Registration number:
Philadelphia Estates Limited
Filleted
for the
Year Ended 31 December 2019
Philadelphia Estates Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Financial Statements |
Philadelphia Estates Limited
Company Information
Directors |
A E Radcliffe M A Sowerby D Horrocks M F Hogan |
Company secretary |
M A Sowerby |
Registered office |
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Auditor |
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Philadelphia Estates Limited
(Registration number: 03216084)
Statement of Financial Position as at 31 December 2019
Note |
2019 |
2018 |
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Fixed assets |
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Investment property |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies' regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the option not to file the Income Statement has been taken.
Approved and authorised by the
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Philadelphia Estates Limited
Notes to the Financial Statements for the Year Ended 31 December 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are prepared in sterling which is the functional currency of the entity.
Group accounts not prepared
Going concern
The company has net current liabilities at the end of the year.
The financial statements have been prepared on a going concern basis.
The company meets its day to day working capital requirements through cash generated from operations and shareholder borrowings. A letter of support has been obtained from its related parties.
The company’s forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance and the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This also considers the effectiveness of available measures to assist in mitigating the impact.
Based on the factors set out above the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
Philadelphia Estates Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover represents rent receivable from investment properties recognised on a straight-line basis.
Tax
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Investment property
1) Revaluation is performed each year at fair value with changes in fair value recognised in profit or loss;
2) No depreciation is provided in respect of either freehold or long leasehold investment properties unless fair value cannot be measured reliably without undue cost or effort;
3) Deferred tax is to be recognised on any fair value changes made where this is material.
This treatment, as regards certain of the company's investment properties, may be a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation is only one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
Investments
Investments in subsidiaries and participating interests are stated at cost less amounts written off.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Philadelphia Estates Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
2 |
Accounting policies (continued) |
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Auditors' remuneration |
2019 |
2018 |
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Audit of the financial statements |
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Philadelphia Estates Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
Investment properties |
2019 |
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At 1 January |
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Fair value adjustments |
( |
At 31 December |
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There has been no valuation of investment property by an independent valuer.
Investments |
2019 |
2018 |
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Investments in subsidiaries |
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Investments in other investments |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2019 |
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At 31 December 2019 |
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Provision |
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At 1 January 2019 |
- |
At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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Philadelphia Estates Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
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Investments (continued) |
Other investments |
£ |
Cost |
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At 1 January 2019 |
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At 31 December 2019 |
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Provision |
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At 1 January 2019 |
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At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2019 |
2018 |
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Subsidiary undertakings |
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Esh House, Bowburn, Durham, DH6 5PF |
Ordinary |
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England |
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Esh House, Bowburn, Durham, DH6 5PF |
Ordinary |
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England |
Other investments |
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Esh House, Bowburn, Durham, DH6 5PF |
Ordinary |
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England |
Philadelphia Estates Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
6 |
Investments (continued) |
Subsidiary undertakings |
Philadelphia Properties Limited The principal activity of Philadelphia Properties Limited is |
Speed 8767 Limited The principal activity of Speed 8767 Limited is |
Other investments |
Tursdale Business Park Limited The principal activity of Tursdale Business Park Limited is |
Stocks |
2019 |
2018 |
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Work in progress |
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Other inventories |
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Philadelphia Estates Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
Debtors |
2019 |
2018 |
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Amounts owed by group undertakings |
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Amounts owed by related parties |
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159,057 |
Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Accruals and deferred income |
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Other creditors |
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Other creditors includes a balance of £7,942,609 owed to Esh Developments Limited. This balance is interest bearing at 1% per month and is due to be repaid in the following 12 months.
Loans and borrowings |
2019 |
2018 |
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Current loans and borrowings |
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Other borrowings |
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During the year, VB (Philadelphia) Limited provided a loan of £6 milllion to Philadelphia Estates Limited.
Interest is charged at 1% per month and is due for repayment in the following 12 months. The year end balance of £6,270,000 has been included within current liabilities.
Philadelphia Estates Limited
Notes to the Financial Statements for the Year Ended 31 December 2019 (continued)
Parent and ultimate parent undertaking |
Up until 19th December 2019, the immediate parent was Esh Developments Limited and the ultimate parent company was Esh Investments Limited.
The company's immediate parent is
These financial statements are available upon request from The Farmhouse, Hedley Hill Farm, Hedley Hill, Durham, DH7 9EX
The directors do not consider there to be an ultimate controlling party.
Audit report |
The name of the Senior Statutory Auditor who signed the audit report on
MHA Tait Walker is a trading name of Tait Walker LLP.