REGISTERED NUMBER:
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DIRECTOR'S REPORT AND |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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PETERS PROPERTIES KENT LIMITED |
REGISTERED NUMBER:
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DIRECTOR'S REPORT AND |
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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PETERS PROPERTIES KENT LIMITED |
PETERS PROPERTIES KENT LIMITED (REGISTERED NUMBER: 08245508) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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Company Information | 1 |
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Director's Report | 2 |
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Income Statement | 3 |
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Balance Sheet | 4 |
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Notes to the Financial Statements | 6 |
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PETERS PROPERTIES KENT LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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PETERS PROPERTIES KENT LIMITED (REGISTERED NUMBER: 08245508) |
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DIRECTOR'S REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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The director presents his report with the financial statements of the company for the year ended 31 December 2021. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of property rental and investment. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31 December 2021. |
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DIRECTOR |
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ON BEHALF OF THE BOARD: |
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PETERS PROPERTIES KENT LIMITED (REGISTERED NUMBER: 08245508) |
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INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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31/12/21 | 31/12/20 |
Notes | £ | £ |
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TURNOVER |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses | ( |
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OPERATING PROFIT | 5 |
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PROFIT BEFORE TAXATION |
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Tax on profit | ( |
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PROFIT FOR THE FINANCIAL YEAR |
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PETERS PROPERTIES KENT LIMITED (REGISTERED NUMBER: 08245508) |
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BALANCE SHEET |
31 DECEMBER 2021 |
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31/12/21 | 31/12/20 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
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Investments | 7 |
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Investment property | 8 |
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CURRENT ASSETS |
Debtors | 9 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 10 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PETERS PROPERTIES KENT LIMITED (REGISTERED NUMBER: 08245508) |
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BALANCE SHEET - continued |
31 DECEMBER 2021 |
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The financial statements were approved by the director and authorised for issue on
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PETERS PROPERTIES KENT LIMITED (REGISTERED NUMBER: 08245508) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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1. | STATUTORY INFORMATION |
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Peters Properties Kent Limited is a
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention, apart from where land and buildings have been revalued and measured at fair value. |
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Going Concern |
These accounts have been prepared on a going concern basis. The director has reviewed the financial statements along with the current trading position and considers the use of the going concern basis as appropriate due to the current market conditions. |
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Turnover |
Turnover represents rent charged excluding VAT. |
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Tangible fixed assets |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
PETERS PROPERTIES KENT LIMITED (REGISTERED NUMBER: 08245508) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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3. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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4. | EMPLOYEES AND DIRECTORS |
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There were no staff costs for the year ended 31 December 2021 nor for the year ended 31 December 2020. |
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The average number of employees during the year was NIL (2020 - NIL). |
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31/12/21 | 31/12/20 |
£ | £ |
Director's remuneration |
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5. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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31/12/21 | 31/12/20 |
£ | £ |
Depreciation - owned assets |
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6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
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COST |
At 1 January 2021 |
and 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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PETERS PROPERTIES KENT LIMITED (REGISTERED NUMBER: 08245508) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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7. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 January 2021 |
and 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: The Showroom,Lakeside Services, Sturry Road, Kent,CT1 1DS |
Nature of business:
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Class of shares: | holding |
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£ | £ |
Aggregate capital and reserves |
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Loss for the year |
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8. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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The investment property was revalued for the first time upon transition to FRS 102. A valuation was carried out by an independent third party in August 2016, with the fair value determined by the appraisal of recent property transactions in the area. |
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The director reviewed the valuations and believe they are consistent with the market at 31 December 2021. |
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Fair value at 31 December 2021 is represented by: |
£ |
Valuation in 2020 | 8,879,088 |
Cost | 61,724 |
8,940,812 |
PETERS PROPERTIES KENT LIMITED (REGISTERED NUMBER: 08245508) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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8. | INVESTMENT PROPERTY - continued |
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If investment properties had not been revalued they would have been included at the following historical cost: |
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31/12/21 | 31/12/20 |
£ | £ |
Cost | 6,103,557 | 6,041,833 |
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9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/21 | 31/12/20 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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VAT |
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Prepayments |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/12/21 | 31/12/20 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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Other creditors |
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Accrued expenses |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/12/21 | 31/12/20 |
value: | £ | £ |
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Ordinary | £1.00 | 100 | 100 |
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12. | CONTINGENT LIABILITIES |
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A debenture has been given by Peters Properties Ltd to National Westminster Bank PLC. This provides fixed and floating charges over the undertaking, all property and assets present and future for all monies due or to become due from the company to Natwest Bank. |
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A legal charge is held by National Westminster Bank PLC over the freehold properties known as Vantage point and Sturry Road. |
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A legal charge is held by Black Horse Limited over the freehold properties known as Vantage point and Sturry Road. |
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13. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
PETERS PROPERTIES KENT LIMITED (REGISTERED NUMBER: 08245508) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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13. | RELATED PARTY DISCLOSURES - continued |
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Bapchild Motoring World (Kent) Limited |
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Bapchild Motoring World (Kent) Limited, a fellow subsidiary, occupied premises owned by Peters Properties Kent Limited. Rents received during the period totalled £725,000 and were fully paid at the balance sheet date. |
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14. | ULTIMATE CONTROLLING PARTY |
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Mr P Waddell, a company director, is the ultimate controlling party by virtue of his shareholding in the parent company. |
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The company is a subsidiary undertaking of Peter Waddell Holdco Limited. |
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The largest group in which the results of the company are consolidated is that headed by Peter Waddell Holdco Limited, The Showroom, Lakeside Service Station, Sturry Road, Canterbury, Kent, United Kingdom, CT1 1DS. No other group financial statements include the results of the Company. The consolidated financial statements of the group is available to the public and may be obtained from the registered office. |