Company registration number 07586955 (England and Wales)
PULLEYN PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
FILLETED ACCOUNTS
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
PULLEYN PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2022
as restated
Notes
£
£
£
£
Non-current assets
Investment properties
6
9,500,000
9,750,000
Current assets
Trade and other receivables
7
593,124
253,340
Cash and cash equivalents
806,603
987,290
1,399,727
1,240,630
Current liabilities
8
(404,380)
(383,657)
Net current assets
995,347
856,973
Total assets less current liabilities
10,495,347
10,606,973
Non-current liabilities
9
(693,354)
(815,756)
Provisions for liabilities
10
(509,438)
(398,573)
Net assets
9,292,555
9,392,644
Equity
Called up share capital
200
200
Investment property reserve
5,592,824
5,842,824
Retained earnings
3,699,531
3,549,620
Total equity
9,292,555
9,392,644
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 November 2023 and are signed on its behalf by:
F Van Helden
T Wakefield
Director
Director
Company Registration No. 07586955
PULLEYN PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 2 -
Share capital
Investment property reserve
Retained earnings
Total
£
£
£
£
As restated for the period ended 31 May 2022:
Balance at 1 June 2021
200
3,396,442
3,456,072
6,852,714
Year ended 31 May 2022:
Profit and total comprehensive income for the year
-
-
2,539,930
2,539,930
Transfers
-
2,446,382
(2,446,382)
-
Balance at 31 May 2022
200
5,842,824
3,549,620
9,392,644
Period ended 31 December 2022:
Loss and total comprehensive income for the period
-
-
(100,089)
(100,089)
Transfer
-
(250,000)
250,000
-
Balance at 31 December 2022
200
5,592,824
3,699,531
9,292,555
The investment property reserve includes all current and prior years' revaluation gains and losses on investment properties net of deferred taxation. This reserve is non-distributable.
PULLEYN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 3 -
1
Accounting policies
Company information
Pulleyn Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tavistock House South, Tavistock Square, London, WC1H 9LG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on a going concern basis. During the period the company remained profitable and as at 31 December 2022 the company had net assets of £9,306,243. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.true
1.3
Reporting period
The company has chosen to shorten its year end to 31 December 2022 in accordance with the rest of it's Group. Therefore the period being reported on is not a full year and the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.4
Revenue
Turnover represents rents receivable.
1.5
Investment properties
Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.
No depreciation is charged on freehold property because the director considers that the economic life and residual value is such that depreciation is not significant. The residual value of the property is regularly reviewed in order to identify any permanent diminution in value which would be charged to the profit and loss account. The surplus or deficit on revaluation is recognised in profit or loss
PULLEYN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 4 -
2
Judgements and key sources of estimation uncertainty
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 are 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.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
The key area of judgement is the valuation of investment property. The Director relies on his experience of the market and therefore exercises a significant amount of judgement when valuing the investment properties annually and uses his extensive knowledge of the property market to do so.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
The key area of estimation uncertainty is the valuation of investment property. The Director relies his experience of the market when valuing the investment properties annually and use his extensive knowledge of the property market and trends in this area to do so, which can lead to a degree of estimation uncertainty.
3
Prior period adjustment
Investment property revaluation
in the prior year the company's investment property had been revalued to £12m, based on a firm offer from an independent third party for the property during the accounting period. A professional valuation was requested as at 31 May 2022 by the company’s immediate parent company. This valuation was made available to the company subsequent to the completion of the accounts for the year ended 31 May 2022 by the new owners and has resulted in an adjustment to the prior year revaluation.The impact of this adjustment is to decrease the revaluation in the prior year by £2,250,000.
Deferred taxation
The deferred tax liability relating to the investment property revaluation was affected by the restatement of the investment property revaluation. The impact of this adjustment was a reduction in the deferred tax liability relating to the revaluation of £427,500.
Changes to the statement of financial position
As previously reported
Adjustment
As restated at 31 May 2022
£
£
£
Fixed assets
Investment properties
12,000,000
(2,250,000)
9,750,000
Provisions for liabilities
Deferred tax
(826,073)
427,500
(398,573)
Net assets
11,215,144
(1,822,500)
9,392,644
PULLEYN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
3
Prior period adjustment
As previously reported
Adjustment
As restated at 31 May 2022
£
£
£
(Continued)
- 5 -
Capital and reserves
Other reserves
8,092,824
(2,250,000)
5,842,824
Retained earnings
3,122,120
427,500
3,549,620
Total equity
11,215,144
(1,822,500)
9,392,644
Changes to the income statement
As previously reported
Adjustment
As restated
Period ended 31 May 2022
£
£
£
Other gains and losses
4,696,382
(2,250,000)
2,446,382
Taxation
(588,277)
427,500
(160,777)
Profit for the financial period
4,362,430
(1,822,500)
2,539,930
Reconciliation of changes in equity
1 June
31 May
2021
2022
£
£
Adjustments to prior Period
Restatement of revaluation
-
(2,250,000)
Restatement of deferred tax
-
427,500
Total adjustments
-
(1,822,500)
Equity as previously reported
6,852,714
11,215,144
Equity as adjusted
6,852,714
9,392,644
Analysis of the effect upon equity
Other reserves
-
(2,250,000)
Retained earnings
-
427,500
-
(1,822,500)
PULLEYN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
3
Prior period adjustment
(Continued)
- 6 -
Reconciliation of changes in profit for the previous financial period
2022
£
Adjustments to prior Period
Restatement of revaluation
(2,250,000)
Restatement of deferred tax
427,500
Total adjustments
(1,822,500)
Profit as previously reported
4,362,430
Profit as adjusted
2,539,930
4
Employees
2022
2022
Number
Number
Total
1
5
Taxation
2022
2022
£
£
Current tax
UK corporation tax on profits for the current period
61,169
68,730
Adjustments in respect of prior periods
(478)
Total current tax
61,169
68,252
Deferred tax
Origination and reversal of timing differences
110,865
92,525
Total tax charge
172,034
160,777
6
Investment property
2022
£
Fair value
At 1 June 2022
9,750,000
Revaluations
(250,000)
At 31 December 2022
9,500,000
PULLEYN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
6
Investment property
(Continued)
- 7 -
The directors of the company revalued the investment property at open market value during the prior year. The historical cost of the properties amounted to £3,599,981 (May 2022: £3,599,981).
