Company Registration No. 07345546 (England and Wales)
PRESCOT BUSINESS PARK LIMITED
ANNUAL REPORT
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PRESCOT BUSINESS PARK LIMITED
COMPANY INFORMATION
Director
M S James
Company number
07345546
Registered office
Laurel House
173 Chorley New Road
Bolton
Auditor
Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
PRESCOT BUSINESS PARK LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 5
Profit and loss account
6
Balance sheet
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 18
PRESCOT BUSINESS PARK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2019
- 1 -
The director presents the strategic report for the year ended 31 March 2019.
Fair review of the business
The period under review saw a further increase in turnover to £18,186,113. This has been achieved through significant land stock sales in the year. Key developments are still progressing with value continually added to the stock held.
During the period under review the company continued to invest in the land stock held to maximise the potential return on sale and explore other development opportunities.
Principal risks and uncertainties
Fluctuation in land prices and the volatility of the housing market are the principle risks to the business. This risk is managed through a varied portfolio of properties and supportive investment which allows the business to hold stock when necessary.
Brexit is still a major uncertainty for the business due to the impact it has on other businesses and the housing market.
The business considers both short and long term funding requirements ensuring that sufficient funds are available to meet all operational and investment needs. Together with the businesses investors, funding is appropriate to the needs of the business and provides appropriate stability for future years.
Key performance indicators
Net profit before tax as a percentage of turnover 2019 - 31.4%, 2018 - 25.7%.
Gross profit percentage 2019 - 35.1%, 2018 - 27.7%
M S James
Director
16 December 2019
PRESCOT BUSINESS PARK LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2019
- 2 -
The director presents his annual report and financial statements for the year ended 31 March 2019.
Principal activities
The principal activity of the company continued to be that of the purchase of property, the development of property and the sale of property.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
M S James
Results and dividends
The results for the year are set out on page 6.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Auditor
Barlow Andrews LLP were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
M S James
Director
16 December 2019
PRESCOT BUSINESS PARK LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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. He is 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.
PRESCOT BUSINESS PARK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PRESCOT BUSINESS PARK LIMITED
- 4 -
Opinion
We have audited the financial statements of financial statements of Prescot Business Park Limited (the 'company') for the year ended 31 March 2019 which comprise the Profit and Loss Account, the Statement of Changes in Equity, the Balance Sheet, the Statement of Cash Flow and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 March 2019 and of its profit for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the financial statements
section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the strategic report and the director's r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
PRESCOT BUSINESS PARK LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PRESCOT BUSINESS PARK LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the strategic report or the director's
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of director's remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's
r
esponsibilities
s
tatement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to him in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Christopher Harland (Senior Statutory Auditor)
for and on behalf of Barlow Andrews LLP
16 December 2019
Chartered Accountants
Carlyle House
Statutory Auditor
78 Chorley New Road
Bolton
BL1 4BY
PRESCOT BUSINESS PARK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
2019
2018
Notes
£
£
Turnover
3
18,186,113
15,074,329
Cost of sales
(11,800,923)
(10,900,681)
Gross profit
6,385,190
4,173,648
Administrative expenses
(372,555)
(95,695)
Operating profit
4
6,012,635
4,077,953
Interest receivable and similar income
6
200,000
242,848
Interest payable and similar expenses
7
(507,540)
(451,062)
Profit before taxation
5,705,095
3,869,739
Tax on profit
8
(972,936)
(526,480)
Profit for the financial year
4,732,159
3,343,259
The profit and loss account has been prepared on the basis that all operations are continuing operations.
There is no other comprehensive income for the year. The total comprehensive income is the profit for the financial year shown above.
PRESCOT BUSINESS PARK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 7 -
2019
2018
Notes
£
£
£
£
Current assets
Stocks
10
19,328,166
25,529,876
Debtors falling due after more than one year
11
31,686
3,227,645
Debtors falling due within one year
11
23,743,039
8,522,741
Cash at bank and in hand
1,187,292
934,211
44,290,183
38,214,473
Creditors: amounts falling due within one year
12
(4,430,349)
(2,095,886)
Net current assets
39,859,834
36,118,587
Creditors: amounts falling due after more than one year
13
(29,297,465)
(30,288,377)
Net assets
10,562,369
5,830,210
Capital and reserves
Called up share capital
16
100
100
Profit and loss reserves
10,562,269
5,830,110
Total equity
10,562,369
5,830,210
The financial statements were approved and signed by the director and authorised for issue on 16 December 2019
M S James
Director
Company Registration No. 07345546
PRESCOT BUSINESS PARK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2019
- 8 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2017
100
2,486,851
2,486,951
Year ended 31 March 2018:
Profit and total comprehensive income for the year
-
3,343,259
3,343,259
Balance at 31 March 2018
100
5,830,110
5,830,210
Year ended 31 March 2019:
Profit and total comprehensive income for the year
-
4,732,159
4,732,159
Balance at 31 March 2019
100
10,562,269
10,562,369
PRESCOT BUSINESS PARK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2019
- 9 -
2019
2018
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
1,240,063
699,483
Interest paid
(507,540)
(451,062)
Income taxes paid
(679,442)
(907,132)
Net cash inflow/(outflow) from operating activities
53,081
(658,711)
Investing activities
Interest received
200,000
242,848
Net cash generated from investing activities
200,000
242,848
Net increase/(decrease) in cash and cash equivalents
253,081
(415,863)
Cash and cash equivalents at beginning of year
934,211
1,350,074
Cash and cash equivalents at end of year
1,187,292
934,211
PRESCOT BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 10 -
1
Accounting policies
Company information
Prescot Business Park Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Laurel House, 173 Chorley New Road, Bolton.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The company is reliant of the support of T J Morris Limited, James Industrial Limited and M S James. Each party has confirmed that they will not request repayment of their loans without 12 months notice from the sign off date of the financial statements for the year ended 31 March 2019. The director considers that the company remains a going concern and has prepared the financial statements on this basis. The financial statements do not include any adjustments that would result if the company was unable to continue as a going concern.
true
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
.
