Company registration number 07785137 (England and Wales)
PLV PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PLV PROPERTIES LIMITED
COMPANY INFORMATION
Director
P L Vujasevic
Company number
07785137
Registered office
9-11 Frogmoor
High Wycombe
Buckinghamshire
HP13 5DQ
Auditors
CLA Evelyn Partners Limited
22 Wycombe End
Beaconsfield
Buckinghamshire
HP9 1NB
PLV PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PLV PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
53,209
56,749
Investment properties
5
1,630,456
1,500,000
1,683,665
1,556,749
Current assets
Debtors
6
2,925
480
Cash at bank and in hand
6,480
95,614
9,405
96,094
Creditors: amounts falling due within one year
7
(1,091,005)
(954,872)
Net current liabilities
(1,081,600)
(858,778)
Total assets less current liabilities
602,065
697,971
Provisions for liabilities
(133,753)
(121,324)
Net assets
468,312
576,647
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
468,311
576,646
Total equity
468,312
576,647
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These 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 the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and signed by the director and authorised for issue on 25 March 2024
P L Vujasevic
Director
Company Registration No. 07785137
PLV PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2023
30 September 2023
- 2 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Fair value of investment property
The fair value of investment properties within the accounts are subject to a degree of estimation by the Directors who refer to current market values of similar properties and the advice of experts when forming their valuation.
2
Accounting policies
Company information
PLV Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9-11 Frogmoor, HIGH WYCOMBE, Buckinghamshire, HP13 5DQ.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
2.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable for the rendering of services in the normal course of business, and is shown net of discounts and VAT.
2.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.
Plant and machinery
20 years straight line
PLV PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2
Accounting policies
(Continued)
- 3 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
2.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
2.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
2.6
Financial instruments
The company has elected to apply the provisions of Section 11 ”Basic financial Instruments” to all of its financial instruments.
Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.
Basic financial liabilities
Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and loans from fellow group companies, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.
2.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.
PLV PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 4 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2022 and 30 September 2023
70,930
Depreciation and impairment
At 1 October 2022
14,181
Depreciation charged in the year
3,540
At 30 September 2023
17,721
Carrying amount
At 30 September 2023
53,209
At 30 September 2022
56,749
5
Investment property
2023
£
Fair value
At 1 October 2022
1,500,000
Additions
230,456
Revaluations
(100,000)
At 30 September 2023
1,630,456
Investment property comprises 2 terraced houses at 56-57 The Esplanades, Weymouth and a new addition during the year, Glynwood House in Maidenhead.
A professional valuation was undertaken at 56-57 The Esplanades, and as a result the properties were revalued at £1,400,000 (2022 - £1,500,000).
Glynwood House was purchased in September 2023 and as such has been valued at its original cost of £230,456.
PLV PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
726
Other debtors
2,199
480
2,925
480
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
157
283
Amounts owed to group undertakings
1,088,796
950,069
Taxation and social security
1,202
2,590
Other creditors
850
1,930
1,091,005
954,872
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary "A" share of £1 each
1
1
1
1
There is a single class of ordinary shares which carries voting rights and the right to receive dividends.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Keir Singleton
Statutory Auditor:
CLA Evelyn Partners Limited
Date of audit report:
25 March 2024
10
Related party transactions
The company has taken advantage of the exemption available under FRS 102 relating to Related Party Disclosures not to disclose transactions entered into between two or more members of a group as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.
PLV PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 6 -
11
Parent company
The parent entity is PLV Holdings Limited which has a registered office at 9-11 Frogmore, High Wycombe, Buckinghamshire, HP13 5DQ.