2PV Rentals Limited 09943838 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is property rental and furnished holiday lettings Digita Accounts Production Advanced 6.30.9574.0 true true 09943838 2023-04-01 2024-03-31 09943838 2024-03-31 09943838 core:CurrentFinancialInstruments 2024-03-31 09943838 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09943838 core:Non-currentFinancialInstruments 2024-03-31 09943838 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09943838 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 09943838 bus:SmallEntities 2023-04-01 2024-03-31 09943838 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09943838 bus:FilletedAccounts 2023-04-01 2024-03-31 09943838 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09943838 bus:RegisteredOffice 2023-04-01 2024-03-31 09943838 bus:Director1 2023-04-01 2024-03-31 09943838 bus:Director2 2023-04-01 2024-03-31 09943838 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09943838 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 09943838 countries:EnglandWales 2023-04-01 2024-03-31 09943838 2023-03-31 09943838 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 09943838 2022-04-01 2023-03-31 09943838 2023-03-31 09943838 core:CurrentFinancialInstruments 2023-03-31 09943838 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09943838 core:Non-currentFinancialInstruments 2023-03-31 09943838 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09943838 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 09943838

2PV Rentals Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

2PV Rentals Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

2PV Rentals Limited

Company Information

Directors

I K Patrick-Valentine

P S Patrick-Valentine

Registered office

4 The Axium Centre Dorchester Road
Lytchett Minster
Poole
Dorset
BH16 6FE

Accountants

Addicus
Chartered Accountants
4 The Axium Centre Dorchester Road
Lytchett Minster
Poole
Dorset
BH16 6FE

 

2PV Rentals Limited

(Registration number: 09943838)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,400,000

2,430,000

Current assets

 

Debtors

5

30,291

26,175

Cash at bank and in hand

 

3,634

14,519

 

33,925

40,694

Creditors: Amounts falling due within one year

6

(5,800)

(5,800)

Net current assets

 

28,125

34,894

Total assets less current liabilities

 

2,428,125

2,464,894

Creditors: Amounts falling due after more than one year

6

(2,361,481)

(2,353,435)

Provisions for liabilities

(47,839)

(59,358)

Net assets

 

18,805

52,101

Capital and reserves

 

Called up share capital

100

100

Retained earnings

18,705

52,001

Shareholders' funds

 

18,805

52,101

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

2PV Rentals Limited

(Registration number: 09943838)
Balance Sheet as at 31 March 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 July 2024 and signed on its behalf by:
 

I K Patrick-Valentine
Director

   
     
 

2PV Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
4 The Axium Centre Dorchester Road
Lytchett Minster
Poole
Dorset
BH16 6FE
England

2

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 accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, 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.

 

2PV Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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 assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

2PV Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

2PV Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 April 2023

2,430,000

2,430,000

Revaluations

30,627

30,627

Additions

(60,627)

(60,627)

At 31 March 2024

2,400,000

2,400,000

Depreciation

Carrying amount

At 31 March 2024

2,400,000

2,400,000

At 31 March 2023

2,430,000

2,430,000

Included within the net book value of land and buildings above is £2,400,000 (2023 - £2,430,000) in respect of freehold land and buildings.
 

5

Debtors

2024
£

2023
£

Trade debtors

29,841

23,017

Other debtors

-

3,158

Prepayments

450

-

30,291

26,175

 

2PV Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

4,600

4,600

Accruals and deferred income

 

1,200

1,200

 

5,800

5,800

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

2,361,481

2,353,435

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

1,335,856

1,543,035

Other borrowings

1,025,625

810,400

2,361,481

2,353,435

 

2PV Rentals Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,600

4,600

8

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

3,000

3,000