Revenue from the sale of
properties
is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on completion)
, 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.
Turnover includes income derived from properties occupied by tenants during the year. Income that is invoiced in advance or arrears is apportioned so that only that relating to the period of the financial statements is included in turnover.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials
.
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.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
PRESCOT BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 11 -
1.6
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
PRESCOT BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 12 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
PRESCOT BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 13 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
2019
2018
£
£
Turnover analysed by class of business
Property sales
15,392,300
13,007,181
Other income, including rental income
2,793,813
2,067,148
18,186,113
15,074,329
2019
2018
£
£
Other significant revenue
Interest income
200,000
242,848
4
Operating profit
2019
2018
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
22,862
(7,084)
Fees payable to the company's auditor for the audit of the company's financial statements
5,000
2,500
Cost of stocks recognised as an expense
10,491,663
9,873,958
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Directors
1
1
PRESCOT BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 14 -
6
Interest receivable and similar income
2019
2018
£
£
Interest income
Other interest income
200,000
242,848
7
Interest payable and similar expenses
2019
2018
£
£
Other finance costs:
Other interest
507,540
451,062
8
Taxation
2019
2018
£
£
Current tax
UK corporation tax on profits for the current period
918,272
504,878
Adjustments in respect of prior periods
58,705
-
Total current tax
976,977
504,878
Deferred tax
Origination and reversal of timing differences
(4,041)
21,602
Total tax charge
972,936
526,480
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2019
2018
£
£
Profit before taxation
5,705,095
3,869,739
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2018: 19.00%)
1,083,968
735,250
Tax effect of expenses that are not deductible in determining taxable profit
4,966
(1,241)
Tax effect of utilisation of tax losses not previously recognised
-
(26,025)
Double tax relief
-
(53,889)
Other permanent differences
(170,662)
(149,217)
Under/(over) provided in prior years
58,705
-
Movement in deferred taxation
(4,041)
21,602
Taxation charge for the year
972,936
526,480
PRESCOT BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 15 -
9
Financial instruments
2019
2018
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
24,842,227
12,478,287
Carrying amount of financial liabilities
Measured at amortised cost
33,015,338
31,312,877
10
Stocks
2019
2018
£
£
Work in progress
19,328,166
25,529,876
11
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
11,008,602
909,580
Other debtors
12,682,123
7,434,496
Prepayments and accrued income
52,314
178,665
23,743,039
8,522,741
2019
2018
Amounts falling due after more than one year:
£
£
Trade debtors
-
3,200,000
Deferred tax asset (note 14)
31,686
27,645
31,686
3,227,645
Total debtors
23,774,725
11,750,386
Included in other debtors is a £5.5 million loan made to a third party. In relation to this loan, Prescot Business Park Limited has a first legal charge over a property, which has a value in excess of £5.5 million.
PRESCOT BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 16 -
12
Creditors: amounts falling due within one year
2019
2018
Notes
£
£
Trade creditors
79,761
570,303
Amounts owed to undertakings in which the company has a participating interest
-
23,948
Corporation tax
454,862
157,327
Other taxation and social security
-
782,076
Deferred income
15
257,614
131,983
Other creditors
1,576,233
58,980
Accruals and deferred income
2,061,879
371,269
4,430,349
2,095,886
13
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
29,130,696
30,147,746
Accruals and deferred income
166,769
140,631
29,297,465
30,288,377
14
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Assets
Assets
2019
2018
Balances:
£
£
Timing difference
31,686
27,645
2019
Movements in the year:
£
Asset at 1 April 2018
(27,645)
Credit to profit or loss
(4,041)
Asset at 31 March 2019
(31,686)
PRESCOT BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 17 -
15
Deferred income
2019
2018
£
£
Other deferred income
257,614
131,983
16
Share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
17
Operating lease commitments
Lessor
At the reporting end date the company had contracted with tenants for the following minimum lease payments:
2019
2018
£
£
Within one year
1,731,229
1,384,490
Between two and five years
6,282,909
2,676,534
In over five years
4,371,260
3,510,332
12,385,398
7,571,356
18
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
At the year end Prescot Business Park Limited owes a company, controlled by the majority shareholder, £27,711,681 (2018: £27,254,924). The only movement during the current financial year is an interest charge of £456,757, this is accruing at a rate of 1% above the NatWest Bank base rate.
The creditor has security on the loan in the form of a fixed and floating charge over the company's assets.
19
Directors' transactions
The company owes the director, £1,585,784 (2018: £1,559,646). Interest is accruing on the loan balance at a rate of 1% above the NatWest Bank base rate.
The company also owes a company wholly owned by the director £1,483,305 (£1,473,807). Interest is accruing on this loan at a rate of 1% above the NatWest Bank base rate. This loan is secured by a fixed charge over assets held within the company.
PRESCOT BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 18 -
20
Cash generated from operations
2019
2018
£
£
Profit for the year after tax
4,732,159
3,343,259
Adjustments for:
Taxation charged
972,936
526,480
Finance costs
507,540
451,062
Investment income
(200,000)
(242,848)
Movements in working capital:
Decrease in stocks
6,201,710
6,460,716
Increase in debtors
(12,020,298)
(1,385,612)
Increase/(decrease) in creditors
920,385
(8,585,557)
Increase in deferred income
125,631
131,983
Cash generated from operations
1,240,063
699,483
2019-03-31
2018-04-01
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