Company registration number 06881020 (England and Wales)
PPG SOUTH STREET LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PPG SOUTH STREET LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 5
PPG SOUTH STREET LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
3,147,598
3,005,251
Debtors
3
95
-
0
3,147,693
3,005,251
Creditors: amounts falling due within one year
4
(262,397)
(203,341)
Net current assets
2,885,296
2,801,910
Creditors: amounts falling due after more than one year
5
(3,280,980)
(2,961,330)
Net liabilities
(395,684)
(159,420)
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(395,784)
(159,520)
Total equity
(395,684)
(159,420)

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

The financial statements were approved by the board of directors and authorised for issue on 17 January 2025 and are signed on its behalf by:
Mr P Seaton
Director
Company Registration No. 06881020
PPG SOUTH STREET LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
100
-
0
100
Year ended 31 March 2023:
Loss and total comprehensive income
-
(159,520)
(159,520)
Balance at 31 March 2023
100
(159,520)
(159,420)
Year ended 31 March 2024:
Loss and total comprehensive income
-
(236,264)
(236,264)
Balance at 31 March 2024
100
(395,784)
(395,684)
PPG SOUTH STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

PPG South Street Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Theed Street, London, SE1 8ST.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

During the period the company recognised losses of £236,264 (2023: £159,420) and had amounts owed to group undertakings of true£3,413,877 (2023: £3,033,671) however, the directors have confirmed the intention, ability and willingness of the parent undertaking, to maintain its financial support to enable the company to meet its liabilities as they fall due.

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
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 balance sheet 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 debtors, 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

PPG SOUTH STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
95
-
0
4
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
132,897
72,341
Other creditors
129,500
131,000
262,397
203,341
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Amounts owed to group undertakings
3,280,980
2,961,330
PPG SOUTH STREET LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

Senior Statutory Auditor:
Luke Metson
Statutory Auditor:
Gravita Audit II Limited
Date of audit report:
17 January 2025
8
Events after the reporting date

After the period end the company sold its stock to an unconnected third party for consideration of £3,125,000.

9
Related party transactions
Transactions with related parties

Per FRS 102 33.1A, the company has taken the exemption from disclosing related party transactions.

10
Parent company

The immediate parent company is The Passion Property Group Limited, a company registered in England and Wales, and the ultimate parent company is BATS Holdings Limited, a company registered in England and Wales. The registered offices are 15 Theed Street, London, SE1 8ST.

 

BATS Holdings Limited and its subsidiary companies form a small group and are therefore exempt from the requirement to prepare consolidated financial statements.

2024-03-312023-04-01falsefalsefalse17 January 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMr M GibsonMr P SeatonMr L AdamsMr M Gibson068810202023-04-012024-03-31068810202024-03-31068810202023-03-3106881020core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3106881020core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3106881020core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3106881020core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3106881020core:CurrentFinancialInstruments2024-03-3106881020core:CurrentFinancialInstruments2023-03-3106881020core:ShareCapital2024-03-3106881020core:ShareCapital2023-03-3106881020core:RetainedEarningsAccumulatedLosses2024-03-3106881020core:RetainedEarningsAccumulatedLosses2023-03-3106881020core:ShareCapital2022-03-3106881020core:RetainedEarningsAccumulatedLosses2022-03-3106881020core:RetainedEarningsAccumulatedLosses2022-04-012023-03-31068810202022-04-012023-03-3106881020core:RetainedEarningsAccumulatedLosses2023-04-012024-03-3106881020core:WithinOneYear2024-03-3106881020core:WithinOneYear2023-03-3106881020core:Non-currentFinancialInstruments2024-03-3106881020core:Non-currentFinancialInstruments2023-03-3106881020bus:PrivateLimitedCompanyLtd2023-04-012024-03-3106881020bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3106881020bus:FRS1022023-04-012024-03-3106881020bus:Audited2023-04-012024-03-3106881020bus:Director12023-04-012024-03-3106881020bus:Director22023-04-012024-03-3106881020bus:Director32023-04-012024-03-3106881020bus:CompanySecretary12023-04-012024-03-3106881020bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP