Packington Estate Enterprises Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02377594 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

PACKINGTON ESTATE ENTERPRISES LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

The 12th Earl of Aylesford

The Countess of Aylesford

The Lord Guernsey

Lady Guernsey

N P Barlow, BSc (Hons) FRICS, FAAV

R V Stone, FAAV (Ret'd)

REGISTERED OFFICE:

Packington Hall

Packington Park

Meriden

Warwickshire

CV7 7HF

REGISTERED NUMBER:

02377594 (England and Wales)

SENIOR STATUTORY AUDITOR:

Gregg Olner MPhil BA(Hons) ACA

AUDITORS:

Harrison Beale & Owen Limited

Chartered Accountants and Statutory Auditors

Seven Stars House

1 Wheler Road

Coventry

CV3 4LB

BANKERS:

Lloyds TSB plc

149 New Street

Birmingham

FIXED ASSETS

Tangible assets

4

1,791,705

1,674,267

Investments

5

2

2

Investment property

6

197,606

197,606

1,989,313

1,871,875

CURRENT ASSETS

Stocks

2,320,440

2,214,143

Debtors

1,769,442

1,710,203

Cash at bank and in hand

3,313,793

3,554,235

7,403,675

7,478,581

CREDITORS

Amounts falling due within one year

428,981

1,148,342

NET CURRENT ASSETS

6,974,694

6,330,239

TOTAL ASSETS LESS CURRENT LIABILITIES

8,964,007

8,202,114

CREDITORS

Amounts falling due after more than one year

(196,294

)

(111,913

)

PROVISIONS FOR LIABILITIES

(37,113

)

(9,670

)

NET ASSETS

8,730,600

8,080,531

CAPITAL AND RESERVES

Called up share capital

9

1,570,000

1,570,000

Capital redemption reserve

10

2,648,178

2,648,178

Retained earnings

10

4,512,422

3,862,353

SHAREHOLDERS' FUNDS

8,730,600

8,080,531

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2021 and were signed on its behalf by:

The 12th Earl of Aylesford - Director

N P Barlow, BSc (Hons) FRICS, FAAV - Director

1.	STATUTORY INFORMATION

Packington Estate Enterprises Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principle accounting policies adopted in the preparation of the financial statements are set out below.

Preparation of consolidated financial statements

The financial statements contain information about Packington Estate Enterprises Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption

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.

Turnover

Turnover represents the total invoice value, excluding value added tax, of rents receivable, development activities and services provided during the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold buildings

-

2% on cost

Long leasehold

-

over the lease term

Plant and machinery

-

20% on cost

Motor vehicles

-

25% on cost and 25% on reducing balance

Tangible fixed assets other than freehold land are stated at cost less depreciation. Freehold land is not depreciated.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Stocks

Stock and work in progress are valued at the lower of cost and net realisable value. Cost is defined as the cost incurred in bringing each product to its present location and condition. Net realisable value is based on estimated selling price less further costs expected to be incurred to completion and disposal.

Financial instruments

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2020 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2020

3,211,650

Additions

174,357

At 31 March 2021

3,386,007

DEPRECIATION

At 1 April 2020

1,537,383

Charge for year

49,177

Reclassification/transfer

7,742

At 31 March 2021

1,594,302

NET BOOK VALUE

At 31 March 2021

1,791,705

At 31 March 2020

1,674,267

In 2011 the carrying amount of long leasehold property was subject to an impairment review and was written down by £436,616.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 April 2020

21,428

Additions

135,000

Transfer to ownership

(21,428

)

At 31 March 2021

135,000

DEPRECIATION

At 1 April 2020

21,428

Charge for year

19,319

Transfer to ownership

(21,428

)

At 31 March 2021

19,319

NET BOOK VALUE

At 31 March 2021

115,681

At 31 March 2020

-

5.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 April 2020

and 31 March 2021

2

NET BOOK VALUE

At 31 March 2021

2

At 31 March 2020

2

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

and 31 March 2021

197,606

NET BOOK VALUE

At 31 March 2021

197,606

At 31 March 2020

197,606

In the opinion of the director, N P Barlow, BSc (Hons) FRICS, FAAV, the value of investment property on an open market basis for existing use was not significantly different from the valuation currently shown.

7.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2021

2020

£

£

Net obligations repayable:

Within one year

13,332

2,100

Between one and five years

80,138

-

93,470

2,100

Non-cancellable

operating leases

2021

2020

£

£

Within one year

15,000

15,000

Between one and five years

3,750

18,750

18,750

33,750

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Hire purchase contracts

93,470

2,100

The hire purchase creditors above are secured against the assets to which they relate.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

1,270,000

Ordinary

£1

1,270,000

1,270,000

300,000

Preference

£1

300,000

300,000

1,570,000

1,570,000

In the year ended 31 March 2012, 2,948,178 preference shares were issued in consideration of the release of debt equal to the nominal value of the shares of £2,948,178. Each preference share shall carry one vote per share. Holders of these shares are not entitled to receive a dividend but are entitled to receive notice of and to attend, speak and vote at all general meetings of the company. On return of capital on winding-up or capital reduction, the holders are entitled to £1 per share in preference to all other classes of shareholder. The shares shall be redeemed at £1 per share within no less than 5 days notice of redemption by the holder or immediately following notice of redemption by the company.

During the year ended 31 March 2019 the company redeemed 2,648,178 £1 preference shares at par.

10.

RESERVES

Capital

Retained

redemption

earnings

reserve

Totals

£

£

£

At 1 April 2020

3,862,353

2,648,178

6,510,531

Profit for the year

674,069

674,069

Dividends

(24,000

)

(24,000

)

At 31 March 2021

4,512,422

2,648,178

7,160,600

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Gregg Olner MPhil BA(Hons) ACA (Senior Statutory Auditor)

for and on behalf of Harrison Beale & Owen Limited

12.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme in respect of certain employees and directors. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £127,229 (2020 - £124,451). Included within creditors is an amount of £69,677 (2020 - £87,937) due to the scheme at the balance sheet date.

13.	RELATED PARTY DISCLOSURES

Packington Estate Enterprises Limited acts as paymaster in the operation of a paymaster agreement, the members of which include The Aylesford Estate, The Guernsey Estate and various settlements. At the year end the scheme members were owed £19,444 (2020 - £11,189) from the company.

14.

CONTROL

The company is under the control of the directors and shareholders.