REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
The Property & Land Company Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2024 |
for |
The Property & Land Company Ltd |
The Property & Land Company Ltd (Registered number: 04659374) |
Contents of the Financial Statements |
for the Year Ended 31 March 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
The Property & Land Company Ltd |
Company Information |
for the Year Ended 31 March 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
4 St Nicholas Court |
Church Lane |
Dersingham |
Kings Lynn |
Norfolk |
PE31 6GZ |
The Property & Land Company Ltd (Registered number: 04659374) |
Abridged Balance Sheet |
31 March 2024 |
31.3.24 | 31.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 5 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 6 |
Retained earnings | 6 |
The Property & Land Company Ltd (Registered number: 04659374) |
Abridged Balance Sheet - continued |
31 March 2024 |
The director acknowledges his 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 were approved by the director and authorised for issue on |
The Property & Land Company Ltd (Registered number: 04659374) |
Notes to the Financial Statements |
for the Year Ended 31 March 2024 |
1. | STATUTORY INFORMATION |
The Property & Land Company Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
The Property & Land Company Ltd (Registered number: 04659374) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
Revaluations |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Cost or valuation at 31 March 2024 is represented by: |
Totals |
£ |
Valuation in 2024 | 80,734 |
Cost | 182,027 |
262,761 |
If freehold property had not been revalued it would have been included at the following historical cost: |
31.3.24 | 31.3.23 |
£ | £ |
Cost | 177,747 | 159,532 |
Value of land in freehold land and buildings | 258,481 | - |
Freehold property was valued on an open market basis on 19 February 2024 by Landles Chartered Surveyors . |
The Property & Land Company Ltd (Registered number: 04659374) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2024 |
5. | PROVISIONS FOR LIABILITIES |
31.3.24 | 31.3.23 |
£ | £ |
Deferred tax | 15 | 15 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Balance at 31 March 2024 |
6. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2023 | 361,983 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Non-distributable reserves | - | 80,734 | 80,734 |
At 31 March 2024 | 440,956 |
7. | RELATED PARTY DISCLOSURES |
Mark Tilbrook, a shareholder of the company, borrowed a sum of £295,910 which was outstanding as at 31.03.2023. Interest has been charged on this loan at market value. The amount owed to the company at 31.03.2024 was £302568. |