REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 28 February 2023 |
for |
PJM PROPERTY REFURBISHMENTS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 28 February 2023 |
for |
PJM PROPERTY REFURBISHMENTS LIMITED |
PJM PROPERTY REFURBISHMENTS LIMITED (REGISTERED NUMBER: 07535236) |
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 |
PJM PROPERTY REFURBISHMENTS LIMITED |
Company Information |
for the Year Ended 28 February 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Unit A6 |
Chaucer Business Park |
Dittons Road |
Polegate |
East Sussex |
BN26 6QH |
PJM PROPERTY REFURBISHMENTS LIMITED (REGISTERED NUMBER: 07535236) |
Balance Sheet |
28 February 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Fair value reserve | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
PJM PROPERTY REFURBISHMENTS LIMITED (REGISTERED NUMBER: 07535236) |
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 director and authorised for issue on |
PJM PROPERTY REFURBISHMENTS LIMITED (REGISTERED NUMBER: 07535236) |
Notes to the Financial Statements |
for the Year Ended 28 February 2023 |
1. | STATUTORY INFORMATION |
PJM Property Refurbishments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | 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 |
Plant and machinery etc | - |
Investment property |
Investment properties are those properties that are held either to earn rental income or for capital appreciation or both. |
Investment properties are measured initially at cost including transaction costs and thereafter are stated at fair value, which reflects market conditions at the balance sheet date. Surpluses and deficits arising from changes in the fair value of investment properties are recognised in the Statement of Comprehensive Income in the year in which they arise. |
Investment properties are stated at fair value as determined by the directors. The fair value of the company's property portfolio is based upon external valuations and is inherently subjective. The fair value represents the amount at which the assets could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arms-length transaction at the date of valuation. The fair value of each of the properties has been assessed by the directors. In determining the fair value of investment properties, the directors make use of historical and current market data as well as existing lease agreements. |
Additions and disposals of investment properties are recognised in the accounts when contracts are completed. |
Stocks |
Property, including land, held for development or being constructed for sale in the normal course of business, is held as work in progress and is measured at the lower of cost and net realisable value. |
Cost comprises the value of land and property acquired and includes attributable direct costs, labour and construction overheads. |
Net realisable value is the estimated selling price in the ordinary course of business, based on market prices at the accounting reference date, less estimated costs of completion and sale. |
At each reporting date, an assessment is made for impairment. Any excess of the cost of stocks and work in progress over its net realisable value is recognised as an impairment loss in the period. |
PJM PROPERTY REFURBISHMENTS LIMITED (REGISTERED NUMBER: 07535236) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
Additions |
At 28 February 2023 |
DEPRECIATION |
Charge for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2022 |
Additions |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
PJM PROPERTY REFURBISHMENTS LIMITED (REGISTERED NUMBER: 07535236) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 28 February 2023 is represented by: |
£ |
Valuation in 2020 | 155,000 |
Valuation in 2021 | 405,934 |
Cost | 505,037 |
1,065,971 |
If Investment Properties had not been revalued they would have been included at the following historical cost: |
28.2.23 | 28.2.22 |
£ | £ |
Cost | 507,537 | 433,566 |
Investment property was valued on an open market basis on 28 February 2021 by the director . |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Bank loans and overdrafts |
Tax |
Directors' current accounts |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans over 5 years |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans over 5 years |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 28.2.23 | 28.2.22 |
value: | £ | £ |
Ordinary | £1 |
PJM PROPERTY REFURBISHMENTS LIMITED (REGISTERED NUMBER: 07535236) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 March 2022 |
and 28 February 2023 |