Caseware UK (AP4) 2024.0.164 2024.0.164 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.The principal activity of the company is that of managing the commercial property known as Plough Industrial Estate.2023-08-01false22truetruefalse 01174035 2023-08-01 2024-07-31 01174035 2022-08-01 2023-07-31 01174035 2024-07-31 01174035 2023-07-31 01174035 2022-08-01 01174035 2 2022-08-01 2023-07-31 01174035 d:Director1 2023-08-01 2024-07-31 01174035 e:PlantMachinery 2023-08-01 2024-07-31 01174035 e:PlantMachinery 2024-07-31 01174035 e:PlantMachinery 2023-07-31 01174035 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 01174035 e:ComputerEquipment 2023-08-01 2024-07-31 01174035 e:ComputerEquipment 2024-07-31 01174035 e:ComputerEquipment 2023-07-31 01174035 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 01174035 e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 01174035 e:FreeholdInvestmentProperty 2024-07-31 01174035 e:FreeholdInvestmentProperty 2023-07-31 01174035 e:CurrentFinancialInstruments 2024-07-31 01174035 e:CurrentFinancialInstruments 2023-07-31 01174035 e:CurrentFinancialInstruments e:WithinOneYear 2024-07-31 01174035 e:CurrentFinancialInstruments e:WithinOneYear 2023-07-31 01174035 e:ShareCapital 2023-08-01 2024-07-31 01174035 e:ShareCapital 2024-07-31 01174035 e:ShareCapital 2022-08-01 2023-07-31 01174035 e:ShareCapital 2023-07-31 01174035 e:ShareCapital 2022-08-01 01174035 e:InvestmentPropertiesRevaluationReserve 2023-08-01 2024-07-31 01174035 e:InvestmentPropertiesRevaluationReserve 2024-07-31 01174035 e:InvestmentPropertiesRevaluationReserve 2022-08-01 2023-07-31 01174035 e:InvestmentPropertiesRevaluationReserve 2023-07-31 01174035 e:InvestmentPropertiesRevaluationReserve 2022-08-01 01174035 e:InvestmentPropertiesRevaluationReserve 2 2022-08-01 2023-07-31 01174035 e:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 01174035 e:RetainedEarningsAccumulatedLosses 2024-07-31 01174035 e:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 01174035 e:RetainedEarningsAccumulatedLosses 2023-07-31 01174035 e:RetainedEarningsAccumulatedLosses 2022-08-01 01174035 e:RetainedEarningsAccumulatedLosses 2 2022-08-01 2023-07-31 01174035 d:FRS102 2023-08-01 2024-07-31 01174035 d:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 01174035 d:FullAccounts 2023-08-01 2024-07-31 01174035 d:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 01174035 e:AcceleratedTaxDepreciationDeferredTax 2024-07-31 01174035 e:AcceleratedTaxDepreciationDeferredTax 2023-07-31 01174035 e:OtherDeferredTax 2024-07-31 01174035 e:OtherDeferredTax 2023-07-31 01174035 2 2023-08-01 2024-07-31 01174035 e:ShareCapital 2 2022-08-01 2023-07-31 01174035 f:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 01174035










Plough Holdings Limited








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 July 2024

 
Plough Holdings Limited
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Plough Holdings Limited for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Plough Holdings Limited for the year ended 31 July 2024 which comprise  the Balance Sheet, the Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of Directors of Plough Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 1 September 2023Our work has been undertaken solely to prepare for your approval the financial statements of Plough Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Plough Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Plough Holdings Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Plough Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Plough Holdings Limited. You consider that Plough Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Plough Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
3 March 2025
Page 1

 
Plough Holdings Limited
Registered number: 01174035

Balance Sheet
As at 31 July 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,066
1,021

Investment property
 5 
4,200,000
4,200,000

  
4,201,066
4,201,021

Current assets
  

Debtors: amounts falling due within one year
 6 
30,358
29,056

Cash at bank and in hand
  
122,130
101,467

  
152,488
130,523

Creditors: amounts falling due within one year
 7 
(289,190)
(279,308)

