1 March 2023 v2024.48.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activity00falsetruexbrli:purexbrli:sharesiso4217:GBP056542462023-03-012024-02-29056542462024-02-29056542462023-02-2805654246core:WithinOneYear2024-02-2905654246core:WithinOneYear2023-02-2805654246core:ShareCapital2024-02-2905654246core:ShareCapital2023-02-2805654246core:RetainedEarningsAccumulatedLosses2024-02-2905654246core:RetainedEarningsAccumulatedLosses2023-02-2805654246bus:Director12023-03-012024-02-2905654246bus:RegisteredOffice2023-03-012024-02-2905654246core:LandBuildings2023-03-012024-02-2905654246core:LandBuildings2024-02-2905654246core:LandBuildings2023-02-280565424612023-03-012024-02-29056542462022-03-012023-02-2805654246countries:EnglandWales2023-03-012024-02-2905654246bus:AuditExemptWithAccountantsReport2023-03-012024-02-2905654246bus:PrivateLimitedCompanyLtd2023-03-012024-02-2905654246bus:SmallEntities2023-03-012024-02-2905654246bus:FullAccounts2023-03-012024-02-29
Company registration number:
05654246
P.A.E. Properties Limited
Unaudited Filleted Financial Statements for the year ended
29 February 2024
P.A.E. Properties Limited
Statement of Financial Position
29 February 2024
20242023
Note££
Fixed assets    
Tangible assets 5
400,497
 
400,497
 
Current assets    
Cash at bank and in hand
43,212
 
24,187
 
Creditors: amounts falling due within one year 6
(303,084
)
(305,096
)
Net current liabilities
(259,872
)
(280,909
)
Total assets less current liabilities 140,625   119,588  
Capital and reserves    
Called up share capital
100
 
100
 
Profit and loss account
140,525
 
119,488
 
Shareholders funds
140,625
 
119,588
 
For the year ending
29 February 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
  • 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;
  • The director acknowledges their responsibilities for complying with the requirements of the Act 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.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
23 October 2024
, and are signed on behalf of the board by:
Mr Paul Anthony Edwards
Director
Company registration number:
05654246
P.A.E. Properties Limited
Notes to the Financial Statements
Year ended
29 February 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
98 Lancaster Road
,
Newcastle Under Lyme
,
Staffordshire
,
ST5 1DS
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The
financial statements
are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the period and derives from the provision of services falling within the company's ordinary activities.

Current tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Land and buildings
Not depreciated

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.
When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

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.

4 Average number of employees

The average number of persons employed by the company during the year was Nil (2023: Nil).

5 Tangible assets

Land and buildings
£
Cost  
At
1 March 2023
and
29 February 2024
400,497
 
Depreciation  
At
1 March 2023
and
29 February 2024
-  
Carrying amount  
At
29 February 2024
400,497
 
At 28 February 2023
400,497
 

6 Creditors: amounts falling due within one year

20242023
££
Trade creditors -  
1,212
 
Amounts owed to group undertakings and undertakings in which the company has a participating interest
293,824
 
293,850
 
Taxation and social security
4,857
 
4,569
 
Other creditors
4,403
 
5,465
 
303,084
 
305,096
 

8 Controlling party

Mr Paul Edwards is the ultimate controlling interest by virtue of his controlling shareholding in P.A.E. Investments Limited.