5 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 02549828 2023-02-01 2024-01-31 02549828 2024-01-31 02549828 2023-01-31 02549828 2022-02-01 2023-01-31 02549828 2023-01-31 02549828 2022-01-31 02549828 core:PlantMachinery 2023-02-01 2024-01-31 02549828 core:FurnitureFittings 2023-02-01 2024-01-31 02549828 core:MotorVehicles 2023-02-01 2024-01-31 02549828 bus:LeadAgentIfApplicable 2023-02-01 2024-01-31 02549828 bus:Director2 2023-02-01 2024-01-31 02549828 core:LandBuildings 2023-01-31 02549828 core:PlantMachinery 2023-01-31 02549828 core:FurnitureFittings 2023-01-31 02549828 core:MotorVehicles 2023-01-31 02549828 core:LandBuildings 2024-01-31 02549828 core:PlantMachinery 2024-01-31 02549828 core:FurnitureFittings 2024-01-31 02549828 core:MotorVehicles 2024-01-31 02549828 core:LandBuildings 2023-02-01 2024-01-31 02549828 core:WithinOneYear 2024-01-31 02549828 core:WithinOneYear 2023-01-31 02549828 core:AfterOneYear 2024-01-31 02549828 core:AfterOneYear 2023-01-31 02549828 core:ShareCapital 2024-01-31 02549828 core:ShareCapital 2023-01-31 02549828 core:RevaluationReserve 2024-01-31 02549828 core:RevaluationReserve 2023-01-31 02549828 core:RetainedEarningsAccumulatedLosses 2024-01-31 02549828 core:RetainedEarningsAccumulatedLosses 2023-01-31 02549828 core:CostValuation core:Non-currentFinancialInstruments 2024-01-31 02549828 core:Non-currentFinancialInstruments 2024-01-31 02549828 core:Non-currentFinancialInstruments 2023-01-31 02549828 core:LandBuildings 2023-01-31 02549828 core:PlantMachinery 2023-01-31 02549828 core:FurnitureFittings 2023-01-31 02549828 core:MotorVehicles 2023-01-31 02549828 bus:SmallEntities 2023-02-01 2024-01-31 02549828 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 02549828 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 02549828 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 02549828 bus:FullAccounts 2023-02-01 2024-01-31
COMPANY REGISTRATION NUMBER: 02549828
PTA Developments Limited
Filleted Unaudited Financial Statements
31 January 2024
PTA Developments Limited
Financial Statements
Year ended 31 January 2024
Contents
Pages
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 8
PTA Developments Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of PTA Developments Limited
Year ended 31 January 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 PTA Developments Limited for the year ended 31 January 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 director of PTA Developments Limited in accordance with the terms of our engagement letter dated 20 October 2021. Our work has been undertaken solely to prepare for your approval the financial statements of PTA Developments Limited and state those matters that we have agreed to state to you 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 PTA Developments Limited and its director for our work or for this report.
It is your duty to ensure that PTA 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 profit of PTA Developments Limited. You consider that PTA 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 PTA 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.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
30 January 2025
PTA Developments Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
6,093,040
11,585,246
Investments
6
450,010
450,010
------------
-------------
6,543,050
12,035,256
Current assets
Stocks
8,324,896
6,146,361
Debtors
7
24,874,001
22,013,898
Investments
8
17,700
17,700
Cash at bank and in hand
102
92
-------------
-------------
33,216,699
28,178,051
Creditors: amounts falling due within one year
9
11,188,936
12,855,225
-------------
-------------
Net current assets
22,027,763
15,322,826
-------------
-------------
Total assets less current liabilities
28,570,813
27,358,082
Creditors: amounts falling due after more than one year
10
25,590,637
25,459,620
-------------
-------------
Net assets
2,980,176
1,898,462
-------------
-------------
PTA Developments Limited
Statement of Financial Position (continued)
31 January 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
100
100
Revaluation reserve
85,809
85,809
Profit and loss account
2,894,267
1,812,553
------------
------------
Shareholders funds
2,980,176
1,898,462
------------
------------
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 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
Mr P G Cunningham
Director
Company registration number: 02549828
PTA Developments Limited
Notes to the Financial Statements
Year ended 31 January 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 Abbeydale Hall, Abbeydale Road South, Sheffield, S17 3LJ.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
The turnover shown in the financial statements represents sales from property development and rent received during the year, exclusive of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Fixtures and fittings
-
20% straight line
Motor Vehicles
-
25% reducing balance
Investment property
Investment property is held for rental income and capital appreciation and initially included at cost and any attributable expenditure. It is included at fair value at the balance sheet date with any surplus or revaluation recognised in the profit and loss account and deferred tax provided at the relevant rates.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being 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. Work in progress on property development is included at costs incurred to bring the property to its current state. Profit is not recognised until such time the property development is sufficiently complete.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2023: 4 ).
