Pessall Properties Limited |
Registered number: |
12759951 |
Balance Sheet |
as at 31 December 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
4,398,000 |
|
|
4,510,000 |
|
Current assets |
Debtors |
4 |
|
12,252 |
|
|
16,407 |
Cash at bank and in hand |
|
|
417,806 |
|
|
356,199 |
|
|
|
430,058 |
|
|
372,606 |
|
Creditors: amounts falling due within one year |
5 |
|
(1,161,477) |
|
|
(1,183,556) |
|
Net current liabilities |
|
|
|
(731,419) |
|
|
(810,950) |
|
Total assets less current liabilities |
|
|
|
3,666,581 |
|
|
3,699,050 |
|
|
Provisions for liabilities |
|
|
|
(47,500) |
|
|
(75,500) |
|
|
Net assets |
|
|
|
3,619,081 |
|
|
3,623,550 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Share premium |
|
|
|
3,233,400 |
|
|
3,233,400 |
Revaluation reserve |
6 |
|
|
142,500 |
|
|
226,500 |
Profit and loss account |
|
|
|
243,081 |
|
|
163,550 |
|
Shareholders' funds |
|
|
|
3,619,081 |
|
|
3,623,550 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
H J Pessall |
Director |
Approved by the board on 25 July 2024 |
|
Pessall Properties Limited |
Notes to the Accounts |
for the year ended 31 December 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover represents rental income receivable for the year. |
|
|
Investment properties |
|
The investment properties are revalued annually by the directors at fair value. Any surpluses or deficits on revaluation are recognised in the profit or loss in the year they occur and are then transferred to the revaluation reserve. No depreciation is provided in respect of the investment properties. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
3 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Investment properties |
£ |
|
Cost |
|
At 1 January 2023 |
4,510,000 |
|
Surplus on revaluation |
(112,000) |
|
At 31 December 2023 |
4,398,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 December 2023 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2023 |
4,398,000 |
|
At 31 December 2022 |
4,510,000 |
|
|
|
|
|
|
|
|
|
|
|
Investment Properties |
2023 |
|
2022 |
£ |
£ |
|
Historical cost |
4,208,000 |
|
4,208,000 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
4,208,000 |
|
4,208,000 |
|
The investment properties have been stated at £4,398,000 (2022: £4,510,000) which in the opinion of the directors is at fair value. |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
10,677 |
|
15,506 |
|
Other debtors |
1,575 |
|
901 |
|
|
|
|
|
|
12,252 |
|
16,407 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Trade creditors |
7,567 |
|
9,566 |
|
Taxation and social security costs |
25,277 |
|
22,255 |
|
Other creditors |
1,128,633 |
|
1,151,735 |
|
|
|
|
|
|
1,161,477 |
|
1,183,556 |
|
|
|
|
|
|
|
|
|
|
6 |
Revaluation reserve |
2023 |
|
2022 |
£ |
£ |
|
|
At 1 January 2023 |
226,500 |
|
- |
|
(Loss)/gain on revaluation of land and buildings |
(112,000) |
|
302,000 |
|
Deferred taxation arising on the revaluation of land and buildings |
28,000 |
|
(75,500) |
|
|
At 31 December 2023 |
142,500 |
|
226,500 |
|
|
|
|
|
|
|
|
|
|
7 |
Other information |
|
|
Pessall Properties Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
549 Aylestone Road |
|
Leicester |
|
LE2 8TD |