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REGISTERED NUMBER: 09994746 (England and Wales)












P57 Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024






P57 Limited (Registered number: 09994746)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


P57 Limited

Company Information
for the Year Ended 31 March 2024







Director: P C Balding





Registered office: 42 Coombe Lea
Grand Avenue
Hove
East Sussex
BN3 2ND





Registered number: 09994746 (England and Wales)





Accountants: Warr & Co Limited
Chartered Accountants
Mynshull House
78 Churchgate
Stockport
Cheshire
SK1 1YJ

P57 Limited (Registered number: 09994746)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
Fixed assets
Tangible assets 4 2,242 1,778
Investment property 5 785,000 785,000
787,242 786,778

Current assets
Debtors 6 282 -
Cash at bank 231,692 213,592
231,974 213,592
Creditors
Amounts falling due within one year 7 446,442 320,325
Net current liabilities (214,468 ) (106,733 )
Total assets less current liabilities 572,774 680,045

Creditors
Amounts falling due after more than one
year

8

(330,226

)

(454,971

)

Provisions for liabilities 10 (27,827 ) (27,827 )
Net assets 214,721 197,247

Capital and reserves
Called up share capital 100 100
Fair value reserve 11 118,633 118,633
Retained earnings 95,988 78,514
214,721 197,247

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

P57 Limited (Registered number: 09994746)

Balance Sheet - continued
31 March 2024


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 director and authorised for issue on 12 August 2024 and were signed by:





P C Balding - Director


P57 Limited (Registered number: 09994746)

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

1. Statutory information

P57 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Investment property
Investment properties are initially measured at cost and subsequently measured at fair value. Changes in fair value are recognised in profit or loss.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102. The director considers that, because investment properties are not held for consumption, but for their investment potential, to depreciate them would not give a true and fair view.

If this departure from the Companies Act 2006 had not been made in order to give a true and fair view, the profit for the financial year would have been reduced by depreciation. However the amount of depreciation cannot reasonably be quantified, because depreciation is only one of many factors reflected in the annual valuation and the amount relating to the depreciation of the property cannot be separately identified.

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.


P57 Limited (Registered number: 09994746)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. Accounting policies - continued
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.

3. Employees and directors

The average number of employees during the year was 1 (2023 - NIL ) .

4. Tangible fixed assets
Plant and
machinery
etc
£   
Cost
At 1 April 2023 8,406
Additions 1,295
At 31 March 2024 9,701
Depreciation
At 1 April 2023 6,628
Charge for year 831
At 31 March 2024 7,459
Net book value
At 31 March 2024 2,242
At 31 March 2023 1,778

P57 Limited (Registered number: 09994746)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. Investment property
Total
£   
Fair value
At 1 April 2023
and 31 March 2024 785,000
Net book value
At 31 March 2024 785,000
At 31 March 2023 785,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 785,000

If the investment properties had not been revalued they would have been included at the following historical cost:

31.3.24 31.3.23
£    £   
Cost 638,540 638,540

Investment properties were valued on an open market basis basis on 31 March 2024 by the director .

6. Debtors: amounts falling due within one year
31.3.24 31.3.23
£    £   
Other debtors 282 -

7. Creditors: amounts falling due within one year
31.3.24 31.3.23
£    £   
Taxation and social security 3,990 2,681
Other creditors 442,452 317,644
446,442 320,325

8. Creditors: amounts falling due after more than one year
31.3.24 31.3.23
£    £   
Bank loans (see note 9) 330,226 454,971

P57 Limited (Registered number: 09994746)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. Creditors: amounts falling due after more than one year - continued
31.3.24 31.3.23
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 330,226 454,971

9. Loans

The bank loan is secured on the property to which it relates.

10. Provisions for liabilities
31.3.24 31.3.23
£    £   
Deferred tax 27,827 27,827

Deferred
tax
£   
Balance at 1 April 2023 27,827
Balance at 31 March 2024 27,827

11. Reserves
Fair
value
reserve
£   
At 1 April 2023
and 31 March 2024 118,633