5. Tangible assets
Investment property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 February 2023
11,352,670
192,574
23,500
96,186
11,664,930
Additions
77,749
26,500
104,249
Disposals
( 5,480,000)
( 29,000)
( 45,666)
( 5,554,666)
-------------
---------
--------
--------
-------------
At 31 January 2024
5,872,670
241,323
23,500
77,020
6,214,513
-------------
---------
--------
--------
-------------
Depreciation
At 1 February 2023
46,984
1,940
30,760
79,684
Charge for the year
45,455
3,525
12,790
61,770
Disposals
( 19,981)
( 19,981)
-------------
---------
--------
--------
-------------
At 31 January 2024
92,439
5,465
23,569
121,473
-------------
---------
--------
--------
-------------
Carrying amount
At 31 January 2024
5,872,670
148,884
18,035
53,451
6,093,040
-------------
---------
--------
--------
-------------
At 31 January 2023
11,352,670
145,590
21,560
65,426
11,585,246
-------------
---------
--------
--------
-------------
The investment properties are accounted for at their fair value as determined by the directors at each reporting date.
Investment property of £5,872,670 (2023 11,352,670) comprises historic cost of £5,786,861 (2023 £11,356,861) and revaluation of £85,809 (2023 £85,809). Investment property is included at the directors opinion of fair value and is not depreciated.
6. Investments
Shares in group undertakings
Other investments other than loans
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
10
450,000
450,010
----
---------
---------
Impairment
At 1 February 2023 and 31 January 2024
----
---------
---------
Carrying amount
At 31 January 2024
10
450,000
450,010
----
---------
---------
At 31 January 2023
10
450,000
450,010
----
---------
---------
The company owns 100% of the issued share capital of the Lynthorpe Limited and Everlend Limited.
7. Debtors
2024
2023
£
£
Trade debtors
7,881,522
12,106,022
Amounts owed by group undertakings and undertakings in which the company has a participating interest
7,826,168
1,305,168
Other debtors
9,166,311
8,602,708
-------------
-------------
24,874,001
22,013,898
-------------
-------------
8. Investments
2024
2023
£
£
Other current asset investment
17,700
17,700
--------
--------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
407,667
930,316
Trade creditors
378,188
624,420
Social security and other taxes
192,516
382,247
Other creditors
10,210,565
10,918,242
-------------
-------------
11,188,936
12,855,225
-------------
-------------
The bank overdraft of £407,667 (2023 £930,316) is secured by legal charge on the assets of the company and by cross guarantee against properties owned by Titanriver Limited, Lynthorpe Limited and Gossco2012 Limited.
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
23,112,048
22,684,291
Other creditors
2,478,589
2,775,329
-------------
-------------
25,590,637
25,459,620
-------------
-------------
The bank borrowings of £23,112,048 (2023 £22,684,291) are secured by legal charge on the assets of the company and by cross company guarantee against properties owned by Titanriver Limited, Lynthorpe Limited and Gossco2012 Limited. Interest is charged at markets rates over over LIBOR.
Other creditors includes a loan of £1,898,589 (2023 £2,425,329) subject to interest charge at 9% and is due for repayment in full on or before 23 September 2033.