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Registration number: 00488261

The Perseus Property Company Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

image-name
 

The Perseus Property Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

The Perseus Property Company Limited

Company Information

Directors

Mr Richard Rafael Wright

Mrs Susan Rowe

Registered office

Pearl Assurance House
128 Old Christchurch Road
Bournemouth
Dorset
BH1 1NL

Bankers

Lloyds Bank plc
Poole High Street
101 High Street
POOLE
Dorset
BH15 1BL

Accountants

A Ferguson Associates Ltd
Accountants and Business Advisors
Alum House
5 Alum Chine Road
Bournemouth
Dorset
BH4 8DT

 

The Perseus Property Company Limited

(Registration number: 00488261)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

712

125

Investment property

5

6,387,807

6,366,746

 

6,388,519

6,366,871

Current assets

 

Debtors

6

2,588

18,620

Cash at bank and in hand

 

1,030,153

1,136,118

 

1,032,741

1,154,738

Creditors: Amounts falling due within one year

7

(630,673)

(659,163)

Net current assets

 

402,068

495,575

Total assets less current liabilities

 

6,790,587

6,862,446

Creditors: Amounts falling due after more than one year

7

(3,110,742)

(3,205,545)

Provisions for liabilities

(515,677)

(391,915)

Net assets

 

3,164,168

3,264,986

Capital and reserves

 

Called up share capital

8

100

100

Other reserves

2,830,657

2,954,419

Retained earnings

333,411

310,467

Shareholders' funds

 

3,164,168

3,264,986

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

The Perseus Property Company Limited

(Registration number: 00488261)
Balance Sheet as at 31 July 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 April 2024 and signed on its behalf by:
 

.........................................
Mr Richard Rafael Wright
Director

.........................................
Mrs Susan Rowe
Director

 
     
 

The Perseus Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Pearl Assurance House
128 Old Christchurch Road
Bournemouth
Dorset
BH1 1NL

These financial statements were authorised for issue by the Board on 5 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental of properties and the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are accounted for in the period to which they relate.

 

The Perseus Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15% - 25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

The Perseus Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

The Perseus Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

The Perseus Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

27,259

27,259

Additions

814

814

At 31 July 2023

28,073

28,073

Depreciation

At 1 August 2022

27,134

27,134

Charge for the year

227

227

At 31 July 2023

27,361

27,361

Carrying amount

At 31 July 2023

712

712

At 31 July 2022

125

125

5

Investment properties

2023
£

At 1 August

6,366,746

Additions

21,061

At 31 July

6,387,807

The investment properties are revalued by the directors from time to time as properties come up for re-let or refurbishment. The historic cost of investment properties can be split between freehold and leasehold as follows: £836,648 (2022: £836,648) freehold and £2,204,863 (2022: £2,183,802) leasehold.

There has been no valuation of investment property by an independent valuer.

 

The Perseus Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

2,588

7,261

Amounts owed by related parties

10

-

11,359

   

2,588

18,620

 

The Perseus Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

242,561

247,369

Trade creditors

 

84,291

72,530

Taxation and social security

 

6,294

5,088

Accruals and deferred income

 

11,880

11,280

Other creditors

 

285,647

322,896

 

630,673

659,163

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £105,679 (2022 - £150,646).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

3,110,742

3,205,545

2023
£

2022
£

Due after more than five years

After more than five years by instalments

449,821

2,667,707

-

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £3,092,409 (2022 - £3,177,212).

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.50 each

200

100

200

100

         
 

The Perseus Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

3,110,742

3,205,545

2023
£

2022
£

Current loans and borrowings

Bank borrowings

105,679

150,646

Other borrowings

136,882

96,723

242,561

247,369

Bank borrowings

Lloyds Bank Loan is denominated in GBP with a nominal interest rate of 2.55% over the Bank of England Base Rate, and the final instalment is due on 31 March 2028. The carrying amount at year end is £2,382,853 (2022 - £Nil).

Twenty five properties are secured against the loan.

Lloyds Bank Loan is denominated in GBP with a nominal interest rate of 4.7260%, and the final instalment is due on 21 July 2033. The carrying amount at year end is £805,235 (2022 - £866,947).

Various properties secured against loan

Lloyds Bounce Bank Loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 31 May 2026. The carrying amount at year end is £28,333 (2022 - £38,333).

 

The Perseus Property Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

10

Related party transactions

Creditors includes various loans from directors and their families. Interest is charged at 3.5% over base rate.

Mr R R Wright £99,427 (2022: £15,851)
Mrs S L Rowe £12,000 (2022: £13,244)
Mrs M G Wright £22,101 (2022: £63,015)
Miss J K Summer £2,637 (2022: £2,516)


Creditors also included amounts due to M I Tessier £1,256 (2022: £1,048) and Mr P M Wright (Dec'd) £nil (2022: £1,049)

At the year end various amounts were owed from directors of the company and their families as a result of the equity participation scheme as shown below:

Due to directors £7,255 (2022: due from directors £479).
Due to others £18,868 (2021: due from others £68).

During the year, the company received payments from Bessborough Estates Limited of £10,812. At 31 July 2023 the company was owed £nil (2022: £10,812).

Mr R R Wright is the ultimate controlling party of both companies.

The directors and their close family members have participating interests in a number of properties owned by the company.

At 31 July 2023 the gross market value of such properties was £3,327,000 (2022: £3,327,000) of which the market value of participating interests, excluded in these accounts was £743,997 (2022: £765,057).