REGISTERED NUMBER: |
PDW PROPERTY LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
REGISTERED NUMBER: |
PDW PROPERTY LIMITED |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
PDW PROPERTY LIMITED (REGISTERED NUMBER: 03772638) |
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 |
PDW PROPERTY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
The Exchange |
5 Bank Street |
Bury |
BL9 0DN |
PDW PROPERTY LIMITED (REGISTERED NUMBER: 03772638) |
STATEMENT OF FINANCIAL POSITION |
30 JUNE 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves | 10 |
Retained earnings | ( |
) | ( |
) |
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. |
PDW PROPERTY LIMITED (REGISTERED NUMBER: 03772638) |
STATEMENT OF FINANCIAL POSITION - continued |
30 JUNE 2023 |
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 |
PDW PROPERTY LIMITED (REGISTERED NUMBER: 03772638) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2023 |
1. | STATUTORY INFORMATION |
PDW Property Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 03772638 and its registered office address is 2 Windmill Close, Appleton, Warrington, WA4 5JS. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Significant judgements and estimates |
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates. |
The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised. |
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. |
Determining the fair value of the investment properties relies on the judgement of the directors. |
Revenue |
Rental income is recognised on a straight line basis over the term of the lease. Lease incentives are recognised as a reduction to the income over the term of the lease. |
Property, plant and equipment |
Plant and machinery etc | - |
The residual values, estimated useful lives and depreciation method of property, plant and equipment are reviewed, and adjusted as appropriate, at each statement of financial position date. The effects of any revision are recognised in the income statement when the change arises. |
Investment property |
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement. |
PDW PROPERTY LIMITED (REGISTERED NUMBER: 03772638) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement. |
Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PDW PROPERTY LIMITED (REGISTERED NUMBER: 03772638) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
£ |
COST |
At 1 July 2022 |
and 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
Additions |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
The investment property has been valued by the directors on an open market value basis by reference to transaction prices for similar properties. |
Fair value at 30 June 2023 is represented by: |
£ |
Valuation in 2017 | 167,052 |
Valuation in 2020 | 23,992 |
Cost | 135,814 |
326,858 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
PDW PROPERTY LIMITED (REGISTERED NUMBER: 03772638) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to participating interests | 8,328 | 1,730 |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loan is secured by way of a fixed and floating charge over the property of the company. |
10. | RESERVES |
Other |
reserves |
£ |
At 1 July 2022 |
and 30 June 2023 |
PDW PROPERTY LIMITED (REGISTERED NUMBER: 03772638) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2023 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the year ended 30 June 2023 and the period ended 30 June 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
The above advance is unsecured, interest free and repayable on demand. During the year there were no advances that were considered material. The maximum overdrawn balance during the year was £77,836 (2022 - £132,460). |