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2022-03-31 11693279 frs-countries:RestWorldOutsideUK 2021-04-01 2022-03-31 11693279 frs-bus:HighestPaidDirector 2021-04-01 2022-03-31 11693279 frs-bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 11693279 frs-bus:CompanyLimitedByGuarantee 2021-04-01 2022-03-31 11693279 frs-bus:LimitedLiabilityPartnershipLLP 2021-04-01 2022-03-31 11693279 frs-bus:LimitedLiabilityPartnershipsSORP 2021-04-01 2022-03-31 11693279 frs-bus:FullAccounts 2021-04-01 2022-03-31 11693279 frs-bus:FilletedAccounts 2021-04-01 2022-03-31 11693279 frs-bus:AbridgedAccounts 2021-04-01 2022-03-31 11693279 frs-bus:FRS102 2021-04-01 2022-03-31 11693279 frs-bus:MediumEntities 2021-04-01 2022-03-31 11693279 frs-bus:SmallEntities 2021-04-01 2022-03-31 11693279 frs-bus:EntityHasNeverTraded 2021-04-01 2022-03-31 11693279 frs-bus:EntityNoLongerTradingButTradedInPast 2021-04-01 2022-03-31 11693279 frs-bus:Audited 2021-04-01 2022-03-31 11693279 frs-bus:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 11693279 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frs-bus:PreferenceShareClass4 2022-03-31 11693279 frs-bus:PreferenceShareClass5 2021-04-01 2022-03-31 11693279 frs-bus:PreferenceShareClass5 2021-03-31 11693279 frs-bus:PreferenceShareClass5 2022-03-31 11693279 1 2021-04-01 2022-03-31 11693279 1 2022-03-31 11693279 1 2021-04-01 2022-03-31 11693279 frs-core:LeasedAssets 2021-04-01 2022-03-31 11693279 frs-core:OwnedAssets 2021-04-01 2022-03-31 11693279 frs-core:CurrencyRisk 2021-04-01 2022-03-31 11693279 frs-core:MarketRisk 2021-04-01 2022-03-31 11693279 frs-core:InterestRateRisk 2021-04-01 2022-03-31 11693279 frs-core:DeferredTaxation 2021-04-01 2022-03-31 11693279 frs-core:DeferredTaxation 2021-03-31 11693279 frs-core:DeferredTaxation 2022-03-31 11693279 frs-core:OtherProvisionsContingentLiabilities 2021-04-01 2022-03-31 11693279 frs-core:OtherProvisionsContingentLiabilities 2021-03-31 11693279 frs-core:OtherProvisionsContingentLiabilities 2022-03-31 11693279 frs-core:ProvisionsDeferredTax 2022-03-31 11693279 frs-core:OtherDeferredTax 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Registered number: 11693279
PBF Properties Limited
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 March 2023
Directors' Report and Unaudited Financial Statements
Contents
Page
Company Information 1
Directors' Report 2
Accountants' Report 3
Profit and Loss Account 4
Balance Sheet 5—6
Statement of Changes in Equity 7
Notes to the Financial Statements 8—10
Page 1
Company Information
Directors B S Gray
T J Gray
Company Number 11693279
Registered Office Bank House
81 St Judes Road
Englefield Green
TW20 0DF
Accountants Exceed Accountants Limited
Bank House, 81 St Judes Road
Englefield Green
TW20 0DF
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2023 .
Principal Activity
The company's principal activity continues to be that of property investment.
Directors
The directors who held office during the year were as follows:
B S Gray
T J Gray
Small Company Rules
This report has 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.
On behalf of the board
B S Gray
Director
23/11/2023
Page 2
Page 3
Accountants' Report
In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 March 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. 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 financial statements.
