REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2024 |
for |
Property Venture 1 Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 January 2024 |
for |
Property Venture 1 Limited |
Property Venture 1 Limited (Registered number: 09380021) |
Contents of the Financial Statements |
for the Year Ended 31 January 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Property Venture 1 Limited |
Company Information |
for the Year Ended 31 January 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Roland House |
Princes Dock Street |
HULL HU1 2LD |
Property Venture 1 Limited (Registered number: 09380021) |
Balance Sheet |
31 January 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 8 |
SHAREHOLDERS' FUNDS |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Property Venture 1 Limited (Registered number: 09380021) |
Notes to the Financial Statements |
for the Year Ended 31 January 2024 |
1. | STATUTORY INFORMATION |
Property Venture 1 Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration for the provision of serviced student accommodation received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold land | - is not depreciated |
Freehold property | - depreciated to the estimated residual value over periods upto 50 years |
Plant & machinery | - 33% on cost |
Fixtures & fittings | - 33% on cost |
Computer equipment | - 33% on cost |
Taxation |
Taxation for the year comprises current 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 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 February 2023 |
and 31 January 2024 |
DEPRECIATION |
At 1 February 2023 |
and 31 January 2024 |
NET BOOK VALUE |
At 31 January 2024 |
At 31 January 2023 |
Property Venture 1 Limited (Registered number: 09380021) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 8,704,444 | 8,704,444 |
8. | RESERVES |
Retained |
earnings |
£ |
At 1 February 2023 |
Profit for the year |
At 31 January 2024 |
Property Venture 1 Limited (Registered number: 09380021) |
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2024 |
9. | RELATED PARTY DISCLOSURES |
Dr S B Wall |
At the balance sheet date Dr S B Wall owed the company £510,807 (2023: £415,208). Interest of £9,691 (2023: £5,955) has been charged, at H M Revenue & Custom's official rate, on the overdrawn balance during the year. |
The Stuart Wall Discretionary Settlement 2015 |
At the balance sheet date the company owed The Stuart Wall Discretionary Settlement 2015 £NIL (2023: £NIL) in relation to the loan and £464,381 (2023: £464,381) in relation to interest due on the loan. Interest of £NIL (2023: £NIL) was charged on the outstanding loan balance during the year . |
Briar Investments Limited |
At the balance sheet date the Company was owed £252,595 (2023: £240,289) by Briar Investments Limited a company who Dr S B Wall is a director and shareholder of. This loan is interest free and repayable on demand. |
Concorde (No.1) Ltd |
At the balance sheet date the Company was owed £484,732 (2023: £277,929) by Concorde (No.1) Ltd a company who Dr S B Wall is a director and shareholder of. This loan is interest free and repayable on demand. |
10. | POST BALANCE SHEET EVENTS |
Since the year end date, the company has taken out loans totalling £870,000. The loans are secured by way of fixed and floating charges over present or future land, assets, goodwill and undertakings of the company. |
11. | CONTROLLING PARTY |
The company is controlled by Dr S B Wall. |