Park Place Properties Limited - Limited company accounts 23.2

REGISTERED NUMBER: 11220832 (England and Wales)

Report of the Directors and

Unaudited Financial Statements For The Year Ended 28 February 2025

for

Park Place Properties Limited

Page

Company Information

1

Report of the Directors

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

Dr R J Harding

M P Jones FCCA

J A Yeoman

SECRETARY:

M P Jones FCCA

REGISTERED OFFICE:

1 Park Place

6 North Road

Poole

Dorset

BH14 0LY

REGISTERED NUMBER:

11220832 (England and Wales)

The directors present their report with the financial statements of the company for the year ended 28 February 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of residential and commercial property development, management and letting.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 March 2024 to the date of this report.

Dr R J Harding

M P Jones FCCA

J A Yeoman

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Dr R J Harding - Director

11 November 2025

TURNOVER

6,102,166

2,801,820

Cost of sales

5,674,486

1,707,764

GROSS PROFIT

427,680

1,094,056

Administrative expenses

252,894

356,971

OPERATING PROFIT

174,786

737,085

Gain on revaluation of

investment properties

808,333

469,510

983,119

1,206,595

Interest payable and similar expenses

1,062,073

1,046,060

(LOSS)/PROFIT BEFORE TAXATION

(78,954

)

160,535

Tax on (loss)/profit

-

(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(78,954

)

160,535

ASSETS

FIXED ASSETS

Tangible assets

5

-

Investments

6

-

186,000

Investment property

7

28,247,500

31,506,964

28,247,500

31,692,964

CURRENT ASSETS

Stocks

8

3,030,000

4,043,421

Debtors

9

275,452

259,303

Cash at bank

106,523

78,092

3,411,975

4,380,816

31,659,475

36,073,780

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES

Called up share capital

10

10,000

Capital redemption reserve

11

1,157,000

250,000

Retained earnings

11

5,396,965

6,382,919

SHAREHOLDERS' FUNDS

6,563,965

6,642,919

PROVISIONS FOR LIABILITIES

260,691

CREDITORS

12

24,834,819

29,170,170

31,659,475

36,073,780

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared 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 11 November 2025 and were signed on its behalf by:

J A Yeoman - Director

1.	STATUTORY INFORMATION

Park Place Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

The financial statements have been prepared under the historical cost convention unless otherwise

specified within these accounting policies and in accordance with Section 1A of Financial Reporting

Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and

the Companies Act 2006.

The presentation currency is pounds sterling.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The Company is profitable, but reliant on loans from its shareholders. The shareholders have confirmed that repayment of these loans will only be made from profits that are not required for normal trading activities. On this basis the accounts have been prepared on a going concern basis.

Significant judgements and estimates

Investment Property Valuations

The investment properties owned were professionally valued in November 2020 and August 2021 for bank financing purposes. The directors have valued the investment properties at 28 February 2022. In doing so they have taken account of the yields and market rents as advised by the bank valuers.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Turnover represents rents due, excluding value added tax, in respect of the letting of residential and commercial properties.

Tangible fixed assets

Depreciation is provided at the following annual rates to write off each asset over its estimated useful life.

Fixtures fittings and plant - 25%

Freehold buildings - nil, as the cost of regular maintenance offsets the depreciation.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment properties are shown on the Balance Sheet at market value with any movement included within the Profit and Loss Account.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of fiancial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Income Statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme.

Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks and other

short-term highly liquid investments with maturities of three months or less and bank overdrafts.

In the balance sheet, bank overdrafts are shown within borrowings in current liabilities.

Borrowings

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the Income Statement over the period of the borrowings using the effective interest method.

Bank and professional fees payable on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some of all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. Once the loan is drawn-down the fee is capitalised as prepayment and amortised over the period of the facility to which it relates.

All other borrowing costs, including interest on loans that are not site specific, are recognised in the Income Statement in the period in which they are incurred.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

Wages and salaries

205,842

335,135

Social security costs

24,494

42,039

Other pension costs

8,626

8,028

238,962

385,202

The average number of employees during the year was as follows:

2025

2024

Staff

5

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 March 2024

and 28 February 2025

3,565

DEPRECIATION

At 1 March 2024

and 28 February 2025

3,565

NET BOOK VALUE

At 28 February 2025

-

At 29 February 2024

-

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakin

£

COST

At 1 March 2024

186,000

Impairments

(186,000

)

At 28 February 2025

-

NET BOOK VALUE

At 28 February 2025

-

At 29 February 2024

186,000

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2024

31,506,964

Disposals

(4,067,797

)

Revaluations

808,333

At 28 February 2025

28,247,500

NET BOOK VALUE

At 28 February 2025

28,247,500

At 29 February 2024

31,506,964

Fair value at 28 February 2025 is represented by:

£

Valuation in 2019

26,038,384

Valuation in 2020

927,056

Valuation in 2021

12,719

Valuation in 2022

86,877

Valuation in 2023

4,819,918

Valuation in 2024

(377,990

)

Valuation in 2025

(3,259,464

)

28,247,500

8.

STOCKS

2025

2024

£

Work-in-progress

3,030,000

4,043,421

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

Trade debtors

6,101

35,767

Other debtors

84,534

62,563

VAT

23,844

-

Prepayments

160,973

275,452

259,303

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

10,000

Ordinary shares

£1

10,000

The company has issued £6,115,215 of preference shares of which £4,558,215 remain at the year end (2024 - £5,208,215). These shares are redeemable at par at the request of the shareholder and there is no entitlement to interest on the outstanding balance.

11.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

At 1 March 2024

6,382,919

250,000

6,632,919

Deficit for the year

(78,954

)

(78,954

)

Repayment of preference shares

(907,000

)

907,000

-

At 28 February 2025

5,396,965

1,157,000

6,553,965

12.

CREDITORS

2025

2024

£

Amounts falling due within one year:

Bank loans and overdrafts

900,000

1,000,000

Preference shares

4,558,215

5,208,215

Trade creditors

2,021,537

3,167,550

Tax

13,688

Social security and other taxes

7,442

9,946

VAT

-

13,570

Other creditors

316,720

(470,922

)

Directors' current accounts

1,409,302

2,000,000

Directors' loan accounts

4,558,216

5,208,216

Accrued expenses

49,699

19,907

13,834,819

16,170,170

Amounts falling due after more than one year:

Bank loans - 2-5 years

11,000,000

13,000,000

Aggregate amounts

24,834,819

29,170,170

13.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

Bank loans

11,000,000

13,000,000

Bank loans of £11,000,000 (2024 - £13,000,000) are secured by charges against the investment properties owned by the Company. The loan requires refinancing in August 2026.

14.	RELATED PARTY DISCLOSURES

Balances with directors

At 29 February 2025 the Company owed £5,967,518 (2024 - £7,208.216) to a director. There were also £4,558,215 (2024 - £5,208,215) of preference shares owed to a director.

The loans and preference shares are due for repayment on call, but the directors have confirmed that no repayment will be required in the twelve month period from the date of this report.

At 28 February 2025 the Company owed £1,935,800 (2024 - £2,030,176) to Primetower Properties Limited, a company owned and controlled by the same shareholders and directors.

At 28 February 2025 the Company owed £nil (2024 - £346,032) by Primetower Leisure Limited, a company owned and controlled by the same shareholders and directors.

At 28 February 2025 the Company is owed £50,614 (2024 - £58,914) to Park Place Management, a partnership controlled by the shareholder.