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REGISTERED NUMBER: 11214979 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

POSH PADS PROPERTY LIMITED

POSH PADS PROPERTY LIMITED (REGISTERED NUMBER: 11214979)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


POSH PADS PROPERTY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: F D G Barnes
A V S Freeland





REGISTERED OFFICE: 51 Bedford Place
Southamton
SO15 2DT





REGISTERED NUMBER: 11214979 (England and Wales)





ACCOUNTANTS: Ray Bartlett & Co
Accountants & Taxation Consultants
52-54 Winchester Street
Salisbury
Wiltshire
SP1 1HG

POSH PADS PROPERTY LIMITED (REGISTERED NUMBER: 11214979)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 45,119,202 43,905,552

CURRENT ASSETS
Debtors 5 25,602 14,150
Cash at bank and in hand 254,615 298,450
280,217 312,600
CREDITORS
Amounts falling due within one year 6 (564,826 ) (1,471,657 )
NET CURRENT LIABILITIES (284,609 ) (1,159,057 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

44,834,593

42,746,495

CREDITORS
Amounts falling due after more than one
year

7

(31,202,628

)

(28,657,096

)

PROVISIONS FOR LIABILITIES 9 (8,155 ) (4,456 )
NET ASSETS 13,623,810 14,084,943

CAPITAL AND RESERVES
Called up share capital 10 200 200
Share premium 8,110,418 8,110,418
Revaluation reserve 11 5,920,986 5,920,986
Retained earnings (407,794 ) 53,339
SHAREHOLDER FUNDS 13,623,810 14,084,943

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

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

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.

POSH PADS PROPERTY LIMITED (REGISTERED NUMBER: 11214979)

BALANCE SHEET - continued
31 MARCH 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 Board of Directors and authorised for issue on 25 October 2024 and were signed on its behalf by:




F D G Barnes - Director



A V S Freeland - Director


POSH PADS PROPERTY LIMITED (REGISTERED NUMBER: 11214979)

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


1. STATUTORY INFORMATION

POSH PADS PROPERTY LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Turnover
Turnover represents the rents received.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Office equipment - 25% on cost

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 13 ) .

POSH PADS PROPERTY LIMITED (REGISTERED NUMBER: 11214979)

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


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 43,870,490 27,997 14,657
Additions 1,235,618 - -
Disposals - - -
At 31 March 2024 45,106,108 27,997 14,657
DEPRECIATION
At 1 April 2023 - 21,542 13,495
Charge for year - 1,423 543
Eliminated on disposal - - -
At 31 March 2024 - 22,965 14,038
NET BOOK VALUE
At 31 March 2024 45,106,108 5,032 619
At 31 March 2023 43,870,490 6,455 1,162

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 71,670 32,904 44,017,718
Additions - - 1,235,618
Disposals (12,000 ) - (12,000 )
At 31 March 2024 59,670 32,904 45,241,336
DEPRECIATION
At 1 April 2023 48,697 28,432 112,166
Charge for year 10,416 2,086 14,468
Eliminated on disposal (4,500 ) - (4,500 )
At 31 March 2024 54,613 30,518 122,134
NET BOOK VALUE
At 31 March 2024 5,057 2,386 45,119,202
At 31 March 2023 22,973 4,472 43,905,552

The directors carried out a revaluation of the companies property portfolio, based on their extensive experience in the student accommodation arena and their local property knowledge on 31st March 2022. The increase in valuation has been added to the property reserve.The directors do not consider an adjustment is required at 31st March 2024.

POSH PADS PROPERTY LIMITED (REGISTERED NUMBER: 11214979)

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


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors include £1,704 due to posh works Limited a company of which the directors F Barnes and A Freeland are directors and shareholders.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 8) 24,067 39,225
Trade creditors 168,365 107,207
Other creditors 65,384 232,143
Posh Pads Property Management - 917,096
Amounts owed to group undertakings 190,509 -
Tax 68,224 125,454
Social security and other taxes 13,806 12,394
Directors' current accounts 560 5,943
Accrued expenses 33,911 32,195
564,826 1,471,657

Other creditors include The Soap Opera Company Ltd £15,465, Soap Opera Cleaning Master Company Limited £18,594, Wowfix Limited £32,001 and Wow Factor Limited £2,902. The directors F Barnes and A Freeland are directors and shareholders of each of these companies.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 8) 31,202,628 28,657,096

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 31,172,029 28,616,739

8. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 24,067 39,225

Amounts falling due between one and two years:
Bounce Back Loan-Under 12 mths 10,037 10,037

Amounts falling due between two and five years:
Bounce Back Loan-Over 12 Mths 20,562 30,320

POSH PADS PROPERTY LIMITED (REGISTERED NUMBER: 11214979)

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


8. LOANS - continued
31.3.24 31.3.23
£    £   
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 31,172,029 28,616,739

9. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax
Accelerated capital allowances 8,155 4,456

Deferred
tax
£   
Balance at 1 April 2023 4,456
Accelerated capital allowances 3,699
Balance at 31 March 2024 8,155

10. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
200 Share capital 1 £1.00 200 200

11. RESERVES
Revaluation
reserve
£   
At 1 April 2023
and 31 March 2024 5,920,986

12. ULTIMATE CONTROLLING PARTY

The controlling party is Posh Pads Group Holding Limited.

The ultimate controlling party is Directors F Barnes & A freeland.

The company joined CGA Group Holdings Limited on 1st March 2024.