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REGISTERED NUMBER: 02153843 (England and Wales)


























Unaudited Financial Statements

for the Year Ended 31 October 2023


for



P.B.S. Properties Limited



P.B.S. Properties Limited (Registered number: 02153843)








Contents of the Financial Statements

for the year ended 31 October 2023





Page




Company Information  

1




Balance Sheet  

2




Notes to the Financial Statements  

4




Chartered Accountants' Report  

9




P.B.S. Properties Limited



Company Information

for the year ended 31 October 2023









DIRECTORS:

T W Messenger


M J Messenger


D R Messenger


Mrs A Messenger







SECRETARY:

Mrs A Messenger







REGISTERED OFFICE:

Brooks Lane Industrial Estate


Brooks Lane


Middlewich


Cheshire


CW10 0JG







REGISTERED NUMBER:

02153843 (England and Wales)







ACCOUNTANTS:

Bennett Brooks & Co Limited


Chartered Accountants


St George's Court


Winnington Avenue


Northwich


Cheshire


CW8 4EE



P.B.S. Properties Limited (Registered number: 02153843)



Balance Sheet

31 October 2023



2023

2022



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

4

499,301


515,893



Investments

5

12,500


12,500



Investment property

6

2,273,000


2,273,000



2,784,801


2,801,393




CURRENT ASSETS

Stocks

7

-


333,721



Debtors

8

39,632


29,677



Cash at bank

918,279


311,314



957,911


674,712



CREDITORS

Amounts falling due within one year

9

855,894


790,700



NET CURRENT ASSETS/(LIABILITIES)

102,017


(115,988

)


TOTAL ASSETS LESS CURRENT

LIABILITIES

2,886,818


2,685,405




CREDITORS

Amounts falling due after more than one year

10

(27,000

)

(44,872

)



PROVISIONS FOR LIABILITIES

(150,276

)

(154,424

)


NET ASSETS

2,709,542


2,486,109




CAPITAL AND RESERVES

Called up share capital

9,475


9,475



Capital redemption reserve

12

3,150


3,150



Retained earnings

12

2,696,917


2,473,484



2,709,542


2,486,109




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


The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.  


The directors acknowledge their 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.



P.B.S. Properties Limited (Registered number: 02153843)



Balance Sheet - continued

31 October 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 Board of Directors and authorised for issue on 24 July 2024 and were signed on its behalf by:






M J Messenger - Director




P.B.S. Properties Limited (Registered number: 02153843)



Notes to the Financial Statements

for the year ended 31 October 2023


1.

STATUTORY INFORMATION



P.B.S. Properties 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.    



Revenue


Turnover comprises rental income receivable under operating lease agreements, income from construction work and property sales, net of Value Added Tax. Rental income is recognised as income over the lease term and construction work income only when the work is completed.



Tangible fixed assets

Tangible fixed assets, other than land and buildings, are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use.

Land and buildings are subsequently carried at fair value, based on periodic valuations by a professional qualified valuer. These revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period. Changes in fair value are recognised in other comprehensive income.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Buildings- 2% straight line
Land- Not depreciated
Motor vehicles- 20% straight line
Computer equipment- 33% straight line


Investments in subsidiaries


Investments in subsidiary undertakings are recognised at cost.



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.



P.B.S. Properties Limited (Registered number: 02153843)



Notes to the Financial Statements - continued

for the year ended 31 October 2023


2.

ACCOUNTING POLICIES - continued



Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.


Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.


Cash and cash equivalents


Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.



Short term debtors and creditors


Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.



Share capital


Ordinary shares are classed as equity.


3.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 1 (2022 - 2 ) .


4.

TANGIBLE FIXED ASSETS


Plant and



Land and


machinery



buildings


etc


Totals

£   

£   

£   



COST OR VALUATION


At 1 November 2022


and 31 October 2023

490,000


49,732


539,732




DEPRECIATION


At 1 November 2022

13,174


10,665


23,839




Charge for year

6,587


10,005


16,592




At 31 October 2023

19,761


20,670


40,431




NET BOOK VALUE


At 31 October 2023

470,239


29,062


499,301




At 31 October 2022

476,826


39,067


515,893





Cost or valuation at 31 October 2023 is represented by:



Land and


buildings

£   



Valuation in 2021

25,000




Valuation in 2015

177,300




Valuation in 2014

(4,100

)



Valuation in 2013

291,800



490,000





P.B.S. Properties Limited (Registered number: 02153843)



Notes to the Financial Statements - continued

for the year ended 31 October 2023


4.

