Company Registration No. 11872318 (England and Wales)
PHHD PROPERTY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PHHD PROPERTY LIMITED
COMPANY INFORMATION
Directors
Mr M A Burden
Consortium Directors Limited
NP Investment Management Limited
(Appointed 7 September 2021)
Company number
11872318
Registered office
11 Argyll Street
London
United Kingdom
W1F 7TH
Auditor
Azets Audit Services
5th Floor
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent
United Kingdom
TN23 1FB
PHHD PROPERTY LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 14
PHHD PROPERTY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2021
- 1 -
The directors present their annual report and financial statements for the year ended 31 March 2021.
Principal activities
The principal activity of the company continued to be that of property development.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr M A Burden
Consortium Directors Limited
NPAM Ltd
(Resigned 7 September 2021)
NP Investment Management Limited
(Appointed 7 September 2021)
Auditor
Azets Audit Services 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 directors' responsibilities
The directors are responsible for preparing the annual 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 of 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 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 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.
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.
Going concern
These financial statements are prepared on the going concern basis.
The company has a bank loan which has financed the development of the hotel and is due to be refinanced in March 2022 as a long term commercial loan. The directors are entering negotiations with the bank in early 2022 and are confident that the loan will be refinanced such that the company’s income can meet all financing and other liabilities as they fall due, hence the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However until negotiations are complete there is an element of uncertainty surrounding this matter and hence the company’s ability to operate after March 2022.
PHHD PROPERTY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Consortium Directors Limited
Director
21 December 2021
PHHD PROPERTY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PHHD PROPERTY LIMITED
- 3 -
We have audited the financial statements of PHHD Property Limited (the 'company') for the year ended 31 March 2021 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 March 2021 and of its loss 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.
Basis for qualified opinion
The company's investment property is carried in the balance sheet at £9,682,644. Management has not been able to value the investment property at fair value but has stated the investment property solely at cost, which constitutes a departure from FRS 102. It is not known what impact a revaluation of the investment property to fair value would have on the carrying value at the year end date.
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.
Material uncertainty
relating to going concern
We draw attention to note 1.2 in the financial statements, which indicates that the company has a bank loan which is due to be refinanced in March 2022 as a long term commercial loan. The directors are entering negotiations with the bank in early 2022 and are confident that the loan will be refinanced such that the company’s income can meet all financing and other liabilities as they fall due. However until negotiations are complete there is an element of uncertainty surrounding this matter and hence the company’s ability to operate after March 2022.
These conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors assessment of the entity’s ability to continue to adopt the going concern basis of accounting included a review of post balance sheet date bank statements and cash flow forecasts, and the long term agreement for rental income.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
PHHD PROPERTY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PHHD PROPERTY LIMITED
- 4 -
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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
true
:
-
• the information given in the directors'
r
eport for the financial year for which the financial statements are prepared is consistent with the financial statements
; and
-
• the directors' report has been prepared in accordance with applicable legal requirements.
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 directors'
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
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are 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 directors determine 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
directors are
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
directors
either
intend
to liquidate the company or to cease operations, or have no realistic alternative but to do so.
PHHD PROPERTY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PHHD PROPERTY LIMITED
- 5 -
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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
-
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
-
Reviewing minutes of meetings of those charged with governance;
-
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
-
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
PHHD PROPERTY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PHHD PROPERTY LIMITED
- 6 -
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 them 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.
Robert Reynolds (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
22 December 2021
Chartered Accountants
Statutory Auditor
5th Floor
Ashford Commercial Quarter
1 Dover Place
Ashford
Kent
United Kingdom
TN23 1FB
PHHD PROPERTY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2021
- 7 -
2021
2020
£
£
Administrative expenses
(238,377)
(739,344)
Interest receivable and similar income
1
43
Interest payable and similar expenses
25,876
(25,876)
Loss before taxation
(212,500)
(765,177)
Tax on loss
Loss for the financial year
(212,500)
(765,177)
PHHD PROPERTY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 8 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
4
9,682,644
4,593,087
Current assets
Debtors
5
403,256
396,254
Cash at bank and in hand
292,156
109,691
695,412
505,945
Creditors: amounts falling due within one year
6
(406,270)
(380)
Net current assets
289,142
505,565
Total assets less current liabilities
9,971,786
5,098,652
Creditors: amounts falling due after more than one year
7
(6,549,463)
(1,943,829)
Net assets
3,422,323
3,154,823
Capital and reserves
Called up share capital
8
4,400,000
3,920,000
Profit and loss reserves
(977,677)
(765,177)
Total equity
3,422,323
3,154,823
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 December 2021 and are signed on its behalf by:
Consortium Directors Limited
Director
Company Registration No. 11872318
PHHD PROPERTY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 9 March 2019
Year ended 31 March 2020:
Loss and total comprehensive income for the year
-
(765,177)
(765,177)
Issue of share capital
8
3,920,000
-
3,920,000
Balance at 31 March 2020
3,920,000
(765,177)
3,154,823
Year ended 31 March 2021:
Loss and total comprehensive income for the year
-
(212,500)
(212,500)
Issue of share capital
8
480,000
-
480,000
Balance at 31 March 2021
4,400,000
(977,677)
3,422,323
PHHD PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 10 -
1
Accounting policies
Company information
PHHD Property Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
11 Argyll Street
,
London,
United Kingdom
,
W1F 7TH
.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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, modified to include the revaluation of investment properties. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis
true
.
