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Company registration number:
12439764
(England and Wales)
PFC Education Land Ltd
Unaudited filleted financial statements
for the year ended
31 August 2024
PFC Education Land Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
PFC Education Land Ltd
Directors and other information
|
|
|
|
Directors |
W J Trott |
|
|
S L Richards |
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|
|
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Company number |
12439764 |
|
|
|
|
|
|
|
Registered office |
13 Freeland Park |
|
|
Wareham Road |
|
|
Poole |
|
|
BH16 6FA |
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Accountants |
Griffin Chapman |
|
|
4 & 5 The Cedars, Apex 12 |
|
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Old Ipswich Road |
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Colchester |
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Essex |
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CO7 7QR |
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PFC Education Land Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of PFC Education Land Ltd
Year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PFC Education Land Ltd for the year ended 31 August 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of PFC Education Land Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of PFC Education Land Ltd and state those matters that we have agreed to state to the board of directors of PFC Education Land Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PFC Education Land Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that PFC Education Land Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PFC Education Land Ltd. You consider that PFC Education Land Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of PFC Education Land Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars, Apex 12
Old Ipswich Road
Colchester
Essex
CO7 7QR
31 October 2024
PFC Education Land Ltd
Statement of financial position
31 August 2024
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
4,000,000 |
|
|
|
4,000,000 |
|
|
Investments |
|
6 |
781,333 |
|
|
|
781,333 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
4,781,333 |
|
|
|
4,781,333 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
7 |
758,141 |
|
|
|
898,435 |
|
|
Cash at bank and in hand |
|
|
111,007 |
|
|
|
161,103 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
869,148 |
|
|
|
1,059,538 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
8 |
(
4,531,040) |
|
|
|
(
4,965,857) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current liabilities |
|
|
|
|
(
3,661,892) |
|
|
|
(
3,906,319) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
1,119,441 |
|
|
|
875,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
1,119,441 |
|
|
|
875,014 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
9 |
|
|
200,000 |
|
|
|
200,000 |
Share premium account |
|
|
|
|
68,691 |
|
|
|
68,691 |
Profit and loss account |
|
|
|
|
850,750 |
|
|
|
606,323 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
1,119,441 |
|
|
|
875,014 |
|
|
|
|
|
_______ |
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|
_______ |
|
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For the year ending 31 August 2024 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 financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
30 October 2024
, and are signed on behalf of the board by:
W J Trott
Director
Company registration number:
12439764
PFC Education Land Ltd
Notes to the financial statements
Year ended 31 August 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13 Freeland Park, Wareham Road, Poole, BH16 6FA.
The principal activity of the company is that of holding investments.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable uture. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from rent is recognised with reference to the stage of completion of the rental period; when the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Rent free periods granted are allocated on a straight line basis over the length of the lease.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2023: Nil).
5.
Tangible assets
|
|
Freehold property |
Total |
|
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 September 2023 and 31 August 2024 |
4,000,000 |
4,000,000 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 August 2024 |
4,000,000 |
4,000,000 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
At 31 August 2023 |
4,000,000 |
4,000,000 |
|
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment property
Included within the above is investment property measured at fair value as follows:
|
|
£ |
|
At 1 September 2023 and 31 August 2024 |
4,000,000 |
|
|
_______ |
|
|
|
Investment property was valued by the directors as at 31 August 2024 totalling the amount recognised.
6.
Investments
|
|
Shares in group undertakings and participating interests |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 September 2023 and 31 August 2024 |
781,333 |
781,333 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 September 2023 and 31 August 2024 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 August 2024 |
781,333 |
781,333 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 August 2023 |
781,333 |
781,333 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade debtors |
|
- |
31,668 |
|
Other debtors |
|
758,141 |
866,767 |
|
|
|
_______ |
_______ |
|
|
|
758,141 |
898,435 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Other debtors |
|
422,500 |
466,667 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Trade creditors |
|
- |
31,668 |
|
Amounts owed to group undertakings |
|
931,944 |
936,550 |
|
Taxation and social security |
|
81,476 |
49,899 |
|
Other creditors |
|
3,517,620 |
3,947,740 |
|
|
|
_______ |
_______ |
|
|
|
4,531,040 |
4,965,857 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Called up share capital
Issued, called up and fully paid
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
200,000 |
|
200,000 |
|
200,000 |
|
200,000 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
10.
Related party transactions
Within other creditors due within one year, there is a loan balance totalling £3,516,000 (2023: £3,946,000)
from the ultimate controlling party, trustees of The Peter Brian Prowting Settlement 1987
. No interest is charged on the balance and the loan is repayable on demand.
11.
Controlling party
The ultimate controlling parties are
the trustees of The Peter Brian Prowting Settlement 1987
.