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Registration number: 08617974

PGB Asset Holdings Limited

Unaudited Financial Statements

for the Year Ended 31 January 2024

 

PGB Asset Holdings Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

PGB Asset Holdings Limited

(Registration number: 08617974)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

26,222

-

Investment property

5

585,000

525,000

Investments

6

791

741

 

612,013

525,741

Current assets

 

Debtors

7

281,166

317,707

Cash at bank and in hand

 

227,347

138,370

 

508,513

456,077

Creditors: Amounts falling due within one year

8

(32,368)

(29,732)

Net current assets

 

476,145

426,345

Total assets less current liabilities

 

1,088,158

952,086

Creditors: Amounts falling due after more than one year

8

(408,435)

(276,983)

Provisions for liabilities

(88,829)

(70,795)

Net assets

 

590,894

604,308

Capital and reserves

 

Called up share capital

200

200

Fair value reserve

257,383

212,383

Retained earnings

333,311

391,725

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 31 January 2025
 

Mr P Bracey
Director

   
     
 

PGB Asset Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1 The Cam Centre
Wilbury Way
Hitchin
Hertfordshire
SG4 0TW
England

These financial statements were authorised for issue by the director on 31 January 2025.

2

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

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

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

Investment properties are held at open market value with gains and losses recognised within profit and loss. Deferred tax is provided on the gains and losses recognised.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

PGB Asset Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

Additions

28,000

28,000

At 31 January 2024

28,000

28,000

Depreciation

Charge for the year

1,778

1,778

At 31 January 2024

1,778

1,778

Carrying amount

At 31 January 2024

26,222

26,222

5

Investment properties

2024
£

At 1 February

525,000

Fair value adjustments

60,000

At 31 January

585,000



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.

6

Investments

2024
£

2023
£

Investments in subsidiaries

791

741

 

PGB Asset Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Subsidiaries

£

Cost or valuation

At 1 February 2023

741

Additions

100

Disposals

(50)

At 31 January 2024

791

Provision

Carrying amount

At 31 January 2024

791

At 31 January 2023

741

 

PGB Asset Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

10

262,501

310,037

Prepayments

 

16,729

-

Other debtors

 

1,936

7,670

   

281,166

317,707

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

18,446

21,554

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

10,282

-

Taxation and social security

 

2,550

6,973

Accruals and deferred income

 

787

1,205

Other creditors

 

303

-

 

32,368

29,732

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

408,435

276,983

 

PGB Asset Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

200

200

200

200

         

10

Related party transactions

Summary of transactions with subsidiaries

At the balance sheet date £252,219 (2023 - £310,037) was owed by group companies.
 

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

393,449

276,983

Hire purchase contracts

14,986

-

408,435

276,983

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,551

21,554

Hire purchase contracts

8,895

-

18,446

21,554

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.