Registered number
09904663
PPNL SPV B11-1 Limited
Filleted Accounts
31 December 2023
PPNL SPV B11-1 Limited
Registered number: 09904663
Statement of Financial Position
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Investment property 2 390,000 1,170,000
Current assets
Debtors 3 10,633 7,532
Cash at bank and in hand 1,190,763 404,667
1,201,396 412,199
Creditors: amounts falling due within one year 4 (58,418) (40,476)
Net current assets 1,142,978 371,723
Total assets less current liabilities 1,532,978 1,541,723
Deferred tax provision (7,797) (20,700)
Net assets 1,525,181 1,521,023
Capital and reserves
Called up share capital 1 1
Share premium 600,349 600,349
Capital reduction reserve 524,334 524,334
Fair value adjustment reserve 39,346 123,345
Profit and loss account 361,151 272,994
Shareholders' funds 1,525,181 1,521,023
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.
Hiren Patel
Director
Approved by the board on 30 July 2024
PPNL SPV B11-1 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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover relates to rental income recognised on a straight-line basis over the lease term.
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in the Income Statement. Deferred taxation is provided on these adjustments at the rate expected to apply when the property is sold. Reserves generated by fair value adjustments after deferred tax are not distributable until the sale of the property in question.

During the ownership period of the property, all repairs and maintenance are expensed to the Income Statement, any capital improvements to the property are treated as additions to the property on the Statement of Financial Position and form part of the property value when measured at fair value at the reporting end date.
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 Investment property
Land and buildings
£
Fair value
At 1 January 2023 1,170,000
Fair value adjustments (96,901)
Disposals (683,099)
At 31 December 2023 390,000
Freehold investment property was valued by independent surveyors Allsop LLP on 13 July 2021. This valuation is used as the basis for the directors’ valuation at year end.
3 Debtors 2023 2022
£ £
Trade debtors 10,633 7,532
10,633 7,532
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 239 1,099
Taxation and social security costs 10,911 38,187
Other creditors 47,268 1,190
58,418 40,476
5 Average number of persons employed
During the year the average number of employees was 0 (2022 :0).
6 Other information
PPNL SPV B11-1 Limited is a private company limited by shares and incorporated in England. Its registered office is:
27 Old Gloucester Street
London
WC1N 3AX
The presentational currency is £ sterling.
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