The company has developed a hotel building in 2020 and 2021 which achieved practical completion in February 2021. The company has entered into a 25 year lease with a hotel operator at a market rental income which commenced in April 2021. As disclosed in note 7 the company has a bank loan which
h
as financed the development of the hotel and is due to be refinanced in March 2022 as a long term commercial loan. The directors are entering negotiations with the bank in early 2022 and are confident that the loan will be refinanced such that the company’s income can meet all financing and other liabilities as they fall due
, hence the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.
However until negotiations are complete there is an element of uncertainty surrounding this matter and hence the company’s ability to operate after March 2022
.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
The refinancing referred to in paragraph 1.2 above will require a formal valuation of the investment property on behalf of the bank. The directors have chosen not to commission a formal valuation in 2021 and due to recent market conditions are not willing to offer a directors valuation of the property at 31 March 2021. Accordingly the investment property is carried at cost as at 31 March 2021 which is not in accordance with the requirements of FRS102.
1.4
Borrowing costs related to fixed assets
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
The full amount of interest costs incurred in financial years 2020 and 2021 as part of the development loan have been capitalised to investment property.
PHHD PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 11 -
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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.
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.
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
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
.
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.
PHHD PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 12 -
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 taxation is provided in full on timing differences that result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
Deferred tax is not recognised in respect of the company's corporation tax losses of approximately £700,000 at 31 March 2021. Due to the uncertainty over refinancing as mentioned in paragraph 1.2 above and the potential impact on future profitability and the timing of profitability, the directors do not consider it appropriate to recognise a deferred tax asset as at 31 March 2021.
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
in the period
are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are 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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant
effect on amounts recognised in the financial statements.
Investment property
The directors have chosen not to commission a formal valuation of investment property in 2021 and due to recent market conditions are not willing to offer a directors valuation of the property at 31 March 2021. Accordingly the investment property is carried at cost as at 31 March 2021 which is not in accordance with the requirements of FRS10
2.
3
Employees
During the year there were no employees of the company other than the directors.
PHHD PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 13 -
4
Investment property
2021
£
Fair value
At 1 April 2020
4,593,087
Additions
5,089,557
At 31 March 2021
9,682,644
Investment property comprises freehold land and buildings. As disclosed in note 1.3 the property is carried at cost rather than fair value at 31 March 2021. The property achieved practical completion in February 2021 and a final development cost of £646,375 was incurred subsequent to the year end.
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
403,256
396,254
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
396,270
380
Other creditors
10,000
406,270
380
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
6,549,463
1,943,829
Long term bank loans £6,549,463 have been secured against the investment property held by the company.
As explained in note 1.2 this loan is due for repayment or refinancing in March 2022. The directors consider that the loan will be refinanced for the long term and have accordingly treated the loan as a long term liability of the company as at 31 March 2021.
8
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,400,000
3,920,000
4,400,000
3,920,000
PHHD PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
8
Called up share capital
(Continued)
- 14 -
During the year the company has allotted 480,000 ordinary shares with an aggregate nominal value of £480,000
, for consideration in cash.
At the year end 330,000 of the allotted ordinary shares with an aggregate nominal value of £330,000 were unpaid. The consideration for these shares was paid after the balance sheet date.
9
Related party transactions
The directors of Consortium Directors Ltd are all members of
Consortium Investment Management LLP
. During the year the company paid Consortium Investment Management LLP operator fees of £40,359 (2020: £75,452
). No amounts were outstanding at the year end (2020: £nil).
NPAM Ltd
was a director of PHHD Property Limited but resigned on 7 September 2021 . In the prior year, the
company paid £180,000
in property advisory fees to NPAM. No such fees were paid in the current year.
There were no amounts
outstanding at year end (2020: £nil).
10
Controlling party
The company is wholly owned by the
PHHD Limited Partnership
. Control of PHHD LP rests with the General Partner of the LP, PHHD General Partner Ltd. The directors of PHHD General Partner Ltd are members of
Consortium Investment Management LLP
. All have the registered office address First Floor, 11 Argyll Street, London, W1F 7TH.
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11872318
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2021-03-31
11872318
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2020-03-31
11872318
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11872318
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11872318
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2020-04-01
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11872318
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2020-03-31
11872318
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2020-03-31
11872318
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11872318
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2021-03-31
11872318
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