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
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