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REGISTERED NUMBER: 07535236 (England and Wales)















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: P J Morley





REGISTERED OFFICE: Unit A6
Chaucer Business Park
Dittons Road
Polegate
East Sussex
BN26 6QH





REGISTERED NUMBER: 07535236 (England and Wales)





ACCOUNTANTS: MDJ Services Limited
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 4 375 -
Investment property 5 1,065,971 994,500
1,066,346 994,500

CURRENT ASSETS
Stocks 194,673 125,333
Cash at bank 15,162 5,759
209,835 131,092
CREDITORS
Amounts falling due within one year 6 339,945 306,372
NET CURRENT LIABILITIES (130,110 ) (175,280 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

936,236

819,220

CREDITORS
Amounts falling due after more than one
year

7

(322,230

)

(210,288

)

PROVISIONS FOR LIABILITIES (140,233 ) (106,577 )
NET ASSETS 473,773 502,355

CAPITAL AND RESERVES
Called up share capital 8 100 100
Fair value reserve 9 454,356 454,356
Retained earnings 19,317 47,899
SHAREHOLDERS' FUNDS 473,773 502,355

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

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


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 29 November 2023 and were signed by:





P J Morley - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

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 1 (2022 - NIL ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 500
At 28 February 2023 500
DEPRECIATION
Charge for year 125
At 28 February 2023 125
NET BOOK VALUE
At 28 February 2023 375

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2022 994,500
Additions 71,471
At 28 February 2023 1,065,971
NET BOOK VALUE
At 28 February 2023 1,065,971
At 28 February 2022 994,500

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 4,072 12,268
Tax 1,774 11,068
Directors' current accounts 334,099 283,036
339,945 306,372

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.23 28.2.22
£    £   
Bank loans - 1-2 years 4,230 12,718
Bank loans - 2-5 years 10,214 39,939
Bank loans over 5 years 307,786 157,631
322,230 210,288

Amounts falling due in more than five years:

Repayable by instalments
Bank loans over 5 years 307,786 157,631

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £    £   
100 Ordinary £1 100 100

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 454,356