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Registration number: 03115247

Premier Developments (1995) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Premier Developments (1995) Limited

Contents

Statement of Financial Position

1

Statement of Changes in Equity

2

Notes to the Unaudited Financial Statements

3 to 8

 

Premier Developments (1995) Limited

(Registration number: 03115247)
Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

13,062,823

13,064,583

Current assets

 

Debtors

5

393,359

427,245

Cash at bank and in hand

 

148,097

72,547

 

541,456

499,792

Creditors: Amounts falling due within one year

6

(1,015,672)

(982,361)

Net current liabilities

 

(474,216)

(482,569)

Total assets less current liabilities

 

12,588,607

12,582,014

Provisions for liabilities

7

(2,592,160)

(2,594,519)

Net assets

 

9,996,447

9,987,495

Capital and reserves

 

Called up share capital

9

2

2

Revaluation reserve

10

8,797,898

8,797,898

Profit and loss account

10

1,198,547

1,189,595

Shareholders' funds

 

9,996,447

9,987,495

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 23 July 2025 and signed on its behalf by:
 

..................................
Mr Kevin Briscoe
Director

 

Premier Developments (1995) Limited

Statement of Changes in Equity for the Year Ended 31 October 2024

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 November 2023

2

8,797,898

1,189,595

9,987,495

Profit for the year

-

-

191,952

191,952

Dividends

-

-

(183,000)

(183,000)

At 31 October 2024

2

8,797,898

1,198,547

9,996,447

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 November 2022

2

8,642,683

1,239,560

9,882,245

Profit for the year

-

-

109,035

109,035

Other comprehensive income

-

155,215

-

155,215

Total comprehensive income

-

155,215

109,035

264,250

Dividends

-

-

(159,000)

(159,000)

At 31 October 2023

2

8,797,898

1,189,595

9,987,495

 

Premier Developments (1995) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Westcotts
Plym House, 3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is that of a property letting and the purchase and redevelopment of property for subsequent letting and sale.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover represents amounts chargeable during the year in respect of rent of the company's freehold property to tenants. Revenue on rental is recognised in the period to which the occupancy occurred.

 

Premier Developments (1995) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Motor vehicles

25% straight line

Impairment

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.

 

Premier Developments (1995) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

2

Accounting policies (continued)

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently review at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

 

Premier Developments (1995) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

13,025,000

523

66,750

13,092,273

Additions

-

-

44,750

44,750

Disposals

-

-

(52,000)

(52,000)

At 31 October 2024

13,025,000

523

59,500

13,085,023

Depreciation

At 1 November 2023

-

523

27,167

27,690

Charge for the year

-

-

6,927

6,927

Eliminated on disposal

-

-

(12,417)

(12,417)

At 31 October 2024

-

523

21,677

22,200

Carrying amount

At 31 October 2024

13,025,000

-

37,823

13,062,823

At 31 October 2023

13,025,000

-

39,583

13,064,583

Tangible assets held at valuation

The fair value of the company's Freehold Property was revalued on 31 October 2020. An independent valuer was not involved.

Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,640,189 (2023 - £1,640,189).

 

Premier Developments (1995) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

5

Debtors

2024
£

2023
£

Trade debtors

29,982

22,956

Other debtors

363,377

404,289

393,359

427,245

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Other Creditors

920,006

920,158

Taxation and social security

66,343

36,696

Accruals and deferred income

29,323

25,507

1,015,672

982,361

7

Provisions for liabilities

Deferred tax
£

Total
£

At 1 November 2023

2,594,519

2,594,519

Increase (decrease) in existing provisions

(2,359)

(2,359)

At 31 October 2024

2,592,160

2,592,160

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Accelerated capital allowances

7,606

Fair value adjustment of investment property

2,586,913

2,594,519

 

Premier Developments (1995) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024 (continued)

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1.00 each of £1 each

2

2

2

2

       

10

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Revaluation reserve:

This reserve records revaluations of tangible assets and these reserves are non distributable.

11

Related party transactions

Transactions with directors

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Directors'

143,862

121,583

(183,429)

82,016

         
       

 

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Directors'

175,549

272,733

(304,420)

143,862