Company registration number 06502933 (England and Wales)
PP (RESIDENTIAL) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
PP (RESIDENTIAL) LIMITED
COMPANY INFORMATION
Directors
T E Purton
J C Purton
Secretary
J C Purton
Company number
06502933
Registered office
Countrywide House
23 West Bar
Banbury
Oxfordshire
OX16 9SA
Accountants
Ellacotts LLP
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
PP (RESIDENTIAL) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
PP (RESIDENTIAL) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PP (RESIDENTIAL) LIMITED FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PP (Residential) Limited for the year ended 30 June 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of PP (Residential) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of PP (Residential) Limited and state those matters that we have agreed to state to the Board of Directors of PP (Residential) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PP (Residential) Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that PP (Residential) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of PP (Residential) Limited. You consider that PP (Residential) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of PP (Residential) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ellacotts LLP
Chartered Accountants
Countrywide House
23 West Bar
Banbury
Oxfordshire
England
OX16 9SA
Date:
23 October 2024
PP (RESIDENTIAL) LIMITED
BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,130
3,623
Investment property
5
3,325,000
3,350,000
3,328,130
3,353,623
Current assets
Debtors
6
2,010
1,623
Cash at bank and in hand
11,691
14,249
13,701
15,872
Creditors: amounts falling due within one year
7
(3,591,093)
(3,533,465)
Net current liabilities
(3,577,392)
(3,517,593)
Total assets less current liabilities
(249,262)
(163,970)
Creditors: amounts falling due after more than one year
8
(1,626,171)
(1,625,907)
Provisions for liabilities
(36,998)
(36,998)
Net liabilities
(1,912,431)
(1,826,875)
Capital and reserves
Called up share capital
100
100
Revaluation reserve
255,723
200,379
Profit and loss reserves
(2,168,254)
(2,027,354)
Total equity
(1,912,431)
(1,826,875)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

PP (RESIDENTIAL) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
30 June 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 23 October 2024 and are signed on its behalf by:
T E Purton
Director
Company registration number 06502933 (England and Wales)
PP (RESIDENTIAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information

PP (Residential) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Countrywide House, 23 West Bar, Banbury, Oxfordshire, OX16 9SA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Despite net current liabilities and an overall balance sheet deficit, having reviewed the future trading and cash requirements of the company for at least 12 months from the date of signing these accounts, the directors consider it appropriate to continue to prepare the accounts on a going concern basis.true

1.3
Turnover

Turnover is recognised at the fair value of the rent received or receivable.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

PP (RESIDENTIAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors recognise that the valuation of the portfolio of investment properties is a significant element of the results reported within the company's financial statements. The directors have reviewed the value of the portfolio based on market trends and recent sales of properties with similar characteristics, and consider that the valuation included within the company's financial statements is materially accurate of the property values at the balance sheet date.

 

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Tangible fixed assets
Plant and equipment
£
Cost
At 1 July 2023
40,918
Additions
551
At 30 June 2024
41,469
Depreciation and impairment
At 1 July 2023
37,295
Depreciation charged in the year
1,044
At 30 June 2024
38,339
Carrying amount
At 30 June 2024
3,130
At 30 June 2023
3,623
PP (RESIDENTIAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
5
Investment property
2024
£
Fair value
At 1 July 2023
3,350,000
Reduction in fair value of investment property
(25,000)
At 30 June 2024
3,325,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
2,010
1,623
7
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
3,591,093
3,533,465
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,626,171
1,625,907

Mortgages of £1,626,171 (2023: £1,625,907) are secured by fixed and floating charges over the properties to which they relate.

9
Directors' transactions

At 30 June 2024, the company owed £3,588,242 to a director (2023: £3,529,242). The loan is unsecured and repayable on demand. Interest of £nil was charged during the year (2023: £nil). Total interest accrued of £1,891,749 is included within the balance (2023: £1,891,749).

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