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Registered Number: 05065112
England and Wales

 

 

 

PROPERTY DEVELOPMENT & RENTAL LIMITED


Unaudited Abridged Financial Statements
 


Period of accounts

Start date: 01 December 2022

End date: 30 November 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 684,655    656,341 
684,655    656,341 
Current assets      
Debtors 4,657    5,054 
Cash at bank and in hand 68,886    10,671 
73,543    15,725 
Creditors: amount falling due within one year (1,405,134)   (1,332,007)
Net current assets (1,331,591)   (1,316,282)
 
Total assets less current liabilities (646,936)   (659,941)
Net assets (646,936)   (659,941)
 

Capital and reserves
     
Called up share capital 100    100 
Profit and loss account (647,036)   (660,041)
Shareholders' funds (646,936)   (659,941)
 


For the year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These 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 to the Registrar of Companies.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The financial statements were approved by the board of directors on 22 March 2024 and were signed on its behalf by:


-------------------------------
S J Tait
Director
-------------------------------
G S Muden
Director
-------------------------------
D P Fraifeld
Director
1
General Information
Property Development & Rental Limited is a private company, limited by shares, registered in England and Wales, registration number 05065112, registration address 9 Gun Street, Reading, Berkshire, RG1 2JR.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.

Going concern
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. Rental income is being recognised on a monthly basis.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income, 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 statement of financial position date.
Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Land & Building - 2% at cost
Plant & machinery - 20% on reducing balance
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Debtors
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured at initially at fair value, net of transaction costs, and are measured subsequently at amortised costs using the effective interest method.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans are measured initially at fair value, net of transaction costs, and are subsequently measured at amortised costs using the effective interest method.
2.

Average number of employees


Average number of employees during the year was 3 (2022 : 3).
3.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Total
  £   £   £
At 01 December 2022 787,028    135,232    922,260 
Additions 46,473      46,473 
Disposals    
At 30 November 2023 833,501    135,232    968,733 
Depreciation
At 01 December 2022 138,129    127,790    265,919 
Charge for year 16,670    1,489    18,159 
On disposals    
At 30 November 2023 154,799    129,279    284,078 
Net book values
Closing balance as at 30 November 2023 678,702    5,953    684,655 
Opening balance as at 01 December 2022 648,899    7,442    656,341 


4.

Director’s loan

Directors Advances, Credits and Guarantees

At the balance sheet date, the following balances existed on loan accounts with the directors:

S J Tait - £221,947 in credit (2022 - £223,650 in credit).

The directors agreed no interest would be charged on amounts loaned to and advanced from the business during the period.

The loan is repayable upon demand.
5.

Debtors: amounts falling due within one year

.   2023
£
  2022
£
Prepayments & Accrued Income 3,470  4,461 
VAT 1,187  593 
4,657  5,054 

6.

Creditors: amount falling due within one year

.   2023
£
  2022
£
Trade Creditors 3,465  5,416 
Accrued Expenses 20,532  250 
Other Creditors 1,159,190  1,102,691 
Directors' Current Accounts 221,947  223,650 
1,405,134  1,332,007 

2