Pledream Properties Limited |
Registered number: |
01018459 |
Balance Sheet |
as at 31 March 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
|
£ |
£ |
Fixed assets |
Tangible assets |
4 |
|
|
6,806,157 |
|
|
7,446,802 |
Investments |
5 |
|
|
95 |
|
|
95 |
|
|
|
|
6,806,252 |
|
|
7,446,897 |
Current assets |
Debtors |
6 |
|
188,048 |
|
|
1,578,377 |
Cash at bank and in hand |
|
|
663,400 |
|
|
625,881 |
|
|
|
851,448 |
|
|
2,204,258 |
|
Creditors: amounts falling due within one year |
7 |
|
(465,040) |
|
|
(516,867) |
|
Net current assets |
|
|
|
386,408 |
|
|
1,687,391 |
|
Total assets less current liabilities |
|
|
|
7,192,660 |
|
|
9,134,288 |
|
Creditors: amounts falling due after more than one year |
8 |
|
|
- |
|
|
(1,548,538) |
|
Provisions for liabilities |
|
|
|
(1,363,689) |
|
|
(1,060,103) |
|
Net assets |
|
|
|
5,828,971 |
|
|
6,525,647 |
Capital and reserves |
|
|
|
|
|
|
|
Called up share capital |
|
|
|
9,304 |
|
|
9,304 |
Share premium |
|
|
|
44 |
|
|
44 |
Profit and loss account |
12 |
|
|
5,819,623 |
|
|
6,516,299 |
|
Shareholders' funds |
|
|
|
5,828,971 |
|
|
6,525,647 |
|
|
|
|
|
|
|
|
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. |
|
|
|
Richard Jenkins |
Director |
Approved by the board on 14 August 2023 |
|
Pledream Properties Limited |
Notes to the Accounts |
for the year ended 31 March 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). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Investment properties 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. As required by FRS102, provision is made for deferred tax arising from the revaluation of investment properties and from claims for rollover relief. |
|
|
2 |
Taxation |
2023 |
|
2022 |
£ |
£ |
|
Reduction/(increase) in deferred tax provision |
(303586) |
|
273,946 |
|
|
|
|
|
|
(303,586) |
|
273,946 |
|
|
|
|
|
|
|
|
|
|
3 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
3 |
|
3 |
|
|
|
|
|
|
|
|
|
4 |
Tangible fixed assets |
|
|
|
|
Investment properties |
|
Equipment |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 April 2022 |
7,446,635 |
|
2,045 |
|
7,448,680 |
|
Surplus on revaluation |
318,322 |
|
- |
|
318,322 |
|
Disposals |
(958,875) |
|
- |
|
(958,875) |
|
At 31 March 2023 |
6,806,082 |
|
2,045 |
|
6,808,127 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2022 |
- |
|
1,878 |
|
1,878 |
|
Charge for the year |
- |
|
92 |
|
92 |
|
At 31 March 2023 |
- |
|
1,970 |
|
1,970 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2023 |
6,806,082 |
|
75 |
|
6,806,157 |
|
At 31 March 2022 |
7,446,635 |
|
167 |
|
7,446,802 |
|
|
The company's let properties had been valued as at 28th July 2017 and 8th August 2017 by Messrs |
|
Kemsley LLP. These properties were re-valued at £4,449,000 by the directors as at 31st March 2023. |
|
The portfolio of freehold ground rents was valued at £2,578,893 on 9 October 2014 by Messrs |
|
Chestertons. They also stated that the value of the properties based on the amounts receivable as a |
|
result of the exercise by all the leaseholders of their rights under the the Leasehold Reform, Housing |
|
& Urban Development Act 1993, as amended by the Commonhold and Leasehold Reform Act 2002 |
|
would be in excess of £5m. There have been many disposals and part-disposals since that date. |
|
The formula used for many years has produced a valuation of £2,357,082 for the remaining properties. |
|
|
The original cost of all properties was £2,617,171. |
|
5 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
|
Cost |
|
At 1 April 2022 |
95 |
|
|
At 31 March 2023 |
95 |
|
|
6 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Other debtors |
188,048 |
|
1,578,377 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Other taxes and social security costs |
2,812 |
|
2,812 |
|
Other creditors |
462,228 |
|
514,055 |
|
|
|
|
|
|
465,040 |
|
516,867 |
|
|
|
|
|
|
|
|
|
|
8 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
- |
|
1,548,538 |
|
|
|
|
|
|
|
|
|
|
9 |
Loans |
2023 |
|
2022 |
£ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
- |
|
1,548,538 |
|
|
|
|
|
|
|
|
|
|
The bank loan was secured by fixed charges on some of the company's investment properties. |
|
|
10 |
Related party transactions |
|
|
The company has been in receipt of a loan from directors of the company. The amount outstanding at 31st March 2023 was £400,000 (2022 - £400,000), and the interest charged in these accounts was £36,339 (2022 - £35,603). Mr R M Jenkins received no dividends in the year (2022 - £nil). |
|
|
11 |
Controlling party |
|
|
The company is controlled by R M Jenkins. |
|
|
12 |
Profit and loss account |
2023 |
£ |
|
Available for distribution |
1,887,391 |
|
Investment property revaluation reserve |
3,932,232 |
|
|
|
|
|
|
|
|
5,819,623 |
|
|
|
|
|
|
|
|
13 |
Other information |
|
|
Pledream Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
32 Phipps Hatch Lane |
|
Enfield |
|
Middlesex |
|
EN2 0HN |