Company registration number 15024027 (England and Wales)
PME PROPERTY GROUP HOLDINGS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PME PROPERTY GROUP HOLDINGS LTD
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
PME PROPERTY GROUP HOLDINGS LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
Notes
£
£
Fixed assets
Tangible assets
3
2,271,536
Investments
4
200
2,271,736
Current assets
Debtors
5
539,826
Cash at bank and in hand
21,777
561,603
Creditors: amounts falling due within one year
6
(962,335)
Net current liabilities
(400,732)
Total assets less current liabilities
1,871,004
Creditors: amounts falling due after more than one year
7
(1,851,911)
Provisions for liabilities
(933)
Net assets
18,160
Capital and reserves
Called up share capital
200
Profit and loss reserves
17,960
Total equity
18,160
PME PROPERTY GROUP HOLDINGS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

For the financial Period ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 25 October 2024 and are signed on its behalf by:
Mr BP Chalk
Mrs JK Chalk
Director
Director
Mr P Chalk
Director
Company registration number 15024027 (England and Wales)
PME PROPERTY GROUP HOLDINGS LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 24 July 2023
-
0
-
0
-
Period ended 31 March 2024:
Profit and total comprehensive income
-
210,945
210,945
Issue of share capital
200
-
200
Dividends
-
(192,985)
(192,985)
Balance at 31 March 2024
200
17,960
18,160
PME PROPERTY GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

PME Property Group Holdings Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Rowdown House, Rowdown Close, Langage Business Park, Plymouth, PL7 5EY.

1.1
Reporting period

The reporting period is less than a year as this is the first year of trading.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Following the incorporation of this holding company by a share for share exchange it has taken advantage of merger relief to include its investment in its subsidiary at cost as shown in note 6 to the accounts.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
50 year Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Fixed asset investments

The company measures biological assets at cost less accumulated depreciation and accumulated impairment losses.

 

In respect of agricultural produce harvested from a biological asset, this is measured at the point of harvest at either;

PME PROPERTY GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PME PROPERTY GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2024
Number
Total
3
3
Tangible fixed assets
Land and buildings
£
Cost
At 24 July 2023
-
0
Additions
2,299,720
At 31 March 2024
2,299,720
Depreciation and impairment
At 24 July 2023
-
0
Depreciation charged in the Period
28,184
At 31 March 2024
28,184
Carrying amount
At 31 March 2024
2,271,536
PME PROPERTY GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
4
Fixed asset investments
2024
£
Shares in group undertakings and participating interests
200
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 24 July 2023
-
Additions
200
At 31 March 2024
200
Carrying amount
At 31 March 2024
200
5
Debtors
2024
Amounts falling due within one year:
£
Other debtors
539,826
6
Creditors: amounts falling due within one year
2024
£
Bank loans
34,773
Amounts owed to group undertakings
924,283
Corporation tax
3,279
962,335
7
Creditors: amounts falling due after more than one year
2024
£
Bank loans and overdrafts
1,851,911
PME PROPERTY GROUP HOLDINGS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
7
Creditors: amounts falling due after more than one year
(Continued)
- 8 -

Loans and borrowings falling due within and after more than one year on which security has been given by the company, includes the following liabilities:

 

Bank borrowings - £1,886,684 (2023 - £nil)

 

The security is provided is a fixed charge over the freehold property held in the company and a floating charge over the land all fixtures and fittings attached to the land and all plant, machinery and equipment held by the company.

8
Related party transactions

The following amounts were outstanding at the reporting end date:

2024
Amounts due to related parties
£
Entities over which the entity has control, joint control or significant influence
924,283

During the year, management charges of £107,437 (2023 - nil) where due from the subsidiary company.

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