Company Registration No. 02635632 (England and Wales)
PARKHILL ESTATES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
PARKHILL ESTATES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
PARKHILL ESTATES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
298,419
299,468
Current assets
Stocks
4
3,407,312
3,283,187
Debtors
5
9,150,976
8,323,299
Cash at bank and in hand
974,897
731,133
13,533,185
12,337,619
Creditors: amounts falling due within one year
6
(3,772,576)
(2,062,377)
Net current assets
9,760,609
10,275,242
Total assets less current liabilities
10,059,028
10,574,710
Creditors: amounts falling due after more than one year
7
(4,606,376)
(4,831,225)
Provisions for liabilities
9
(29,000)
(29,000)
Net assets
5,423,652
5,714,485
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss reserves
5,422,652
5,713,485
Total equity
5,423,652
5,714,485
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
These financial statements have been prepared and delivered 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 8 March 2018 and are signed on its behalf by:
Mr D P Mullinder
Director
Company Registration No. 02635632
PARKHILL ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
Parkhill Estates Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Fernhill Estate Office, Fernhill Road, Sutton, Newport, Shropshire, TF10 8DJ.
1.1
Accounting convention
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”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of Parkhill Estates Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, 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:
Land and buildings Freehold
Nil
Plant and machinery
20% to 33% straight line
Fixtures, fittings & equipment
20% to 33% straight line
Motor vehicles
20% to 50% straight line
PARKHILL ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
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
.
1.5
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.
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.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
PARKHILL ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets
are measured at transaction price less any impairment.
Basic financial liabilities
Basic financial liabilities
are measured at transaction price less any impairment.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Provisions
Provisions are recognised when the
company
has a legal or constructive present obligation as a result of a past event, it is probable that the
company
will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i
s
measured at present value
,
the unwinding of the discount is recognised as a finance cost in profit or loss in the period
in which
it arises.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2017
2016
Number
Number
5
5
Their aggregate remuneration comprised:
2017
2016
£
£
Wages and salaries
81,171
61,176
Social security costs
11,238
8,055
Pension costs
4,475
4,211
96,884
73,442
PARKHILL ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 5 -
3
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2016
297,000
88,858
37,504
18,543
441,905
Additions
328
-
-
-
328
Disposals
-
-
-
4,843
4,843
At 31 March 2017
297,328
88,858
37,504
23,386
447,076
Depreciation and impairment
At 1 April 2016
-
88,858
35,036
18,543
142,437
Depreciation charged in the year
-
-
1,377
-
1,377
Eliminated in respect of disposals
-
-
-
4,843
4,843
At 31 March 2017
-
88,858
36,413
23,386
148,657
Carrying amount
At 31 March 2017
297,328
-
1,091
-
298,419
At 31 March 2016
297,000
-
2,468
-
299,468
4
Stocks
2017
2016
£
£
Finished goods and goods for resale
3,407,312
3,283,187
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
138,003
76,630
Amounts owed by group undertakings
2,504,065
8,204,010
Amounts owed by undertakings in which the company has a participating interest
6,473,141
22,219
Other debtors
35,767
20,440
9,150,976
8,323,299
PARKHILL ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
69,638
44,081
Amounts due to group undertakings
1,741,718
-
Other taxation and social security
3,191
5,550
Other creditors
1,958,029
2,012,746
3,772,576
2,062,377
7
Creditors: amounts falling due after more than one year
2017
2016
Notes
£
£
Other borrowings
8
4,606,376
4,831,225
8
Loans and overdrafts
2017
2016
£
£
Loans from group undertakings
2,052,686
2,277,535
Other loans
2,553,690
2,553,690
4,606,376
4,831,225
Payable after one year
4,606,376
4,831,225
9
Provisions for liabilities
2017
2016
£
£
29,000
29,000
Movements on provisions:
£
At 1 April 2016 and 31 March 2017
29,000
PARKHILL ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
10
Share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary of £1 each
1,000
1,000
1,000
1,000
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Robert Evans BSc FCA.
The auditor was Hall Livesey Brown.
12
Financial commitments, guarantees and contingent liabilities
The company is party to an omnibus guarantee agreement dated 10 October 2013, between the bank, I'll be in the Countess Arms by Seven Ltd, Fernhill Estates Ltd, Bridgtown Plant Ltd, Brymbo Developments Ltd, and Ketley Business Park Ltd.
13
Controlling party
The ultimate parent company is Parkhill 2000 Limited, a company registered in England and Wales.
14
Prior period adjustment
Changes to the balance sheet
At 31 March 2016
As previously reported
Adjustment
As restated
£
£
£
Current assets
Stocks
3,033,187
250,000
3,283,187
Creditors due after one year
Loans and overdrafts
(4,581,225)
(250,000)
(4,831,225)
Net assets
5,714,485
-
5,714,485
PARKHILL ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
14
Prior period adjustment
At 31 March 2016
As previously reported
Adjustment
As restated
£
£
£
(Continued)
- 8 -
Changes to the profit and loss account
Period ended 31 March 2016
As previously reported
Adjustment
As restated
£
£
£
Loss for the financial period
(184,934)
-
(184,934)