REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
PILGRIM DEVELOPMENTS MIDLANDS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
PILGRIM DEVELOPMENTS MIDLANDS LTD |
PILGRIM DEVELOPMENTS MIDLANDS LTD (REGISTERED NUMBER: 14135367) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PILGRIM DEVELOPMENTS MIDLANDS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
First Floor |
Ridgeland House |
15 Carfax |
Horsham |
West Sussex |
RH12 1DY |
PILGRIM DEVELOPMENTS MIDLANDS LTD (REGISTERED NUMBER: 14135367) |
BALANCE SHEET |
31 MAY 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PILGRIM DEVELOPMENTS MIDLANDS LTD (REGISTERED NUMBER: 14135367) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
1. | STATUTORY INFORMATION |
Pilgrim Developments Midlands Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: |
Provision for bad or doubtful debts |
A provision for bad and doubtful debts is established where it is estimated that trade or other debtors are not fully recoverable. When assessing recoverability the Directors consider factors such as the ageing of the receivables, past experience of recoverability, and the credit profile off individual or groups of debtors. |
Impairment of fixed assets |
Determine whether there are indicators of impairment of the company's fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. |
Tangible fixed assets |
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issued such as future market conditions, the remaining life of the asset and projected disposal values. |
Going concern |
Whilst the company has a deficit of reserves and net current liabilities, the Directors of Pilgrim Developments Midlands Ltd, have indicated that they will continue to support the company with both costs and working capital going forward. These accounts have been prepared on a going concern basis. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
PILGRIM DEVELOPMENTS MIDLANDS LTD (REGISTERED NUMBER: 14135367) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 June 2023 |
Additions |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Directors' current accounts | 19,378 | - |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to associates | 594,826 | 696,826 |
Other creditors |
Directors' current accounts | - | 310 |
Accruals and deferred income |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans |
Commercial Acceptances Limited hold a fixed and floating charge over properties invested in by the company. |
8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year the company made interest free loans to the directors that are repayable on demand. As at the balance sheet date the company was due £10,000 (2023: £nil) from M Fagan and £9,378 (2023: £310 creditor) from J Blundell. |
PILGRIM DEVELOPMENTS MIDLANDS LTD (REGISTERED NUMBER: 14135367) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2024 |
9. | RELATED PARTY DISCLOSURES |
As at the balance sheet date, the company owed £594,826 (2023: £696,826) to Frank Crossley and Son Limited, a company indirectly controlled by a director and shareholder of Pilgrim Developments Midlands Limited. No interest is currently being charged on this loan. |