Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-03-01falseOther letting and operating of own or leased real estate12truefalse 13183053 2023-03-01 2024-02-29 13183053 2022-03-01 2023-02-28 13183053 2024-02-29 13183053 2023-02-28 13183053 2022-03-01 13183053 5 2023-03-01 2024-02-29 13183053 5 2022-03-01 2023-02-28 13183053 d:Director2 2023-03-01 2024-02-29 13183053 e:PlantMachinery 2023-03-01 2024-02-29 13183053 e:PlantMachinery 2024-02-29 13183053 e:PlantMachinery 2023-02-28 13183053 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 13183053 e:MotorVehicles 2023-03-01 2024-02-29 13183053 e:MotorVehicles 2024-02-29 13183053 e:MotorVehicles 2023-02-28 13183053 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 13183053 e:OfficeEquipment 2023-03-01 2024-02-29 13183053 e:OfficeEquipment 2024-02-29 13183053 e:OfficeEquipment 2023-02-28 13183053 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 13183053 e:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 13183053 e:FreeholdInvestmentProperty 2024-02-29 13183053 e:FreeholdInvestmentProperty 2023-02-28 13183053 e:FreeholdInvestmentProperty 2 2023-03-01 2024-02-29 13183053 e:CurrentFinancialInstruments 2024-02-29 13183053 e:CurrentFinancialInstruments 2023-02-28 13183053 e:Non-currentFinancialInstruments 2024-02-29 13183053 e:Non-currentFinancialInstruments 2023-02-28 13183053 e:CurrentFinancialInstruments e:WithinOneYear 2024-02-29 13183053 e:CurrentFinancialInstruments e:WithinOneYear 2023-02-28 13183053 e:Non-currentFinancialInstruments e:AfterOneYear 2024-02-29 13183053 e:Non-currentFinancialInstruments e:AfterOneYear 2023-02-28 13183053 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2024-02-29 13183053 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-02-28 13183053 e:ShareCapital 2023-03-01 2024-02-29 13183053 e:ShareCapital 2024-02-29 13183053 e:ShareCapital 2022-03-01 2023-02-28 13183053 e:ShareCapital 2023-02-28 13183053 e:ShareCapital 2022-03-01 13183053 e:RevaluationReserve 2023-03-01 2024-02-29 13183053 e:RevaluationReserve 2024-02-29 13183053 e:RevaluationReserve 5 2023-03-01 2024-02-29 13183053 e:RevaluationReserve 2022-03-01 2023-02-28 13183053 e:RevaluationReserve 2023-02-28 13183053 e:RevaluationReserve 2022-03-01 13183053 e:RevaluationReserve 5 2022-03-01 2023-02-28 13183053 e:RetainedEarningsAccumulatedLosses 2023-03-01 2024-02-29 13183053 e:RetainedEarningsAccumulatedLosses 2024-02-29 13183053 e:RetainedEarningsAccumulatedLosses 2022-03-01 2023-02-28 13183053 e:RetainedEarningsAccumulatedLosses 2023-02-28 13183053 e:RetainedEarningsAccumulatedLosses 2022-03-01 13183053 e:AcceleratedTaxDepreciationDeferredTax 2024-02-29 13183053 e:AcceleratedTaxDepreciationDeferredTax 2023-02-28 13183053 e:OtherDeferredTax 2024-02-29 13183053 e:OtherDeferredTax 2023-02-28 13183053 d:FRS102 2023-03-01 2024-02-29 13183053 d:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 13183053 d:FullAccounts 2023-03-01 2024-02-29 13183053 d:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 13183053 5 2023-03-01 2024-02-29 13183053 f:PoundSterling 2023-03-01 2024-02-29 13183053 e:RetainedEarningsAccumulatedLosses 5 2023-03-01 2024-02-29 13183053 e:RetainedEarningsAccumulatedLosses 5 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure

Registered number: 13183053










PEDRO PROPERTY LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
PEDRO PROPERTY LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PEDRO PROPERTY LTD
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 financial statements of Pedro Property Ltd for the year ended 29 February 2024 which comprise  the Statement of financial position, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Pedro Property Ltd, as a body, in accordance with the terms of our engagement letter dated 1st December 2021Our work has been undertaken solely to prepare for your approval the financial statements of Pedro Property Ltd and state those matters that we have agreed to state to the Board of directors of Pedro Property Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pedro Property Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Pedro Property Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Pedro Property Ltd. You consider that Pedro Property Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Pedro Property 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 financial statements.

