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Company No: 12804415 (England and Wales)

PARTRIDGE GROUP HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

PARTRIDGE GROUP HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

PARTRIDGE GROUP HOLDINGS LIMITED

BALANCE SHEET

As at 30 April 2024
PARTRIDGE GROUP HOLDINGS LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,252,385 1,252,385
Investment property 4 917,340 916,140
2,169,725 2,168,525
Current assets
Cash at bank and in hand 6,240 11,680
6,240 11,680
Creditors: amounts falling due within one year 5 ( 1,000,879) ( 904,475)
Net current liabilities (994,639) (892,795)
Total assets less current liabilities 1,175,086 1,275,730
Creditors: amounts falling due after more than one year 6 ( 934,305) ( 1,098,021)
Net assets 240,781 177,709
Capital and reserves
Called-up share capital 7 20 20
Profit and loss account 240,761 177,689
Total shareholders' funds 240,781 177,709

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Partridge Group Holdings Limited (registered number: 12804415) were approved and authorised for issue by the Board of Directors on 22 January 2025. They were signed on its behalf by:

Mr M K J Partridge
Director
PARTRIDGE GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
PARTRIDGE GROUP HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Partridge Group Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House, Oak View Close, Edginswell Park, Torquay, TQ2 7FF.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net assets of £240,781. The Company is supported through loans from the subsidiary company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the subsidiary company will continue to support the company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/ reducing balance basis over its expected useful life, as follows:

No depreciation is provided on land and buildings. See "critical estimates" below for further details -

Land and buildings not depreciated

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Critical accounting judgements and key sources of estimation uncertainity

In applying the company’s accounting policies, which are described above, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The following are the critical judgements and estimates that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

No depreciation is provided on land and buildings, as the directors consider that the useful economic life of the company's properties is such that depreciation would be immaterial. The company has a policy and practice of regular maintenance and repair (charges for which are recognised in the profit and loss account such that these assets are kept to their previously assessed standard of performance, and the properties are unlikely to suffer from economic or technological obsolescence. The properties are reviewed for impairment each year.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Land and buildings Total
£ £
Cost
At 01 May 2023 1,252,385 1,252,385
At 30 April 2024 1,252,385 1,252,385
Accumulated depreciation
At 01 May 2023 0 0
At 30 April 2024 0 0
Net book value
At 30 April 2024 1,252,385 1,252,385
At 30 April 2023 1,252,385 1,252,385

Included within the net book value of land and buildings above is £1,252,385 (2023 - £1,252,385) in respect of freehold land and buildings.

4. Investment property

Investment property
£
Valuation
As at 01 May 2023 916,140
Additions 1,200
As at 30 April 2024 917,340

There has been no valuation of investment property by an independent valuer. The figure disclosed is deemed to be the fair value of the property by the directors and will be reviewed on an annual basis.

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 61,958 58,276
Amounts owed to Group undertakings 885,876 801,238
Amounts owed to directors 9,700 7,700
Accruals 2,050 1,981
Corporation tax 20,510 14,495
Deferred tax liability 20,785 20,785
1,000,879 904,475

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 458,673 521,178
Other creditors 475,632 576,843
934,305 1,098,021

The company's bank borrowing is secured against the property owned by the company.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
18 'A' Ordinary shares of £ 1.00 each 18 18
2 'B' Ordinary shares of £ 1.00 each 2 2
20 20

8. Related party transactions

Other related party transactions

2024 2023
£ £
Amount due to group companies 885,471 801,238

9. Reserves

Included in the profit and loss reserve of £240,761 (2023 - £177,689) is £62,356 (2023 - £62,356 ) of non-distributable revaluation gains on investment property.