PGMI PORTSLADE LIMITED - Filleted accounts

Registered number

09559374

PGMI PORTSLADE LIMITED

Filleted Accounts

31 December 2024

PGMI PORTSLADE LIMITED
Registered number:		09559374
Balance Sheet
as at 31 December 2024

Notes			2024			2023
£				£
Current assets
Stocks		7,562,260			9,182,756
Debtors	3	48,890			88,942
Cash at bank and in hand		71,401			841,870
		7,682,551			10,113,568

Creditors: amounts falling due within one year	4	(9,364,221)			(9,530,104)

Net current (liabilities)/assets			(1,681,670)			583,464

Total assets less current liabilities			(1,681,670)			583,464

Creditors: amounts falling due after more than one year	5		(23,379)			(1,899,279)



Net liabilities			(1,705,049)			(1,315,815)

Capital and reserves
Called up share capital			100			100
Profit and loss account			(1,705,149)			(1,315,915)

Shareholders' funds			(1,705,049)			(1,315,815)

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Aysegul Peker
Director
Approved by the board on 26 September 2025

PGMI PORTSLADE LIMITED
Notes to the Accounts
for the year ended 31 December 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Borrowing costs related to fixed assets
	All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery	over 5 years
	Fixtures, fittings, tools and equipment	over 5 years

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Cash and cash equivalents
	Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.

	Stocks
	Stocks, including land held for and in the course of development, are valued at the lower of cost and net realisable value. Cost comprises direct materials and, where appropriate, labour and production overheads which have been incurred in bringing the stocks and work in progress to their present location and condition.
	Cost in certain circumstances also includes notional interest. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Construction work in progress is included within stock in the balance sheet. It is measured at cost.Land inventory is recognised at the time a liability is recognised, generally after exchange of unconditional contracts.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	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. Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	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 ecovered. 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.


	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets. Rental income from oerating lease is recognised on stratight line basis over the lease term.Indirect cost incurred in negotiating and arranging an operating lease are added to the carring amount of the lease asset and recognised on a straight line basis over the lease lerm.

	Judgements and key sources of estimation uncertaint
	In the application of the company’s accounting policies, the director is 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.


	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.

2	Employees		2024		2023
Number				Number

	Average number of persons employed by the company		2		1


3	Debtors		2024		2023
£				£

	Amounts owed by group undertakings and undertakings in which the company has a participating interest		15,874		31,974
	Other debtors		33,016		56,968
			48,890		88,942


4	Creditors: amounts falling due within one year		2024		2023
£				£

	Bank loans and overdrafts		4,552		6,632
	Trade creditors		277,521		239,844
	Taxation and social security costs		-		1,259
	Other creditors		9,082,148		9,282,369
			9,364,221		9,530,104


5	Creditors: amounts falling due after one year		2024		2023
£				£

	Bank loans		23,379		1,899,279


6	Directors' transactions

	At the year end, included in other creditors is an amount of £37,365 (2023:£37,692) due to the directors.


7	Related party transactions

	At the year end date, included in other creditors is an amount of £9,282369 (2023: £9,259,6231) payable to related parties. The balance is interest free and payable on demand.

8	Controlling Party

	The Immediate parent company is Peker Cobham Limited and the Ultimate Parent company is Peker Development Limited.


9	Other information

	PGMI PORTSLADE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
	183 Angel Place
	Fore Street
	London
	N18 2UD