Company registration number 14990638 (England and Wales)
PUMP HILL PARK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE 9 MONTHS ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
PUMP HILL PARK LIMITED
CONTENTS
Page
Directors' responsibilities statement
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
PUMP HILL PARK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE 9 MONTHS ENDED 31 MARCH 2024
- 1 -

The Directors are responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and applicable law).

 

Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 

In preparing these financial statements, the Directors are required to:

 

 

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PUMP HILL PARK LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
Notes
£
£
Fixed assets
Tangible assets
5
3,195,796
Current assets
Debtors
6
19,796
Cash at bank and in hand
95,543
115,339
Creditors: amounts falling due within one year
7
(74,192)
Net current assets
41,147
Total assets less current liabilities
3,236,943
Creditors: amounts falling due after more than one year
8
(3,361,218)
Net liabilities
(124,275)
Capital and reserves
Called up share capital
10
2
Profit and loss reserves
(124,277)
Total equity
(124,275)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial 9 months period ended 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts, and that the members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476 of the Companies Act 2006.

The financial statements have been prepared in accordance with the provisions applicable to small companies within Part 15 of the Companies Act 2006 and in accordance with the provisions of Financial Reporting Standard 102, “The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland” as amended by Section 1A “Small Entities”.

PUMP HILL PARK LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of Directors and authorised for issue on 27 May 2025 and are signed on its behalf by:
E Ball
W A Ball
Director
Director
Company registration number 14990638 (England and Wales)

The notes on pages 4 to 10 form part of these financial statements.

PUMP HILL PARK LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 4 -
1
General information

Pump Hill Park Limited is a private company limited by shares incorporated in England and Wales. The registered office is Clacton Pier, 1 North Sea, Clacton on Sea, CO15 1QX.

 

The principal activity of the Company during the period under review was the development of holiday accommodation.

2
Significant accounting policies
2.1
Reporting period

The Company was incorporated on 10 July 2023. The financial statements have been prepared for the period from the incorporation date to 31 March 2024 therefore no comparative figures have been presented.

2.2
Basis of preparation

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”) as amended by Section 1A "Small Entities", 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.

FRS 102 allows certain disclosure exemptions for qualifying entities, subject to certain conditions, which have been complied with, including notification of, and no objection to, the use of exemptions by the Company's shareholders.

 

The Company has taken advantage of the following exemptions:

 

2.3
Going concern

Atruet the time of approving the financial statements, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

PUMP HILL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTHS ENDED 31 MARCH 2024
2
Significant accounting policies
(Continued)
- 5 -
2.4
Turnover

Turnover represents sales of goods and services net of VAT and trade discounts. Turnover from operational sales is recognised at the point of sale as this is the point where the significant benefits and risks of ownership are transferred.

 

Income from rentals is recognised over the term of the rental agreement.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

2.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
5 years straight line basis
Fixtures and fittings
5 years straight line basis
Computers
4 years straight line basis
Assets under construction
Not depreciated until assets are available for use

Freehold land and buildings values are assessed annually and may vary depending on a number of factors. Value assessments consider issues such as the remaining life of the asset and projected disposal values. Subsequently, no depreciation is provided on freehold land and buildings as in the opinion of the Directors the value of the freehold land and buildings has not materially decreased.

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

2.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

PUMP HILL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 9 MONTHS ENDED 31 MARCH 2024
2
Significant accounting policies
(Continued)
- 6 -
2.6
Impairment of fixed assets (continued)

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

2.7
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.

2.8
Financial instruments

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such on the Balance Sheet. Finance costs and gains or losses relating to financial liabilities are included in the Profit and Loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

 

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

 

The Company has chosen to adopt the sections 11 and 12 of FRS 102 in respect of financial instruments.

2.9

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.10

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank and shareholder 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
Called up share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

PUMP HILL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 9 MONTHS ENDED 31 MARCH 2024
2
Significant accounting policies
(Continued)
- 7 -
2.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2.13

Related party transactions

The Company discloses transactions with related parties which are not wholly owned with the same group. It does not disclose transactions with members of the same group that are wholly owned.

3
Judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

PUMP HILL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 9 MONTHS ENDED 31 MARCH 2024
- 8 -
4
Employees

The average monthly number of persons (including Directors) employed by the Company during the period was:

2024
Number
Total
2

The Company has no employees other than the Directors. The Directors did not receive any remuneration during the year (2023: £Nil).

 

For details of transaction with Directors see note 10.

5
Tangible fixed assets
Freehold land and buildings
Assets under construction
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 10 July 2023
-
0
-
0
-
0
-
0
-
0
-
0
Additions
3,009,762
160,729
3,749
22,330
75
3,196,645
At 31 March 2024
3,009,762
160,729
3,749
22,330
75
3,196,645
Depreciation and impairment
At 10 July 2023
-
0
-
0
-
0
-
0
-
0
-
0
Depreciation charged in the period
-
0
-
0
125
722
2
849
At 31 March 2024
-
0
-
0
125
722
2
849
Carrying amount
At 31 March 2024
3,009,762
160,729
3,624
21,608
73
3,195,796
6
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
306
Other debtors
19,490
19,796
PUMP HILL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 9 MONTHS ENDED 31 MARCH 2024
- 9 -
7
Creditors: amounts falling due within one year
2024
Notes
£
Bank overdrafts
9
20
Trade creditors
14,301
Other creditors
47,871
Accruals and deferred income
12,000
74,192

At the balance sheet date the total amounts owed to the Directors by the Company was £2,637 and is included within other creditors: amounts due within one year.

 

8
Creditors: amounts falling due after more than one year
2024
Notes
£
Other Loans
9
2,861,217
Other creditors
500,001
3,361,218
9
Loans and overdrafts
2024
£
Other loans
2,861,217
Bank overdrafts
20
2,861,237
Payable within one year
20
Payable after one year
2,861,217

The other loans has a balance of £500,000 which is interest free. The remaining amounts of the other loans attract an interest rate of 1.5% over Bank of England base rate and this is secured against the freehold land and building. There is currently no fixed repayment date.

10
Called up share capital
2024
2024
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
2
2
PUMP HILL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 9 MONTHS ENDED 31 MARCH 2024
- 10 -
11
Related party transactions

At the balance sheet date, trade creditors included £21,676 and other creditors due in less than one year included £38,884, in relation to The Clacton Pier Company Limited, a company with common Directors.

 

At the balance sheet date, other creditors due in more than one year included £500,001 and other creditors due in less than one year included £3,595, in relation to Ball Brothers Limited, a company with common Directors.

12
Ultimate controlling party

The Company has no ultimate controlling party.

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