Registered number
13847033
Perfect Storm Property Limited
Unaudited Filleted Accounts
31 January 2024
Perfect Storm Property Limited
Registered number: 13847033
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Investment property 4 1,600,711 633,258
Current assets
Debtors 5 32,174 6,884
Cash at bank and in hand 84,659 691
116,833 7,575
Creditors: amounts falling due within one year 6 (724,724) (388,714)
Net current liabilities (607,891) (381,139)
Total assets less current liabilities 992,820 252,119
Creditors: amounts falling due after more than one year 7 (845,123) (248,360)
Provisions for liabilities (35,988) -
Net assets 111,709 3,759
Capital and reserves
Called up share capital 2 2
Fair value reserve 9 114,238 -
Profit and loss account (2,531) 3,757
Shareholders' funds 111,709 3,759
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr D Nutter
Director
Approved by the board on 12/11/2024.
Perfect Storm Property Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Statutory information
Perfect Storm Property Limited is a private company, limited by shares, registered in England and Wales.
The company's registered number and registered office address are as below:
Registered number: 13847033
Registerd office: Floor 2 Graphical House
2 Wharf Street
Leeds
LS2 7EQ
The presentation currency of the financial statements is the Pound Sterling.
2 Accounting policies
Basis of preparation
These financial statements have been prepared in accordance with the 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 as modified by the revaluation of certain assets.
Turnover
Turnover represents rents received and receivable, excluding VAT.
Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Accounting policies (continued)
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Deferred tax is recognised in respect of all timing differences between the recognition of income
and expenses in the financial statements and their inclusion in tax assessments.
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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
4 Investment property
Total
£
Fair value
At 1 February 2023 633,258
Additions 815,136
Fair value gains/(losses) 152,317
At 31 January 2024 1,600,711
Historical cost
At 1 February 2023 633,248
At 31 January 2024 1,448,394
The investment property was valued on an open market basis on 31 January 2024 by the
directors.
5 Debtors 2024 2023
£ £
Trade debtors 2,776 5,178
Prepayments and accrued income - 706
Directors' current account 27,198 -
Other debtors 2,200 1,000
32,174 6,884
6 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 899 881
Accruals and deferred income 825 6,833
Other creditors 723,000 381,000
724,724 388,714
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 845,123 248,360
8 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 845,123 248,360
Secured bank loans 845,123 248,360
Bank loans are secured over the properties to which they relate.
9 Fair value reserve 2024 2023
£ £
Reserve transfer 114,238 -
At 31 January 2024 114,238 -
10 Related party transactions
During the year an amount of £340,800 (2023: £380,000) was advanced from Perfect Storm Marketing Ltd, a company controlled by the directors. This amount of £720,800 (2023: £380,000) was outstanding at the year end. The loan is interest free and repayable on demand.
Also during the year an amount of £27,198 was advanced to the directors. This amount remained outstanding at the year end. The loan is interest free and repayable on demand.
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