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Registration number: 13929304

PR Property (Warrington) Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

PR Property (Warrington) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

PR Property (Warrington) Limited

Company Information

Directors

Jean Roberts

Paul Roberts

Registered office

The White House
Greenall's Avenue
Warrington
Cheshire
WA4 6HL

Accountants

Beans Accountants Ltd
Chartered Accountant
Suite F/22
The White House
Greenalls Avenue
Warrington
Cheshire
WA4 6HL

 

PR Property (Warrington) Limited

(Registration number: 13929304)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

212

360

Investment property

5

374,476

374,476

 

374,688

374,836

Current assets

 

Debtors

6

734

390

Cash at bank and in hand

 

14,250

74,960

 

14,984

75,350

Creditors: Amounts falling due within one year

7

(382,578)

(450,660)

Net current liabilities

 

(367,594)

(375,310)

Net assets/(liabilities)

 

7,094

(474)

Capital and reserves

 

Called up share capital

8

24

24

Retained earnings

7,070

(498)

Shareholders' funds/(deficit)

 

7,094

(474)

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 November 2024 and signed on its behalf by:
 

.........................................
Paul Roberts
Director

 

PR Property (Warrington) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The White House
Greenall's Avenue
Warrington
Cheshire
WA4 6HL
England

These financial statements were authorised for issue by the Board on 16 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

PR Property (Warrington) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and equipment

5 years, straight line

Tools

5 years, straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined every three years by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

PR Property (Warrington) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

2

Accounting policies (continued)

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

PR Property (Warrington) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

4

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

508

508

At 29 February 2024

508

508

Depreciation

At 1 March 2023

148

148

Charge for the year

148

148

At 29 February 2024

296

296

Carrying amount

At 29 February 2024

212

212

At 28 February 2023

360

360

5

Investment properties

2024
£

At 1 March

374,476

At 29 February

374,476

Investment property has been valued as at 28 February 2024 by the directors based on assessment of similar properties in similar location.

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Prepayments

734

366

Other debtors

-

24

 

734

390

 

PR Property (Warrington) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

380,000

450,000

Taxation and social security

 

1,810

-

Accruals and deferred income

 

768

660

 

382,578

450,660

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

24

24

24

24

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

380,000

450,000

Other borrowings

The carrying amount of Intercompany Loan at year end is £380,000 (2023 - £450,000).

10

Related party transactions

 

PR Property (Warrington) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

10

Related party transactions (continued)

Transactions with directors

2024

At 1 March 2023
£

Repayments by director
£

At 29 February 2024
£

Jean Roberts

Advance

12

(12)

-

Paul Roberts

Advance

12

(12)

-

2023

At 21 February 2022
£

Advances to director
£

At 28 February 2023
£

Jean Roberts

Advance

-

12

12

Paul Roberts

Advance

-

12

12

 

PR Property (Warrington) Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024 (continued)

10

Related party transactions (continued)

Summary of transactions with entities with joint control or significant interest

Loans from related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

450,000

450,000

Repaid

(70,000)

(70,000)

At end of period

380,000

380,000

2023

Entities with joint control or significant influence
£

Total
£

Advanced

450,000

450,000

At end of period

450,000

450,000

Terms of loans from related parties

During the year, PR Vehicle Management Limited, a Company controlled by the Directors, provided unsecured loans to the Company. The loans were interest free and repayable on demand.