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REGISTERED NUMBER: 02485360 (England and Wales)










PP Commercial Enterprises Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023






PP Commercial Enterprises Limited (Registered number: 02485360)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PP Commercial Enterprises Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J C Porter
R M Porter Ceo
D M Ralph





SECRETARY: D M Ralph





REGISTERED OFFICE: 7 Lynwood Court
Priestlands Place
Lymington
Hampshire
SO41 9GA





REGISTERED NUMBER: 02485360 (England and Wales)

PP Commercial Enterprises Limited (Registered number: 02485360)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 596 804
Investments 5 640 640
Investment property 6 3,660,000 3,805,000
3,661,236 3,806,444

CURRENT ASSETS
Debtors 7 4,329,758 4,224,632
Cash at bank 120,991 20,304
4,450,749 4,244,936
CREDITORS
Amounts falling due within one year 8 (2,292,881 ) (2,256,449 )
NET CURRENT ASSETS 2,157,868 1,988,487
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,819,104

5,794,931

PROVISIONS FOR LIABILITIES (324,568 ) (331,725 )
NET ASSETS 5,494,536 5,463,206

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Revaluation reserve 1,444,111 1,516,545
Profit and loss account 4,049,425 3,945,661
SHAREHOLDERS' FUNDS 5,494,536 5,463,206

PP Commercial Enterprises Limited (Registered number: 02485360)

Balance Sheet - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 Profit and Loss Account 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:





R M Porter Ceo - Director


PP Commercial Enterprises Limited (Registered number: 02485360)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

2. ACCOUNTING POLICIES

BASIS OF PREPARATION
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentational currency is pound sterling.

GROUP ACCOUNTS NOT PREPARED
The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND KEY ACCOUNTING ESTIMATES
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

REVENUE RECOGNITION
Turnover represents amounts chargeable in respect of rents receivable, which are recognised in the accounts in the period in which they are due.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

INVESTMENT PROPERTY
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Fair value gains and losses along with the associated deferred tax are transferred to a separate revaluation reserve as shown in the statement of changes in equity.

BUSINESS COMBINATIONS
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


PP Commercial Enterprises Limited (Registered number: 02485360)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

TRADE DEBTORS
Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

TRADE CREDITORS
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

BORROWINGS
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

SHARE CAPITAL
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

DIVIDENDS
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

PP Commercial Enterprises Limited (Registered number: 02485360)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 821
DEPRECIATION
At 1 January 2023 17
Charge for year 208
At 31 December 2023 225
NET BOOK VALUE
At 31 December 2023 596
At 31 December 2022 804

5. FIXED ASSET INVESTMENTS

Investments (neither listed nor unlisted) were as follows:
2023 2022
£    £   
Investments in subsidiaries 640 640

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 3,805,000
Disposals (145,000 )
At 31 December 2023 3,660,000
NET BOOK VALUE
At 31 December 2023 3,660,000
At 31 December 2022 3,805,000

These valuations have been undertaking by the Directors. This class of assets has a carrying amount at historical cost of £1,899,321 (2022 - £1,966,065).


PP Commercial Enterprises Limited (Registered number: 02485360)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 400
Amounts owed by related parties 4,325,108 4,216,112
Prepayments 4,650 8,120
4,329,758 4,224,632

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,304 2,326
Corporation tax liability 29,708 33,606
Other creditors 1,235 7,904
Wage control account 22 1,392
Directors loan account 2,203,495 2,205,179
Deferred income 5,272 4,287
Accruals 51,845 1,755
2,292,881 2,256,449

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,000 Ordinary shares £1 1,000 1,000

10. PARENT AND ULTIMATE PARENT UNDERTAKING

The company is controlled by the directors who own 100% of the called up share capital.