2023-01-012023-12-312023-12-31false05596130PBDEV 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PBDEV LTD

(formerly PURPLE BRICKS COMPANY LIMITED)

Registered Number
05596130
(England and Wales)

Unaudited Financial Statements for the Year ended
31 December 2023

PBDEV LTD
Company Information
for the year from 1 January 2023 to 31 December 2023

Directors

BRUCE, Clare Elizabeth
RUSHFIRTH, Philip Andrew

Registered Address

Seven Airport West
Lancaster Way
Yeadon
LS19 7ZA

Registered Number

05596130 (England and Wales)
PBDEV LTD
Statement of Financial Position
31 December 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3811143
Investment property47,800,0007,300,639
7,800,8117,300,782
Current assets
Debtors5,61,191,5581,688,584
Cash at bank and on hand4,952133,213
1,196,5101,821,797
Creditors amounts falling due within one year7(2,795,555)(2,765,262)
Net current assets (liabilities)(1,599,045)(943,465)
Total assets less current liabilities6,201,7666,357,317
Creditors amounts falling due after one year8(6,113,400)(6,234,437)
Provisions for liabilities9(82,278)-
Net assets6,088122,880
Capital and reserves
Called up share capital100100
Profit and loss account5,988122,780
Shareholders' funds6,088122,880
The financial statements were approved and authorised for issue by the Board of Directors on 7 November 2024, and are signed on its behalf by:
RUSHFIRTH, Philip Andrew
Director
Registered Company No. 05596130
PBDEV LTD
Notes to the Financial Statements
for the year ended 31 December 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis 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.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Straight line (years)
Office Equipment4
Investment property
Investment property is carried at fair value determined annually by directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Government grants or assistance
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
2.Average number of employees

20232022
Average number of employees during the year45
3.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 January 233,6463,646
Additions850850
At 31 December 234,4964,496
Depreciation and impairment
At 01 January 233,5033,503
Charge for year182182
At 31 December 233,6853,685
Net book value
At 31 December 23811811
At 31 December 22143143
4.Investment property
The valuations were made by the directors, on an open market value basis.

£
Fair value at 01 January 237,300,639
Fair value adjustments499,361
At 31 December 237,800,000
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables73,02188,375
Other debtors18,80619,570
Prepayments and accrued income22,59818,506
Total114,425126,451
6.Debtors: amounts due after one year

2023

2022

££
Other debtors1,077,1331,562,133
Total1,077,1331,562,133
7.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables27,48629,967
Amounts owed to related parties559,901484,901
Taxation and social security36,56657,508
Other creditors2,152,4852,110,083
Accrued liabilities and deferred income19,11782,803
Total2,795,5552,765,262
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts2,834,1132,955,150
Amounts owed to related parties3,279,2873,279,287
Total6,113,4006,234,437
Included in creditors due in over one year are amounts of £2,834,113 (2022: £2,955,150) in respect of bank loans which are secured against assets of the Company.
9.Provisions for liabilities
Provision for deferred taxation is accounted for further to the investment revaluation.

2023

2022

££
Net deferred tax liability (asset)82,278-
Total82,278-
10.Related party transactions
Included within debtors due over 1 year is a balance of £1,037,533 (2022: £1,037,533 ) due from PB Jetglow Holdings Limited a company with common directors. Included within creditors < 1 year is a balance of £274,947 (2022: £237,447 ) and included in creditors > 1 year is a balance of £1,729,285 (2022: £1,729,285) due to Clare Bruce Limited. Also, included in creditors < 1 year is a balance of £284,954 (2022: £247,454) and included in creditors > 1 year is a balance of £1,550,002 (2022: £1,550,002) due to Phil Rushfirth Limited. Both are companies with common directors, these loans are interest free. Loans of £2,095,283 (2022: £2,094,105) were due to the company directors at the year end.