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REGISTERED NUMBER: 11522114 (England and Wales)















PAPER STREET PROPERTIES LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023






PAPER STREET PROPERTIES LTD (REGISTERED NUMBER: 11522114)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PAPER STREET PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: A C Farmer
S F Taylor





REGISTERED OFFICE: 9 Jordan Street
Knott Mill
Manchester
M15 4PY





REGISTERED NUMBER: 11522114 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
The Exchange
5 Bank Street
Bury
Lancashire
BL9 0DN

PAPER STREET PROPERTIES LTD (REGISTERED NUMBER: 11522114)

STATEMENT OF FINANCIAL POSITION
31 JULY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Investment property 4 755,589 208,539

CURRENT ASSETS
Debtors 5 3,621 -
Cash at bank and in hand 16,657 3,201
20,278 3,201
CREDITORS
Amounts falling due within one year 6 (276,328 ) (76,381 )
NET CURRENT LIABILITIES (256,050 ) (73,180 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

499,539

135,359

CREDITORS
Amounts falling due after more than one
year

7

(515,816

)

(146,892

)
NET LIABILITIES (16,277 ) (11,533 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (16,377 ) (11,633 )
(16,277 ) (11,533 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

PAPER STREET PROPERTIES LTD (REGISTERED NUMBER: 11522114)

STATEMENT OF FINANCIAL POSITION - continued
31 JULY 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 Board of Directors and authorised for issue on 24 April 2024 and were signed on its behalf by:





S F Taylor - Director


PAPER STREET PROPERTIES LTD (REGISTERED NUMBER: 11522114)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

Paper Street Properties Ltd is a private company, limited by shares, registered in England and Wales. The company's registered number is 11522114 and its registered office address is 9 Jordan Street, Knott Mill, Manchester, M15 4PY.

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.

Going Concern
At the statement of financial position, the company had negative retained earnings of £16,377 and reported a net loss for the year. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore the directors continue to adopt the going concern basis in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Determining the fair value of the investment properties relies on the judgement of the directors.

Revenue
Revenue represents rental income receivable in respect of the accounting period, allocated on a straight line basis over the period of the lease.

Investment property
Investment property is shown at fair value. Any aggregates surplus or deficit arising from changes in fair value is recognised in the income statement.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.


PAPER STREET PROPERTIES LTD (REGISTERED NUMBER: 11522114)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 2 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022 208,539
Additions 547,050
At 31 July 2023 755,589
NET BOOK VALUE
At 31 July 2023 755,589
At 31 July 2022 208,539

The investment properties have been valued at fair value on 31 July 2023 by the directors of the company, using observable market data.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 3,621 -

PAPER STREET PROPERTIES LTD (REGISTERED NUMBER: 11522114)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 14,020 3,360
Amounts owed to group undertakings 258,330 73,021
Other creditors 3,978 -
276,328 76,381

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 515,816 146,892

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 449,909 133,023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 529,836 150,252

Secured bank loans are by way of a first legal charge over certain investment property.