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Registered number: 09991787
PLS Properties Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Cornfield Accountants Limited
Chartered Accountants
5 Cornfield Terrace
Eastbourne
East Sussex
BN21 4NN
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09991787
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 143,133 143,579
Investment Properties 5 845,553 697,803
988,686 841,382
CURRENT ASSETS
Cash at bank and in hand 144 168,030
144 168,030
Creditors: Amounts Falling Due Within One Year 6 (498,498 ) (525,915 )
NET CURRENT ASSETS (LIABILITIES) (498,354 ) (357,885 )
TOTAL ASSETS LESS CURRENT LIABILITIES 490,332 483,497
NET ASSETS 490,332 483,497
CAPITAL AND RESERVES
Called up share capital 100 100
Profit and Loss Account 490,232 483,397
SHAREHOLDERS' FUNDS 490,332 483,497
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr P J Sanders
Director
01/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
PLS Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09991787 . The registered office is 5 Cornfield Terrace, Eastbourne, East Sussex, BN21 4NN.
The presentation currency of the financial statements is the Pound Sterling (£).  
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Significant judgements and estimations
No significant judgements have had to be made by the directors in preparing these financial statements.
The directors have made key assumptions in the determination of the fair value of the investment properties in respect of the state of the property market in the location where the property is situated and in respect of reasonable fair value estimates of the assets.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale and rendering of services. Turnover is reduced for estimated customer rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases, assets held under finance leases are depreciated in the same way as owned assets:
Freehold Not depreciated
Fixtures & Fittings 25% reducing balance
2.5. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2023: 2)
2 2
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 July 2023 141,799 2,374 144,173
As at 30 June 2024 141,799 2,374 144,173
Depreciation
As at 1 July 2023 - 594 594
Provided during the period - 446 446
As at 30 June 2024 - 1,040 1,040
Net Book Value
As at 30 June 2024 141,799 1,334 143,133
As at 1 July 2023 141,799 1,780 143,579
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5. Investment Property
2024
£
Fair Value
As at 1 July 2023 697,803
Additions 147,750
As at 30 June 2024 845,553
The investment properties were valued by the Directors at 30 June 2024 and it was deemed its current values represent the fair value of the properties.
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 1,708 37,693
Accruals and deferred income 1,097 1,097
Directors' loan accounts 495,693 487,125
498,498 525,915
7. Related Party Transactions
During the year, letting fees were paid totalling £6,849 (2023 - £5,810) to a related party, under common control of the Directors.
During the year the directors introduced £8,568 (2023 - £213,023) into the company. At the year end there was £495,693 (2023 - £487,125) owing to the director. This amount is interest free and repayable on demand.
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