Plummeridge Property Developments Limited 12475592 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is letting and operating of own or leased real estate. Digita Accounts Production Advanced 6.30.9574.0 true true 12475592 2023-03-01 2024-02-29 12475592 2024-02-29 12475592 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 12475592 core:Non-currentFinancialInstruments 2024-02-29 12475592 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 12475592 core:MoreThanFiveYears 1 2024-02-29 12475592 core:FurnitureFittingsToolsEquipment 2024-02-29 12475592 bus:SmallEntities 2023-03-01 2024-02-29 12475592 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 12475592 bus:FullAccounts 2023-03-01 2024-02-29 12475592 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 12475592 bus:RegisteredOffice 2023-03-01 2024-02-29 12475592 bus:Director1 2023-03-01 2024-02-29 12475592 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 12475592 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 12475592 core:OfficeEquipment 2023-03-01 2024-02-29 12475592 countries:EnglandWales 2023-03-01 2024-02-29 12475592 2023-02-28 12475592 core:FurnitureFittingsToolsEquipment 2023-02-28 12475592 2022-03-01 2023-02-28 12475592 2023-02-28 12475592 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 12475592 core:Non-currentFinancialInstruments 2023-02-28 12475592 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 12475592 core:MoreThanFiveYears 1 2023-02-28 12475592 core:FurnitureFittingsToolsEquipment 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 12475592

Plummeridge Property Developments Limited

Annual Report and Unaudited Financial Statements

for the year ended 29 February 2024

 

Plummeridge Property Developments Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Plummeridge Property Developments Limited

(Registration number: 12475592)
Statement of Financial Position
29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

594

1,084

Investment property

5

235,854

235,854

 

236,448

236,938

Current assets

 

Cash at bank and in hand

 

354

32

Creditors: Amounts falling due within one year

6

(102,941)

(101,260)

Net current liabilities

 

(102,587)

(101,228)

Total assets less current liabilities

 

133,861

135,710

Creditors: Amounts falling due after more than one year

6

(173,487)

(173,494)

Provisions for liabilities

(113)

-

Net liabilities

 

(39,739)

(37,784)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

(39,741)

(37,786)

Shareholders' deficit

 

(39,739)

(37,784)

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.

 

Plummeridge Property Developments Limited

(Registration number: 12475592)
Statement of Financial Position
29 February 2024

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 25 November 2024 and signed on its behalf by:
 

.........................................
E Sheward
Director

 

Plummeridge Property Developments 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:
Millfield House
Station Road
Angmering
West Sussex
BN16 4HY

These financial statements were authorised for issue by the Board on 25 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.

 

Plummeridge Property Developments Limited

Notes to the Unaudited Financial Statements
for the year ended 29 February 2024

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Equipment

20% straight line

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.

Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

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.

 

Plummeridge Property Developments Limited

Notes to the Unaudited Financial Statements
for the year ended 29 February 2024

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

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.

Financial instruments

Classification
The entity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
 

3

Staff numbers

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

 

Plummeridge Property Developments Limited

Notes to the Unaudited Financial Statements
for the year ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2023

1,573

1,573

At 29 February 2024

1,573

1,573

Depreciation

At 1 March 2023

488

488

Charge for the year

491

491

At 29 February 2024

979

979

Carrying amount

At 29 February 2024

594

594

At 28 February 2023

1,084

1,084

5

Investment properties

2024
£

At 1 March

235,854

At 29 February

235,854

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

974

1,092

Other creditors

101,967

100,168

102,941

101,260

 

Plummeridge Property Developments Limited

Notes to the Unaudited Financial Statements
for the year ended 29 February 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

173,487

173,494

2024
£

2023
£

Due after more than five years

After more than five years by instalments

173,487

173,494

-

-

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

173,487

173,494

Included in the loans and borrowings are the following amounts due after more than five years:

Bank loans and overdrafts after five years

The bank loans and overdrafts are secured by a fixed and floating charge over the company's assets.