Company registration number 11857023 (England and Wales)
PTARMIGAN CHELMSFORD A LTD
FINANCIAL STATEMENTS
for the year ended
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PTARMIGAN CHELMSFORD A LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PTARMIGAN CHELMSFORD A LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
35,562,967
31,048,449
Debtors
3
82,136
79,139
Cash at bank and in hand
660,317
1,755,812
36,305,420
32,883,400
Creditors: amounts falling due within one year
4
(349,774)
(260,606)
Net current assets
35,955,646
32,622,794
Creditors: amounts falling due after more than one year
5
(35,946,686)
(32,614,216)
Net assets
8,960
8,578
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
7
8,959
8,577
Total equity
8,960
8,578
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 19 March 2025 and are signed on its behalf by:
H G S A Kirby
Director
Company registration number 11857023 (England and Wales)
PTARMIGAN CHELMSFORD A LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Ptarmigan Chelmsford A Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Frederic Mews, Kinnerton Street, Knightsbridge, London, SW1X 8EQ.
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
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cause doubt on the company's ability to continue as a going concern.
The company is experiencing issues in securing sufficient funding to meet the current spending commitments in the 12 month period following the date of these financial statements.
The Directors are currently in discussions with lenders to secure the necessary funding to meet these commitments and expect this to be resolved in the near future.
1.3
Turnover
Turnover is recognised at the fair value of the consideration receivable for the sale of land and recharged expenses, provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from the sale of land is recognised when the significant risks and rewards of ownership of the land have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Stocks
Stocks of land are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct of overheads and interest that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
PTARMIGAN CHELMSFORD A LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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 and cash and bank balances, 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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PTARMIGAN CHELMSFORD A LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
900
Amounts owed by group undertakings
1
1
Other debtors
82,135
78,238
82,136
79,139
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
340,184
252,404
Taxation and social security
89
201
Other creditors
9,501
8,001
349,774
260,606
PTARMIGAN CHELMSFORD A LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other borrowings
35,046,686
31,714,216
Other creditors
900,000
900,000
35,946,686
32,614,216
Other borrowings consist of a loan from a third party investor on which a commercial rate of interest will be applied. The third party investor will also benefit from a share in the profits made on the overall success of the company that will be returned to them after corporation tax has been suffered in Ptarmigan Chelmsford A Ltd. Other borrowings are secured with a floating charge over the assets of the company.
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
7
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
8,577
7,721
Profit for the year
382
856
At the end of the year
8,959
8,577
8
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 was unqualified.
Senior Statutory Auditor:
Michael Sparrow FCA
Statutory Auditor:
Fisher Phillips LLP
Date of audit report:
19 March 2025
9
Ultimate controlling party
The ultimate controlling party is H G S A Kirby.