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Registration number: 05012177

Petitor Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Petitor Properties Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Petitor Properties Limited

(Registration number: 05012177)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,200,000

1,200,000

Current assets

 

Debtors

5

31,743

22,608

Cash at bank and in hand

 

18,026

10,555

 

49,769

33,163

Creditors: Amounts falling due within one year

6

(74,999)

(64,018)

Net current liabilities

 

(25,230)

(30,855)

Total assets less current liabilities

 

1,174,770

1,169,145

Creditors: Amounts falling due after more than one year

6

(231,940)

(271,135)

Net assets

 

942,830

898,010

Capital and reserves

 

Called up share capital

240,000

240,000

Revaluation reserve

300,000

300,000

Profit and loss account

402,830

358,010

Shareholders' funds

 

942,830

898,010

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

 

Petitor Properties Limited

(Registration number: 05012177)
Statement of Financial Position as at 31 January 2024 (continued)

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 


Mr S R Smith
Company secretary and director

 

Petitor Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Petitor House
Nicholson Road
Torquay
Devon
TQ2 7TD

Principal activity

The principal activity of the company is acquisition and letting of commercial offices

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The financial statements have been prepared on a going concern basis.

 

Petitor Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover represents commercial property rents and services charges received or receivable, net of Value Added Tax.

Revenue from service charges is the recharge of services provided.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is measured initially 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.

 

Petitor Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Petitor Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 February 2023

1,200,000

5,293

1,205,293

Disposals

-

(5,293)

(5,293)

At 31 January 2024

1,200,000

-

1,200,000

Depreciation

At 1 February 2023

-

5,293

5,293

Eliminated on disposal

-

(5,293)

(5,293)

At 31 January 2024

-

-

-

Carrying amount

At 31 January 2024

1,200,000

-

1,200,000

At 31 January 2023

1,200,000

-

1,200,000

Included within the net book value of land and buildings above is £1,200,000 (2023 - £1,200,000) in respect of freehold land and buildings.
 

5

Debtors

2024
£

2023
£

Prepayments

31,743

22,608

31,743

22,608

 

Petitor Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

39,196

36,919

Trade creditors

 

1,094

602

Taxation and social security

 

21,086

11,305

Accruals and deferred income

 

13,623

15,192

 

74,999

64,018

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

231,940

271,135

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

300,000

300,000

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Petitor Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

231,940

271,135

Current loans and borrowings

2024
£

2023
£

Bank borrowings

39,196

36,919