Pedersen Properties Limited 03353703 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is property leasing. The public house trade ceased 31 March 2012 Digita Accounts Production Advanced 6.30.9574.0 true true 03353703 2022-07-01 2023-06-30 03353703 2023-06-30 03353703 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-06-30 03353703 core:FinanceLeases core:Non-currentFinancialInstruments 2023-06-30 03353703 core:CurrentFinancialInstruments 2023-06-30 03353703 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 03353703 core:Non-currentFinancialInstruments 2023-06-30 03353703 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 03353703 core:PatentsTrademarksLicencesConcessionsSimilar 2023-06-30 03353703 core:MoreThanFiveYears 1 2023-06-30 03353703 core:ConstructionInProgressAssetsUnderConstruction 2023-06-30 03353703 core:FurnitureFittings 2023-06-30 03353703 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 03353703 core:MotorVehicles 2023-06-30 03353703 core:PlantMachinery 2023-06-30 03353703 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-06-30 03353703 bus:SmallEntities 2022-07-01 2023-06-30 03353703 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 03353703 bus:FullAccounts 2022-07-01 2023-06-30 03353703 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 03353703 bus:RegisteredOffice 2022-07-01 2023-06-30 03353703 bus:Director1 2022-07-01 2023-06-30 03353703 bus:Director2 2022-07-01 2023-06-30 03353703 bus:Director3 2022-07-01 2023-06-30 03353703 bus:Director6 2022-07-01 2023-06-30 03353703 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-07-01 2023-06-30 03353703 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 03353703 core:PatentsTrademarksLicencesConcessionsSimilar 2022-07-01 2023-06-30 03353703 core:ConstructionInProgressAssetsUnderConstruction 2022-07-01 2023-06-30 03353703 core:FurnitureFittings 2022-07-01 2023-06-30 03353703 core:InvestmentPropertyIncludedWithinPPE 2022-07-01 2023-06-30 03353703 core:LandBuildings 2022-07-01 2023-06-30 03353703 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 03353703 core:MotorVehicles 2022-07-01 2023-06-30 03353703 core:PlantMachinery 2022-07-01 2023-06-30 03353703 countries:EnglandWales 2022-07-01 2023-06-30 03353703 2022-06-30 03353703 core:PatentsTrademarksLicencesConcessionsSimilar 2022-06-30 03353703 core:ConstructionInProgressAssetsUnderConstruction 2022-06-30 03353703 core:FurnitureFittings 2022-06-30 03353703 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 03353703 core:MotorVehicles 2022-06-30 03353703 core:PlantMachinery 2022-06-30 03353703 2021-07-01 2022-06-30 03353703 2022-06-30 03353703 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-06-30 03353703 core:FinanceLeases core:Non-currentFinancialInstruments 2022-06-30 03353703 core:CurrentFinancialInstruments 2022-06-30 03353703 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 03353703 core:Non-currentFinancialInstruments 2022-06-30 03353703 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 03353703 core:PatentsTrademarksLicencesConcessionsSimilar 2022-06-30 03353703 core:MoreThanFiveYears 1 2022-06-30 03353703 core:ConstructionInProgressAssetsUnderConstruction 2022-06-30 03353703 core:FurnitureFittings 2022-06-30 03353703 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 03353703 core:MotorVehicles 2022-06-30 03353703 core:PlantMachinery 2022-06-30 03353703 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03353703

Pedersen Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Pedersen Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Pedersen Properties Limited

Company Information

Directors

O E Pedersen

G Pedersen

G Hughes

M Pedersen

Registered office

The Old Mill Site
Roughton Moor
Woodhall Spa
Lincolnshire
LN10 6YQ

 

Pedersen Properties Limited

(Registration number: 03353703)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

3,487

5,949

Tangible assets

5

2,913,601

3,080,886

Investment property

6

3,870,353

3,868,612

 

6,787,441

6,955,447

Current assets

 

Stocks

7

225,779

236,442

Debtors

8

243,938

215,725

Cash at bank and in hand

 

48,719

37,145

 

518,436

489,312

Creditors: Amounts falling due within one year

9

(3,678,041)

(3,768,996)

Net current liabilities

 

(3,159,605)

(3,279,684)

Total assets less current liabilities

 

3,627,836

3,675,763

Creditors: Amounts falling due after more than one year

9

(1,780,166)

(1,975,827)

Provisions for liabilities

(165,117)

(91,316)

Net assets

 

1,682,553

1,608,620

Capital and reserves

 

Called up share capital

11

100

100

Other reserves

698,540

698,750

Retained earnings

983,913

909,770

Shareholders' funds

 

1,682,553

1,608,620

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Pedersen Properties Limited

(Registration number: 03353703)
Balance Sheet as at 30 June 2023

Approved and authorised by the Board on 10 October 2023 and signed on its behalf by:
 

.........................................
M Pedersen
Director

 

Pedersen Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 03353703.

