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REGISTERED NUMBER: 10858288 (England and Wales)











PN PROPERTY MANAGEMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023






PN PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 10858288)








CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023





Page




Company Information  

1




Balance Sheet  

2




Notes to the Financial Statements  

4





PN PROPERTY MANAGEMENT LIMITED



COMPANY INFORMATION

FOR THE YEAR ENDED 31 JULY 2023









DIRECTOR:

Mr P S S Hayer







REGISTERED OFFICE:

Cash's Business Centre


1st Floor


228 Widdrington Road


Coventry


West Midlands


CV1 4PB







REGISTERED NUMBER:

10858288 (England and Wales)







ACCOUNTANTS:

Shah & Co (Accountants) Ltd


Chartered Certified Accountants


Cash's Business Centre


1st Floor


228 Widdrington Road


Coventry


West Midlands


CV1 4PB


PN PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 10858288)



BALANCE SHEET

31 JULY 2023



31.7.23

31.7.22



Notes

£   

£   

£   

£   


FIXED ASSETS

Investment property

4

2,582,103


1,580,000




CURRENT ASSETS

Debtors

5

168,207


168,907



Cash at bank

5,135


61,756



173,342


230,663



CREDITORS

Amounts falling due within one year

6

816,720


426,826



NET CURRENT LIABILITIES

(643,378

)

(196,163

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

1,938,725


1,383,837




CREDITORS

Amounts falling due after more than one

year

7

(1,570,587

)

(998,419

)



PROVISIONS FOR LIABILITIES

9

(64,646

)

(64,646

)


NET ASSETS

303,492


320,772




CAPITAL AND RESERVES

Called up share capital

500


500



Fair value reserve

10

275,597


275,597



Retained earnings

10

27,395


44,675



SHAREHOLDERS' FUNDS

303,492


320,772




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.


PN PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 10858288)



BALANCE SHEET - continued

31 JULY 2023



The 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 Income Statement has not been delivered.


The financial statements were approved by the director and authorised for issue on 30 April 2024 and were signed by:






Mr P S S Hayer - Director



PN PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 10858288)



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023


1.

STATUTORY INFORMATION



PN Property Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.


The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.    



Turnover


Turnover is represented by rental income received.



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.

3.

EMPLOYEES AND DIRECTORS



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


PN PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 10858288)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2023


4.

INVESTMENT PROPERTY


Total

£   



FAIR VALUE


At 1 August 2022

1,580,000




Additions

1,002,103




At 31 July 2023

2,582,103




NET BOOK VALUE


At 31 July 2023

2,582,103




At 31 July 2022

1,580,000




The fair value of the investment property has been arrived at on the basis of a valuation carried out by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.


Fair value at 31 July 2023 is represented by:

£   



Valuation in 2022

340,243




Cost

2,241,860



2,582,103




5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.7.23


31.7.22

£   

£   



Other debtors

168,207


168,907




6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.7.23


31.7.22

£   

£   



Taxation and social security

-


2,929




Other creditors

816,720


423,897



816,720


426,826




7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR



31.7.23


31.7.22

£   

£   



Bank loans

1,570,587


998,419





Amounts falling due in more than five years:



Repayable by instalments


Bank loans more 5 yr by instal

1,570,587


998,419




PN PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 10858288)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2023


8.

SECURED DEBTS



The following secured debts are included within creditors:



31.7.23


31.7.22

£   

£   



Bank loans

1,570,587


998,419





The bank loans are secured by way of 1st legal charge over the investment properties.


9.

PROVISIONS FOR LIABILITIES


31.7.23


31.7.22

£   

£   



Deferred tax

64,646


64,646





Deferred



tax


£   



Balance at 1 August 2022

64,646




Change in provision



Balance at 31 July 2023

64,646




10.

RESERVES


Fair



Retained


value



earnings


reserve


Totals

£   

£   

£   




At 1 August 2022

44,675


275,597


320,272




Deficit for the year

(17,280

)

(17,280

)



At 31 July 2023

27,395


275,597


302,992




11.

DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES


Included within the other creditors, the amount owed to the director is £8,260 (2022: £30,480). The loans are interest free and with no fixed date of repayment.

12.

RELATED PARTY DISCLOSURES



Loans of  £807,100 (2022: £390,900) have been received from a company in which Mr P Hayer is a director and shareholder. This loan is interest free and has no set repayment term.


13.

ULTIMATE CONTROLLING PARTY



The ultimate controlling party is Mr P S S Hayer.