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Registration number: 09982886

PPP Capital Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

PPP Capital Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

PPP Capital Limited

Company Information

Directors

Mr CB Patel

Mrs PC Patel

Mr RC Patel

Mr SC Patel

Mr MA Zaremba

Company secretary

Mr K Bradley

Registered office

2nd Floor
55 Ludgate Hill
London
United Kingdom
EC4M 7JW

Accountants

Crowe U.K. LLP
Chartered Accountants
2nd Floor
55 Ludgate Hill
London
United Kingdom
EC4M 7JW

 

PPP Capital Limited

(Registration number: 09982886)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

fixed assets

 

Investment property

5

37,949,800

40,932,985

Current assets

 

Debtors

6

111,178

189,858

Other financial assets

679,697

678,655

Cash at bank and in hand

 

847,528

1,873,241

 

1,638,403

2,741,754

Creditors: Amounts falling due within one year

7

(2,579,691)

(2,655,176)

Net current (liabilities)/assets

 

(941,288)

86,578

Total assets less current liabilities

 

37,008,512

41,019,563

Creditors: Amounts falling due after more than one year

7

(14,500,000)

(15,835,000)

Provisions for liabilities

(148,560)

(682,904)

Net assets

 

22,359,952

24,501,659

capital and reserves

 

Called up share capital

8

17,910,000

18,110,000

Capital redemption reserve

1,590,000

1,390,000

Non-distributable fair value reserve

-

2,430,000

Profit and loss account

2,859,952

2,571,659

Shareholders' funds

 

22,359,952

24,501,659

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.

 

PPP Capital Limited

(Registration number: 09982886)
Balance Sheet as at 30 June 2023

Approved and authorised by the Board on 14 November 2023 and signed on its behalf by:
 

.........................................
Mr CB Patel
Director

 

PPP Capital 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.

The address of its registered office is:
2nd Floor
55 Ludgate Hill
London
United Kingdom
EC4M 7JW

The principal place of business is:
Capital House
114-115 Tottenham Court Road
London
W1T 5AH

These financial statements were authorised for issue by the Board on 14 November 2023.

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The financial statements have been prepared on a going concern basis. The directors consider the going concern basis to be appropriate having paid due regard to the company's projected results during the twelve months from the date the financial statements are approved and anticipated cash flows, availability of bank facilities and mitigating actions that can be taken during the period, including confirming that the shareholders will not call in their balance if the company doesn't have the funds to pay it within the next 12 months.

 

PPP Capital Limited

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services 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.

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 is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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

Fixtures and fittings

25% Straight line

Investment property

Investment property is carried at fair value, as determined annually by directors. Changes in fair value are recognised in profit or loss. The changes in fair value are then transfered from the profit and loss reserves to the fair value reserve.

 

PPP Capital Limited

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

Amortisation

The cost of short leasohold property, with under 50 years of term remaining, is amortised through the profit and loss account

Asset class

Amortisation method and rate

Short Leasehold Investment Property

Reducing balance basis over the remaining term of the lease

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 initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

 

PPP Capital Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary and preference 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 7 (2022 - 6).

 

PPP Capital Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

5,990

5,990

At 30 June 2023

5,990

5,990

Depreciation

At 1 July 2022

5,990

5,990

At 30 June 2023

5,990

5,990

Carrying amount

At 30 June 2023

-

-

 

PPP Capital Limited

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

5

Investment properties

2023
£

At 1 July

40,932,985

Additions

91,053

Fair value adjustments

(3,000,000)

Leasehold investment property amortisation

(74,238)

At 30 June

37,949,800

The fair value of the properties has been ascertained by the directors using the investment method of valuation, taking the passing rent capitalised for expected yield.

6

Debtors

Current

2023
£

2022
£

Trade debtors

66,826

132,444

Prepayments

42,351

54,703

Other debtors

2,001

2,711

 

111,178

189,858

 

PPP Capital Limited

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

327,032

296,580

Taxation and social security

201,071

214,197

Accruals and deferred income

425,464

365,148

Other creditors

1,626,124

1,779,251

2,579,691

2,655,176

Included within other creditors are amounts payable to directors, who are also shareholders of the company, of £1,427,572 (2022: £1,489,218). These loans are interest free and repayable on demand

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

14,500,000

15,835,000

Loans and Borrowings comprise an interest bearing bank loan denominated in Sterling, repayable in a single instalment due on 15 May 2026. The bank loan is secured by way of fixed charges over certain of the company's properties. During the year £1,385,000 of the loan was repaid in advance as a single instalment.

 

PPP Capital Limited

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A1 class of £1 each

400

400

400

400

Ordinary A2 class of £1 each

400

400

400

400

Ordinary B1 class of £1 each

50

50

50

50

Ordinary B2 class of £1 each

50

50

50

50

Ordinary B3 class of £1 each

50

50

50

50

Ordinary B4 class of £1 each

50

50

50

50

Ordinary C class of £1 each

100

100

100

100

Preference D1 class of £1 each

7,026,375

7,026,375

7,126,375

7,126,375

Preference D2 class of £1 each

7,026,375

7,026,375

7,126,375

7,126,375

Preference D3 class of £1 each

1,928,075

1,928,075

1,928,075

1,928,075

Preference D4 class of £1 each

1,928,075

1,928,075

1,928,075

1,928,075

 

17,910,000

17,910,000

18,110,000

18,110,000

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of annual financial commitments not included in the balance sheet is £38,000 (2022 - £38,000). The financial commitment is in relation to leasehold property rent of £38,000 per annum expiring on 4 November 2089.