Company registration number 07586955 (England and Wales)
PULLEYN PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FILLETED ACCOUNTS
Tavistock House South
Tavistock Square
Rayner Essex LLP
London
Chartered Accountants
WC1H 9LG
PULLEYN PROPERTIES LIMITED
CONTENTS
Page
Statement of financial position
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
PULLEYN PROPERTIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investment properties
5
26,929,763
9,500,000
Current assets
Trade and other receivables
6
1,652,943
593,124
Cash and cash equivalents
271,334
806,603
1,924,277
1,399,727
Current liabilities
7
(653,077)
(404,380)
Net current assets
1,271,200
995,347
Total assets less current liabilities
28,200,963
10,495,347
Non-current liabilities
8
(447,168)
(693,354)
Provisions for liabilities
9
(509,438)
(509,438)
Net assets
27,244,357
9,292,555
Equity
Called up share capital
17,840,200
200
Investment property reserve
5,592,824
5,592,824
Retained earnings
3,811,333
3,699,531
Total equity
27,244,357
9,292,555

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 14 June 2024 and are signed on its behalf by:
G Paauwe
F Van Helden
Director
Director
Company Registration No. 07586955
PULLEYN PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Investment property reserve
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 June 2022
200
5,842,824
3,549,620
9,392,644
Period ended 31 December 2022:
Loss and total comprehensive income for the period
-
-
(100,089)
(100,089)
Transfers
-
(250,000)
250,000
-
Balance at 31 December 2022
200
5,592,824
3,699,531
9,292,555
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
111,802
111,802
Issue of share capital
17,840,000
-
-
17,840,000
Balance at 31 December 2023
17,840,200
5,592,824
3,811,333
27,244,357
The investment property reserve includes all current and prior years' revaluation gains and losses on investment properties net of deferred taxation.  This reserve is non-distributable.
PULLEYN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Pulleyn Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tavistock House South, Tavistock Square, London, WC1H 9LG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements are prepared on a going concern basis. During the period the company remained profitable and as at 31 December 202true3 the company had net assets of £27,244,357. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

1.3
Reporting period

In the prior period the company shortened its reporting period to 31 December, leading to a seven month period of accounts. Therefore the comparative amounts presented in the financial statements (including related notes) are not entirely comparable.

1.4
Revenue
Turnover represents rents receivable.
1.5
Investment properties

Investment properties are included in the balance sheet at their open market value. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years.

 

No depreciation is charged on freehold property because the directors consider that the economic life and residual value is such that depreciation is not significant. The residual value of the property is regularly reviewed in order to identify any permanent diminution in value which would be charged to the profit and loss account. The surplus or deficit on revaluation is recognised in profit or loss

PULLEYN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The key area of judgement is the valuation of investment property. The Directors rely on their experience of the market and therefore exercise a significant amount of judgement when valuing the investment properties annually and use their extensive knowledge of the property market to do so.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The key area of estimation uncertainty is the valuation of investment property. The Directors rely on their experience of the market when valuing the investment properties annually and use their extensive knowledge of the property market and trends in this area to do so, which can lead to a degree of estimation uncertainty.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
4
4
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
61,169
Deferred tax
Origination and reversal of timing differences
-
0
110,865
Total tax charge
-
0
172,034
PULLEYN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Investment property
2023
£
Fair value
At 1 January 2023
9,500,000
Additions
17,429,763
At 31 December 2023
26,929,763

The directors of the company revalued the investment property at open market value during the prior period, based on an independent third party valuation prepared by a RICS qualified surveryor. The historical cost of the properties amounted to £3,599,981 (December 2022: £3,599,981).

 

Any gain or loss arising from a change in fair value is recognised in the Profit and Loss Account.

6
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
-
0
3,000
Amounts owed by group undertakings
1,301,479
580,511
Other receivables
351,464
9,613
1,652,943
593,124
7
Current liabilities
2023
2022
£
£
Bank loans
250,000
250,000
Trade payables
340,200
4,500
Amounts owed to group undertakings
67,045
16,899
Corporation tax
(38,070)
129,899
Other payables
33,902
3,082
653,077
404,380

The bank loan stated above is secured via a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

8
Non-current liabilities
2023
2022
£
£
Bank loans and overdrafts
447,168
693,354
PULLEYN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Non-current liabilities
(Continued)
- 6 -

The bank loan stated above is secured via a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery.

9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
509,438
509,438

The deferred tax charge relates to unrealised gains on the revaluation of investment properties.

10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Simon Essex FCA
Statutory Auditor:
Rayner Essex LLP
11
Parent company

Pulleyn Properties Limited is a wholly owned subsidiary of Cube Cold Europe Bido Limited and the results are included in the consolidated financial statements of Cube Cold Europe TopCo Limited, which are available from 1 Bartholomew Lane, London, EC2N 2AX.

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