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REGISTERED NUMBER: 11219958 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

PHPM PROPERTIES LIMITED

PHPM PROPERTIES LIMITED (REGISTERED NUMBER: 11219958)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


PHPM PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: P Meredith
P Hudson





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
BN3 2PJ





REGISTERED NUMBER: 11219958 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

PHPM PROPERTIES LIMITED (REGISTERED NUMBER: 11219958)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 3 4,181,275 4,368,953

CURRENT ASSETS
Debtors 4 2,979 5,269
Cash at bank 44,219 58,605
47,198 63,874
CREDITORS
Amounts falling due within one year 5 432,982 633,029
NET CURRENT LIABILITIES (385,784 ) (569,155 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,795,491

3,799,798

CREDITORS
Amounts falling due after more than one
year

6

1,428,000

1,428,000
NET ASSETS 2,367,491 2,371,798

CAPITAL AND RESERVES
Called up share capital 2,258,324 2,258,324
Retained earnings 109,167 113,474
2,367,491 2,371,798

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 October 2024 and were signed on its behalf by:




P Meredith - Director



P Hudson - Director


PHPM PROPERTIES LIMITED (REGISTERED NUMBER: 11219958)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. 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.

Turnover
Turnover represents the following types of income
- Rental income
- Income from the sale of properties

All income is recognised on a receivable basis.

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.

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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

3. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 4,368,953
Additions 12,322
Disposals (200,000 )
At 31 March 2024 4,181,275
NET BOOK VALUE
At 31 March 2024 4,181,275
At 31 March 2023 4,368,953

PHPM PROPERTIES LIMITED (REGISTERED NUMBER: 11219958)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by associates 1,237 -
Prepayments 1,742 5,269
2,979 5,269

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 2,421 -
Trade creditors 1 -
Tax - 1,404
Directors' loan accounts 409,622 618,555
Accruals and deferred income 20,938 13,070
432,982 633,029

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans more 5 yr by instal 1,428,000 1,428,000

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,428,000 1,428,000

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year, P Meredith decreased his loan to the company. As at 31 March 2024 the company owed him £205,129 (2023: £310,595).

During the year, P Hudson decreased his loan to the company. As at 31 March 2024 the company owed him £204,493 (2023: £307,960).

These balances represented the maximum amount outstanding during the year and the loans are interest free and repayable on demand.

8. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P Meredith & P Hudson.

This was by virtue of their 100% holding of the issued share capital.