Company registration number 11427583 (England and Wales)
PELICAN LAND AND PROPERTY LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
PELICAN LAND AND PROPERTY LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PELICAN LAND AND PROPERTY LTD
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,553,000
2,553,000
Current assets
Debtors
5
15,319
1
Net current assets
15,319
1
Total assets less current liabilities
2,568,319
2,553,001
Creditors: amounts falling due after more than one year
6
(3,288,911)
(3,076,999)
Net liabilities
(720,592)
(523,998)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(720,593)
(523,999)
Total equity
(720,592)
(523,998)
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 13 January 2025 and are signed on its behalf by:
A Rolfe
Director
Company registration number 11427583 (England and Wales)
PELICAN LAND AND PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
Pelican Land and Property Ltd is a private company limited by shares incorporated in England and Wales. The registered office is:
Corpus Christi College
Merton Street
Oxford
OX1 4JF
United Kingdom
1.1
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 1A”) 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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives.
Freehold land and buildings
Not depreciated
1.4
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest rate method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
1.5
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
PELICAN LAND AND PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 3 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Management believe that there are no estimates or assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0.
2024
2023
Number
Number
Total
4
Tangible fixed assets
Land and buildings
£
Cost
At 1 August 2023 and 31 July 2024
2,553,000
Depreciation and impairment
At 1 August 2023 and 31 July 2024
Carrying amount
At 31 July 2024
2,553,000
At 31 July 2023
2,553,000
Included within the net book value of land and buildings above is £2,553,000 (2023: £2,553,000) in respect of freehold land.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
15,319
1
PELICAN LAND AND PROPERTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 4 -
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
3,288,911
3,076,999
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.
The auditor's report is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Senior Statutory Auditor:
Robert Kirtland
Statutory Auditor:
Gravita Audit Oxford LLP
Date of audit report:
22 January 2025
8
Related party transactions
The company has taken advantage of the exemption in FRS102 from disclosing transactions with other members of the group.
9
Parent company
The company's immediate parent is Corpus Christi College, Oxford, incorporated in England and Wales.