31/03/2019
2019-03-31
false
false
false
false
true
false
false
false
false
false
false
false
false
true
false
false
true
false
false
false
false
false
false
false
false
No description of principal activities is disclosed
2018-04-01
Sage Accounts Production 18.30 Update 1 - FRS
xbrli:pure
xbrli:shares
iso4217:GBP
02635632
2018-04-01
2019-03-31
02635632
2019-03-31
02635632
2018-03-31
02635632
2017-04-01
2018-03-31
02635632
2018-03-31
02635632
bus:RegisteredOffice
2018-04-01
2019-03-31
02635632
bus:LeadAgentIfApplicable
2018-04-01
2019-03-31
02635632
bus:Director1
2018-04-01
2019-03-31
02635632
bus:Director2
2018-04-01
2019-03-31
02635632
bus:Director3
2018-04-01
2019-03-31
02635632
bus:Director4
2018-04-01
2019-03-31
02635632
core:LandBuildings
core:OwnedOrFreeholdAssets
2018-03-31
02635632
core:PlantMachinery
2018-03-31
02635632
core:FurnitureFittingsToolsEquipment
2018-03-31
02635632
core:MotorVehicles
2018-03-31
02635632
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-03-31
02635632
core:PlantMachinery
2019-03-31
02635632
core:FurnitureFittingsToolsEquipment
2019-03-31
02635632
core:MotorVehicles
2019-03-31
02635632
core:WithinOneYear
2019-03-31
02635632
core:WithinOneYear
2018-03-31
02635632
core:PlantMachinery
2018-04-01
2019-03-31
02635632
core:FurnitureFittingsToolsEquipment
2018-04-01
2019-03-31
02635632
core:MotorVehicles
2018-04-01
2019-03-31
02635632
core:ShareCapital
2019-03-31
02635632
core:ShareCapital
2018-03-31
02635632
core:RetainedEarningsAccumulatedLosses
2019-03-31
02635632
core:RetainedEarningsAccumulatedLosses
2018-03-31
02635632
core:LandBuildings
core:OwnedOrFreeholdAssets
2018-03-31
02635632
core:FurnitureFittingsToolsEquipment
2018-03-31
02635632
bus:SmallEntities
2018-04-01
2019-03-31
02635632
bus:Audited
2018-04-01
2019-03-31
02635632
bus:FullAccounts
2018-04-01
2019-03-31
02635632
bus:SmallCompaniesRegimeForAccounts
2018-04-01
2019-03-31
02635632
bus:PrivateLimitedCompanyLtd
2018-04-01
2019-03-31
02635632
core:EntityControlledByKeyManagementPersonnel1
2018-04-01
2019-03-31
02635632
core:EntityControlledByKeyManagementPersonnel2
2018-04-01
2019-03-31
02635632
1
2018-04-01
2019-03-31
Company registration number:
02635632
Parkhill Estates Limited
Filleted financial statements
31 March 2019
Parkhill Estates Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Parkhill Estates Limited
Directors and other information
|
|
|
|
Directors
|
Mr Samuel Cornes
|
|
|
Mr Darren Mullinder
|
|
|
Mr Timothy Cannon
|
|
|
Mr Andrew Foster
|
|
|
|
|
|
|
|
Company number
|
02635632
|
|
|
|
|
|
|
|
Registered office
|
Fernhill Estate Office
|
|
|
Fernhill Road
|
|
|
Sutton, Newport
|
|
|
Shropshire
|
|
|
TF10 8DJ
|
|
|
|
|
|
|
|
Business address
|
Fernhill Estate Office
|
|
|
Fernhill Road
|
|
|
Sutton, Newport
|
|
|
Shropshire
|
|
|
TF10 8DJ
|
|
|
|
|
|
|
|
Auditor
|
Paul Clegg & Company
|
|
|
Second Floor, Riverside Offices
|
|
|
26 St Georges Quay
|
|
|
Lancaster
|
|
|
LA1 1RD
|
|
|
|
Parkhill Estates Limited
Directors responsibilities statement
Year ended 31 March 2019
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Parkhill Estates Limited
Statement of financial position
31 March 2019
|
|
|
2019
|
|
|
|
2018
|
|
|
|
|
Note
|
£
|
|
£
|
|
£
|
|
£
|
|
|
|
|
|
|
|
|
|
|
Fixed assets
|
|
|
|
|
|
|
|
|
|
Tangible assets
|
|
5
|
1,705,771
|
|
|
|
776,219
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
1,705,771
|
|
|
|
776,219
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Stocks
|
|
|
2,232,233
|
|
|
|
3,193,267
|
|
|
Debtors
|
|
6
|
9,773,969
|
|
|
|
9,192,313
|
|
|
Cash at bank and in hand
|
|
|
1,142,720
|
|
|
|
1,019,511
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
13,148,922
|
|
|
|
13,405,091
|
|
|
Creditors: amounts falling due
|
|
|
|
|
|
|
|
|
|
within one year
|
|
7
|
(
6,871,538)
|
|
|
|
(
7,556,934)
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
Net current assets
|
|
|
|
|
6,277,384
|
|
|
|
5,848,157
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Total assets less current liabilities
|
|
|
|
|
7,983,155
|
|
|
|
6,624,376
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
(
29,000)
|
|
|
|
(
29,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Net assets
|
|
|
|
|
7,954,155
|
|
|
|
6,595,376
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
Capital and reserves
|
|
|
|
|
|
|
|
|
|
Called up share capital
|
|
|
|
|
1,000
|
|
|
|
1,000
|
Profit and loss account
|
|
|
|
|
7,953,155
|
|
|
|
6,594,376
|
|
|
|
|
|
_______
|
|
|
|
_______
|
Shareholders funds
|
|
|
|
|
7,954,155
|
|
|
|
6,595,376
|
|
|
|
|
|
_______
|
|
|
|
_______
|
|
|
|
|
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
27 September 2019
, and are signed on behalf of the board by:
Mr Darren Mullinder
Director
Company registration number:
02635632
Parkhill Estates Limited
Notes to the financial statements
Year ended 31 March 2019
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Fernhill Estate Office, Fernhill Road, Sutton, Newport, Shropshire, TF10 8DJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The financial statements are rounded to the nearest £1.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for sale of land and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 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 profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is 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 calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
Freehold property
|
-
|
Nil
|
|
Plant and machinery
|
-
|
20% - 33% straight line
|
|
Fittings fixtures and equipment
|
-
|
20% - 33% straight line
|
|
Motor vehicles
|
-
|
20% - 33% straight line
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates
.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets
.
