PUG PROPERTIES (TAPLOW) LIMITED is a Private Limited Company, Limited By shares, registered in United Kingdom, registration number 11274891 
1 Bickenhall Mansions  
Bickenhall Street  
London  
W1U 6BP  

FRS 102(1A) - The financial statements have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006.

The financial statements have been prepared on the going concern basis and under the historical cost convention, in accordance with FRS 102 Section 1A and the provisions of the Companies Act 2006 applicable to companies subject to the small companies regime. These financial statements are the company's first financial statements prepared in accordance with FRS 102 Section 1A. The date of transition to FRS 102 was 1 April 2023. On transition, the company applied the exemption in paragraph 35.10(o) of FRS 102 in respect of borrowing costs and treated the transition date as the date from which capitalisation of qualifying borrowing costs commenced. Accordingly, borrowing costs of £2,535,951 capitalised before the transition date were removed from inventories and retained earnings. This reduced net assets at 1 April 2023 from £36,415 to net liabilities of £2,499,536 and at 31 March 2024 from net assets of £47,158 to net liabilities of £2,488,793. Profit for the year ended 31 March 2024 remained £10,743. At 31 March 2025 the company had net liabilities of £2,997,898 and its principal development finance was classified as due within one year. The financial statements have been prepared on a going concern basis having regard to forecast property realisations and continued funding support. These conditions indicate a material uncertainty that may cast significant doubt on the company's ability to continue as a going concern. The director nevertheless considers the going concern basis to be appropriate.

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

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes directly attributable development expenditure and qualifying borrowing costs capitalised in accordance with FRS 102. Revenue from property sales is recognised when control and the significant risks and rewards of ownership have transferred to the purchaser. Other income is recognised when receivable.

No deferred tax asset has been recognised in respect of deductible temporary differences and tax losses, as at the reporting date it was not considered sufficiently probable that future taxable profits would be available against which those amounts could be utilised.

Inventories comprise residential development properties and related development expenditure. Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes directly attributable development expenditure and qualifying borrowing costs capitalised in accordance with FRS 102.

Tangible fixed assets are stated at cost less accumulated depreciation and impairment. Depreciation is charged so as to write off the cost of the assets over their expected useful lives.

Gavin Essex

The company is controlled by Gavin Essex by virtue of his ownership of the entire issued share capital.

At 31 March 2025, £931,640 was owed by the company to the director (2024: £930,340). The balance is included within creditors falling due within one year.

After the year end, one of the company's remaining properties at the development was sold for £2,255,000.

Operating loss is stated after charging depreciation and an inventory write-down