REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
POINT PROPERTY MANAGEMENT LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
POINT PROPERTY MANAGEMENT LIMITED |
POINT PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 10676514) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Balance sheet | 1 |
Notes to the financial statements | 2 |
POINT PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 10676514) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
Provisions for liabilities | 10 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 11 |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
POINT PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 10676514) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | Statutory information |
Point Property Management Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 10676514. The registered office is 7 & 8 Church Street, Wimborne, Dorset, BH21 1JH and business address is 16 St Albans Road, Bournemouth, Dorset, BH8 9EP. |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover represents income receivable from the management of rental property portfolios and rents receivable from the investment properties. |
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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Financial instruments |
Basic financial instruments are initially recognised at transaction price and accounted for according to the substance of the contractual arrangement, as either financial assets, liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company, after deducting all liabilities. |
At each balance sheet date, financial instruments are measured at amortised cost using the effective interest method. Any losses arising from impairment are recognised in the profit and loss account in the period to which they relate. |
3. | Employees and directors |
The average number of employees during the year was |
POINT PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 10676514) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | Investment property |
Total |
£ |
Fair value |
At 1 April 2023 |
Additions |
Revaluations | 32,274 |
At 31 March 2024 |
Net book value |
At 31 March 2024 |
At 31 March 2023 |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2021 | (12,990 | ) |
Valuation in 2022 | 65,000 |
Valuation in 2023 | 62,052 |
Valuation in 2024 | 32,274 |
Cost | 829,560 |
975,896 |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other debtors |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other loans (see note 8) |
Trade creditors |
Tax |
Other creditors |
Directors' current accounts | 111,792 | 112,174 |
Accruals and deferred income |
7. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Other loans (see note 8) |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans more 5yrs non-inst |
POINT PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 10676514) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | Loans |
An analysis of the maturity of loans is given below: |
2024 | 2023 |
£ | £ |
Amounts falling due within one year or on demand: |
Other loans |
Amounts falling due between one and two years: |
Other loans - 1-2 years | 3,200 |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Other loans more 5yrs non-inst | 566,314 | 314,439 |
9. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Other loans |
Monies owed to Keystone Property Finance Limited are secured against the property at 33A Bembridge Gardens, Luton, Beds, LU3 3SH, by way of a legal charge dated 26 March 2021. |
Monies owed to Aldermore Bank PLC are secured against the properties at 5 Harlech Street, Liverpool, L4 3RJ, 47 Bryncelyn, Nelson, Treharris, CF46 6HL, 12 Chelsea Road, Litherland, Liverpool, L21 8HJ and 54 Dunluce Street, Liverpool, L4 3RQ by way of legal charges dated 26 September 2022, 14 July 2023 and 15 March 2024. |
Monies owed to Lendinvest Security Trustees Limited were secured against the property at 47 Bryncelyn, Nelson, Treharris, CF46 6HL, by way of a legal charges dated 17 October 2022. These charges were satisfied during the year. |
10. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 36,584 | 28,516 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |
POINT PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 10676514) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
12. | Ultimate controlling party |
The company is controlled by the directors, Mr G Adams and Mr D Potts, who each own 50% of the issued share capital. |