Company Registration No. 13787291 (England and Wales)
PS19 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
PS19 LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
PS19 LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PS19 LIMITED FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
The following reproduces text of the accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 6 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PS19 Limited for the year ended 30 June 2023 set out on pages to 6 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of PS19 Limited and state those matters that we have agreed to state to the Board of Directors of PS19 Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PS19 Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that PS19 Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of PS19 Limited. You consider that PS19 Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of PS19 Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
9 November 2023
PS19 LIMITED
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
3,302,251
3,302,251
Current assets
Cash at bank and in hand
46,825
37,023
Creditors: amounts falling due within one year
4
(34,335)
(22,625)
Net current assets
12,490
14,398
Total assets less current liabilities
3,314,741
3,316,649
Creditors: amounts falling due after more than one year
5
(3,477,151)
(3,302,151)
Net (liabilities)/assets
(162,410)
14,498
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
8
(162,510)
14,398
Total equity
(162,410)
14,498
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 7 November 2023 and are signed on its behalf by:
Mr S P Bhayani
Director
Company Registration No. 13787291
PS19 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information
PS19 Limited is a private company limited by shares incorporated in England and Wales. The registered office is 36-38 Queensborough Terrace, London, W2 3SH.
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
On the basis of continued financial support for the company's parent undertaking, the directors consider that the company will continue in operational existence in the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result from the withdrawal of the facility by the company's parent undertaking.
1.3
Reporting period
The financial statements are presented for a period of one year. The comparative amounts presented in the financial statements (including the related notes) are not entirely comparable as the previous accounting period was 7 December 2021 to 30 June 2022. The previous period was the first accounting period of the company.
1.4
Turnover
Turnover represents amounts receivable for rental and service charges from residential and commercial properties. Turnover is recognised at the fair value of the rent received or receivable from letting business and service charges provided in the normal course of business.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
PS19 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Investment property
2023
£
Fair value
At 1 July 2022 and 30 June 2023
3,302,251
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
PS19 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
11,651
Corporation tax
3,377
Other creditors
22,684
19,248
34,335
22,625
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,330,000
1,330,000
Other creditors
2,147,151
1,972,151
3,477,151
3,302,151
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
1,330,000
1,330,000
6
Loans and overdrafts
2023
2022
£
£
Bank loans
1,330,000
1,330,000
Loans from group undertakings and related parties
2,147,151
1,972,151
3,477,151
3,302,151
Payable after one year
3,477,151
3,302,151
The long-term bank loan amounting to £1,330,000 is secured by fixed charge over freehold property at 19 Paddington Street, London W1U 5QN.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
PS19 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
8
Profit and loss reserves
The only movements in reserves for the year ended 30 June 2023 was a loss for the year and for period from 7 December 2021 to 30 June 2022 was profit for the period.
9
Parent company
The ultimate parent undertaking is Latestarter Limited, a company registered in England and Wales.
10
Related party transactions
Group relief for corporation tax purposes of £42,742 has been given to Latestarter Limited, the ultimate parent undertaking.