Company Registration No. 11271656 (England and Wales)
Property Gain Holdings Ltd
Unaudited accounts
for the year ended 29 February 2024
Property Gain Holdings Ltd
Unaudited accounts
Contents
Property Gain Holdings Ltd
Company Information
for the year ended 29 February 2024
Directors
Neil Paul Franks
Veronica Theresa Franks
Neil Paul Franks
Company Number
11271656 (England and Wales)
Registered Office
First Floor
85 Great Portland Street
London
W1W 7LT
England
Accountants
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
Property Gain Holdings Ltd
Accountants' report
Accountants' report to the board of directors of Property Gain Holdings Ltd on the preparation of the unaudited statutory accounts for the year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
Property Gain Holdings Ltd for the year ended
29 February 2024 as set out on pages
5 -
7 from the company's accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Property Gain Holdings Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Property Gain Holdings Ltd and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Property Gain Holdings Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Property Gain Holdings Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Property Gain Holdings Ltd. You consider that Property Gain Holdings Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Property Gain Holdings Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
RAE Business Services (Yorkshire) Limited
First Floor
85 Great Portland Street
London
W1W 7LT
7 October 2024
Property Gain Holdings Ltd
Statement of financial position
as at 29 February 2024
Investment property
2,404,585
2,543,054
Cash at bank and in hand
5,259
20,022
Creditors: amounts falling due within one year
(11,839)
(8,634)
Net current assets
6,679
18,872
Total assets less current liabilities
2,411,680
2,563,873
Creditors: amounts falling due after more than one year
(1,700,693)
(1,700,693)
Net assets
710,987
863,180
Called up share capital
1,100
1,100
Share premium
926,474
926,474
Revaluation reserve
14,837
158,252
Profit and loss account
(231,424)
(222,646)
Shareholders' funds
710,987
863,180
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 5 November 2024 and were signed on its behalf by
Veronica Theresa Franks
Director
Company Registration No. 11271656
Property Gain Holdings Ltd
Notes to the Accounts
for the year ended 29 February 2024
Property Gain Holdings Ltd is a private company, limited by shares, registered in England and Wales, registration number 11271656. The registered office is First Floor, 85 Great Portland Street, London, W1W 7LT, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
Between 20 and 33% on cost
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Property Gain Holdings Ltd
Notes to the Accounts
for the year ended 29 February 2024
4
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 March 2023
12,631
299
12,930
At 29 February 2024
12,631
299
12,930
At 1 March 2023
10,684
299
10,983
Charge for the year
1,531
-
1,531
At 29 February 2024
12,215
299
12,514
At 29 February 2024
416
-
416
At 28 February 2023
1,947
-
1,947
Fair value at 1 March 2023
2,543,054
Net loss from fair value adjustments
(138,469)
At 29 February 2024
2,404,585
Amounts falling due within one year
Other debtors
13,259
7,484
7
Creditors: amounts falling due within one year
2024
2023
Loans from directors
11,839
8,634
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
1,700,693
1,700,693
9
Transactions with related parties
Included in current assets is a loan of £13,259 (2023 - £7,484) to Gain Property LLP, a related LLP. The loan is interest-free and repayable on demand.
10
Average number of employees
During the year the average number of employees was 1 (2023: 1).