Registration number:
PGB Asset Holdings Limited
for the Year Ended 31 January 2024
PGB Asset Holdings Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
PGB Asset Holdings Limited
(Registration number: 08617974)
Balance Sheet as at 31 January 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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- |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
200 |
200 |
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Fair value reserve |
257,383 |
212,383 |
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Retained earnings |
333,311 |
391,725 |
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Shareholders' funds |
590,894 |
604,308 |
For the financial 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:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
PGB Asset Holdings Limited
(Registration number: 08617974)
Balance Sheet as at 31 January 2024
Approved and authorised by the
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PGB Asset Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Exemption from preparing group accounts
Going concern
The financial statements have been prepared on a going concern basis.
PGB Asset Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Revenue recognition
Turnover represents rents receivable pertaining to the year. Rent is recognised when it is due and is
accrued where necessary. Rent increases arising from rent reviews due during the year are taken in
to account only to an extent that such reviews have been agreed with tenants by the accounting date. Turnover is shown net of value added tax.
PGB Asset Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits
reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Investment property
Investments
Investments in equity shares which are not publicly traded comprise of amounts held in subsidiaries and associates. Amounts are recorded at cost and reviewed for impairment annually.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price. Trade debtors are reviewed annually for bad debts. Any adjustment is made through the profit and loss.
Trade creditors
Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised at the transaction price.
PGB Asset Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
PGB Asset Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Tangible assets |
Motor vehicles |
Total |
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Cost or valuation |
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Additions |
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At 31 January 2024 |
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Depreciation |
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Charge for the year |
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At 31 January 2024 |
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Carrying amount |
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At 31 January 2024 |
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Investment properties |
2024 |
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At 1 February |
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Fair value adjustments |
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At 31 January |
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The leasehold property was revalued at £585,000 on 10th October 2023 by Brasier Freeth. In the directors opinion, this is the true and fair value of the leasehold property as at 31 January 2024.
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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PGB Asset Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Subsidiaries |
£ |
Cost or valuation |
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At 1 February 2023 |
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Additions |
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Disposals |
( |
At 31 January 2024 |
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Provision |
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Carrying amount |
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At 31 January 2024 |
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At 31 January 2023 |
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PGB Asset Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Debtors |
Current |
Note |
2024 |
2023 |
Amounts owed by related parties |
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Prepayments |
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- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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- |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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- |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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PGB Asset Holdings Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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200 |
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200 |
Related party transactions |
Summary of transactions with subsidiaries
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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- |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Hire purchase contracts |
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- |
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Non current loan and borrowings include a bank loan of £393,449 (2023 - £276,983).
Current loans and borrowings include a bank loan of £9,551 (2023 - £21,554).
During the year refinancing took place. The bank borrowings are secured by way of a fixed and floating charge held by National Westminster Bank plc over all the property or undertakings of the company.