REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 28 February 2023 |
for |
Purewal Property Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 28 February 2023 |
for |
Purewal Property Ltd |
Purewal Property Ltd (Registered number: 09981791) |
Contents of the Financial Statements |
for the Year Ended 28 February 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Purewal Property Ltd |
Company Information |
for the Year Ended 28 February 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Wynyard Business Park |
Wynyard Avenue |
Billingham |
Cleveland |
TS22 5TB |
Purewal Property Ltd (Registered number: 09981791) |
Balance Sheet |
28 February 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 8 |
Retained earnings | 8 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Purewal Property Ltd (Registered number: 09981791) |
Balance Sheet - continued |
28 February 2023 |
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 |
Purewal Property Ltd (Registered number: 09981791) |
Notes to the Financial Statements |
for the Year Ended 28 February 2023 |
1. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
TANGIBLE FIXED ASSETS |
Fixtures and fittings | - |
INVESTMENT PROPERTY |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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 balance sheet date. |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Purewal Property Ltd (Registered number: 09981791) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
3. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1 March 2022 |
Additions |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2022 |
Revaluations | 25,000 |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
Fair value at 28 February 2023 is represented by: |
£ |
Valuation in 2020 | 147,796 |
Valuation in 2022 | 85,000 |
Valuation in 2023 | 25,000 |
Cost | 912,204 |
1,170,000 |
Investment property has been valued under the fair value model. There has been no valuation of the investment properties in the year. The directors have recent experience in the location and category of the investment property being valued with reference to publicly available information. |
Purewal Property Ltd (Registered number: 09981791) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Other creditors |
Directors' current accounts | 119,291 | 157,941 |
Accrued expenses |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans - 2-5 years |
BBL more than 1 year | 34,616 | 36,895 |
Bank loans more 5 yrs non-inst | 752,056 | 703,085 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
8. | RESERVES |
PROFIT AND LOSS RESERVES |
The Profit and loss account comprises all current and prior period retained profit and losses after deducting any |
distributions made to the company's shareholders. This is a distributable reserve. |
FAIR VALUE RESERVES |
The Company uses the revaluation model for the measurement of its investment properties. The reserve records the revaluation surplus recognised less the related provision for deferred tax. This is a non distributable reserve. |