Company Registration No. 10328772 (England and Wales)
PROPERTY DEVELOPMENT HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
PAGES FOR FILING WITH REGISTRAR
PROPERTY DEVELOPMENT HOLDINGS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
PROPERTY DEVELOPMENT HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2019
31 December 2019
- 1 -
2019
2018
Notes
£
£
£
£
Current assets
Stocks
1,776,040
1,343,157
Debtors
3
101,339
127,403
Cash at bank and in hand
-
41,632
1,877,379
1,512,192
Creditors: amounts falling due within one year
4
(666,572)
(709,209)
Net current assets
1,210,807
802,983
Creditors: amounts falling due after more than one year
5
(1,210,806)
(802,982)
Net assets
1
1
Capital and reserves
Called up share capital
1
1
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered 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 17 December 2020 and are signed on its behalf by:
A J Jeffreys
Director
Company Registration No. 10328772
PROPERTY DEVELOPMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
- 2 -
1
Accounting policies
Company information
Property Development Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
9 Bonhill Street, London, EC2A 4DJ.
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 on the historical cost convention except for the modification
to a fair value basis for certain financial instruments as specified in the accounting policies below.
1.2
Going concern
The company is funded by loans from
related parties
who have undertaken to support the company for the foreseeable future. Consequently, the
financial statements
have been prepared on the going concern basis.
1.3
Reporting period
The comparative figures cover the sixteen months to 31 December 2018. For this reason, they may not be comparable with the current year's figures.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost
includes the initial purchase cost plus all additional costs incurred in relation to the maintenance,
enhancement and development of the asset.
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, 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.
PROPERTY DEVELOPMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
1
Accounting policies
(Continued)
- 3 -
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. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include trade and other receivables 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 less any impairment.
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 derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.
Basic financial Liabilities
Basic financial liabilities, including trade and other payables
,
are initially recognised at transaction price
and subsequently measured at amortised cost using the effective interest method
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2019
2018
Number
Number
Total
PROPERTY DEVELOPMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
- 4 -
3
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
42
-
Amounts owed by group undertakings and undertakings in which the company has a participating interest
101,297
127,403
101,339
127,403
4
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
7,442
-
Trade creditors
52,202
28,731
Other creditors
606,928
680,478
666,572
709,209
Other creditors include £439,787 (2018: £516,477) owed to the director and non-group entities in which AJ Jeffreys is a director. These are unsecured, interest-free and repayable on demand.
5
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
1,210,806
802,982
There are fixed and floating charges over the assets of the company.
6
Parent company
The company is a wholly-owned subsidiary of GEW Property Holdings Limited and its registered office is 9 Bonhill Street, London EC2A 4DJ.