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COMPANY REGISTRATION NUMBER: 3276692
Pyramid Properties Limited
Filleted Unaudited Abridged Financial Statements
31 December 2023
Pyramid Properties Limited
Abridged Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Current assets
Debtors
34,450
866,599
Cash at bank and in hand
811,182
212
---------
---------
845,632
866,811
Creditors: amounts falling due within one year
30,068
60,309
---------
---------
Net current assets
815,564
806,502
---------
---------
Total assets less current liabilities
815,564
806,502
---------
---------
Net assets
815,564
806,502
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
815,562
806,500
---------
---------
Shareholders funds
815,564
806,502
---------
---------
These abridged 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 abridged statement of comprehensive income has not been delivered.
For the year ending 31 December 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Pyramid Properties Limited
Abridged Statement of Financial Position (continued)
31 December 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 8 March 2024 , and are signed on behalf of the board by:
B W Wallace
Director
Company registration number: 3276692
Pyramid Properties Limited
Notes to the Abridged Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 57a Broadway, Leigh on Sea, Essex, SS9 1PE.
2. Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rental income and property sales.
Corporation 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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities .
4. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
B W & G A Wallace
866,599
( 893,151)
( 26,552)
---------
---------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
B W & G A Wallace
( 145,217)
1,011,816
866,599
---------
------------
---------
5. Related party transactions
The company was under the control of Mr & Mrs Wallace throughout the current and previous year in their capacities as directors and shareholders.