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REGISTERED NUMBER: 01548568 (England and Wales)
















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 SEPTEMBER 2023

FOR

PLOUGHPLAN PROPERTIES LIMITED

PLOUGHPLAN PROPERTIES LIMITED (REGISTERED NUMBER: 01548568)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PLOUGHPLAN PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 SEPTEMBER 2023







DIRECTORS: Mr J A L Howes
Mr A L Howes
Ms J Howes
Mrs K Howes





SECRETARY: Mr J A L Howes





REGISTERED OFFICE: Unit 2.02 High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES





REGISTERED NUMBER: 01548568 (England and Wales)





ACCOUNTANTS: Acuity Professional Partnership LLP
Unit 2.02 High Weald House
Glovers End
Bexhill
East Sussex
TN39 5ES

PLOUGHPLAN PROPERTIES LIMITED (REGISTERED NUMBER: 01548568)

STATEMENT OF FINANCIAL POSITION
29 SEPTEMBER 2023

2023 2022
(As
restated)
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 377 443
Investments 5 1,003,151 1,003,151
Investment property 6 7,655,000 7,655,000
8,658,528 8,658,594

CURRENT ASSETS
Debtors 7 867,459 689,355
Cash at bank and in hand 42,568 82,987
910,027 772,342
CREDITORS
Amounts falling due within one year 8 292,328 177,462
NET CURRENT ASSETS 617,699 594,880
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,276,227

9,253,474

CREDITORS
Amounts falling due after more than one year 9 (3,516,000 ) (3,516,000 )

PROVISIONS FOR LIABILITIES (1,144,105 ) (1,144,105 )
NET ASSETS 4,616,122 4,593,369

CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 3,432,317 3,432,317
Retained earnings 1,183,705 1,160,952
SHAREHOLDERS' FUNDS 4,616,122 4,593,369

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

PLOUGHPLAN PROPERTIES LIMITED (REGISTERED NUMBER: 01548568)

STATEMENT OF FINANCIAL POSITION - continued
29 SEPTEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by:





Mr J A L Howes - Director


PLOUGHPLAN PROPERTIES LIMITED (REGISTERED NUMBER: 01548568)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2023


1. STATUTORY INFORMATION

Ploughplan Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
In preparing the financial statements, the directors are required to make estimates and judgments about the carrying amounts of assets and liabilities. The estimates and assumptions are reviewed on an ongoing basis and are based on historical experience and other factors that are considered by the directors to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, net of discounts.Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance

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.

PLOUGHPLAN PROPERTIES LIMITED (REGISTERED NUMBER: 01548568)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The LLP has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognized in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognized at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 statement of financial position date.

FIXED ASSET INVESTMENT
Fixed asset investment is stated at cost less provision for any permanent diminution in value.


DEBTORS
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

CREDITORS
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

PLOUGHPLAN PROPERTIES LIMITED (REGISTERED NUMBER: 01548568)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued

PROVISIONS
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
Cost
At 30 September 2022
and 29 September 2023 11,067
Depreciation
At 30 September 2022 10,624
Charge for year 66
At 29 September 2023 10,690
Net book value
At 29 September 2023 377
At 29 September 2022 443

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
(As
restated)
£    £   
Int bearing loans & borrowings 1,003,151 1,003,151

6. INVESTMENT PROPERTY
Total
£   
Fair value
At 30 September 2022
and 29 September 2023 7,655,000
Net book value
At 29 September 2023 7,655,000
At 29 September 2022 7,655,000

PLOUGHPLAN PROPERTIES LIMITED (REGISTERED NUMBER: 01548568)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 SEPTEMBER 2023


6. INVESTMENT PROPERTY - continued

Fair value at 29 September 2023 is represented by:
£   
Valuation in 2022 4,576,422
Cost 3,078,578
7,655,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
(As
restated)
£    £   
Other debtors 867,459 689,355

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
(As
restated)
£    £   
Bank loans and overdrafts 117,814 -
Amounts owed to group undertakings 19,835 5,835
Taxation and social security 99,562 112,687
Other creditors 55,117 58,940
292,328 177,462

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
(As
restated)
£    £   
Bank loans 3,366,000 3,366,000
Amounts owed to associates 150,000 150,000
3,516,000 3,516,000

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 3,366,000 3,366,000

PLOUGHPLAN PROPERTIES LIMITED (REGISTERED NUMBER: 01548568)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 SEPTEMBER 2023


10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary Share £1 100 100

11. CONTROLLING PARTY

The company was under the control of Mr. J.A Howes, a director and other members of his close family throughout the year.