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Company registration number: 10019416
P & L Estates Limited
Unaudited filleted financial statements
27 February 2023
P & L Estates Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
P & L Estates Limited
Directors and other information
Directors Mrs Lisa Diane Alkins
Mr Paul Alkins
Secretary Lisa Diane Alkins
Company number 10019416
Registered office 29 Chancery Lane
Alsager
Stoke-on-Trent
Staffordshire
ST7 2HE
Business address 29 Chancery Lane
Alsager
Stoke-on-Trent
Staffordshire
ST7 2HE
Accountants Everyday Accounting (Cheshire) Limited
3B Crewe Road
Alsager
Stoke-on-Trent
Staffordshire
ST7 2EW
P & L Estates Limited
Statement of financial position
27 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 360,983 361,222
_______ _______
360,983 361,222
Current assets
Debtors 6 15,443 14,732
Cash at bank and in hand 3,994 4,959
_______ _______
19,437 19,691
Creditors: amounts falling due
within one year 7 ( 189,075) ( 209,600)
_______ _______
Net current liabilities ( 169,638) ( 189,909)
_______ _______
Total assets less current liabilities 191,345 171,313
Creditors: amounts falling due
after more than one year 8 ( 235,769) ( 216,543)
Provisions for liabilities ( 166) ( 211)
_______ _______
Net liabilities ( 44,590) ( 45,441)
_______ _______
Capital and reserves
Called up share capital 2,000 2,000
Profit and loss account ( 46,590) ( 47,441)
_______ _______
Shareholders deficit ( 44,590) ( 45,441)
_______ _______
For the year ending 27 February 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 November 2023 , and are signed on behalf of the board by:
Mrs Lisa Diane Alkins Mr Paul Alkins
Director Director
Company registration number: 10019416
P & L Estates Limited
Notes to the financial statements
Year ended 27 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Chancery Lane, Alsager, Stoke-on-Trent, Staffordshire, ST7 2HE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard appicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period.Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 at the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Investment property
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Government grants
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 0 (2022: 0).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 28 February 2022 and 27 February 2023 360,110 1,225 779 362,114
_______ _______ _______ _______
Depreciation
At 28 February 2022 - 441 451 892
Charge for the year - 157 82 239
_______ _______ _______ _______
At 27 February 2023 - 598 533 1,131
_______ _______ _______ _______
Carrying amount
At 27 February 2023 360,110 627 246 360,983
_______ _______ _______ _______
At 27 February 2022 360,110 784 328 361,222
_______ _______ _______ _______
Investment property
Included within the above is investment property measured at fair value as follows:
£
At 28 February 2022 and 27 February 2023 360,110
_______
6. Debtors
2023 2022
£ £
Other debtors 15,443 14,732
_______ _______
The debtors above include the following amounts falling due after more than one year:
2023 2022
£ £
Other debtors 12,809 13,054
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 1,468 5,780
Trade creditors 438 688
Other creditors 187,169 203,132
_______ _______
189,075 209,600
_______ _______
Bank loans and overdrafts of £ 1,468 (2022 : £ 5,780 ) are secured by a fixed and floating charge on the assets of the company.
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 235,769 216,543
_______ _______
Bank loans and overdrafts of £ 235,769 (2022 : £ 216,543 ) are secured by a fixed and floating charge on the assets of the company.
Included within creditors: amounts falling due after more than one year is an amount of £ -(2022 £ 86,397 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included within creditors: amounts falling due after more than one year is an amount of £ 232,010(2022 £ 105,642 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.