REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
PHP ESTATES LTD |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
PHP ESTATES LTD |
PHP ESTATES LTD (REGISTERED NUMBER: 13223821) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
PHP ESTATES LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
PHP ESTATES LTD |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PHP Estates Ltd for the year ended 31 March 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of PHP Estates Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of PHP Estates Ltd and state those matters that we have agreed to state to the director of PHP Estates Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PHP Estates Ltd and its director for our work or for this report. |
It is your duty to ensure that PHP Estates Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of PHP Estates Ltd. You consider that PHP Estates Ltd is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of PHP Estates Ltd. 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 statutory financial statements. |
Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
PHP ESTATES LTD (REGISTERED NUMBER: 13223821) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 8 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
PHP ESTATES LTD (REGISTERED NUMBER: 13223821) |
BALANCE SHEET - continued |
31 MARCH 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
PHP ESTATES LTD (REGISTERED NUMBER: 13223821) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
PHP Estates Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents rents receivable, net of value added tax. Turnover is recognised on a rent receivable basis to the balance sheet date. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes |
in fair value is recognised in profit or loss. |
Investment properties are properties which are held either to earn rental income or for capital appreciation or |
for both. Investment properties are recognised initially at cost. |
Subsequent to initial recognition: |
Investment properties whose fair value can be measured reliably without undue cost or effort are |
held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit |
or loss in the period that they arise. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
PHP ESTATES LTD (REGISTERED NUMBER: 13223821) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Interest receivable and interest payable |
Interest receivable and interest payable are recognised in profit or loss as they accrue, using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
In the opinion of the directors, the market value of the Investments Property as at the balance sheet date is not significantly differently from that stated above. |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to connected companies | 85,222 | 85,222 |
Other creditors |
Directors' current accounts | 142,932 | 144,932 |
Accrued expenses |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank Loan | 434,700 | 434,700 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank Loan | 434,700 | 434,700 |
PHP ESTATES LTD (REGISTERED NUMBER: 13223821) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans more 5 yrs non-inst | 434,700 | 434,700 |
The bank loans are secured by a legal charge over the investment properties. The loans are interest only, fully repayable in 25 years period and the rates of interest charged is 3.35% above the bank base rate. |
8. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2023 | ( |
) |
Profit for the year |
At 31 March 2024 | ( |
) |
9. | RELATED PARTY DISCLOSURES |
At the year end, the company owed £142,932 (2023: £144,932) to the director. |
At the year end, the company owed £85,222 (2023: £85,222) to PHP Dental Ltd, a company in which the director has a beneficial interest. |