REGISTERED NUMBER: |
Unaudited Financial Statements For The Year Ended 29 February 2024 |
for |
Park Place Properties Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Park Place Properties Limited (Registered number: 11220832) |
Balance Sheet |
29 February 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
ASSETS |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
Investment property | 7 |
CURRENT ASSETS |
Stocks | 8 |
Debtors | 9 |
Cash at bank |
36,073,780 | 36,310,459 |
CAPITAL, RESERVES AND LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Capital redemption reserve | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
PROVISIONS FOR LIABILITIES |
CREDITORS | 12 |
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 |
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 |
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 |
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. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
and 29 February 2024 |
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 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
7. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
Disposals | ( |
) |
Revaluations | 469,510 |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
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 |
9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
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: | £ | £ |
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 | 6,472,384 |
Profit for the year |
At 29 February 2024 | 6,632,919 |
12. | CREDITORS |
2024 | 2023 |
£ | £ |
Amounts falling due within one year: |
Bank loans and overdrafts |
Preference shares |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 13,570 | 10,092 |
Other creditors | ( |
) | ( |
) |
Directors' current accounts | 2,000,000 | 250,000 |
Directors' loan accounts | 5,208,216 | 5,865,216 |
Accrued expenses |
Amounts falling due after more than one year: |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans due after more than |
five years by instalments |
Aggregate amounts |
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 |
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. |