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Company Registration No. 02930703 (England and Wales)
PETLEY LIMITED Unaudited accounts for the year ended 31 May 2023
PETLEY LIMITED Unaudited accounts Contents
Page
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PETLEY LIMITED Company Information for the year ended 31 May 2023
Director
Mr A Oestreicher
Secretary
Mrs C Oestreicher
Company Number
02930703 (England and Wales)
Registered Office
162 OSBALDESTON ROAD LONDON N16 6NJ
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PETLEY LIMITED Statement of financial position as at 31 May 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
628 
739 
Investment property
8,300,768 
8,300,768 
Investments
308,956 
289,568 
8,610,352 
8,591,075 
Current assets
Debtors
12,905,977 
10,573,312 
Cash at bank and in hand
568,353 
48,090 
13,474,330 
10,621,402 
Creditors: amounts falling due within one year
(12,729,032)
(10,355,739)
Net current assets
745,298 
265,663 
Total assets less current liabilities
9,355,650 
8,856,738 
Creditors: amounts falling due after more than one year
(2,501,033)
(1,971,535)
Provisions for liabilities
Deferred tax
(956,000)
(956,000)
Net assets
5,898,617 
5,929,203 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
5,898,615 
5,929,201 
Shareholders' funds
5,898,617 
5,929,203 
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 1 April 2024 and were signed on its behalf by
Mr A Oestreicher Director Company Registration No. 02930703
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PETLEY LIMITED Notes to the Accounts for the year ended 31 May 2023
1
Statutory information
PETLEY LIMITED is a private company, limited by shares, registered in England and Wales, registration number 02930703. The registered office is 162 OSBALDESTON ROAD, LONDON, N16 6NJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Turnover
Turnover is represented by rents and charges received or receivable from investment property held by the company.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
5% RBM
Computer equipment
15% RBM
Investment property
Investment property is included at fair market value. Investment property fair value is determined by the directors based on their understanding of property market conditions and the specific property concerned. Gains or losses are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Investments
Investments in shares are included at fair value.
Going concern
The financial statements have been prepared in accordance with the accounting principals appropriate to a going concern.
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PETLEY LIMITED Notes to the Accounts for the year ended 31 May 2023
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 June 2022
72,834 
1,476 
74,310 
At 31 May 2023
72,834 
1,476 
74,310 
Depreciation
At 1 June 2022
72,834 
737 
73,571 
Charge for the year
- 
111 
111 
At 31 May 2023
72,834 
848 
73,682 
Net book value
At 31 May 2023
- 
628 
628 
At 31 May 2022
- 
739 
739 
5
Investment property
2023 
£ 
Fair value at 1 June 2022
8,300,768 
At 31 May 2023
8,300,768 
The company's investment properties are included in the financial statements at Directors' valuation. The historical cost of the investment property at 31 May 2023 is £3,740,473, (2022: £3,740,473).
6
Investments
Subsidiary undertakings 
Other investments 
Total 
£ 
£ 
£ 
Valuation at 1 June 2022
205,146 
84,422 
289,568 
Additions
19,388 
- 
19,388 
Valuation at 31 May 2023
224,534 
84,422 
308,956 
7
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
34,362 
7,971 
Other debtors
12,871,615 
10,565,341 
12,905,977 
10,573,312 
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PETLEY LIMITED Notes to the Accounts for the year ended 31 May 2023
8
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
164,953 
172,828 
Taxes and social security
85,803 
71,401 
Other creditors
11,830,836 
9,668,212 
Loans from directors
634,420 
436,818 
Accruals
13,020 
6,480 
12,729,032 
10,355,739 
Included in other creditors is an amount of £10,848,308 (2022: £9,580,034) due to companies in which Mr Oestreicher director of this company is also a director.
9
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
2,501,033 
1,971,535 
The bank loans are secured by a legal charge on various investment properties held by the company.
10
Average number of employees
During the year the average number of employees was 4 (2022: 4).
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