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REGISTERED NUMBER: 08117798 (England and Wales)

















Unaudited Financial Statements

For The Year Ended 30 June 2023

for

P & P Homes Ltd

P & P Homes Ltd (Registered number: 08117798)

Contents of the Financial Statements
For The Year Ended 30 June 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


P & P Homes Ltd

Company Information
For The Year Ended 30 June 2023







DIRECTORS: R M Perrin
M L Perrin





REGISTERED OFFICE: 187 The Dashes
Harlow
Essex
CM20 3RX





REGISTERED NUMBER: 08117798 (England and Wales)





ACCOUNTANTS: Giess Wallis Crisp LLP
10-12 Mulberry Green
Old Harlow
Essex
CM17 0ET

P & P Homes Ltd (Registered number: 08117798)

Statement of Financial Position
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 - -
Investment property 4 320,000 480,000
320,000 480,000

CURRENT ASSETS
Debtors 5 - 123
Prepayments and accrued income 17 -
Cash at bank 302,704 196,927
302,721 197,050
CREDITORS
Amounts falling due within one year 6 60,664 44,863
NET CURRENT ASSETS 242,057 152,187
TOTAL ASSETS LESS CURRENT
LIABILITIES

562,057

632,187

CREDITORS
Amounts falling due after more than one
year

7

(340,757

)

(493,339

)

PROVISIONS FOR LIABILITIES 10 (1,965 ) (3,071 )
NET ASSETS 219,335 135,777

CAPITAL AND RESERVES
Called up share capital 11 2 2
Fair value reserve 12 14,572 28,535
Retained earnings 12 204,761 107,240
SHAREHOLDERS' FUNDS 219,335 135,777

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

P & P Homes Ltd (Registered number: 08117798)

Statement of Financial Position - continued
30 June 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2023 and were signed on its behalf by:





R M Perrin - Director


P & P Homes Ltd (Registered number: 08117798)

Notes to the Financial Statements
For The Year Ended 30 June 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on ·an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no estimates and assumptions which have had a significant risk of causing a material adjustment to the carrying amount of assets and liabilities

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - Depreciated to nil.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company has elected to apply the provisions of Section 11:'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

P & P Homes Ltd (Registered number: 08117798)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023


1. ACCOUNTING POLICIES - continued

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
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.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as ·current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss In finance costs or finance income as appropriate unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


P & P Homes Ltd (Registered number: 08117798)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023


1. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - NIL ) .

3. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 July 2022
and 30 June 2023 323
DEPRECIATION
At 1 July 2022
and 30 June 2023 323
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 -

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022 480,000
Disposals (160,000 )
At 30 June 2023 320,000
NET BOOK VALUE
At 30 June 2023 320,000
At 30 June 2022 480,000

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2018 21,979
Valuation in 2022 (5,817 )
Valuation in 2023 (5,818 )
Cost 309,656
320,000

P & P Homes Ltd (Registered number: 08117798)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023


4. INVESTMENT PROPERTY - continued

If investment properties had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 309,656 463,838
Aggregate depreciation (12,386 ) (52,525 )

Investment properties were valued on an open market basis on 30 June 2018 by The Directors .

The valuation decrease in 2023 represents the realisation of the gain on disposal of one of the investment properties, causing the initial total uplift to reduce.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors - 123

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 7,826 12,266
Tax 43,558 24,465
Directors' current accounts 6,728 6,378
Accruals and deferred income 365 761
Accrued expenses 2,187 993
60,664 44,863

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans (see note 8) 340,757 493,339

Amounts falling due in more than five years:

Repayable by instalments
Bank loans repayable after
more than five years 309,453 444,275
309,453 444,275

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 7,826 12,266

Amounts falling due between one and two years:
Bank loans - 1-2 years 7,826 12,266

P & P Homes Ltd (Registered number: 08117798)

Notes to the Financial Statements - continued
For The Year Ended 30 June 2023


8. LOANS - continued
2023 2022
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 23,478 36,798

Amounts falling due in more than five years:

Repayable by instalments
Bank loans repayable after
more than five years 309,453 444,275
309,453 444,275

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 348,583 505,605

Bank loans are secured on the relevant investment property.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,965 3,071

Deferred
tax
£   
Balance at 1 July 2022 3,071
Credit to Income Statement during year (1,106 )
Balance at 30 June 2023 1,965

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

12. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 July 2022 107,240 28,535 135,775
Profit for the year 83,558 83,558
Reserves Transfer 13,963 (13,963 ) -
At 30 June 2023 204,761 14,572 219,333