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REGISTERED NUMBER: 04854765 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

P.I. Property Development Limited

P.I. Property Development Limited (Registered number: 04854765)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Accountant's Report 9

P.I. Property Development Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: M Petrouis





SECRETARY: Mrs K Petrouis





REGISTERED OFFICE: Muckley Corner House
Walsall Road
Lichfield
Staffordshire
WS14 0BG





REGISTERED NUMBER: 04854765 (England and Wales)





ACCOUNTANT: Groucott Moor Limited
Lombard House
Cross Keys
Lichfield
Staffordshire
WS13 6DN

P.I. Property Development Limited (Registered number: 04854765)

Statement of Financial Position
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,250 16,250
Tangible assets 5 1,009,137 1,025,368
Investments 6 40 1
1,010,427 1,041,619

CURRENT ASSETS
Debtors 7 173,907 139,111
Cash at bank 35,149 17,617
209,056 156,728
CREDITORS
Amounts falling due within one year 8 591,695 619,517
NET CURRENT LIABILITIES (382,639 ) (462,789 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

627,788

578,830

CREDITORS
Amounts falling due after more than one
year

9

389,820

411,570
NET ASSETS 237,968 167,260

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings 237,967 167,259
SHAREHOLDERS' FUNDS 237,968 167,260

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

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

The director acknowledges his 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.

P.I. Property Development Limited (Registered number: 04854765)

Statement of Financial Position - continued
31 December 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 director and authorised for issue on 29 February 2024 and were signed by:





M Petrouis - Director


P.I. Property Development Limited (Registered number: 04854765)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

P.I. Property Development Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Acquired goodwill is written off in equal instalments over its estimated useful economic life of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings - Straight line over 50 years 1% of cost
Leasehold properties - Straight line over the life of the lease
Fixtures, fittings
and equipment - 20% reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.


P.I. Property Development Limited (Registered number: 04854765)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Group accounts
The company is entitled to the exemption under Section 398 of the Companies Act 2006 from the obligation to prepare group accounts.

Going concern
The financial statements have been prepared on the going concern basis. This is dependent on the continued support of the director and the company's bankers. The director is not aware of any circumstances that will cause this support to be withdrawn.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

P.I. Property Development Limited (Registered number: 04854765)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 419,999
AMORTISATION
At 1 January 2023 403,749
Charge for year 15,000
At 31 December 2023 418,749
NET BOOK VALUE
At 31 December 2023 1,250
At 31 December 2022 16,250

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Short and
property leasehold fittings Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 1,100,173 1,985 174,108 1,276,266
DEPRECIATION
At 1 January 2023 109,185 1,900 139,813 250,898
Charge for year 11,002 85 5,144 16,231
At 31 December 2023 120,187 1,985 144,957 267,129
NET BOOK VALUE
At 31 December 2023 979,986 - 29,151 1,009,137
At 31 December 2022 990,988 85 34,295 1,025,368

P.I. Property Development Limited (Registered number: 04854765)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 January 2023 1 - 1
Additions - 40 40
Disposals (1 ) - (1 )
At 31 December 2023 - 40 40
NET BOOK VALUE
At 31 December 2023 - 40 40
At 31 December 2022 1 - 1

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 12,750 -
Amounts owed by group undertakings 159,948 138,097
Other debtors 1,209 1,014
173,907 139,111

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 21,750 9,000
Trade creditors - 546
Taxation and social security - 40,316
Other creditors 569,945 569,655
591,695 619,517

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans 389,820 411,570

P.I. Property Development Limited (Registered number: 04854765)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1 Ordinary £1 1 1

11. ULTIMATE CONTROLLING PARTY

The ultimate and immediate parent company is Nice Leisure Holdings Limited.

Chartered Accountant's Report to the Director
on the Unaudited Financial Statements of
P.I. Property Development Limited

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of P.I. Property Development Limited for the year ended 31 December 2023 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given me.

As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of P.I. Property Development Limited in accordance with my terms of engagement. My work has been undertaken solely to prepare for your approval the financial statements of P.I. Property Development Limited and state those matters that I have agreed to state to the director of P.I. Property Development Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than P.I. Property Development Limited and its director for my work or for this report.

It is your duty to ensure that P.I. Property Development Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of P.I. Property Development Limited. You consider that P.I. Property Development Limited is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit or a review of the financial statements of P.I. Property Development Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.






Groucott Moor Limited
Lombard House
Cross Keys
Lichfield
Staffordshire
WS13 6DN


29 February 2024