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COMPANY REGISTRATION NUMBER: 13225298
PK Developments Ltd
Filleted Unaudited Financial Statements
28 February 2024
PK Developments Ltd
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of PK Developments Ltd
Year ended 28 February 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 PK Developments Ltd for the year ended 28 February 2024, which comprise the statement of financial position and the 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of PK Developments Ltd, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of PK Developments Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PK Developments Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that PK Developments 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 loss of PK Developments Ltd. You consider that PK Developments 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 PK Developments 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.
PAUL PHILLIS & CO LIMITED Chartered accountants
11a Corelli Street Newport South Wales NP19 7AR
29 November 2024
PK Developments Ltd
Statement of Financial Position
28 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,350,804
Current assets
Stocks
150,281
761,997
Debtors
6
50
6,039
Cash at bank and in hand
19
---------
---------
150,350
768,036
Creditors: amounts falling due within one year
7
1,733,670
510,060
------------
---------
Net current (liabilities)/assets
( 1,583,320)
257,976
------------
---------
Total assets less current liabilities
( 232,516)
257,976
Creditors: amounts falling due after more than one year
8
452,600
---------
---------
Net liabilities
( 232,516)
( 194,624)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 232,616)
( 194,724)
---------
---------
Shareholders deficit
( 232,516)
( 194,624)
---------
---------
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.
For the year ending 28 February 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 .
PK Developments Ltd
Statement of Financial Position (continued)
28 February 2024
These financial statements were approved by the board of directors and authorised for issue on 22 November 2024 , and are signed on behalf of the board by:
Mr B.M. Pearson
Mr C. King
Director
Director
Company registration number: 13225298
PK Developments Ltd
Notes to the Financial Statements
Year ended 28 February 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 Woodside Cottage, Cwmavon Road, Abersychan, Pontypool, NP4 8PS, Wales.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
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 the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.
Tangible assets
Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Impairment of fixed assets
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are 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 2 (2023: 2 ).
5. Tangible assets
Freehold property
£
Cost
At 1 March 2023
Additions
1,350,804
------------
At 28 February 2024
1,350,804
------------
Depreciation
At 1 March 2023 and 28 February 2024
------------
Carrying amount
At 28 February 2024
1,350,804
------------
At 28 February 2023
------------
6. Debtors
2024
2023
£
£
Other debtors
50
6,039
----
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,208,926
34
Trade creditors
63,642
Other creditors
524,744
446,384
------------
---------
1,733,670
510,060
------------
---------
The bank loan is secured by a debenture dated 2nd March 2023 by way of a fixed charge over the company's freehold property and a floating charge over all the property and undertakings of the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
452,600
----
---------
The bank loan is secured by a debenture dated 3rd March 2023 by way of a fixed charge over the company's freehold property and a floating charge over all the property and undertakings of the company.
Mr C. King and Mr B. Pearson have given a personal guarantee to GSF 1 Ltd (Glenhawk) as security for the bank loan.
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr B.M. Pearson
( 91,752)
( 38,507)
( 130,259)
Mr C. King
50
50
--------
--------
---------
( 91,702)
( 38,507)
( 130,209)
--------
--------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr B.M. Pearson
( 3,611)
( 88,141)
( 91,752)
Mr C. King
50
50
-------
--------
--------
( 3,561)
( 88,141)
( 91,702)
-------
--------
--------
10. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
Balance owed by/(owed to)
2024
2023
2024
2023
£
£
£
£
B. Pearson Holdings Ltd
( 11,499)
47,690
( 99,902)
( 88,403)
Midpoint Property Ltd
( 27,705)
( 83,889)
( 265,483)
( 237,779)
Midpoint Homes Ltd
( 50)
( 11,800)
( 11,850)
( 11,800)
--------
--------
---------
---------
The above entities assisted with the provision of the company's working capital requirements. The loans are unsecured, repayable on demand and loaned on an interest free basis. The company was under the control of the directors Mr C. King and Mr B. Pearson throughout both the current and previous years. Mr C. King is also a director of Midpoint Property Ltd and Midpoint Homes Ltd. Mr B. Pearson is also a director of B Pearson Holdings Ltd.