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REGISTERED NUMBER: 02193487 (England and Wales)










PRINCIPALITY DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024






PRINCIPALITY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02193487)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 8

PRINCIPALITY DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Ms C M R Geering
Mrs S J Jones





REGISTERED OFFICE: 1st Floor Offices
Ty Canol
1-3 Pendre
Cardigan
Ceredigion
SA43 1JL





REGISTERED NUMBER: 02193487 (England and Wales)





ACCOUNTANTS: Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

PRINCIPALITY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02193487)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 16,438 19,783
Investments 5 1 1
Investment property 6 1,389,596 1,389,596
1,406,035 1,409,380

CURRENT ASSETS
Debtors 7 2,576,271 4,791,815
Cash at bank and in hand 127,433 214,133
2,703,704 5,005,948
CREDITORS
Amounts falling due within one year 8 3,898,149 6,071,606
NET CURRENT LIABILITIES (1,194,445 ) (1,065,658 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

211,590

343,722

PROVISIONS FOR LIABILITIES 84,813 84,813
NET ASSETS 126,777 258,909

CAPITAL AND RESERVES
Called up share capital 6,000,752 2,000,752
Fair value reserve 9 545,980 545,980
Retained earnings (6,419,955 ) (2,287,823 )
126,777 258,909

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 January 2025 and were signed on its behalf by:





Mrs S J Jones - Director


PRINCIPALITY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02193487)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Principality Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Going Concern
These financial statements have been prepared on a Going Concern basis. The directors have agreed to continue their financial support to the company for a minimum of twelve months from the date of these financial statements. This support will be reviewed at that time.

Preparation of consolidated financial statements
The financial statements contain information about Principality Developments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover comprises revenue recognised by the company in respect of property letting during the year, exclusive of Value Added Tax and trade discounts. the whole of turnover is attributable to the principal activity of the company and arose within the United Kingdom. Turnover is recognised in the year to which the rental income relates.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% reducing balance and 15% reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


PRINCIPALITY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02193487)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued
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.

Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and cash in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening the deposit or similar account.

Creditors and provisions
Creditors and provisions are recognised where the company has a present obligation (legal and constructive) resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables 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.

PRINCIPALITY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02193487)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Basic financial assets
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, 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 receipts discounted at a market rate of interest.

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

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 8 ) .

PRINCIPALITY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02193487)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 May 2023 41,455 30,195 71,650
Additions 173 - 173
At 30 April 2024 41,628 30,195 71,823
DEPRECIATION
At 1 May 2023 27,170 24,697 51,867
Charge for year 2,143 1,375 3,518
At 30 April 2024 29,313 26,072 55,385
NET BOOK VALUE
At 30 April 2024 12,315 4,123 16,438
At 30 April 2023 14,285 5,498 19,783

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 May 2023
and 30 April 2024 1
NET BOOK VALUE
At 30 April 2024 1
At 30 April 2023 1

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 1,389,596
NET BOOK VALUE
At 30 April 2024 1,389,596
At 30 April 2023 1,389,596

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2024 1,389,596

At the balance sheet date, the directors of the company state that there is no movement of the fair value of the investment properties. The directors believe the valuation to be the fair value at the balance sheet date.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 25,808 56,903
Other debtors 2,550,463 4,734,912
2,576,271 4,791,815

PRINCIPALITY DEVELOPMENTS LIMITED (REGISTERED NUMBER: 02193487)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 80,099 173,659
Taxation and social security 3,346 3,413
Other creditors 3,814,704 5,894,534
3,898,149 6,071,606

9. RESERVES
Fair
value
reserve
£   
At 1 May 2023
and 30 April 2024 545,980

The amount held in the fair value reserve is the accumulated gain on the revaluation of investment property net of any deferred taxation arisen. The fair value reserve is not distributable to the shareholders.

10. RELATED PARTY DISCLOSURES

At 30 April 2024, the company was owed £1,850,083 (2023: £4,336,294) from Innkeeper (UK) Limited, a company under common directorship. These amounts are unsecured, interest free and repayable on demand.

At 30 April 2024, the company owed £140,746 (2023: 170,186) to Mr N R Laing, who is a previous shareholder and director of the company (see note 9). These amounts are unsecured, interest free and repayable on demand.

At 30 April 2024, the company owed £3,621,911 (2023: £5,696,817) to the directors of the company. These amounts are unsecured, interest free and repayable on demand.

At 30 April 2024, the company owed £1,000 (2023: £1,000) to Ty Canol Limited, a company under common directorship. These amounts are unsecured, interest free and repayable on demand.

At 30 April 2024, the company was owed £206,415 (2023: £43,158) from Glanfa Teifi Cyfyngedig, a company under directorship. These amounts are unsecured, interest free and repayable on demand.

At 30 April 2024, the company was owed £437,305 (2023: £282,865) from Cardigan Brewery Limited, a company under common directorship. These amounts are unsecured, interest free and repayable on demand.

During the year ended 30 April 2024, the company recharged total overhead costs of £203,930 (2023: £111,938) to Innkeeper (UK) Limited,Glanfa Teifi Cyfyngedig and Cardigan Brewery Limited. These companies are all under common directorship.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
PRINCIPALITY DEVELOPMENTS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Principality Developments Limited for the year ended 30 April 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Principality Developments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Principality Developments Limited and state those matters that we have agreed to state to the Board of Directors of Principality Developments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Principality Developments Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Principality Developments Limited 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 Principality Developments Limited. You consider that Principality Developments Limited 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 Principality Developments Limited. 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.






Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA


28 January 2025