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REGISTERED NUMBER: 04460574 (England and Wales)













Financial Statements

for the Year Ended 31 March 2023

for

Pressmile Limited

Pressmile Limited (Registered number: 04460574)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Pressmile Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: P L Murphy
J G Murphy
M S M Murphy
M Slane





SECRETARY: M M Slane





REGISTERED OFFICE: Winston House
2 Dollis Park
London
N3 1HF





REGISTERED NUMBER: 04460574 (England and Wales)





AUDITORS: Elliotts Shah
Statutory Auditor
Chartered Accountants
4th Floor
167 Fleet Street
London
EC4A 2EA

Pressmile Limited (Registered number: 04460574)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 3 13,249,981 16,050,000

CURRENT ASSETS
Debtors 4 2,266,550 748,235
Cash at bank 181,533 291,001
2,448,083 1,039,236
CREDITORS
Amounts falling due within one year 5 2,362,418 2,391,178
NET CURRENT ASSETS/(LIABILITIES) 85,665 (1,351,942 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,335,646

14,698,058

CREDITORS
Amounts falling due after more than one
year

6

(7,295,615

)

(8,964,217

)

PROVISIONS FOR LIABILITIES - (16,000 )
NET ASSETS 6,040,031 5,717,841

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 9 6,040,030 5,717,840
SHAREHOLDERS' FUNDS 6,040,031 5,717,841

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 29 September 2023 and were signed on its behalf by:





P L Murphy - Director


Pressmile Limited (Registered number: 04460574)

Notes to the Financial Statements
for the Year Ended 31 March 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.

Going concern
After considering the company's prospects and subject to the continuing support of the company's lenders, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
In preparing the financial statements, estimates and judgements are made that could affect the reported amounts of assets and liabilities within the next reporting period. Estimates and judgements are continually evaluated and are based on factors such as historical experience and current best estimates of uncertain future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

The critical judgements and estimates made by management that have a significant effect on the amounts recognised in the financial statements are described below:

Valuation of investment properties
Investment properties are stated at fair value based on the valuation performed by the directors who are experienced in property investment and have a good knowledge of the location and types of property owned. The valuation reflects observable market prices, if available, condition of the properties, and likely income from the assets. As a result of the pandemic (Covid-19), significant disruption and uncertainty in the UK property market prevails which inevitably increases the risk of misstatement and the degree of judgement in arriving at values as at at 31 March 2023.

Turnover
Turnover represents rents, service charges, and lease surrender premiums receivable, all net of VAT.

Investment property
Investment property is included at fair value as determined by the directors. Revaluation surpluses or deficits are recognised in the income statement. Deferred tax is provided on those gains at the rate expected to apply when the property is sold.

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.

Pressmile Limited (Registered number: 04460574)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. EMPLOYEES AND DIRECTORS

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

3. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 16,050,000
Additions 103,314
Disposals (2,820,000 )
Revaluations (83,333 )
At 31 March 2023 13,249,981
NET BOOK VALUE
At 31 March 2023 13,249,981
At 31 March 2022 16,050,000

The investment properties were revalued on an open market basis by the directors of the company as at the year end. The historical cost of the investment properties is £10,980,812 (2022: £13,697,498).

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 73,017 36,439
Amounts owed by group undertakings 1,986,278 481,151
Other debtors 122,658 107,751
Prepayments and accrued income 84,597 122,894
2,266,550 748,235

Included within debtors are rent deposits held in a government regulated tenancy scheme.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 204,334 239,760
Trade creditors 47,813 51,211
Amounts owed to group undertakings 1,168,183 1,168,183
VAT 27,880 37,284
Other creditors 128,049 108,229
Amount due to joint property
participant 655,045 612,264
Accruals and deferred income 131,114 174,247
2,362,418 2,391,178

Included within creditors are rents received in advance relating to post year end.

Pressmile Limited (Registered number: 04460574)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 206,334 241,760
Bank loans - 2-5 years 7,089,281 8,722,457
7,295,615 8,964,217

7. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 7,499,949 9,203,977

The bank loans are secured on the company's investment properties.

8. CALLED UP SHARE CAPITAL

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

9. RESERVES
Retained
earnings
£   

At 1 April 2022 5,717,840
Profit for the year 322,190
At 31 March 2023 6,040,030

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Arvind Shah (Senior Statutory Auditor)
for and on behalf of Elliotts Shah

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.