Company registration number 03871005 (England and Wales)
PREFERENTIAL PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PREFERENTIAL PROPERTIES LTD
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
PREFERENTIAL PROPERTIES LTD
COMPANY INFORMATION
- 1 -
Director
Mr S I Bacon
Company number
03871005
Registered office
Unit 3, 7 Wrens Court
48 Victoria Road
Sutton Coldfield
B72 1SY
Accountants
Haslehursts Limited
88 Hill Village Road
Sutton Coldfield
West Midlands
England
B75 5BE
PREFERENTIAL PROPERTIES LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
5,250
7,875
Tangible assets
4
185,027
186,332
190,277
194,207
Current assets
Debtors
5
20,486
4,683
Cash at bank and in hand
389,040
388,654
409,526
393,337
Creditors: amounts falling due within one year
6
(544,613)
(475,902)
Net current liabilities
(135,087)
(82,565)
Total assets less current liabilities
55,190
111,642
Creditors: amounts falling due after more than one year
7
(52,173)
(66,754)
Provisions for liabilities
(1,652)
(1,900)
Net assets
1,365
42,988
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
365
41,988
Total equity
1,365
42,988
PREFERENTIAL PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -

For the financial year ended 31 December 2023 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 of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 4 July 2024 and are signed on its behalf by:
..............................................
Mr S I Bacon
Director
Company registration number 03871005 (England and Wales)
PREFERENTIAL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Preferential Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 3, 7 Wrens Court, 48 Victoria Road, Sutton Coldfield, B72 1SY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

 

1.3
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal instalments over its estimated useful economic life.

 

1.4
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
No depreciation
Plant and equipment
25% on reducing blance
Fixtures and fittings
25% on reducing balance
Computers
33% on cost and 25% on cost
Motor vehicles
25% on reducing balance
Other assets
No depreciation

The directors consider that the freehold properties are maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged to the profit and loss account.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

PREFERENTIAL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
6
6
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
102,500
Amortisation and impairment
At 1 January 2023
94,625
Amortisation charged for the year
2,625
At 31 December 2023
97,250
Carrying amount
At 31 December 2023
5,250
At 31 December 2022
7,875
PREFERENTIAL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Other assets
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
176,332
23,189
15,266
45,046
17,750
896
278,479
Additions
-
0
-
0
164
1,446
-
0
-
0
1,610
At 31 December 2023
176,332
23,189
15,430
46,492
17,750
896
280,089
Depreciation and impairment
At 1 January 2023
-
0
22,781
14,424
44,587
10,355
-
0
92,147
Depreciation charged in the year
-
0
102
252
712
1,849
-
0
2,915
At 31 December 2023
-
0
22,883
14,676
45,299
12,204
-
0
95,062
Carrying amount
At 31 December 2023
176,332
306
754
1,193
5,546
896
185,027
At 31 December 2022
176,332
408
842
459
7,395
896
186,332
PREFERENTIAL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
20,486
4,683
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
17,170
16,708
Trade creditors
498,451
433,653
Taxation and social security
26,313
23,313
Other creditors
2,679
2,228
544,613
475,902
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
52,173
66,754
8
Loans and overdrafts
2023
2022
£
£
Bank loans
69,343
83,462
Payable within one year
17,170
16,708
Payable after one year
52,173
66,754

Within bank loans is an amount of £44,353 which is secured by a legal charge over the property 4 York Road, Erdington, Birmingham.

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
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