Stocks
Stocks are in relation to land held for development and are measured at cost. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the land to their present location and condition.
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 reviewed 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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a 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.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
8
(2018:
9
).
5.
Tangible assets
|
|
Freehold property
|
Plant and machinery
|
Fixtures, fittings and equipment
|
Motor vehicles
|
Total
|
|
|
|
|
£
|
£
|
£
|
£
|
£
|
|
|
|
Cost
|
|
|
|
|
|
|
|
|
At 1 April 2018
|
775,604
|
20,972
|
23,497
|
13,700
|
833,773
|
|
|
|
Additions
|
930,012
|
-
|
-
|
-
|
930,012
|
|
|
|
Disposals
|
-
|
(
4,273)
|
-
|
-
|
(
4,273)
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
At 31 March 2019
|
1,705,616
|
16,699
|
23,497
|
13,700
|
1,759,512
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
Depreciation
|
|
|
|
|
|
|
|
|
At 1 April 2018
|
-
|
20,972
|
22,882
|
13,700
|
57,554
|
|
|
|
Charge for the year
|
-
|
-
|
460
|
-
|
460
|
|
|
|
Disposals
|
-
|
(
4,273)
|
-
|
-
|
(
4,273)
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
At 31 March 2019
|
-
|
16,699
|
23,342
|
13,700
|
53,741
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
Carrying amount
|
|
|
|
|
|
|
|
|
At 31 March 2019
|
1,705,616
|
-
|
155
|
-
|
1,705,771
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
At 31 March 2018
|
775,604
|
-
|
615
|
-
|
776,219
|
|
|
|
|
_______
|
_______
|
_______
|
_______
|
_______
|
|
|
|
|
|
|
|
|
|
|
|
6.
Debtors
|
|
|
2019
|
2018
|
|
|
|
£
|
£
|
|
Trade debtors
|
|
284,455
|
175,016
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest
|
|
9,445,968
|
8,986,503
|
|
Other debtors
|
|
43,546
|
30,794
|
|
|
|
_______
|
_______
|
|
|
|
9,773,969
|
9,192,313
|
|
|
|
_______
|
_______
|
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2019
|
2018
|
|
|
|
£
|
£
|
|
Trade creditors
|
|
55,971
|
84,263
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
|
6,271,793
|
5,150,928
|
|
Social security and other taxes
|
|
1,819
|
2,309
|
|
Other creditors
|
|
541,955
|
2,319,434
|
|
|
|
_______
|
_______
|
|
|
|
6,871,538
|
7,556,934
|
|
|
|
_______
|
_______
|
|
|
|
|
|
8.
Charge on assets
At the balance sheet date there were various charges against the company assets in respect of Lloyds Bank delivered in March 1998 and September 2000.In addition there are charges delivered in August 1995 by The Secretary of State for the Environment. This has subsequently been satisfied.There is a fixed charge on land at Brymbo dated 12th February 2016.
9.
Summary audit opinion
The auditor's report for the year dated
01 October 2019
was unqualified, however, the auditor drew attention to the following by way of emphasis.
Included within debtors is an amount due from a connected party totalling £6,890,164 which we have some concern over the recoverability of this debt. However, the company in question holds land held for development where planning permission is actively being sought. Even without planning, this land will generate income from sale in the future which would allow it to settle some of its debts. If the company was not able to repay this debt, this would not prevent Parkhill Estates Limited from continuing its current activities.Also included in debtors is an amount of £22,848 owed by a fellow subsidiary of Parkhill Estates Limited which we have doubt over its recoverability. If this debt was not recoverable, it would not have an impact on the company's ability to continue as a going concern.
The senior statutory auditor was
Paul Clegg FCA
for and on behalf of
Paul Clegg & Company
10.
Related party transactions
Included within debtors are amounts due from connected parties of £9,445,968 (2018 - £8,986,503).Included within creditors are amounts due to connected parties of £6,271,793 (2018 - £5,150,928).
11.
Controlling party
The immediate parent company is
Parkhill 2000 Limited
, a company registered in England and Wales.The ultimate controlling party is the C Cornes Discretionary Trust
.
12.
Consolidated Financial Statements
The ultimate parent company that produces consolidated accounts is Parkhill 2000 Limited whose registered office is Fernhill Estate Office, Fernhill Road, Sutton, Newport, Shropshire, TF10 8DJ.