Any gain or loss arising from a change in fair value is recognised in the Profit and Loss Account.
7
Trade and other receivables
2022
2022
Amounts falling due within one year:
£
£
Trade receivables
3,000
Amounts owed by group undertakings
580,511
Other receivables
9,613
253,340
593,124
253,340
8
Current liabilities
2022
2022
£
£
Bank loans
250,000
250,000
Trade payables
4,500
Amounts owed to group undertakings
16,899
Corporation tax
129,899
68,730
Other taxation and social security
11,599
Other payables
3,082
53,328
404,380
383,657
The bank loan stated above is secured via a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.
9
Non-current liabilities
2022
2022
£
£
Bank loans and overdrafts
693,354
815,756
The bank loan stated above is secured via a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.
PULLEYN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 8 -
10
Provisions for liabilities
2022
2022
£
£
Deferred tax liabilities
509,438
398,573
The deferred tax charge relates to unrealised gains on the revaluation of investment properties. The movement in the year relates to the change in effective tax rate from 19% to 25%.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Simon Essex FCA
Statutory Auditor:
Rayner Essex LLP
12
Related party transactions
During the period the company invoiced rent amounting to £363,417 (May 2022: £420,000) to Pulleyn Transport Limited, a subsidiary company. The subsidiary company still has use of the property. At the period end, the company was owed £313,171 (May 2022: owed £50,246), by Pulleyn Transport Ltd. This balance is both interest-free and repayable on demand.
At the period end there is £267,340 (May 2022: £NIL) owing to the company from the parent company.
13
Parent company
Pulleyn Properties Limited is a wholly owned subsidiary of Cube Cold Europe Bido Limited and the results are included in the consolidated financial statements of Cube Cold Europe TopCo Limited, which are available from 1 Bartholomew Lane, London, EC2N 2AX.
2022-12-312022-06-01false01 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedA J PulleynG PaauweF Van HeldenT WakefieldIntertrust (UK) Limited075869552022-06-012022-12-31075869552022-12-31075869552022-05-3107586955core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3107586955core:CurrentFinancialInstrumentscore:WithinOneYear2022-05-3107586955core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3107586955core:Non-currentFinancialInstrumentscore:AfterOneYear2022-05-3107586955core:CurrentFinancialInstruments2022-12-3107586955core:CurrentFinancialInstruments2022-05-3107586955core:ShareCapital2022-12-3107586955core:ShareCapital2022-05-3107586955core:OtherMiscellaneousReserve2022-12-3107586955core:OtherMiscellaneousReserve2022-05-3107586955core:RetainedEarningsAccumulatedLosses2022-12-3107586955core:RetainedEarningsAccumulatedLosses2022-05-3107586955core:ShareCapital2021-05-3107586955core:OtherMiscellaneousReserve2021-05-3107586955core:RetainedEarningsAccumulatedLosses2021-05-31075869552021-05-3107586955bus:Director32022-06-012022-12-3107586955bus:Director42022-06-012022-12-3107586955core:RetainedEarningsAccumulatedLosses2021-06-012022-05-3107586955core:RetainedEarningsAccumulatedLosses2022-06-012022-12-3107586955core:ContinuingOperations2021-06-012022-05-31075869552021-06-012022-05-3107586955core:UKTax2022-06-012022-12-3107586955core:UKTax2021-06-012022-05-31075869552022-05-3107586955core:WithinOneYear2022-12-3107586955core:WithinOneYear2022-05-3107586955core:Non-currentFinancialInstruments2022-12-3107586955core:Non-currentFinancialInstruments2022-05-3107586955bus:PrivateLimitedCompanyLtd2022-06-012022-12-3107586955bus:SmallCompaniesRegimeForAccounts2022-06-012022-12-3107586955bus:FRS1022022-06-012022-12-3107586955bus:Audited2022-06-012022-12-3107586955bus:Director12022-06-012022-12-3107586955bus:Director22022-06-012022-12-3107586955bus:CompanySecretary12022-06-012022-12-3107586955bus:FullAccounts2022-06-012022-12-31xbrli:purexbrli:sharesiso4217:GBP