IRIS Accounts Production v24.1.4.33 13840516 director 1.2.23 31.1.24 31.1.24 false true false false true false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh138405162023-01-31138405162024-01-31138405162023-02-012024-01-31138405162022-01-10138405162022-01-112023-01-31138405162023-01-3113840516ns15:EnglandWales2023-02-012024-01-3113840516ns14:PoundSterling2023-02-012024-01-3113840516ns10:Director12023-02-012024-01-3113840516ns10:PrivateLimitedCompanyLtd2023-02-012024-01-3113840516ns10:SmallEntities2023-02-012024-01-3113840516ns10:AuditExempt-NoAccountantsReport2023-02-012024-01-3113840516ns10:SmallCompaniesRegimeForDirectorsReport2023-02-012024-01-3113840516ns10:SmallCompaniesRegimeForAccounts2023-02-012024-01-3113840516ns10:FullAccounts2023-02-012024-01-3113840516ns5:CurrentFinancialInstruments2024-01-3113840516ns5:CurrentFinancialInstruments2023-01-3113840516ns5:Non-currentFinancialInstruments2024-01-3113840516ns5:Non-currentFinancialInstruments2023-01-3113840516ns5:ShareCapital2024-01-3113840516ns5:ShareCapital2023-01-3113840516ns5:RetainedEarningsAccumulatedLosses2024-01-3113840516ns5:RetainedEarningsAccumulatedLosses2023-01-3113840516ns10:RegisteredOffice2023-02-012024-01-3113840516ns5:TaxLossesCarry-forwardsDeferredTax2024-01-3113840516ns5:TaxLossesCarry-forwardsDeferredTax2023-01-3113840516ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-01-3113840516ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-01-3113840516ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-01-3113840516ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-01-3113840516ns5:Non-currentFinancialInstruments2023-02-012024-01-311384051612023-02-012024-01-31
REGISTERED NUMBER: 13840516 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2024

FOR

PAYNEY'S PROPERTIES LTD

PAYNEY'S PROPERTIES LTD (REGISTERED NUMBER: 13840516)

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










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 6


PAYNEY'S PROPERTIES LTD (REGISTERED NUMBER: 13840516)

STATEMENT OF FINANCIAL POSITION
31 JANUARY 2024

31.1.24 31.1.23
Notes £    £   
FIXED ASSETS
Investment property 4 94,305 94,305

CURRENT ASSETS
Stocks 222,653 -
Debtors 5 2,861 4,405
Cash at bank 601 87,384
226,115 91,789
CREDITORS
Amounts falling due within one year 6 (233,166 ) (92,724 )
NET CURRENT LIABILITIES (7,051 ) (935 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

87,254

93,370

CREDITORS
Amounts falling due after more than one
year

7

(99,450

)

(99,450

)
NET LIABILITIES (12,196 ) (6,080 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (12,197 ) (6,081 )
(12,196 ) (6,080 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

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.

PAYNEY'S PROPERTIES LTD (REGISTERED NUMBER: 13840516)

STATEMENT OF FINANCIAL POSITION - continued
31 JANUARY 2024


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 director and authorised for issue on 16 October 2024 and were signed by:





N O Payne - Director


PAYNEY'S PROPERTIES LTD (REGISTERED NUMBER: 13840516)

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


1. STATUTORY INFORMATION

Payney'S Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 13840516

Registered office: 95 Chestnut Drive South
Leigh
United Kingdom
WN7 3JX

The principal activity of the company is that of an investment company.

2. 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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Investment properties

The open market value of the investment properties has been determined by the director, based on his experience of the market.

Going concern
The accounts have been prepared on the going concern basis. The director believes this to be appropriate as he has expressed his willingness to support the business for the foreseeable future.

Revenue recognition
Turnover represents rental income which is recognised in the relevant rental period.

Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

PAYNEY'S PROPERTIES LTD (REGISTERED NUMBER: 13840516)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

PAYNEY'S PROPERTIES LTD (REGISTERED NUMBER: 13840516)

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


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 94,305
NET BOOK VALUE
At 31 January 2024 94,305
At 31 January 2023 94,305

The director considers the investment properties are stated at fair value as at 31 January 2024.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Deferred tax asset
Tax losses carried forward 2,861 1,426
Prepayments - 2,979
2,861 4,405

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Other loans 147,000 -
Other creditors 57,000 57,000
Directors' loan accounts 27,864 34,614
Accruals and deferred income 1,302 1,110
233,166 92,724

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Other loans more than
5 years non-instalments 99,450 99,450
99,450 99,450

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more than
5 years non-instalments 99,450 99,450
99,450 99,450

The other loans are secured by a fixed charge of the investment properties.

PAYNEY'S PROPERTIES LTD (REGISTERED NUMBER: 13840516)

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


8. EVENTS AFTER THE REPORTING PERIOD

There were no significant events up to the date of the approval of the financial statements by the Board.

9. GOING CONCERN

The accounts have been prepared on the going concern basis. The director believes this to be appropriate as he has expressed his willingness to support the business for the foreseeable future.