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Registered number: 11693279
PBF Properties Limited
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 March 2024
Directors' Report and Unaudited Financial Statements
Contents
Page
Company Information 1
Directors' Report 2
Accountants' Report 3
Profit and Loss Account 4
Balance Sheet 5—6
Statement of Changes in Equity 7
Notes to the Financial Statements 8—11
Page 1
Company Information
Directors B S Gray
T J Gray
Company Number 11693279
Registered Office Bank House
81 St Judes Road
Englefield Green
TW20 0DF
Accountants Exceed Accountants Limited
Bank House, 81 St Judes Road
Englefield Green
TW20 0DF
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 March 2024.
Principal Activity
The company's principal activity continues to be that of property investment.
Directors
The directors who held office during the year were as follows:
B S Gray
T J Gray
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
B S Gray
Director
09/09/2024
Page 2
Page 3
Accountants' Report
In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 March 2024 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
09/09/2024
Exceed Accountants Limited
Bank House, 81 St Judes Road
Englefield Green
TW20 0DF
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Page 4
Profit and Loss Account
2024 2023
Notes £ £
TURNOVER 87,025 85,885
Cost of sales - (690 )
GROSS PROFIT 87,025 85,195
Administrative expenses (44,655 ) (41,595 )
Other operating income 1,190 -
Profit on revaluation of investment property 178,466 304,763
OPERATING PROFIT 222,026 348,363
Other interest receivable and similar income 1,360 -
Interest payable and similar charges (57,900 ) (51,480 )
PROFIT BEFORE TAXATION 165,486 296,883
Tax on Profit (44,617 ) (97,893 )
PROFIT AFTER TAXATION BEING PROFIT FOR THE FINANCIAL YEAR 120,869 198,990
The notes on pages 8 to 11 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 3 13,352 13,352
Tangible Assets 4 2,724,018 2,560,680
2,737,370 2,574,032
CURRENT ASSETS
Debtors 5 80,000 60,000
Cash at bank and in hand 147,741 247,164
227,741 307,164
Creditors: Amounts Falling Due Within One Year 6 (738,541 ) (816,171 )
NET CURRENT ASSETS (LIABILITIES) (510,800 ) (509,007 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,226,570 2,065,025
Creditors: Amounts Falling Due After More Than One Year 7 (1,399,169 ) (1,403,109 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (211,232 ) (166,616 )
NET ASSETS 616,169 495,300
CAPITAL AND RESERVES
Called up share capital 8 2 2
Revaluation reserve 9 633,697 499,847
Profit and Loss Account (17,530 ) (4,549 )
SHAREHOLDERS' FUNDS 616,169 495,300
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Page 6
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
B S Gray
Director
09/09/2024
The notes on pages 8 to 11 form part of these financial statements.
Page 6
Page 7
Statement of Changes in Equity
Share Capital Revaluation reserve Profit and Loss Account Total
£ £ £ £
As at 1 April 2022 2 292,977 3,331 296,310
Profit for the year and total comprehensive income - - 198,990 198,990
Transfer to/from revaluation reserve - - (206,870) (206,870)
Transfer to/from Profit & Loss Account - 206,870 - 206,870
As at 31 March 2023 and 1 April 2023 2 499,847 (4,549 ) 495,300
Profit for the year and total comprehensive income - - 120,869 120,869
Transfer to/from revaluation reserve - - (133,850) (133,850)
Transfer to/from Profit & Loss Account - 133,850 - 133,850
As at 31 March 2024 2 633,697 (17,530 ) 616,169
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Page 8
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2. Turnover
Turnover represents rents receivable on properties within the UK. Rents are receivable on a
weekly and monthly basis and where payments are receivable from tenants for periods ending
after the balance sheet date, the relevant proportion of rent receivable is recorded as deferred
income and included as part of creditors due within one year.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% on cost
1.4. Investment Properties
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.
1.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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1.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2023: 2)
2 2
3. Intangible Assets
Development Costs
£
Cost
As at 1 April 2023 13,352
As at 31 March 2024 13,352
Net Book Value
As at 31 March 2024 13,352
As at 1 April 2023 13,352
4. Tangible Assets
Investment Properties Fixtures & Fittings Total
£ £ £
Cost or Valuation
As at 1 April 2023 2,555,000 8,650 2,563,650
Additions (12,966) - (12,966 )
Revaluation 178,466 - 178,466
As at 31 March 2024 2,720,500 8,650 2,729,150
Depreciation
As at 1 April 2023 - 2,970 2,970
Provided during the period - 2,162 2,162
As at 31 March 2024 - 5,132 5,132
Net Book Value
As at 31 March 2024 2,720,500 3,518 2,724,018
As at 1 April 2023 2,555,000 5,680 2,560,680
Fair value at 31 Mar 2024 is represented by:
Cost : £1,875,572
Valuation in 2022 : £361,700
Valuation in 2023 : £304,762
Valuation in 2024 : £178,466
Page 9
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 44,000 24,000
Other debtors 36,000 36,000
80,000 60,000
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 144,738 144,500
Bank loans and overdrafts 3,859 3,859
Other creditors 408,432 426,312
Accruals and deferred income 1,680 1,680
Directors' loan accounts 179,832 239,820
738,541 816,171
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 6,786 10,726
Other creditors 1,392,383 1,392,383
1,399,169 1,403,109
The bank loan is part of the BBL Scheme that was launched on 27 April 2020. The scheme is 100% government backed. The interest rate is 2.5% per year and the term of the loan is 5 years, and early repayment is possible without additional charges.
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Value Number 2024 2023
Allotted, called up and fully paid £ £ £
Ordinary Shares 1 2 2 2
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9. Reserves
Revaluation Reserve
£
As at 1 April 2023 499,847
Transfer to/from profit and loss 133,850
As at 31 March 2024 633,697
10. Related Party Transactions
Included under creditors is an amount due to the directors of £179,832 (2023: £239,820). These loans are interest free, unsecured and repayable on demand.
The controlling parties are the company directors by virtue of their shareholdings.
11. Taxation
The company has carried forward losses of £23,582 (2023: £13,595) which it can use against future taxable profit.
12. General Information
PBF Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11693279 . The registered office is Bank House, 81 St Judes Road, Englefield Green, TW20 0DF.
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