The address of its registered office is:
The Old Mill Site
Roughton Moor
Woodhall Spa
Lincolnshire
LN10 6YQ

These financial statements cover the individual entity, Pedersen Properties Limited.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006 subject to the departure detailed below.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Departures from Companies Act requirements

No depreciation has been charged on freehold land and buildings as it is maintained to such a standard that it's residual value is not less than it's cost. Management have concluded that this does not affect the accounts from showing a true and fair view. Apart from this departure the company has complied with the relevant accounting standards and legislation.

Going concern

The financial statements have been prepared on a going concern basis. The balance sheet at 30 June 2023 shows net current liabilities. However, included in creditors due within one year are amounts due to one of the directors who has confirmed that these amounts will not be recalled at short notice and only when funds permit.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services and the rental of properties in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

 

Pedersen Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% & 25% reducing balance basis

Investment properties

No depreciation is charged

Freehold land and buildings

No depreciation is charged

Fixtures and fittings

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Investment property

Investment property is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. The fair value is based on the estimated open market value with vacant possession.

Intangible assets

Entitlements are shown at historical cost less any subsequent accumulated depreciation and subsequent impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Entitlements

33% straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

 

Pedersen Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stock

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Pedersen Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 13 (2022 - 13).

4

Intangible assets

Entitlements
 £

Total
£

Cost or valuation

At 1 July 2022

7,385

7,385

At 30 June 2023

7,385

7,385

Amortisation

At 1 July 2022

1,436

1,436

Amortisation charge

2,462

2,462

At 30 June 2023

3,898

3,898

Carrying amount

At 30 June 2023

3,487

3,487

At 30 June 2022

5,949

5,949

 

Pedersen Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Tangible assets

Land and buildings
£

Properties under construction
 £

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

2,110,234

47,154

8,297

969,182

219,598

3,354,465

Additions

-

58,405

-

4,995

1,400

64,800

Disposals

-

-

-

-

(79,641)

(79,641)

At 30 June 2023

2,110,234

105,559

8,297

974,177

141,357

3,339,624

Depreciation

At 1 July 2022

-

-

6,600

211,316

55,664

273,580

Charge for the year

-

-

424

139,626

39,596

179,646

Eliminated on disposal

-

-

-

-

(27,203)

(27,203)

At 30 June 2023

-

-

7,024

350,942

68,057

426,023

Carrying amount

At 30 June 2023

2,110,234

105,559

1,273

623,235

73,300

2,913,601

At 30 June 2022

2,110,234

47,154

1,697

757,866

163,935

3,080,886

 

Pedersen Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Investment properties

2023
£

At 1 July 2022

3,868,612

Additions

1,741

At 30 June 2023

3,870,353

7

Stock

2023
£

2022
£

Stock

225,779

212,059

Farm valuation

-

24,383

225,779

236,442

8

Debtors

2023
£

2022
£

Trade debtors

220,299

179,249

Other debtors

5,567

26,205

Prepayments and accrued income

18,072

10,271

Total current trade and other debtors

243,938

215,725

9

Creditors

2023
£

2022
£

Due within one year

Bank loans and overdrafts

72,320

73,292

Trade creditors

120,361

172,036

Taxation and social security

62,212

11,616

Other creditors

3,378,402

3,461,511

Accruals and deferred income

44,746

50,541

3,678,041

3,768,996

Due after one year

Loans and borrowings

1,780,166

1,975,827

2023
£

2022
£

Due after more than five years

After more than five years by instalments

1,227,496

1,379,232

-

-

 

Pedersen Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Creditor amounts falling due within one year which security has been given includes a bank loan of £72,320 (2022 - £73,292) and finance leases of £54,266 (2022 - £88,923).

Creditor amounts falling due after one year which security has been given includes a bank loan of £1,565,054 (2022 - £1,634,919) and finance leases of £215,112 (2022 - £283,883).

The bank loans and overdrafts are secured by charges over the company's assets and personal guarantees given by the company's directors. The finance lease liabilities are secured against the assets that they relate to.

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank loans and overdrafts

1,565,054

1,634,919

Finance lease liabilities

215,112

283,883

Other borrowings

-

57,025

1,780,166

1,975,827

2023
£

2022
£

Current loans and borrowings

Bank loans and overdrafts

72,320

73,292

HP and finance lease liabilities

54,266

88,923

Other borrowings

3,321,015

3,369,325

3,447,601

3,531,540

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share capital of £1 each

100

100

100

100

         

12

Related party transactions

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

3,321,015

2022

Key management
£

Amounts payable to related party

3,243,272