

455,491

Amortisation charge

14,511

14,511

At 31 December 2023

470,002

470,002

Carrying amount

At 31 December 2023

-

-

At 31 December 2022

14,511

14,511

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

1

69,835

69,836

At 31 December 2023

1

69,835

69,836

Depreciation

At 1 January 2023

-

65,008

65,008

Charge for the year

-

846

846

At 31 December 2023

-

65,854

65,854

Carrying amount

At 31 December 2023

1

3,981

3,982

At 31 December 2022

1

4,827

4,828

Included within the net book value of land and buildings above is £1 (2022 - £1) in respect of long leasehold land and buildings.
 

 

P G Estates Limited

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

5

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 January 2023

21,784

21,784

At 31 December 2023

21,784

21,784

Impairment

Carrying amount

At 31 December 2023

21,784

21,784

6

Debtors

Current

2023
£

2022
£

Other debtors

449,704

445,098

 

449,704

445,098

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

29,825

30,833

Taxation and social security

 

114,793

99,985

Accruals and deferred income

 

4,750

4,750

Other creditors

 

32,515

31,823

 

181,883

167,391

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

142,961

159,220

 

P G Estates Limited

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

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share capital of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

142,961

159,220