Registered number
09955649
PPNL SPV B25-1 Limited
Filleted Accounts
31 December 2023
PPNL SPV B25-1 Limited
Registered number: 09955649
Statement of Financial Position
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Investment property 2 653,000 840,000
Current assets
Debtors 3 - 16,253
Cash at bank and in hand 10,305 3,796
10,305 20,049
Creditors: amounts falling due within one year 4 (258,815) (3,985)
Net current (liabilities)/assets (248,510) 16,064
Total assets less current liabilities 404,490 856,064
Creditors: amounts falling due after more than one year 5 (89,752) (431,945)
Net assets 314,738 424,119
Capital and reserves
Called up share capital 1 1
Share premium 269,599 269,599
Capital reduction reserve 232,050 232,050
Fair value adjustment reserve (118,720) (44,087)
Profit and loss account (68,191) (33,443)
Shareholders' funds 314,738 424,119
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 B25-1 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 968,620
Fair value adjustments (58,380)
Disposals (257,240)
At 31 December 2023 653,000
Freehold investment property was valued by independent surveyors Allsop LLP on 25 September 2023. This valuation is used as the basis for the directors' valuation at year end.
3 Debtors 2023 2022
£ £
Deferred tax asset - 16,253
- 16,253
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 188 231
Taxation and social security costs - 13
Other creditors 91,434 3,741
Mortgage Bond 167,193 -
258,815 3,985
5 Creditors: amounts falling due after one year 2023 2022
£ £
Mortgages 89,752 431,945
The mortgage provider has a fixed and floating charge over the assets of the company.
6 Average number of persons employed
During the year the average number of employees was 0 (2022 :0).
7 Other information
PPNL SPV B25-1 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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