Company registration number 10960705 (England and Wales)
POOLE TOWNSEND ESTATES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
PAGES FOR FILING WITH REGISTRAR
POOLE TOWNSEND ESTATES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
POOLE TOWNSEND ESTATES LTD
BALANCE SHEET
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,394,333
1,483,333
Tangible assets
4
38,101
29,985
1,432,434
1,513,318
Current assets
Debtors
5
184,794
428,228
Cash at bank and in hand
179,450
219,886
364,244
648,114
Creditors: amounts falling due within one year
6
(350,240)
(1,106,882)
Net current assets/(liabilities)
14,004
(458,768)
Total assets less current liabilities
1,446,438
1,054,550
Creditors: amounts falling due after more than one year
7
(123,333)
(160,000)
Net assets
1,323,105
894,550
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
1,322,905
894,350
Total equity
1,323,105
894,550
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2022 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.
The members have 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.
POOLE TOWNSEND ESTATES LTD
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 28 June 2023 and are signed on its behalf by:
Mr M J Oates
Director
Company Registration No. 10960705
POOLE TOWNSEND ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022
- 3 -
1
Accounting policies
Company information
Poole Townsend Estates Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 69-75 Duke Street, Barrow-in-Furness, LA14 1RP.
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 amounts 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
Prior period error
During the preparation of these financial statements, it was noted that some business expenditure in relation to the year ended 31 July 2021 had been posted to the balance sheet in error. A prior period adjustment has therefore been made to correct this. This resulted in a restatement of the prior period's profit and equity, as illustrated in note 10.
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Turnover comprises mainly of the amounts receivable in respect of property sales, lettings and management. Revenue is recognised upon exchange of the property but is not due until completion of the transaction.
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probably that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
POOLE TOWNSEND ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 4 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
5% Straight line
Fixtures and fittings
25% Reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
POOLE TOWNSEND ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 5 -
1.7
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.
1.8
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 payments 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. Amounts 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.
1.9
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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable.
POOLE TOWNSEND ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 6 -
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
55
65
POOLE TOWNSEND ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2021 and 31 July 2022
1,780,000
Amortisation and impairment
At 1 August 2021
296,667
Amortisation charged for the year
89,000
At 31 July 2022
385,667
Carrying amount
At 31 July 2022
1,394,333
At 31 July 2021
1,483,333
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2021
6,584
65,328
71,912
Additions
16,422
16,422
At 31 July 2022
6,584
81,750
88,334
Depreciation and impairment
At 1 August 2021
1,097
40,830
41,927
Depreciation charged in the year
329
7,977
8,306
At 31 July 2022
1,426
48,807
50,233
Carrying amount
At 31 July 2022
5,158
32,943
38,101
At 31 July 2021
5,487
24,498
29,985
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
26,000
12,471
Other debtors
158,794
415,757
184,794
428,228
POOLE TOWNSEND ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 8 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
39,430
40,000
Corporation tax
73,293
189,325
Other taxation and social security
97,863
151,183
Other creditors
139,654
726,374
350,240
1,106,882
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
123,333
160,000
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
34,357
55,475
9
Related party transactions
At the balance sheet date Poole Townsend Properties Limited (PTPL) owes Poole Townsend Estates Limited (PTEL) £Nil (2021: £118,121) and this was included in other debtors. The loan was informal, no interest was charged and was repayable on demand.
At the balance sheet date Poole Townsend Solicitors Limited (PTSL) owes PTEL £53,317 (2021: £199,387) and this is included in other debtors. The loan is informal, no interest is charged and is repayable on demand. During the period PTEL charged PTSL a management charge of £250,000 (2021: £225,000) in relation to directors' services.
During the period PTEL rented two properties from PTPL and was charged rent of £30,500. All rents had been paid at the balance sheet date.
The directors have a material interest in both PTSL and PTPL.