Signed
23/11/2023
Exceed Accountants Limited
Bank House, 81 St Judes Road
Englefield Green
TW20 0DF
Page 3
Page 4
Profit and Loss Account
2023 2022
Notes £ £
TURNOVER 85,885 39,797
Cost of sales (690 ) (360 )
GROSS PROFIT 85,195 39,437
Administrative expenses (41,595 ) (10,849 )
Profit on revaluation of investment property 304,763 361,700
OPERATING PROFIT 2 348,363 390,288
Interest payable and similar charges (51,480 ) (20,032 )
PROFIT BEFORE TAXATION 296,883 370,256
Tax on Profit (97,893 ) (69,152 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 198,990 301,104
The notes on pages 8 to 10 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 13,352 10,148
Tangible Assets 5 2,560,680 1,766,575
2,574,032 1,776,723
CURRENT ASSETS
Debtors 6 60,000 -
Cash at bank and in hand 247,164 101,311
307,164 101,311
Creditors: Amounts Falling Due Within One Year 7 (816,171 ) (887,109 )
NET CURRENT ASSETS (LIABILITIES) (509,007 ) (785,798 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,065,025 990,925
Creditors: Amounts Falling Due After More Than One Year 8 (1,403,109 ) (625,892 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (166,616 ) (68,723 )
NET ASSETS 495,300 296,310
CAPITAL AND RESERVES
Called up share capital 9 2 2
Revaluation reserve 10 499,847 292,977
Profit and Loss Account (4,549 ) 3,331
SHAREHOLDERS' FUNDS 495,300 296,310
Page 5
Page 6
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
B S Gray
Director
23/11/2023
The notes on pages 8 to 10 form part of these financial statements.
Page 6
Page 7
Statement of Changes in Equity
Share Capital Revaluation reserve Profit and Loss Account Total
£ £ £ £
As at 1 April 2021 2 - (4,796 ) (4,794)
Profit for the year and total comprehensive income - - 301,104 301,104
Transfer to/from revaluation reserve - - (292,977) (292,977)
Transfer to/from Profit & Loss Account - 292,977 - 292,977
As at 31 March 2022 and 1 April 2022 2 292,977 3,331 296,310
Profit for the year and total comprehensive income - - 198,990 198,990
Transfer to/from revaluation reserve - - (206,870) (206,870)
Transfer to/from Profit & Loss Account - 206,870 - 206,870
As at 31 March 2023 2 499,847 (4,549 ) 495,300
Page 7
Page 8
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% on cost
1.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2. Operating Profit
The operating profit is stated after charging:
2023 2022
£ £
Depreciation of tangible fixed assets 1,637 727
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2022: 2)
2 2
Page 8
Page 9
4. Intangible Assets
Development Costs
£
Cost
As at 1 April 2022 10,148
Additions 3,204
As at 31 March 2023 13,352
Net Book Value
As at 31 March 2023 13,352
As at 1 April 2022 10,148
5. Tangible Assets
Investment Properties Fixtures & Fittings Total
£ £ £
Cost or Valuation
As at 1 April 2022 1,765,000 2,908 1,767,908
Additions 485,237 5,742 490,979
Revaluation 304,763 - 304,763
As at 31 March 2023 2,555,000 8,650 2,563,650
Depreciation
As at 1 April 2022 - 1,333 1,333
Provided during the period - 1,637 1,637
As at 31 March 2023 - 2,970 2,970
Net Book Value
As at 31 March 2023 2,555,000 5,680 2,560,680
As at 1 April 2022 1,765,000 1,575 1,766,575
Fair value at 31 Mar 2023 is represented by:
Cost : £1,888,538
Valuation in 2022 : £361,700
Valuation in 2023 : £304,762
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 24,000 -
Other debtors 36,000 -
60,000 -
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 144,500 55,999
Bank loans and overdrafts 3,859 -
Corporation tax - 429
Other creditors 426,312 551,312
Accruals and deferred income 1,680 1,608
Directors' loan accounts 239,820 277,761
816,171 887,109
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 10,726 18,427
Other creditors 1,392,383 607,465
1,403,109 625,892
The bank loan is part of the BBL Scheme that was launched on 27 April 2020. The scheme is 100% government backed. The interest rate is 2.5% per year and the term of the loan is 5 years, and early repayment is possible without additional charges.
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
Value Number 2023 2022
Allotted, called up and fully paid £ £ £
Ordinary Shares 1 2 2 2
10. Reserves
Revaluation Reserve
£
As at 1 April 2022 292,977
Transfer to/from profit and loss 206,870
As at 31 March 2023 499,847
11. Related Party Transactions
Included under creditors is an amount due to the directors of £239,820 (2022: £277,761). These loans are interest free, unsecured and repayable on demand.
The controlling parties are the company directors by virtue of their shareholdings.
12. Taxation
The company has carried forward losses of £13,595 which it can use against future taxable profit.
13. General Information
PBF Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11693279 . The registered office is Bank House, 81 St Judes Road, Englefield Green, TW20 0DF.
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