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COMPANY REGISTRATION NUMBER: 12342248
Player Washington Group Ltd
Unaudited financial statements
31 December 2024
Player Washington Group Ltd
Statement of financial position
31 December 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,018,544
2,573,342
Current assets
Debtors
6
28,696
28,256
Investments
7
611,423
990
Cash at bank and in hand
140,725
753,926
---------
---------
780,844
783,172
Creditors: Amounts falling due within one year
8
( 100,259)
( 105,272)
---------
---------
Net current assets
680,585
677,900
-----------
-----------
Total assets less current liabilities
3,699,129
3,251,242
Creditors: Amounts falling due after more than one year
9
( 670,352)
( 732,236)
Provisions
Taxation including deferred tax
( 17,905)
( 14,524)
-----------
-----------
Net assets
3,010,872
2,504,482
-----------
-----------
Capital and reserves
Called up share capital
1,090
1,090
Profit and loss account
3,009,782
2,503,392
-----------
-----------
Shareholders funds
3,010,872
2,504,482
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Player Washington Group Ltd
Statement of financial position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
C T Gulliver
Director
Company registration number: 12342248
Player Washington Group Ltd
Notes to the financial statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 11 Penfold Drive, Wymondham, Norfolk, NR18 0WZ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Assets held under construction
-
Annual review for impairment
Plant & machinery
-
25% reducing balance
Fixtures & fittings
-
25% reducing balance
Improvements to property
-
2% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.
4. Employee numbers
The average number of employees during the year was 2 (2023: 2 ).
5. Tangible assets
Investment property
Assets held under construction
Plant & machinery
Fixtures & fittings
Freehold Property Imps'
Total
£
£
£
£
£
£
Cost
At 1 January 2024
2,172,149
462,586
25,632
11,330
50,797
2,722,494
Additions
264,730
35,451
15,129
315,310
-----------
---------
-------
-------
-------
-----------
At 31 December 2024
2,436,879
498,037
25,632
26,459
50,797
3,037,804
-----------
---------
-------
-------
-------
-----------
Depreciation
At 1 January 2024
141,666
813
5,190
1,483
149,152
Charge for the year
6,205
4,553
1,016
11,774
Reversal of impairment losses
( 141,666)
( 141,666)
-----------
---------
-------
-------
-------
-----------
At 31 December 2024
7,018
9,743
2,499
19,260
-----------
---------
-------
-------
-------
-----------
Carrying amount
At 31 December 2024
2,436,879
498,037
18,614
16,716
48,298
3,018,544
-----------
---------
-------
-------
-------
-----------
At 31 December 2023
2,172,149
320,920
24,819
6,140
49,314
2,573,342
-----------
---------
-------
-------
-------
-----------
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment property
£
At 31 December 2024
Aggregate cost
2,934,916
Aggregate depreciation
-----------
Carrying value
2,934,916
-----------
At 31 December 2023
Aggregate cost
2,634,735
Aggregate depreciation
-----------
Carrying value
2,634,735
-----------
6. Debtors
2024
2023
£
£
Other debtors
28,696
28,256
-------
-------
7. Investments
2024
2023
£
£
Investments in group undertakings
993
990
Other investments
610,430
---------
----
611,423
990
---------
----
8. Creditors: Amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
61,883
58,877
Trade creditors
830
23,127
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1,868
Social security and other taxes
19,929
19,510
Other creditors
17,617
1,890
---------
---------
100,259
105,272
---------
---------
9. Creditors: Amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
670,352
732,236
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £389,569 (2023: £465,092) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
£670,352 is due to be paid by August 2034. Interest on the loan is charged at 4.99%. The bank loan is secured against the assets concerned.
10. Directors' advances, credits and guarantees
Included within other debtors at the year end is an interest free director's loan account totalling £16 (2023: £1,215). The directors' maximum overdrawn balance during the year was £28,766.