TANGIBLE FIXED ASSETS - continued



If freehold land and buildings had not been revalued they would have been included at the following historical cost:


2023

2022


£   

£   



Cost

169,950


169,950




Aggregate depreciation

108,465


105,366





Value of land in freehold land and buildings

15,000


15,000





Freehold land and buildings were valued on an open market basis on 21 May 2021 by Legal Owen .


The directors are of the opinion that the valuation reached remained accurate at the year end date.


Fixed assets, included in the above, which are held under hire purchase contracts are as follows:



Plant and


machinery


etc

£   



COST OR VALUATION


At 1 November 2022


and 31 October 2023

29,490




DEPRECIATION


At 1 November 2022

5,898




Charge for year

5,898




At 31 October 2023

11,796




NET BOOK VALUE


At 31 October 2023

17,694




At 31 October 2022

23,592




5.

FIXED ASSET INVESTMENTS


Investments


in


subsidiary


companies

£   



COST


At 1 November 2022


and 31 October 2023

12,500




NET BOOK VALUE


At 31 October 2023

12,500




At 31 October 2022

12,500





P.B.S. Properties Limited (Registered number: 02153843)



Notes to the Financial Statements - continued

for the year ended 31 October 2023


6.

INVESTMENT PROPERTY


Total

£   



FAIR VALUE


At 1 November 2022


and 31 October 2023

2,273,000




NET BOOK VALUE


At 31 October 2023

2,273,000




At 31 October 2022

2,273,000




The properties were valued in May 2021 by Legat Owen (who are external to the company). The valuations were on an open market value for existing use basis. The directors are of the opinion that the valuation reached remained accurate at the year end date.


Fair value at 31 October 2023 is represented by:

£   



Valuation in 2021

128,000




Valuation in 2015

293,125




Valuation in 2014

13,875




Valuation in 2012

1,838,000



2,273,000




7.

STOCKS

2023

2022


£   

£   



Land held for development and resale

-


333,721




8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Trade debtors

20,872


21,583




Other debtors

18,760


8,094



39,632


29,677




9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2023

2022


£   

£   



Bank loans and overdrafts

14,000


14,000




Hire purchase contracts

3,872


9,294




Trade creditors

23,146


12,869




Taxation and social security

73,757


12,274




Other creditors

741,119


742,263



855,894


790,700




10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR


2023

2022


£   

£   



Bank loans

27,000


41,000




Hire purchase contracts

-


3,872



27,000


44,872





P.B.S. Properties Limited (Registered number: 02153843)



Notes to the Financial Statements - continued

for the year ended 31 October 2023


11.

SECURED DEBTS



The following secured debts are included within creditors:


2023

2022


£   

£   



Bank loans

41,000


55,000




Hire purchase contracts

3,872


13,166



44,872


68,166





The company's bank loan is secured against its freehold land and property.



Assets financed under a hire purchase arrangement are secured against the assets acquired.


12.

RESERVES


Capital



Retained


redemption



earnings


reserve


Totals

£   

£   

£   




At 1 November 2022

2,473,484


3,150


2,476,634




Profit for the year

223,433


223,433




At 31 October 2023

2,696,917


3,150


2,700,067




13.

RELATED PARTY DISCLOSURES



Included in other creditors is £688,907 (2022: £688,907) due to the company's subsidiary undertaking. No interest is chargeable on this balance and it is repayable on demand.


14.

ULTIMATE CONTROLLING PARTY



The ultimate controlling party is the director and shareholder T W Messenger by means of significant influence among shareholders.


Chartered Accountants' Report to the Board of Directors

on the Unaudited Financial Statements of

P.B.S. Properties Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of P.B.S. Properties Limited for the year ended 31 October 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.


As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.  


This report is made solely to the Board of Directors of P.B.S. Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of P.B.S. Properties Limited and state those matters that we have agreed to state to the Board of Directors of P.B.S. Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than P.B.S. Properties Limited and its Board of Directors, as a body, for our work or for this report.    


It is your duty to ensure that P.B.S. Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of P.B.S. Properties Limited. You consider that P.B.S. Properties Limited is exempt from the statutory audit requirement for the year.  


We have not been instructed to carry out an audit or a review of the financial statements of P.B.S. Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.  







Bennett Brooks & Co Limited

Chartered Accountants

St George's Court

Winnington Avenue

Northwich

Cheshire

CW8 4EE



24 July 2024