  



McColes & Co (Herts) Ltd
 
First Floor
28 Whitehorse Street
Baldock
Hertfordshire
SG7 6QQ
26 November 2024
Page 1

 
PEDRO PROPERTY LTD
REGISTERED NUMBER: 13183053

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
£
£

Fixed assets
  

Tangible assets
 4 
1,210
554

Investment property
 5 
272,171
273,868

  
273,381
274,422

Current assets
  

Cash at bank and in hand
  
6,048
2,440

  
6,048
2,440

Creditors: amounts falling due within one year
 6 
(76,211)
(75,564)

Net current liabilities
  
 
 
(70,163)
 
 
(73,124)

Total assets less current liabilities
  
203,218
201,298

Creditors: amounts falling due after more than one year
 7 
(187,275)
(187,500)

Provisions for liabilities
  

Deferred tax
 9 
(2,661)
(2,859)

  
 
 
(2,661)
 
 
(2,859)

Net assets
  
13,282
10,939


Capital and reserves
  

Called up share capital 
  
2
2

Revaluation reserve
  
12,797
14,494

Profit and loss account
  
483
(3,557)

  
13,282
10,939

Page 2

 
PEDRO PROPERTY LTD
REGISTERED NUMBER: 13183053
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 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 on 26 November 2024.




I Wilson
Director

The notes on pages 6 to 12 form part of these financial statements.
Page 3

 
PEDRO PROPERTY LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 March 2023
2
14,494
(3,557)
10,939


Comprehensive income for the year

Profit for the year

-
-
2,343
2,343

Surplus on revaluation of freehold property
-
-
1,697
1,697


Other comprehensive income for the year
-
-
1,697
1,697


Total comprehensive income for the year
-
-
4,040
4,040


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
(1,697)
-
(1,697)


Total transactions with owners
-
(1,697)
-
(1,697)


At 29 February 2024
2
12,797
483
13,282


The notes on pages 6 to 12 form part of these financial statements.
Page 4

 
PEDRO PROPERTY LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£

At 1 March 2022
2
17,838
(5,370)
12,470


Comprehensive income for the year

Loss for the year

-
-
(1,531)
(1,531)

Surplus on revaluation of freehold property
-
-
3,344
3,344


Other comprehensive income for the year
-
-
3,344
3,344


Total comprehensive income for the year
-
-
1,813
1,813


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
(3,344)
-
(3,344)


Total transactions with owners
-
(3,344)
-
(3,344)


At 28 February 2023
2
14,494
(3,557)
10,939


The notes on pages 6 to 12 form part of these financial statements.
Page 5

 
PEDRO PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.Accounting policies

 
1.1

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:

 
1.2

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.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
1.3

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.

 
1.4

Borrowing costs

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

Page 6

 
PEDRO PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.Accounting policies (continued)

 
1.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
1.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Office equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 7

 
PEDRO PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.Accounting policies (continued)

 
1.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
1.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
1.9

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.

 
1.10

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.

 
1.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 8

 
PEDRO PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.


General information

The Company is a private company, limited by shares and registered in England.
Its registered number is: 13183053
Its Registered Office is:
41 High Street
Baldock
Hertfordshire
SG7 6BG


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 2).


4.


Tangible fixed assets







Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 March 2023
829
-
-
829


Additions
-
700
280
980



At 29 February 2024

829
700
280
1,809



Depreciation


At 1 March 2023
275
-
-
275


Charge for the year on owned assets
57
175
92
324



At 29 February 2024

332
175
92
599



Net book value



At 29 February 2024
497
525
188
1,210



At 28 February 2023
554
-
-
554

Page 9

 
PEDRO PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Investment property





Freehold investment property

£



Valuation


At 1 March 2023
273,868


Surplus on revaluation
(1,697)



At 29 February 2024
272,171

The 2024 valuations were made by Nationwide Price Index, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

29 February
28 February
2024
2023
£
£


Historic cost
250,000
250,000

250,000
250,000


6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
-
61

Corporation tax
666
317

Other creditors
74,537
74,226

Accruals and deferred income
1,008
960

76,211
75,564


Page 10

 
PEDRO PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

7.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
187,275
187,500

187,275
187,500



8.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£




Amounts falling due after more than 5 years

Bank loans
187,275
187,500

187,275
187,500

187,275
187,500



9.


Deferred taxation






2024


£






At beginning of year
(2,859)


Utilised in year
198



At end of year
(2,661)

Page 11

 
PEDRO PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
9.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
(230)
(105)

Revaluation
(2,431)
(2,754)

(2,661)
(2,859)


10.


Related party transactions

The amount due to the director Mr I Wilson at the reporting date is £23,597 (2023: £25,285). The loan does not attract a rate of interest and is repayable on demand.

 
Page 12