Silverfin false 31/01/2023 01/02/2022 31/01/2023 L M Trotter 21/11/2008 P G D Trotter 21/11/2008 22 September 2023 The principal activity of the company continues to be that of the letting of holiday accommodation. 06754931 2023-01-31 06754931 bus:Director1 2023-01-31 06754931 bus:Director2 2023-01-31 06754931 2022-01-31 06754931 core:CurrentFinancialInstruments 2023-01-31 06754931 core:CurrentFinancialInstruments 2022-01-31 06754931 core:ShareCapital 2023-01-31 06754931 core:ShareCapital 2022-01-31 06754931 core:RetainedEarningsAccumulatedLosses 2023-01-31 06754931 core:RetainedEarningsAccumulatedLosses 2022-01-31 06754931 core:Goodwill 2022-01-31 06754931 core:Goodwill 2023-01-31 06754931 core:LandBuildings 2022-01-31 06754931 core:OtherPropertyPlantEquipment 2022-01-31 06754931 core:LandBuildings 2023-01-31 06754931 core:OtherPropertyPlantEquipment 2023-01-31 06754931 bus:OrdinaryShareClass1 2023-01-31 06754931 2022-02-01 2023-01-31 06754931 bus:FullAccounts 2022-02-01 2023-01-31 06754931 bus:SmallEntities 2022-02-01 2023-01-31 06754931 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 06754931 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 06754931 bus:Director1 2022-02-01 2023-01-31 06754931 bus:Director2 2022-02-01 2023-01-31 06754931 core:Goodwill core:TopRangeValue 2022-02-01 2023-01-31 06754931 core:Goodwill 2022-02-01 2023-01-31 06754931 core:LandBuildings core:TopRangeValue 2022-02-01 2023-01-31 06754931 core:OtherPropertyPlantEquipment core:BottomRangeValue 2022-02-01 2023-01-31 06754931 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-02-01 2023-01-31 06754931 2021-02-01 2022-01-31 06754931 core:LandBuildings 2022-02-01 2023-01-31 06754931 core:OtherPropertyPlantEquipment 2022-02-01 2023-01-31 06754931 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 06754931 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06754931 (England and Wales)

# P&L PROPERTY LIMITED

### Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

P&L PROPERTY LIMITED

## Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

P&L PROPERTY LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 January 2023
P&L PROPERTY LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2023

| Note | 2023 |  | 2022
|  | £ |  | £
Fixed assets |  |  |  |
Intangible assets | 3 | 62,883 |  | 70,583
Tangible assets | 4 | 1,772,943 |  | 1,803,421
|  | 1,835,826 |  | 1,874,004
Current assets |  |  |  |
Debtors | 5 | 39,142 |  | 9,586
Cash at bank and in hand |  | 175,706 |  | 60,492
|  | 214,848 |  | 70,078
Creditors: amounts falling due within one year | 6 | ( 1,915,087) |  | ( 1,859,599)
Net current liabilities |  | (1,700,239) |  | (1,789,521)
Total assets less current liabilities |  | 135,587 |  | 84,483
Provision for liabilities |  | ( 1,101) |  | ( 7,020)
Net assets |  | 134,486 |  | 77,463
Capital and reserves |  |  |  |
Called-up share capital | 7 | 2 |  | 2
Profit and loss account |  | 134,484 |  | 77,461
Total shareholders' funds |  | 134,486 |  | 77,463

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of P&L Property Limited (registered number: 06754931) were approved and authorised for issue by the Director on 22 September 2023. They were signed on its behalf by:

P G D Trotter Director |

P&L PROPERTY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
P&L PROPERTY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

P&L Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Broomhill Manor, Poughill, Bude, EX23 9HA, England, United Kingdom.
The financial statements have been prepared under the historical cost convention, in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### 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.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

##### Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill | 10 years straight line

###### Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

##### Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Land and buildings | 50 years straight line
Plant and machinery etc. | 5 - 10 years straight line

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### 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 creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

##### Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

#### 2. Employees

| 2023 |  | 2022
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 10 |  | 16

#### 3. Intangible assets

| Goodwill |  | Total
| £ |  | £
Cost |  |  |
At 01 February 2022 | 77,000 |  | 77,000
At 31 January 2023 | 77,000 |  | 77,000
Accumulated amortisation |  |  |
At 01 February 2022 | 6,417 |  | 6,417
Charge for the financial year | 7,700 |  | 7,700
At 31 January 2023 | 14,117 |  | 14,117
Net book value |  |  |
At 31 January 2023 | 62,883 |  | 62,883
At 31 January 2022 | 70,583 |  | 70,583

#### 4. Tangible assets

| Land and buildings |  | Plant and machinery etc. |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 February 2022 | 1,726,784 |  | 108,434 |  | 1,835,218
Additions | 0 |  | 15,971 |  | 15,971
At 31 January 2023 | 1,726,784 |  | 124,405 |  | 1,851,189
Accumulated depreciation |  |  |  |  |
At 01 February 2022 | 24,613 |  | 7,184 |  | 31,797
Charge for the financial year | 29,536 |  | 16,913 |  | 46,449
At 31 January 2023 | 54,149 |  | 24,097 |  | 78,246
Net book value |  |  |  |  |
At 31 January 2023 | 1,672,635 |  | 100,308 |  | 1,772,943
At 31 January 2022 | 1,702,171 |  | 101,250 |  | 1,803,421

#### 5. Debtors

| 2023 |  | 2022
| £ |  | £
Other debtors | 39,142 |  | 9,586

#### 6. Creditors: amounts falling due within one year

| 2023 |  | 2022
| £ |  | £
Trade creditors | 3,296 |  | 11,091
Corporation tax | 20,796 |  | 18,215
Other taxation and social security | 2,111 |  | 1,852
Other creditors | 1,888,884 |  | 1,828,441
| 1,915,087 |  | 1,859,599

#### 7. Called-up share capital

| 2023 |  | 2022
| £ |  | £
Allotted, called-up and fully-paid |  |  |
2 Ordinary shares of £ 1.00 each | 2 |  | 2

#### 8. Financial commitments

Commitments

Capital commitments are as follows:

| 2023 |  | 2022
| £ |  | £
Contracted for but not provided for: |  |  |
- tangible fixed assets | 113,831 |  | 0

At the balance sheet date, the company had capital commitments not recognised in the balance sheet of £113,831 excluding VAT. £34,139 of the total balance has been paid and is recognised within debtors as the work commenced post-year end.

#### 9. Related party transactions

During the year, the directors made a loan to the company of which £1,722,943 is included within other creditors. Interest accrued during the year at 4-5% per annum and the loans remain repayable on demand. Dividends were paid to the directors of £2,000 (2022: nil).