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Registered number: 07269233
Perry Hill Properties Ltd
Unaudited Financial Statements
For The Year Ended 30 June 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 07269233
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 679,125 679,125
679,125 679,125
CURRENT ASSETS
Debtors 5 4,843 1,467
Cash at bank and in hand 22,128 25,354
26,971 26,821
Creditors: Amounts Falling Due Within One Year 6 (499,024 ) (520,511 )
NET CURRENT ASSETS (LIABILITIES) (472,053 ) (493,690 )
TOTAL ASSETS LESS CURRENT LIABILITIES 207,072 185,435
PROVISIONS FOR LIABILITIES
Deferred Taxation (15,329 ) (15,329 )
NET ASSETS 191,743 170,106
CAPITAL AND RESERVES
Called up share capital 100 100
Fair Value Reserve 96,252 96,252
Profit and Loss Account 95,391 73,754
SHAREHOLDERS' FUNDS 191,743 170,106
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Page 2
For the year ending 30 June 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr M J Aldous
Director
22/09/2024
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Fair Value Reserve Profit and Loss Account Total
£ £ £ £
As at 1 July 2022 100 86,035 77,430 163,565
Profit for the year and total comprehensive income - - 6,541 6,541
Transfer to/from Fair value reserve - - (10,217) (10,217)
Transfer to/from Profit & Loss Account - 10,217 - 10,217
As at 30 June 2023 and 1 July 2023 100 96,252 73,754 170,106
Profit for the year and total comprehensive income - - 21,637 21,637
As at 30 June 2024 100 96,252 95,391 191,743
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Perry Hill Properties Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07269233 . The registered office is 5 Cornfield Terrace, Eastbourne, East Sussex, BN21 4NN.
The presentation currency of the financial statements is the Pound Sterling (£).
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Significant judgements and estimations
No significant judgements have had to be made by the directors in preparing these financial statements.
The directors have made key assumptions in the determination of the fair value of the investment properties in respect of the state of the property market in the location where the property is situated and in respect of reasonable fair value estimates of the assets.
2.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
2.4. 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.
2.5. 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 years 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.
...CONTINUED
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2.5. Taxation - continued
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 assets reflect 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.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Investment Properties
£
Cost
As at 1 July 2023 679,125
As at 30 June 2024 679,125
Net Book Value
As at 30 June 2024 679,125
As at 1 July 2023 679,125
Cost or valuation as at 30 June 2024 represented by:
Investment Properties
£
At cost 679,125
679,125
The investment properties were valued at £679,125 at the year end by Mr M J Aldous, a RICS registered valuer and director of the company.
Deferred taxation of £15,329 has been provided within the accounts based on the value of the properties if sold.
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 500 1,343
Other debtors 1,624 124
Prepayments 2,719 -
4,843 1,467
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Corporation tax 6,863 2,209
VAT 924 1,069
Other creditors 489,069 478,870
Accruals and deferred income 1,610 37,805
Directors' loan accounts 558 558
499,024 520,511
7. Related Party Transactions
During the year, the directors provided a loan to the company. At the year end included in creditors was £558 (2023 - £558) owed to the directors.
During the year, a company under common control provided property management services to the company, these totalled £9,900 in the year.
Included in other creditors is £468,136 (2023 - £464,069) owed to a connected company under common control of a director.
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