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REGISTERED NUMBER: 04530284 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

PROPDEV (UK) LIMITED

PROPDEV (UK) LIMITED (REGISTERED NUMBER: 04530284)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PROPDEV (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2023







DIRECTORS: Mr Nicholas Guy Hegarty
Mrs Janet Elizabeth Hegarty





SECRETARY: Mr Nicholas Guy Hegarty





REGISTERED OFFICE: Fitzhamon Court
8 Merthyr Mawr Road
Bridgend
CF31 3NH





REGISTERED NUMBER: 04530284 (England and Wales)





ACCOUNTANTS: Graham Paul Limited
Court House
Court Road
Bridgend
CF31 1BE

PROPDEV (UK) LIMITED (REGISTERED NUMBER: 04530284)

BALANCE SHEET
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 - -
Investment property 5 3,220,000 1,935,117
3,220,000 1,935,117

CURRENT ASSETS
Debtors 6 1,456 10,630
Cash and cash equivalents 24,736 16,109
26,192 26,739
CREDITORS
Amounts falling due within one year 7 1,633,314 1,487,241
NET CURRENT LIABILITIES (1,607,122 ) (1,460,502 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,612,878

474,615

CREDITORS
Amounts falling due after more than one
year

8

-

(254,448

)

PROVISIONS FOR LIABILITIES 10 (270,457 ) -
NET ASSETS 1,342,421 220,167

CAPITAL AND RESERVES
Called up share capital 11 2 2
Other reserves 12 1,142,005 -
Retained earnings 12 200,414 220,165
SHAREHOLDERS' FUNDS 1,342,421 220,167

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

PROPDEV (UK) LIMITED (REGISTERED NUMBER: 04530284)

BALANCE SHEET - continued
30 NOVEMBER 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 14 August 2024 and were signed on its behalf by:





Mr Nicholas Guy Hegarty - Director


PROPDEV (UK) LIMITED (REGISTERED NUMBER: 04530284)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023


1. STATUTORY INFORMATION

PropDev (UK) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 25% on reducing balance

Investment property
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.

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.

3. EMPLOYEES AND DIRECTORS

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

PROPDEV (UK) LIMITED (REGISTERED NUMBER: 04530284)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


4. PROPERTY, PLANT AND EQUIPMENT
Plant and
machinery
£   
COST
At 1 December 2022
and 30 November 2023 15,480
DEPRECIATION
At 1 December 2022
and 30 November 2023 15,480
NET BOOK VALUE
At 30 November 2023 -
At 30 November 2022 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 1,935,117
Disposals (125,000 )
Revaluations 1,409,883
At 30 November 2023 3,220,000
NET BOOK VALUE
At 30 November 2023 3,220,000
At 30 November 2022 1,935,117

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2023 1,284,883
Cost 1,935,117
3,220,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,456 10,630

PROPDEV (UK) LIMITED (REGISTERED NUMBER: 04530284)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 124,448 32,000
Tax - 3,961
VAT 2,783 3,206
Directors' current accounts 1,501,160 1,446,879
Accruals and deferred income 4,923 1,195
1,633,314 1,487,241

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years - 254,448

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 124,448 286,448

The loan is secured by way of a mortgage, charge and debenture

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Tax losses carried forward 2,579 -
Other timing differences 267,878 -
270,457 -

Deferred
tax
£   
Provided during year 267,878
Charge to Income Statement during year 2,579
Balance at 30 November 2023 270,457

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

PROPDEV (UK) LIMITED (REGISTERED NUMBER: 04530284)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023


12. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1 December 2022 220,165 - 220,165
Profit for the year 1,122,254 1,122,254
Revaluation (1,142,005 ) 1,142,005 -
At 30 November 2023 200,414 1,142,005 1,342,419

13. RELATED PARTY DISCLOSURES

The Directors operate a loan account with the Company which is interest free with no determined repayment date.