Registered number:
09010410
PANGBOURNE BEAVER PROPERTIES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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PANGBOURNE BEAVER PROPERTIES LIMITED
REGISTERED NUMBER:
09010410
BALANCE SHEET
AS AT
30 SEPTEMBER 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 2 to 6 form part of these financial statements.
Page 1
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PANGBOURNE BEAVER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
Pangbourne Beaver Properties Limited is a private limited company, incorporated in England and Wales. The address of its registered office is 1 London Street, Reading, Berkshire, RG1 4PN.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue comprises income recognised by the company in respect of rental income receivable during the period.
Income on the sale of property is recognised at exchange of contract.
The company’s business has continued to operate successfully during the COVID-19 pandemic albeit project development has been slowed by the restrictions in place and the general impact on the economy. The group has substantial cash reserves and, having reviewed the recent results, the cash flow forecasts and the funding in place, the directors are confident that the group can and will continue to operate as a going concern for the foreseeable future. Therefore the financial statements are prepared on a going concern basis.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Stocks are initially stated at cost or the fair value at acquisition date when acquired as part of a business combination and then held at the lower of this initial amount or the net realisable value. Costs comprise direct materials and, where applicable, direct labour and those overheads that have been incurred in bringing the stock to their present location and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Land is recognised in stock when the significant risks and rewards of ownership have been transferred.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 2
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PANGBOURNE BEAVER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
2.
Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including directors, during the year was
4
(2020 -
3
)
.
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Page 3
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PANGBOURNE BEAVER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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Freehold investment property
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Stocks and work in progress
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Long term contract balances
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Long term contract balances consist of:
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Costs to date less provision for losses
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Prepayments and accrued income
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Page 4
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PANGBOURNE BEAVER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Allotted, called up and fully paid
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100
(2020 -
100
)
Ordinary
shares of £
1.00
each
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Related party transactions
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At the year-end, the Company owed £1,281 (2020: £130,622) to Lower Bowden Properties Limited, a company with common directors. No interest was charged on this loan (2020: £nil) and it is deemed repayable on demand.
At the year-end, the Company was owed £541,300 (2020: £541,300) by The Beaver Trust, a shareholder of the Company. No interest was charged on this balance (2020: £nil) and the balance is deemed payable on demand.
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Page 5
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PANGBOURNE BEAVER PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
The auditor's report on the financial statements for the year ended 30 September 2021 was qualified.
The qualification in the audit report was as follows:
As explained in note 2.4 to the financial statements, the company's investment properties (included in the Balance Sheet at £2,310,164) have not been revalued as required by Financial Reporting Standard 102. We are not able to quantify the effect, if any, on reserves and tangible fixed assets of this non-compliance. Furthermore we have been unable to quantify the effect on deferred tax, if any, of this non-compliance.
The audit report was signed on
22 June 2022
by
Alexander Peal BSc (Hons) FCA DChA
(Senior statutory auditor) on behalf of
James Cowper Kreston
.
Page 6
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