Company registration number 01088002 (England and Wales)
S.L.& D.G.PRATT(PROPERTIES)LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
S.L.& D.G.PRATT(PROPERTIES)LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
S.L.& D.G.PRATT(PROPERTIES)LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
17,087
22,807
Investment property
5
1,715,000
1,714,000
1,732,087
1,736,807
Current assets
Cash at bank and in hand
54,379
38,301
Creditors: amounts falling due within one year
6
(40,232)
(38,037)
Net current assets
14,147
264
Total assets less current liabilities
1,746,234
1,737,071
Creditors: amounts falling due after more than one year
7
(119,276)
(129,675)
Provisions for liabilities
8
(347,860)
(347,610)
Net assets
1,279,098
1,259,786
Capital and reserves
Called up share capital
9
100
100
Non-distributable profits reserve
10
1,150,607
1,149,857
Distributable profit and loss reserves
128,391
109,829
Total equity
1,279,098
1,259,786
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
S.L.& D.G.PRATT(PROPERTIES)LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 August 2023 and are signed on its behalf by:
Jeanne R Couch
Director
Company registration number 01088002 (England and Wales)
S.L.& D.G.PRATT(PROPERTIES)LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
S.L.& D.G.Pratt(Properties)Limited is a private company limited by shares incorporated in England and Wales. The registered office is 40 Harrison Road, Borough Green, Sevenoaks, Kent, United Kingdom, TN15 8RZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% p.a. on straight line
Computers
25% p.a. on straight line
Motor vehicles
25% p.a. on reducing balance
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
S.L.& D.G.PRATT(PROPERTIES)LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
S.L.& D.G.PRATT(PROPERTIES)LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 and 31 March 2023
34,554
Depreciation and impairment
At 1 April 2022
11,747
Depreciation charged in the year
5,720
At 31 March 2023
17,467
Carrying amount
At 31 March 2023
17,087
At 31 March 2022
22,807
5
Investment property
2023
£
Fair value
At 1 April 2022
1,714,000
Revaluations
1,000
At 31 March 2023
1,715,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30th May 2023 by Bradley's Countrywide, who manage the properties and, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
13,319
11,144
Trade creditors
381
Corporation tax
13,133
14,425
Other creditors
13,780
12,087
40,232
38,037
S.L.& D.G.PRATT(PROPERTIES)LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
105,765
111,785
Other creditors
13,511
17,890
119,276
129,675
The mortgage loan is denominated in sterling, and the final instalment is due on 23 August 2037. The carrying amount at the year end is now £119,084 (2022 - £122,928).
The company has pledged two of the freehold investment properties plus the rental income from one of those properties as security for borrowings.
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
52,490
67,211
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
347,860
347,610
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
10
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
1,149,857
966,090
Non distributable profits in the year
750
183,767
At the end of the year
1,150,607
1,149,857