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REGISTERED NUMBER: 11220832 (England and Wales)















Unaudited Financial Statements For The Year Ended 29 February 2024

for

Park Place Properties Limited

Park Place Properties Limited (Registered number: 11220832)






Contents of the Financial Statements
For The Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Park Place Properties Limited

Company Information
For The Year Ended 29 February 2024







DIRECTORS: Dr R J Harding
M P Jones FCCA
J A Yeoman





SECRETARY: M P Jones FCCA





REGISTERED OFFICE: 1 Park Place
6 North Road
Poole
Dorset
BH14 0LY





REGISTERED NUMBER: 11220832 (England and Wales)






Park Place Properties Limited (Registered number: 11220832)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
ASSETS

FIXED ASSETS
Tangible assets 5 - -
Investments 6 186,000 186,000
Investment property 7 31,506,964 31,884,954
31,692,964 32,070,954

CURRENT ASSETS
Stocks 8 4,043,421 3,972,192
Debtors 9 259,303 233,925
Cash at bank 78,092 33,388
4,380,816 4,239,505
36,073,780 36,310,459

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES
Called up share capital 10 10,000 10,000
Capital redemption reserve 11 250,000 250,000
Retained earnings 11 6,382,919 6,222,384
SHAREHOLDERS' FUNDS 6,642,919 6,482,384

PROVISIONS FOR LIABILITIES 260,691 260,691

CREDITORS 12 29,170,170 29,567,384
36,073,780 36,310,459

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Park Place Properties Limited (Registered number: 11220832)

Balance Sheet - continued
29 February 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2024 and were signed on its behalf by:





J A Yeoman - Director


Park Place Properties Limited (Registered number: 11220832)

Notes to the Financial Statements
For The Year Ended 29 February 2024

1. STATUTORY INFORMATION

Park Place Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

The financial statements have been prepared under the historical cost convention unless otherwise
specified within these accounting policies and in accordance with Section 1A of Financial Reporting
Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and
the Companies Act 2006.

The presentation currency is pounds sterling.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The Company is profitable, but reliant on loans from its shareholders. The shareholders have confirmed that repayment of these loans will only be made from profits that are not required for normal trading activities. On this basis the accounts have been prepared on a going concern basis.

Significant judgements and estimates
Investment Property Valuations
The investment properties owned were professionally valued in November 2020 and August 2021 for bank financing purposes. The directors have valued the investment properties at 28 February 2022. In doing so they have taken account of the yields and market rents as advised by the bank valuers.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,
rebates, value added tax and other sales taxes.

Turnover represents rents due, excluding value added tax, in respect of the letting of residential and commercial properties.

Tangible fixed assets
Depreciation is provided at the following annual rates to write off each asset over its estimated useful life.

Fixtures fittings and plant - 25%
Freehold buildings - nil, as the cost of regular maintenance offsets the depreciation.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment properties are shown on the Balance Sheet at market value with any movement included within the Profit and Loss Account.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Park Place Properties Limited (Registered number: 11220832)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of fiancial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 timing differences that have 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 are expected to apply to the reversal of the timing difference.

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.

Park Place Properties Limited (Registered number: 11220832)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

3. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme.

Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks and other
short-term highly liquid investments with maturities of three months or less and bank overdrafts.

In the balance sheet, bank overdrafts are shown within borrowings in current liabilities.

Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the period of the borrowings using the effective interest method.

Bank and professional fees payable on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some of all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. Once the loan is drawn-down the fee is capitalised as prepayment and amortised over the period of the facility to which it relates.

All other borrowing costs, including interest on loans that are not site specific, are recognised in the Income Statement in the period in which they are incurred.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 March 2023
and 29 February 2024 3,565
DEPRECIATION
At 1 March 2023
and 29 February 2024 3,565
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

Park Place Properties Limited (Registered number: 11220832)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 March 2023
and 29 February 2024 186,000
NET BOOK VALUE
At 29 February 2024 186,000
At 28 February 2023 186,000

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 31,884,954
Disposals (847,500 )
Revaluations 469,510
At 29 February 2024 31,506,964
NET BOOK VALUE
At 29 February 2024 31,506,964
At 28 February 2023 31,884,954

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2019 26,038,384
Valuation in 2020 927,056
Valuation in 2021 12,719
Valuation in 2022 86,877
Valuation in 2023 4,819,918
Valuation in 2024 (377,990 )
31,506,964

8. STOCKS
2024 2023
£    £   
Work-in-progress 4,043,421 3,972,192

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 35,767 33,737
Other debtors 62,563 22,137
Prepayments 160,973 178,051
259,303 233,925

Park Place Properties Limited (Registered number: 11220832)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10,000 Ordinary shares £1 10,000 10,000

The company has issued £6,115,215 of preference shares of which £5,208,215 remain at the year end (2023 - £5,865,215). These shares are redeemable at par at the request of the shareholder and there is no entitlement to interest on the outstanding balance.

11. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 March 2023 6,222,384 250,000 6,472,384
Profit for the year 160,535 160,535
At 29 February 2024 6,382,919 250,000 6,632,919

12. CREDITORS
2024 2023
£    £   
Amounts falling due within one year:
Bank loans and overdrafts 1,000,000 4,270,849
Preference shares 5,208,215 5,865,215
Trade creditors 3,167,550 2,721,614
Tax 13,688 13,688
Social security and other taxes 9,946 16,097
VAT 13,570 10,092
Other creditors (470,922 ) (114,630 )
Directors' current accounts 2,000,000 250,000
Directors' loan accounts 5,208,216 5,865,216
Accrued expenses 19,907 19,907
16,170,170 18,918,048

Amounts falling due after more than one year:
Bank loans - 1-2 years - 247,849
Bank loans - 2-5 years 13,000,000 743,546
Bank loans due after more than
five years by instalments - 9,657,941
13,000,000 10,649,336

Aggregate amounts 29,170,170 29,567,384

Park Place Properties Limited (Registered number: 11220832)

Notes to the Financial Statements - continued
For The Year Ended 29 February 2024

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after more than
five years by instalments - 9,657,941
- 9,657,941

13. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 13,000,000 10,649,336

Bank loans of £13,000,000 (2023 - £13,920,184) are secured by charges against the investment properties owned by the Company. The loan requires refinancing in August 2026.

14. RELATED PARTY DISCLOSURES

Balances with directors
At 29 February 2024 the Company owed £5,208,216 (2023 - £5,865,216) to a director. There were also £5,208,215 (2023 - £5,865,215) of preference shares owed to a director.

The loans and preference shares are due for repayment on call, but the directors have confirmed that no repayment will be required in the twelve month period from the date of this report.

At 28 February 2024 the Company owed £2,030,176 (2023 - £1,746,473) to Primetower Properties Limited, a company owned and controlled by the same shareholders and directors.

At 28 February 2024 the Company owed £346,032 (2023 - was owed £340,032) by Primetower Leisure Limited, a company owned and controlled by the same shareholders and directors.

At 28 February 2024 the Company is owed £58,914 (2023 -owed - £7,086) to Park Place Management, a partnership controlled by the shareholder.