POOLE TOWNSEND ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
- 9 -
10
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Jul 2021
£
£
£
Creditors due within one year
Other creditors
(533,501)
(192,873)
(726,374)
Capital and reserves
Profit and loss reserves
1,087,223
(192,873)
894,350
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 July 2021
£
£
£
Administrative expenses
(2,388,684)
(192,873)
(2,581,557)
Profit for the financial period
712,819
(192,873)
519,946
Reconciliation of changes in equity
1 August
31 July
2020
2021
£
£
Adjustments to prior year
Business expenditure not included in 2021
-
(192,873)
Equity as previously reported
374,604
1,087,423
Equity as adjusted
374,604
894,550
Analysis of the effect upon equity
Profit and loss reserves
-
(192,873)
Reconciliation of changes in profit for the previous financial period
2021
£
Adjustments to prior year
Business expenditure not included in 2021
(192,873)
Profit as previously reported
712,819
Profit as adjusted
519,946
POOLE TOWNSEND ESTATES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2022
10
Prior period adjustment
(Continued)
- 10 -
Notes to reconciliation
During the preparation of these financial statements, it was noted that some business expenditure in relation to the year ended 31 July 2021 had been posted to the balance sheet in error. A prior period adjustment has therefore been made to correct this. This resulted in a restatement of the prior period's profit and equity, as illustrated above.
2022-07-312021-08-01false28 June 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityMr M J OatesMr D W PearceMr T B RobertsMs J C Copeland109607052021-08-012022-07-31109607052022-07-31109607052021-07-3110960705core:NetGoodwill2022-07-3110960705core:NetGoodwill2021-07-3110960705core:LandBuildings2022-07-3110960705core:OtherPropertyPlantEquipment2022-07-3110960705core:LandBuildings2021-07-3110960705core:OtherPropertyPlantEquipment2021-07-3110960705core:CurrentFinancialInstrumentscore:WithinOneYear2022-07-3110960705core:CurrentFinancialInstrumentscore:WithinOneYear2021-07-3110960705core:Non-currentFinancialInstrumentscore:AfterOneYear2022-07-3110960705core:Non-currentFinancialInstrumentscore:AfterOneYear2021-07-3110960705core:CurrentFinancialInstruments2022-07-3110960705core:CurrentFinancialInstruments2021-07-3110960705core:ShareCapital2022-07-3110960705core:ShareCapital2021-07-3110960705core:RetainedEarningsAccumulatedLosses2022-07-3110960705core:RetainedEarningsAccumulatedLosses2021-07-3110960705bus:Director12021-08-012022-07-3110960705core:Goodwill2021-08-012022-07-3110960705core:LeaseholdImprovements2021-08-012022-07-3110960705core:FurnitureFittings2021-08-012022-07-31109607052020-08-012021-07-3110960705core:NetGoodwill2021-07-3110960705core:NetGoodwill2021-08-012022-07-3110960705core:LandBuildings2021-07-3110960705core:OtherPropertyPlantEquipment2021-07-31109607052021-07-3110960705core:LandBuildings2021-08-012022-07-3110960705core:OtherPropertyPlantEquipment2021-08-012022-07-3110960705core:WithinOneYear2022-07-3110960705core:WithinOneYear2021-07-3110960705core:Non-currentFinancialInstruments2022-07-3110960705core:Non-currentFinancialInstruments2021-07-3110960705core:ContinuingOperations2020-08-012021-07-3110960705bus:PrivateLimitedCompanyLtd2021-08-012022-07-3110960705bus:SmallCompaniesRegimeForAccounts2021-08-012022-07-3110960705bus:FRS1022021-08-012022-07-3110960705bus:AuditExemptWithAccountantsReport2021-08-012022-07-3110960705bus:Director22021-08-012022-07-3110960705bus:Director32021-08-012022-07-3110960705bus:Director42021-08-012022-07-3110960705bus:FullAccounts2021-08-012022-07-31xbrli:purexbrli:sharesiso4217:GBP