REGISTERED NUMBER: |
Property Development And Management |
Limited |
Unaudited Financial Statements |
for the Year Ended 5 April 2024 |
REGISTERED NUMBER: |
Property Development And Management |
Limited |
Unaudited Financial Statements |
for the Year Ended 5 April 2024 |
Property Development And Management |
Limited (Registered number: SC159242) |
Contents of the Financial Statements |
for the Year Ended 5 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Property Development And Management |
Limited |
Company Information |
for the Year Ended 5 April 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
The Lighthouse |
Heugh Road |
North Berwick |
EH39 5PX |
Property Development And Management |
Limited (Registered number: SC159242) |
Balance Sheet |
5 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 7 |
Retained earnings | 7 |
The director acknowledges her 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. |
Property Development And Management |
Limited (Registered number: SC159242) |
Balance Sheet - continued |
5 April 2024 |
The financial statements were approved by the director and authorised for issue on |
Property Development And Management |
Limited (Registered number: SC159242) |
Notes to the Financial Statements |
for the Year Ended 5 April 2024 |
1. | STATUTORY INFORMATION |
Property Development And Management Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of property management services. |
Revenue from property lettings is recognised when the service has been provided and all obligations to the customer under the agreement have been fulfilled. |
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. |
Property Development And Management |
Limited (Registered number: SC159242) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2024 |
2. | ACCOUNTING POLICIES - continued |
Provisions |
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 6 April 2023 |
Revaluations | (5,000 | ) |
At 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 5 April 2023 |
Fair value at 5 April 2024 is represented by: |
£ |
Valuation in 2018 | 14,240 |
Valuation in 2023 | 35,000 |
Valuation in 2024 | (5,000 | ) |
Cost | 170,760 |
215,000 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
Property Development And Management |
Limited (Registered number: SC159242) |
Notes to the Financial Statements - continued |
for the Year Ended 5 April 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 6 April 2023 | 709,151 |
Profit for the year |
Revaluation of investment prop | 5,000 | (5,000 | ) | - |
Transfer DT | (1,250 | ) | 1,250 | - |
At 5 April 2024 | 713,872 |
The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings. |