0 false false false false false false false false false true false false false false false false No description of principal activity 2022-08-01 Sage Accounts Production Advanced 2021 - FRS102_2021 45 45 45 xbrli:pure xbrli:shares iso4217:GBP SC071227 2022-08-01 2023-07-31 SC071227 2023-07-31 SC071227 2021-08-01 2022-07-31 SC071227 2022-07-31 SC071227 core:PlantMachinery 2022-08-01 2023-07-31 SC071227 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 SC071227 bus:Director1 2022-08-01 2023-07-31 SC071227 core:LandBuildings 2023-07-31 SC071227 core:PlantMachinery 2023-07-31 SC071227 core:WithinOneYear 2023-07-31 SC071227 core:WithinOneYear 2022-07-31 SC071227 core:ShareCapital 2023-07-31 SC071227 core:ShareCapital 2022-07-31 SC071227 core:SharePremium 2023-07-31 SC071227 core:SharePremium 2022-07-31 SC071227 core:RevaluationReserve 2023-07-31 SC071227 core:RevaluationReserve 2022-07-31 SC071227 core:RetainedEarningsAccumulatedLosses 2023-07-31 SC071227 core:RetainedEarningsAccumulatedLosses 2022-07-31 SC071227 core:CostValuation core:Non-currentFinancialInstruments 2023-07-31 SC071227 core:Non-currentFinancialInstruments 2023-07-31 SC071227 core:Non-currentFinancialInstruments 2022-07-31 SC071227 core:LandBuildings 2022-07-31 SC071227 bus:SmallEntities 2022-08-01 2023-07-31 SC071227 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 SC071227 bus:FullAccounts 2022-08-01 2023-07-31 SC071227 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 SC071227 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 SC071227 bus:OrdinaryShareClass1 2023-07-31 SC071227 bus:OrdinaryShareClass1 2022-07-31 SC071227 core:OfficeEquipment 2022-08-01 2023-07-31 SC071227 core:OfficeEquipment 2023-07-31 SC071227 core:OfficeEquipment 2022-07-31 SC071227 core:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31
COMPANY REGISTRATION NUMBER: SC071227
Panmure Street Property Company Limited
Filleted Unaudited Financial Statements
31 July 2023
Panmure Street Property Company Limited
Statement of Financial Position
31 July 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
4
4,142,277
4,142,277
Investments
5
45
45
------------
------------
4,142,322
4,142,322
Current assets
Debtors
6
365,903
1,304,966
Cash at bank and in hand
1,064,285
38,896
------------
------------
1,430,188
1,343,862
Creditors: amounts falling due within one year
7
2,435,017
2,479,379
------------
------------
Net current liabilities
1,004,829
1,135,517
------------
------------
Total assets less current liabilities
3,137,493
3,006,805
Provisions
Taxation including deferred tax
23,554
23,554
------------
------------
Net assets
3,113,939
2,983,251
------------
------------
Capital and reserves
Called up share capital
8
145
145
Share premium account
9
491,760
491,760
Fair Value Reserve
9
347,406
347,406
Profit and loss account
9
2,274,628
2,143,940
------------
------------
Shareholders funds
3,113,939
2,983,251
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Panmure Street Property Company Limited
Statement of Financial Position (continued)
31 July 2023
These financial statements were approved by the board of directors and authorised for issue on 7 March 2024 , and are signed on behalf of the board by:
Mr J M Bennett
Director
Company registration number: SC071227
Panmure Street Property Company Limited
Notes to the Financial Statements
Year ended 31 July 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Whitehall House, 33 Yeaman Shore, Dundee, DD1 4BJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover shown in the income statement represents property rental amounts charged during the year, exclusive of Value Added Tax.
Corporation and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Fixed assets also include investment properties for commercial and residential rent.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
10% straight line
Equipment
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
4. Tangible assets
Land and buildings
Plant and machinery
Equipment
Total
£
£
£
£
Cost
At 1 August 2022 and 31 July 2023
4,142,276
145,863
892
4,289,031
------------
---------
----
------------
Depreciation
At 1 August 2022 and 31 July 2023
145,863
891
146,754
------------
---------
----
------------
Carrying amount
At 31 July 2023
4,142,276
1
4,142,277
------------
---------
----
------------
At 31 July 2022
4,142,276
1
4,142,277
------------
---------
----
------------
5. Investments
Shares in group undertakings
£
Cost
At 1 August 2022 and 31 July 2023
45
----
Impairment
At 1 August 2022 and 31 July 2023
----
Carrying amount
At 31 July 2023
45
----
At 31 July 2022
45
----
Unlisted investments
The company owns 45% of the share capital in Playfair Property Limited.
6. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,100,000
Other debtors
365,903
204,966
---------
------------
365,903
1,304,966
---------
------------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
53,481
31,803
Social security and other taxes
4,658
3,880
Deposits held
8,168
8,166
Other creditors
2,368,710
2,435,530
------------
------------
2,435,017
2,479,379
------------
------------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
145
145
145
145
----
----
----
----
9. Reserves
The Profit and loss account reserve records retained earnings and accumulated losses. The Fair Value Reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. The Fair Value Reserve is undistributable. The Share Premium Account reflects the sum paid for the shares in excess of the nominal share value.