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Registered Number: 13500085
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 July 2023

for

PBB PROPERTY AND INVESTMENTS LTD

 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 185,000    180,000 
185,000    180,000 
Current assets      
Debtors 4 2,048    2,289 
Cash at bank and in hand 1,436    25,818 
3,484    28,107 
Creditors: amount falling due within one year (56,100)   (76,101)
Net current assets (52,616)   (47,994)
 
Total assets less current liabilities 132,384    132,006 
Creditors: amount falling due after more than one year 5 (116,236)   (116,236)
Provisions for liabilities 6 (3,049)   (2,977)
Net assets 13,099    12,793 
 

Capital and reserves
     
Called up share capital 7 100    100 
Profit and loss account 12,999    12,693 
Shareholder's funds 13,099    12,793 
 


For the year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 11 April 2024 and were signed by:


-------------------------------
Paul Morris
Director
1
General Information
PBB Property and Investments Ltd is a private company, limited by shares, registered in England and Wales, registration number 13500085, registration address 93 Ynysddu, Pontyclun, Rhondda Cynon Taf, CF72 9UB.

The presentation currency is £ sterling.
1.

Accounting policies

Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.


Statement of compliance
These financial statements have been prepared in compliance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.


Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for rent and provision of services in the ordinary course of the companys activities. Turnover is shown net of returns, rebates and discounts.


The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred taxation
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land and buildings 0% straight line
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation.
Investment properties should be recognised initially at cost and subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
2.

Average number of employees

Average number of employees during the year was 1 (2022 : 1).
3.

Tangible fixed assets

Cost or valuation Land and buildings   Total
  £   £
At 01 August 2022 180,000    180,000 
Additions  
Disposals  
Revaluations 5,000    5,000 
At 31 July 2023 185,000    185,000 
Depreciation
At 01 August 2022  
Charge for year  
On disposals  
At 31 July 2023  
Net book values
Closing balance as at 31 July 2023 185,000    185,000 
Opening balance as at 01 August 2022 180,000    180,000 

Included within the net book value of land and buildings above is £185,000 in respect of freehold land and buildings.

Revaluation
The fair value of the company's freehold property was revalued on 31 July 2023. An independent valuer was not involved.

The properties were revalued by the company directors on an open market value basis.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £162,780.

4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Other Debtors 2,048    2,289 
2,048    2,289 

5.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 116,236    116,236 
116,236    116,236 
Creditors: amounts falling due after more than one year include interest only mortgages which are secured of £116,236.

Creditors: amounts falling due after more than one year include interest only mortgages repayable by instalments of £116,236.

6.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 3,049    2,977 
3,049    2,977 

7.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 ordinary shares of £1.00 each 100    100 
100    100 

8.

Reserves

The profit and loss account includes non distributable reserves totaling £14,724. These amounts relate to the revaluation of property.
2