Registered number
10495053
PPNL SPV B53 - 1 Limited
Filleted Accounts
31 December 2021
PPNL SPV B53 - 1 Limited
Registered number: 10495053
Statement of Financial Position
as at 31 December 2021
Notes 2021 2020
£ £
Fixed assets
Investment property 2 1,465,000 1,465,000
Current assets
Debtors 3 11,520 7,933
Cash at bank and in hand 2,882 5,384
14,402 13,317
Creditors: amounts falling due within one year 4 (26,529) (26,998)
Net current liabilities (12,127) (13,681)
Total assets less current liabilities 1,452,873 1,451,320
Creditors: amounts falling due after more than one year 5 (765,600) (765,600)
Net assets 687,273 685,720
Capital and reserves
Called up share capital 1 1
Share premium 353,149 353,149
Capital reduction reserve 324,197 324,197
Fair value adjustment reserve 9,440 3,873
Profit and loss account 486 4,500
Shareholders' funds 687,273 685,720
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Hiren Patel
Director
Approved by the board on 18 July 2022
PPNL SPV B53 - 1 Limited
Notes to the Accounts
for the year ended 31 December 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover relates to rental income recognised on a straight-line basis over the lease term.
Investment property
Investment property is included at market fair value. Fair value adjustments are recognised in the Income Statement. Deferred taxation is provided on these adjustments at the rate expected to apply when the property is sold. Reserves generated by fair value adjustments after deferred tax are not distributable until the sale of the property in question.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Investment property
Land and buildings
£
Fair value
At 1 January 2021 1,465,000
At 31 December 2021 1,465,000
Freehold investment property was valued by independent surveyors Allsop LLP on 31 March 2021.
3 Debtors 2021 2020
£ £
Trade debtors 3,425 5,405
Deferred tax asset 8,095 2,528
11,520 7,933
4 Creditors: amounts falling due within one year 2021 2020
£ £
Trade creditors 85 377
Taxation and social security costs 1,614 1,917
Other creditors 24,830 24,704
26,529 26,998
5 Creditors: amounts falling due after one year 2021 2020
£ £
Mortgages 765,600 765,600
The mortgage provider has a fixed and floating charge over the assets of the company.
6 Average number of persons employed
During the year the average number of employees was 0 (2020 :0).
7 Other information
PPNL SPV B53 - 1 Limited is a private company limited by shares and incorporated in England. Its registered office is:
27 Old Gloucester Street
London
WC1N 3AX
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