Registered number
11058378
Protea Properties 1 Limited
Filleted Accounts
30 November 2023
Protea Properties 1 Limited
Registered number: 11058378
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 134,667 137,660
Current assets
Debtors 5 550 550
Cash at bank and in hand 959 1,421
1,509 1,971
Creditors: amounts falling due within one year 6 (13,979) (19,767)
Net current liabilities (12,470) (17,796)
Total assets less current liabilities 122,197 119,864
Creditors: amounts falling due after more than one year 7 (142,703) (140,733)
Net liabilities (20,506) (20,869)
Capital and reserves
Called up share capital 550 550
Profit and loss account (21,056) (21,419)
Shareholders' funds (20,506) (20,869)
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.
Gregory Steyn
Director
Approved by the board on 14 August 2024
Protea Properties 1 Limited
Notes to the Accounts
for the year ended 30 November 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 includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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 Going Concern
These financial statements have been prepared on a going concern basis which assumes that the company will continue in its operational existence for the foreseeable future. The validity of this assumption is dependent upon the continued support from the company's shareholders. if the company were unable to trade, adjustments would have to be made to reduce the value of the assets to their recoverable amounts and to provide for further liabilties that may arise.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
4 Tangible fixed assets
Land and buildings
£
Cost
At 1 December 2022 149,630
At 30 November 2023 149,630
Depreciation
At 1 December 2022 11,970
Charge for the year 2,993
At 30 November 2023 14,963
Net book value
At 30 November 2023 134,667
At 30 November 2022 137,660
5 Debtors 2023 2022
£ £
Other debtors 550 550
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 4,297
Other creditors 13,979 15,470
13,979 19,767
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 89,445 89,445
Other creditors 53,258 51,288
142,703 140,733
8 Related party transactions
Other creditors due within one year includes an amount of £6,929 (2022: £8,469) due to Deon Louw, who has an interest in the company. The amount is unsecured, interest free and repayable on demand.

Other creditors due within one year also includes an amount of £7,050 (2022 : £7,000) due to Protea Care Limited, a company where Gregory Steyn and Tanya Netto have an interest. The amount is unsecured, interest free and repayable on demand.

Other creditors due after one year includes an amount of £nil (2022: £51,288) due to the directors, Gregory Steyn and Tanya Netto. The amount is unsecured, interest free and repayable on demand.

Other creditors due after one year includes an amount of £53,258 (2022: £nil) due to Protea Care 2 Limited, a company where Gregory Steyn and Tanya Netto have an interest. The amount is unsecured, interest free and repayable on demand.
9 Called Up Share Capital 2023 2022
£ £
A Ordinary share capital issued and fully paid
400 A Ordinary shares of £1 each 400 400
B Ordinary share capital issued and fully paid
245 B Ordinary shares of £0.6125 each 150 150
550 550
10 Controlling party
In the opinion of directors, there is no ultimate controlling party.
11 Other information
Protea Properties 1 Limited is a private company limited by shares and incorporated in England. Its registered office is:
317 Horn Lane
Acton
London W3 0BU
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