REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
PERCY HARVEY PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
PERCY HARVEY PROPERTIES LIMITED |
PERCY HARVEY PROPERTIES LIMITED (REGISTERED NUMBER: 08751374) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Statement of Changes in Equity | 4 |
Notes to the Financial Statements | 5 |
PERCY HARVEY PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
62 The Street |
Ashtead |
Surrey |
KT21 1AT |
PERCY HARVEY PROPERTIES LIMITED (REGISTERED NUMBER: 08751374) |
BALANCE SHEET |
31 MARCH 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 LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings |
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. |
PERCY HARVEY PROPERTIES LIMITED (REGISTERED NUMBER: 08751374) |
BALANCE SHEET - continued |
31 MARCH 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
PERCY HARVEY PROPERTIES LIMITED (REGISTERED NUMBER: 08751374) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 MARCH 2024 |
Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
Balance at 1 April 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Deferred tax adjustment | - | 67,235 | (67,235 | ) | - |
Fair value adjustment to |
non-distributable reserve | - | 117,500 | (117,500 | ) | - |
Balance at 31 March 2023 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - |
Deferred tax adjustment | - | 8,125 | (8,125 | ) | - |
Fair value adjustment to |
non-distributable reserve | - | 32,500 | (32,500 | ) | - |
Balance at 31 March 2024 |
PERCY HARVEY PROPERTIES LIMITED (REGISTERED NUMBER: 08751374) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Percy Harvey Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Percy Harvey Properties Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
The investment properties are revalued annually by the directors using the comparative method basis by comparing open market values of similar properties in the local area. Any impairment or revaluation is reflected in the accounts at the year end. |
Changes in accounting policies |
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and have also been consistently applied within the same accounts. |
Turnover |
Turnover represents revenue recognised by the company in respect of rental income received during the year, exclusive of discounts. Revenue is recognised over the rental period. |
Investment property |
Investment properties are included in the balance sheet at their fair value in accordance with FRS102 and are not depreciated. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially recognised at transaction price less any impairment. |
Basic financial liabilities |
Basic financial liabilities, including creditors and loans repayable on demand, are initially recognised at transaction price. |
PERCY HARVEY PROPERTIES LIMITED (REGISTERED NUMBER: 08751374) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Under FRS102, deferred taxation is provided on the revaluation of the investment properties |
Reserves |
Unrealised fair value gains and losses in the year are transferred from the profit and loss reserve to a non-distributable reserve net of the related deferred tax provision . |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
Impairments | (32,500 | ) |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
PERCY HARVEY PROPERTIES LIMITED (REGISTERED NUMBER: 08751374) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | INVESTMENT PROPERTY - continued |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2024 | 380,000 |
Valuation in 2024 | 380,000 |
Valuation in 2024 | 380,000 |
Valuation in 2024 | 225,000 |
Valuation in 2024 | 275,000 |
Valuation in 2024 | 215,000 |
Valuation in 2024 | 340,000 |
2,195,000 |
If the investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 734,830 | 734,830 |
Aggregate depreciation | (144,228 | ) | (131,412 | ) |
The investment properties were valued on the comparative method basis on 31 March 2024 by the directors . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed to joint ventures | 117,674 | 117,674 |
Taxation and social security |
Other creditors |
7. | RELATED PARTY DISCLOSURES |
The directors have provided the company with loans totalling £366,000 (2023: £378,500). The loans are repayable on demand and incur interest at 3% p.a. |