Company registration number 08514169 (England and Wales)
PCN PROPERTY LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
PCN PROPERTY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PCN PROPERTY LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
8,206,108
6,106,704
Current assets
Debtors
5
127,185
94,113
Cash at bank and in hand
16,926
20,317
144,111
114,430
Creditors: amounts falling due within one year
6
(2,954,362)
(662,805)
Net current liabilities
(2,810,251)
(548,375)
Net assets
5,395,857
5,558,329
Capital and reserves
Called up share capital
7
1
1
Share premium account
43,627
43,627
Non-distributable profits reserve
8
46,892
46,892
Distributable profit and loss reserves
5,305,337
5,467,809
Total equity
5,395,857
5,558,329

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

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.

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

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

The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
Mr C Nicholson
Director
Company registration number 08514169 (England and Wales)
PCN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

PCN Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Foster Avenue, Beeston, Nottingham, NG9 1AE.

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 freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
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.

1.4
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.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

PCN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PCN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

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.

3
Employees

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

2024
2023
Number
Number
Total
1
1
4
Investment property
2024
£
Fair value
At 1 February 2023
6,106,704
Additions
2,099,404
At 31 January 2024
8,206,108
PCN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
4
Investment property
(Continued)
- 5 -

Investment property comprises a block of 23 apartments and a public house under renovation. The fair value of the apartment block has been arrived at on the basis of a valuation carried out by Banks Long & Co, Chartered Surveyors, who are not connected with the company. The valuation of the public house is based on the purchase price and the cost of renovations up to the year end. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
21,182
82,000
Other debtors
106,003
12,113
127,185
94,113
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,159
17,883
Taxation and social security
-
0
3,707
Other creditors
2,953,203
641,215
2,954,362
662,805
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 0.01p each
10,000
10,000
1
1
Ordinary B shares of 0.01p each
1,100
1,100
-
-

These shares rank pari passu in all aspects.

8
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
46,892
34,871
Non distributable profits in the year
-
12,021
At the end of the year
46,892
46,892
PCN PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
9
Related party transactions

During the year the company charged rent to Lilibell Limited, a company registered in England & Wales and controlled by the director. The total rent charged for the year was £207,000 (2023 - £207,000). At the year end the company was owed £20,000 (2023 - £82,000) from Lilibell Limited.

 

During the year the company received a loan from Spikomat Limited, a company registered in England & Wales and controlled by the director. The amount loaned, and outstanding at the year end, was £2,926,925 (2023 - £614,815). This loan is interest free and repayable in demand.

 

 

10
Directors' transactions

At the year end the company owed the director £25,000 (2023 - £25,000). This loan is interest free and repayable on demand.

2024-01-312023-02-01false30 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMr C NicholsonMrs M E Nicholsonfalsefalse0001-02-01085141692023-02-012024-01-31085141692024-01-31085141692023-01-3108514169core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3108514169core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3108514169core:CurrentFinancialInstruments2024-01-3108514169core:CurrentFinancialInstruments2023-01-3108514169core:ShareCapital2024-01-3108514169core:ShareCapital2023-01-3108514169core:SharePremium2024-01-3108514169core:SharePremium2023-01-3108514169core:FurtherSpecificReserve1ComponentTotalEquity2024-01-3108514169core:FurtherSpecificReserve1ComponentTotalEquity2023-01-3108514169core:RetainedEarningsAccumulatedLosses2024-01-3108514169core:RetainedEarningsAccumulatedLosses2023-01-3108514169bus:Director12023-02-012024-01-31085141692022-02-012023-01-31085141692023-01-3108514169core:WithinOneYear2024-01-3108514169core:WithinOneYear2023-01-3108514169bus:PrivateLimitedCompanyLtd2023-02-012024-01-3108514169bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3108514169bus:FRS1022023-02-012024-01-3108514169bus:AuditExemptWithAccountantsReport2023-02-012024-01-3108514169bus:Director22023-02-012024-01-3108514169bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP