Company Registration No. 02930703 (England and Wales)
PETLEY LIMITED
Unaudited accounts
for the year ended 31 May 2023
PETLEY LIMITED
Unaudited accounts
Contents
PETLEY LIMITED
Company Information
for the year ended 31 May 2023
Secretary
Mrs C Oestreicher
Company Number
02930703 (England and Wales)
Registered Office
162 OSBALDESTON ROAD
LONDON
N16 6NJ
PETLEY LIMITED
Statement of financial position
as at 31 May 2023
Investment property
8,300,768
8,300,768
Investments
308,956
289,568
Debtors
12,905,977
10,573,312
Cash at bank and in hand
568,353
48,090
Creditors: amounts falling due within one year
(12,729,032)
(10,355,739)
Net current assets
745,298
265,663
Total assets less current liabilities
9,355,650
8,856,738
Creditors: amounts falling due after more than one year
(2,501,033)
(1,971,535)
Provisions for liabilities
Deferred tax
(956,000)
(956,000)
Net assets
5,898,617
5,929,203
Called up share capital
2
2
Profit and loss account
5,898,615
5,929,201
Shareholders' funds
5,898,617
5,929,203
For the year ending 31 May 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 1 April 2024 and were signed on its behalf by
Mr A Oestreicher
Director
Company Registration No. 02930703
PETLEY LIMITED
Notes to the Accounts
for the year ended 31 May 2023
PETLEY LIMITED is a private company, limited by shares, registered in England and Wales, registration number 02930703. The registered office is 162 OSBALDESTON ROAD, LONDON, N16 6NJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Turnover is represented by rents and charges received or receivable from investment property held by the company.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
5% RBM
Computer equipment
15% RBM
Investment property is included at fair market value. Investment property fair value is determined by the directors based on their understanding of property market conditions and the specific property concerned. Gains or losses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Investments in shares are included at fair value.
The financial statements have been prepared in accordance with the accounting principals appropriate to a going concern.
PETLEY LIMITED
Notes to the Accounts
for the year ended 31 May 2023
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 June 2022
72,834
1,476
74,310
At 31 May 2023
72,834
1,476
74,310
At 1 June 2022
72,834
737
73,571
Charge for the year
-
111
111
At 31 May 2023
72,834
848
73,682
Fair value at 1 June 2022
8,300,768
The company's investment properties are included in the financial statements at Directors' valuation.
The historical cost of the investment property at 31 May 2023 is £3,740,473, (2022: £3,740,473).
6
Investments
Subsidiary undertakings
Other investments
Total
Valuation at 1 June 2022
205,146
84,422
289,568
Valuation at 31 May 2023
224,534
84,422
308,956
Amounts falling due within one year
Trade debtors
34,362
7,971
Other debtors
12,871,615
10,565,341
PETLEY LIMITED
Notes to the Accounts
for the year ended 31 May 2023
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
164,953
172,828
Taxes and social security
85,803
71,401
Other creditors
11,830,836
9,668,212
Loans from directors
634,420
436,818
Included in other creditors is an amount of £10,848,308 (2022: £9,580,034) due to companies in which Mr Oestreicher director of this company is also a director.
9
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
2,501,033
1,971,535
The bank loans are secured by a legal charge on various investment properties held by the company.
10
Average number of employees
During the year the average number of employees was 4 (2022: 4).