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REGISTERED NUMBER: SC423993 (Scotland)




















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

PFS PROPERTY LTD

PFS PROPERTY LTD (REGISTERED NUMBER: SC423993)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


PFS PROPERTY LTD

COMPANY INFORMATION
for the Year Ended 31 July 2023







DIRECTOR: P Mcdaid



REGISTERED OFFICE: 7 St. Joseph's Close
Newcastle Upon Tyne
NE12 6BR



REGISTERED NUMBER: SC423993 (Scotland)



ACCOUNTANTS: Curle & Co
Chartered Accountants
22 Backbrae Street
Kilsyth
G65 0NH



BANKERS: Santander
Glasgow
G41 3PH

PFS PROPERTY LTD (REGISTERED NUMBER: SC423993)

ABRIDGED BALANCE SHEET
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 413 752
Investment property 5 201,470 201,470
201,883 202,222

CURRENT ASSETS
Cash at bank 88,854 92,092

CREDITORS
Amounts falling due within one year 31,255 31,190
NET CURRENT ASSETS 57,599 60,902
TOTAL ASSETS LESS CURRENT
LIABILITIES

259,482

263,124

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 259,382 263,024
SHAREHOLDERS' FUNDS 259,482 263,124

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 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 July 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

PFS PROPERTY LTD (REGISTERED NUMBER: SC423993)

ABRIDGED BALANCE SHEET - continued
31 July 2023



The financial statements were approved by the director and authorised for issue on 27 March 2024 and were signed by:





P Mcdaid - Director


PFS PROPERTY LTD (REGISTERED NUMBER: SC423993)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

PFS Property Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover and revenue recognition
Turnover represents net invoiced sales of goods and services, excluding VAT. Revenue is recognised when goods and services are provided to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

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

PFS PROPERTY LTD (REGISTERED NUMBER: SC423993)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 July 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2022
and 31 July 2023 2,250
DEPRECIATION
At 1 August 2022 1,498
Charge for year 339
At 31 July 2023 1,837
NET BOOK VALUE
At 31 July 2023 413
At 31 July 2022 752

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022
and 31 July 2023 201,470
NET BOOK VALUE
At 31 July 2023 201,470
At 31 July 2022 201,470

The investment property was purchased on 30/07/2019 and the directors are of the opinion that there has been no material change in valuation from the date of purchase. The cost of the property reflects the fair value in the accounts.