Property Rental (South West) Limited 03941979 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is lettings and operation of own or leased real estate. Digita Accounts Production Advanced 6.30.9574.0 true true 03941979 2022-04-01 2023-03-31 03941979 2023-03-31 03941979 bus:Revised 2023-03-31 03941979 core:CurrentFinancialInstruments 2023-03-31 03941979 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03941979 core:FurnitureFittings 2023-03-31 03941979 core:MotorVehicles 2023-03-31 03941979 core:OfficeEquipment 2023-03-31 03941979 1 2023-03-31 03941979 bus:SmallEntities 2022-04-01 2023-03-31 03941979 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03941979 bus:FullAccounts 2022-04-01 2023-03-31 03941979 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 03941979 bus:RegisteredOffice 2022-04-01 2023-03-31 03941979 bus:Director1 2022-04-01 2023-03-31 03941979 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03941979 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 03941979 core:RetainedEarningsAccumulatedLosses core:LandBuildings 2022-04-01 2023-03-31 03941979 core:RevaluationReserve 2022-04-01 2023-03-31 03941979 core:RevaluationReserve core:LandBuildings 2022-04-01 2023-03-31 03941979 core:ComputerEquipment 2022-04-01 2023-03-31 03941979 core:FurnitureFittings 2022-04-01 2023-03-31 03941979 core:LandBuildings 2022-04-01 2023-03-31 03941979 core:MotorVehicles 2022-04-01 2023-03-31 03941979 core:OfficeEquipment 2022-04-01 2023-03-31 03941979 countries:AllCountries 2022-04-01 2023-03-31 03941979 1 2022-04-01 2023-03-31 03941979 2022-03-31 03941979 core:FurnitureFittings 2022-03-31 03941979 core:MotorVehicles 2022-03-31 03941979 core:OfficeEquipment 2022-03-31 03941979 1 2022-03-31 03941979 2021-04-01 2022-03-31 03941979 2022-03-31 03941979 core:CurrentFinancialInstruments 2022-03-31 03941979 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 03941979 core:FurnitureFittings 2022-03-31 03941979 core:MotorVehicles 2022-03-31 03941979 core:OfficeEquipment 2022-03-31 03941979 core:RevaluationReserve core:LandBuildings 2021-04-01 2022-03-31 03941979 core:LandBuildings 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 03941979

Property Rental (South West) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Property Rental (South West) Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Property Rental (South West) Limited

(Registration number: 03941979)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

21,756

21,397

Investment property

5

566,000

620,000

Other financial assets

6

-

4,879

 

587,756

646,276

Current assets

 

Debtors

7

778

507

Cash at bank and in hand

 

105,026

15,728

 

105,804

16,235

Creditors: Amounts falling due within one year

8

(26,163)

(14,148)

Net current assets

 

79,641

2,087

Total assets less current liabilities

 

667,397

648,363

Provisions for liabilities

(103,781)

(61,172)

Net assets

 

563,616

587,191

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

40,561

62,828

Profit and loss account

523,054

524,362

Shareholders' funds

 

563,616

587,191

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 2 November 2023 and signed on its behalf by:
 

 

Property Rental (South West) Limited

(Registration number: 03941979)
Statement of Financial Position as at 31 March 2023 (continued)

.........................................
Mr Paul Richards
Director

 

Property Rental (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
42 Trewithy Drive
Plymouth
Devon
PL6 5TY
England

Principal activity

The principal activity of the company is lettings and operation of own or leased real estate.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Property Rental (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Property Rental (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

10% Straight Line

Computer equipment

33.3% Straight Line

Furniture and fittings

25% Reducing Balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Property Rental (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

13,552

506

21,234

35,292

Additions

-

530

-

530

At 31 March 2023

13,552

1,036

21,234

35,822

Depreciation

At 1 April 2022

13,551

169

-

13,720

Charge for the year

-

346

-

346

At 31 March 2023

13,551

515

-

14,066

Carrying amount

At 31 March 2023

1

521

21,234

21,756

At 31 March 2022

1

162

21,234

21,397

5

Investment properties

2023
£

At 1 April 2022

620,000

Disposals

(85,000)

Fair value adjustments

38,000

Impairment

(7,000)

At 31 March 2023

566,000

There has been no valuation of investment property by an independent valuer.

 

Property Rental (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

6

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2022

4,879

4,879

Impairment

(4,879)

(4,879)

At 31 March 2023

-

-

7

Debtors

Current

2023
£

2022
£

Trade debtors

450

63

Prepayments

328

444

 

778

507

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

5,658

12,320

Taxation and social security

14,956

-

Accruals and deferred income

2,855

768

Other creditors

2,694

1,060

26,163

14,148

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

 

Property Rental (South West) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

9

Reserves (continued)

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(4,267)

18,000

13,733

Surplus/deficit on revaluation of other assets

(18,000)

-

(18,000)

(22,267)

18,000

(4,267)

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

(61,172)

(61,172)

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Revaluation reserve:

This reserve is not distributable and reflects the increase in value of the properties to market value less any deferred tax attributable to this increase.

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Repayments by director
£

At 31 March 2023
£

(1,059)

(1,635)

(2,694)