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REGISTERED NUMBER: 14135367 (England and Wales)















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: Mr M R Fagan
Mr J W Blundell





REGISTERED OFFICE: First Floor
Ridgeland House
15 Carfax
Horsham
West Sussex
RH12 1DY





BUSINESS ADDRESS: Pilgrims Court
15-17 West Street
Reigate
Surrey
RH2 9BL





REGISTERED NUMBER: 14135367 (England and Wales)





ACCOUNTANTS: Galloways Accounting
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 1,261 1,335

CURRENT ASSETS
Stocks 490,647 706,914
Debtors 5 20,449 2,196
Cash at bank and in hand 63,749 186,992
574,845 896,102
CREDITORS
Amounts falling due within one year 6 604,906 924,862
NET CURRENT LIABILITIES (30,061 ) (28,760 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(28,800

)

(27,425

)

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (28,802 ) (27,427 )
SHAREHOLDERS' FUNDS (28,800 ) (27,425 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 24 February 2025 and were signed on its behalf by:





Mr M R Fagan - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 1,598
Additions 284
At 31 May 2024 1,882
DEPRECIATION
At 1 June 2023 263
Charge for year 358
At 31 May 2024 621
NET BOOK VALUE
At 31 May 2024 1,261
At 31 May 2023 1,335

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Directors' current accounts 19,378 -
Prepayments and accrued income 1,071 2,196
20,449 2,196

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts - 217,074
Trade creditors 4,193 6,652
Amounts owed to associates 594,826 696,826
Other creditors 1,587 -
Directors' current accounts - 310
Accruals and deferred income 4,300 4,000
604,906 924,862

7. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans - 217,074

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.