Registered number
13408684
Petoria Properties Ltd
Unaudited Filleted Accounts
31 May 2023
Petoria Properties Ltd
Registered number: 13408684
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 171,645 171,645
Current assets
Debtors 4 3,176 -
Cash at bank and in hand 5,595 8,739
8,771 8,739
Creditors: amounts falling due within one year 5 (59,155) (59,352)
Net current liabilities (50,384) (50,613)
Total assets less current liabilities 121,261 121,032
Creditors: amounts falling due after more than one year 6 (124,469) (124,469)
Net liabilities (3,208) (3,437)
Capital and reserves
Called up share capital 100 100
Profit and loss account (3,308) (3,537)
Shareholders' funds (3,208) (3,437)
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.
Victoria Calder
Director
Approved by the board on 2 October 2023
Petoria Properties Ltd
Notes to the Accounts
for the year ended 31 May 2023
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).
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Investments
Investment
property
£
Fair value
At 1 June 2022 171,645
At 31 May 2023 171,645
Historical cost
At 1 June 2022 171,645
At 31 May 2023 171,645
Other investments consists of investment properties. The fair value of the investment properties is assessed at the end of every accounting period. The directors consider that their value has not changed significantly since purchase.
4 Debtors 2023 2022
£ £
Deferred tax asset 776 -
Other debtors 2,400 -
3,176 -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Other creditors 59,155 59,352
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 124,469 124,469
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 124,469 124,469
Secured bank loans 124,469 124,469
The bank loan is secured on the investment property by a first legal charge. The directors have given a joint and several guarantee.
8 Related party transactions
The company owes the directors £58,555 (2022 - £58,352) at the balance sheet date. These loans are repayable on demand and included in other creditors due within one year.
9 Controlling party
The company is controlled by Victoria Calder and Anthony Anglesea, as directors and shareholders.
10 Other information
Petoria Properties Ltd is a private company limited by shares and incorporated in England. Its registered office is:
114 Moss Lane
Hale
Altrincham
Cheshire
WA15 8AF
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