Net current liabilities
  
 
 
(136,702)
 
 
(148,785)

Total assets less current liabilities
  
4,064,364
4,052,236

Provisions for liabilities
  

Deferred tax
 8 
(468,736)
(468,724)

  
 
 
(468,736)
 
 
(468,724)

Net assets
  
3,595,628
3,583,512


Capital and reserves
  

Called up share capital 
  
1,500
1,500

Investment property reserve
 9 
2,526,356
2,526,356

Profit and loss account
 9 
1,067,772
1,055,656

  
3,595,628
3,583,512


Page 2

 
Plough Holdings Limited
Registered number: 01174035

Balance Sheet (continued)
As at 31 July 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
A P Hughes
Director
Date: 3 March 2025

The notes on pages 5 to 10 form part of these financial statements.

Page 3

 
Plough Holdings Limited
 

Statement of Changes in Equity
For the Year Ended 31 July 2024


Called up share capital
Investment property revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 August 2022
1,500
2,676,356
1,029,065
3,706,921


Comprehensive income for the year

Profit for the year
-
-
55,076
55,076

Dividends: Equity capital
-
-
(178,485)
(178,485)

Transfer to non-distributable reserve
-
(150,000)
150,000
-


Total transactions with owners
-
(150,000)
(28,485)
(178,485)



At 1 August 2023
1,500
2,526,356
1,055,656
3,583,512


Comprehensive income for the year

Profit for the year
-
-
174,446
174,446

Dividends: Equity capital
-
-
(162,330)
(162,330)


Total transactions with owners
-
-
(162,330)
(162,330)


At 31 July 2024
1,500
2,526,356
1,067,772
3,595,628


The notes on pages 5 to 10 form part of these financial statements.

Page 4

 
Plough Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2024

1.


General information

Plough Holdings Limited is a private company, limited by share capital, and incorporated in England and Wales. The registered office address is Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 functional and presentational currency of the financial statements is £ sterling.
The figures in the financial statements have been rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue to provide services is recognised in the period in which the services are provided when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration;
the costs incurred can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 5

 
Plough Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
per annum
Computer equipment
-
25%
per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 6

 
Plough Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2024

2.Accounting policies (continued)

 
2.7

Investment property

Investment property is carried at fair value derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the profit or loss.

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 7

 
Plough Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2024

4.


Tangible fixed assets





Plant and machinery
Computer equipment
Total

£
£
£



Cost or valuation


At 1 August 2023
686
1,489
2,175


Additions
-
262
262



At 31 July 2024

686
1,751
2,437



Depreciation


At 1 August 2023
145
1,009
1,154


Charge for the year on owned assets
81
136
217



At 31 July 2024

226
1,145
1,371



Net book value



At 31 July 2024
460
606
1,066



At 31 July 2023
541
480
1,021


5.


Investment property


Freehold investment property

£



Valuation


At 1 August 2023
4,200,000



At 31 July 2024
4,200,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
1,205,175
1,205,175

1,205,175
1,205,175

Page 8

 
Plough Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2024

6.


Debtors

2024
2023
£
£


Trade debtors
28,459
28,263

Other debtors
1,542
-

Prepayments and accrued income
357
793

30,358
29,056



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
82
75

Corporation tax
63,225
54,593

Other taxation and social security
14,372
16,967

Other creditors
158,335
154,996

Accruals and deferred income
53,176
52,677

289,190
279,308



8.


Deferred taxation




2024


£






At beginning of year
(468,724)


Charged to profit or loss
(12)



At end of year
(468,736)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(267)
(255)

Unrealised gain on investment property
(468,469)
(468,469)

(468,736)
(468,724)

Page 9

 
Plough Holdings Limited
 

 
Notes to the Financial Statements
For the Year Ended 31 July 2024

9.


Reserves

Investment property revaluation reserve

The investment property revaluation reserve includes unrealised gains on revaluation of the investment property net of deferred taxation charges. This is a non-distributable reserve.

Profit and loss account

The profit and loss account includes accrued profits and losses that have arisen less any dividends declared. This is a distributable reserve.


Page 10