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Registered number: 13793303









PPR TONBRIDGE PORTFOLIO 1 LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
PPR TONBRIDGE PORTFOLIO 1 LIMITED
REGISTERED NUMBER: 13793303

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2024
2023
2023
Note
£
£
£
£

  

Current assets
  

Stocks
 4 
3,493,029
3,958,766

Debtors: amounts falling due within one year
 5 
30,159
20,001

Cash at bank and in hand
 6 
20,613
76,490

  
3,543,801
4,055,257

Creditors: amounts falling due within one year
 7 
(654,816)
(859,891)

Net current assets
  
 
 
2,888,985
 
 
3,195,366

Total assets less current liabilities
  
2,888,985
3,195,366

Creditors: amounts falling due after more than one year
 8 
(3,091,703)
(3,379,946)

  

Net liabilities
  
(202,718)
(184,580)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(202,719)
(184,581)

  
(202,718)
(184,580)


Page 1

 
PPR TONBRIDGE PORTFOLIO 1 LIMITED
REGISTERED NUMBER: 13793303
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




N Hopkinson
Director

Date: 12 November 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
PPR TONBRIDGE PORTFOLIO 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

PPR Tonbridge Portfolio 1 Limited is a private company limited by shares. The Company is incorporated in England and Wales and the registered office is 5 Welbeck Street, London, United Kingdom, W1G 9YQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date of these financial statements were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

  
2.4

Other operating income

Other operating income principally relates to rental income, such income is recognised on an accruals basis.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
PPR TONBRIDGE PORTFOLIO 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Stocks

2024
2023
£
£

Property stock
3,493,029
3,958,766



5.


Debtors

2024
2023
£
£

Page 4

 
PPR TONBRIDGE PORTFOLIO 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.Debtors (continued)


Trade debtors
2,466
-

Other debtors
20,000
20,000

Called up share capital not paid
1
1

Prepayments and accrued income
7,692
-

30,159
20,001



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
20,613
76,490



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,934
3,727

Other creditors
639,844
843,594

Accruals and deferred income
13,038
12,570

654,816
859,891



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
3,091,703
3,379,946


Secured loan
The bank loan is secured by a fixed charge over the property and a floating charge over the property and undertakings of the company.

Page 5

 
PPR TONBRIDGE PORTFOLIO 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
3,091,703
3,379,946


 
Page 6