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REGISTERED NUMBER: 08414625 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2023

FOR

PROPERTY NETWORK LONDON LIMITED

PROPERTY NETWORK LONDON LIMITED (REGISTERED NUMBER: 08414625)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


PROPERTY NETWORK LONDON LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JULY 2023







DIRECTOR: J Patel





REGISTERED OFFICE: 71/72 Clapham Common Southside
Clapham
London
SW4 9DA





REGISTERED NUMBER: 08414625 (England and Wales)





ACCOUNTANTS: M C Patel & Co
Chartered Accountants
Hillingdon House
386/388 Kenton Road
Kenton
Harrow
Middlesex
HA3 9DP

PROPERTY NETWORK LONDON LIMITED (REGISTERED NUMBER: 08414625)

ABRIDGED BALANCE SHEET
31ST JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,727,699 2,727,699

CURRENT ASSETS
Debtors 285,079 282,092
Cash at bank 111,995 21,190
397,074 303,282
CREDITORS
Amounts falling due within one year 108,269 110,206
NET CURRENT ASSETS 288,805 193,076
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,016,504

2,920,775

CREDITORS
Amounts falling due after more than one
year

(1,890,808

)

(1,826,947

)

PROVISIONS FOR LIABILITIES 5 (141,466 ) (141,466 )
NET ASSETS 984,230 952,362

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 6 520,989 520,989
Retained earnings 463,141 431,273
SHAREHOLDERS' FUNDS 984,230 952,362

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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.

PROPERTY NETWORK LONDON LIMITED (REGISTERED NUMBER: 08414625)

ABRIDGED BALANCE SHEET - continued
31ST JULY 2023


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 Income Statement and an abridged Balance Sheet for the year ended 31st 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.

The financial statements were approved by the director and authorised for issue on 25th July 2024 and were signed by:





J Patel - Director


PROPERTY NETWORK LONDON LIMITED (REGISTERED NUMBER: 08414625)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2023

1. STATUTORY INFORMATION

Property Network London 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.

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 represents net rents 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

PROPERTY NETWORK LONDON LIMITED (REGISTERED NUMBER: 08414625)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST JULY 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st August 2022
and 31st July 2023 2,727,699
NET BOOK VALUE
At 31st July 2023 2,727,699
At 31st July 2022 2,727,699

Fair value at 31st July 2023 is represented by:
£   
Valuation in 2014 520,989
Valuation in 2017 223,560
Cost 1,983,150
2,727,699

5. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 141,466 141,466

Deferred
tax
£   
Balance at 1st August 2022 141,466
Balance at 31st July 2023 141,466

6. RESERVES
Revaluation
reserve
£   
At 1st August 2022
and 31st July 2023 520,989