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Company No: 13230868 (England and Wales)

PLAN B PROPERTY LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

PLAN B PROPERTY LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

PLAN B PROPERTY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
PLAN B PROPERTY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 4,493 6,599
Investment property 4 2,000,000 1,996,660
2,004,493 2,003,259
Current assets
Debtors 5 12,265 5,846
Cash at bank and in hand 256,527 200,362
268,792 206,208
Creditors: amounts falling due within one year 6 ( 410,692) ( 278,833)
Net current liabilities (141,900) (72,625)
Total assets less current liabilities 1,862,593 1,930,634
Creditors: amounts falling due after more than one year 7 ( 1,129,798) ( 1,169,424)
Net assets 732,795 761,210
Capital and reserves
Called-up share capital 8 10,300 10,300
Share premium account 714,164 714,164
Revaluation reserve 3,340 0
Profit and loss account 4,991 36,746
Total shareholders' funds 732,795 761,210

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Plan B Property Limited (registered number: 13230868) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D Imrie
Director

28 August 2024

PLAN B PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
PLAN B PROPERTY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Plan B Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 1 Montem Terrace 35a Arterberry Road, London, SW20 8AG, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts,rebates, value added tax and other sales taxes.

Revenue represents fees and rents receivable and is recognised in the period which the services are provided or the rents fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is carried at fair value determined annually by directors or external valuers and derived from the current market rents and investment property yields for the comparable real estate, adjusted if necessary for any difference in the nature , location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in statement of comprehensive income.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 3 2

3. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 March 2023 3,060 7,425 10,485
Additions 634 0 634
At 29 February 2024 3,694 7,425 11,119
Accumulated depreciation
At 01 March 2023 1,324 2,562 3,886
Charge for the financial year 884 1,856 2,740
At 29 February 2024 2,208 4,418 6,626
Net book value
At 29 February 2024 1,486 3,007 4,493
At 28 February 2023 1,736 4,863 6,599

4. Investment property

Investment property
£
Valuation
As at 01 March 2023 1,996,660
Fair value movement 3,340
As at 29 February 2024 2,000,000

Valuation

The valuation of the properties as at 29th February 2024 was £2,000,000 and were made by the director on an open market basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 1,996,660 1,996,660

5. Debtors

2024 2023
£ £
Trade debtors 6,000 0
Other debtors 6,265 5,846
12,265 5,846

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 506 187
Other taxation and social security 1,371 731
Other creditors 408,815 277,915
410,692 278,833

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 1,129,798 1,169,424

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,300 Ordinary shares of £ 1.00 each 10,300 10,300