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REGISTERED NUMBER: 04512648 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

PPN PROPERTIES LIMITED

PPN PROPERTIES LIMITED (REGISTERED NUMBER: 04512648)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


PPN PROPERTIES LIMITED

COMPANY INFORMATION
for the Year Ended 31 March 2024







DIRECTORS: Mr A M North
Mr E H Page





SECRETARY: Mr A M North





REGISTERED OFFICE: 56 High Street
Neyland
Pembrokeshire
SA73 1TF





REGISTERED NUMBER: 04512648 (England and Wales)





ACCOUNTANTS: L M Griffiths & Co Limited
Chartered Certified Accountants
1&2 Merlins Court
Winch Lane
Haverfordwest
Pembrokeshire
SA61 1SB

PPN PROPERTIES LIMITED (REGISTERED NUMBER: 04512648)

STATEMENT OF FINANCIAL POSITION
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 5 1,036 2,932
Investment property 6 1,086,964 1,086,964
1,088,000 1,089,896

CURRENT ASSETS
Debtors 7 1,636 1,187
Cash at bank 86,633 119,822
88,269 121,009
CREDITORS
Amounts falling due within one year 8 31,377 37,630
NET CURRENT ASSETS 56,892 83,379
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,144,892

1,173,275

CREDITORS
Amounts falling due after more than one
year

9

-

66,967
NET ASSETS 1,144,892 1,106,308

CAPITAL AND RESERVES
Called up share capital 3 3
Fair value reserve 11 215,092 215,092
Retained earnings 929,797 891,213
SHAREHOLDERS' FUNDS 1,144,892 1,106,308

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

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.

PPN PROPERTIES LIMITED (REGISTERED NUMBER: 04512648)

STATEMENT OF FINANCIAL POSITION - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 May 2024 and were signed on its behalf by:





Mr A M North - Director


PPN PROPERTIES LIMITED (REGISTERED NUMBER: 04512648)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

PPN Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

These financial statements have been prepared in accordance with the Companies Act 2006 and with the
applicable Accounting Standards. The company continues to benefit from the support of its directors and as such the going concern basis of accounting has been adopted.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Property, plant and equipment
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on cost

Land and buildings include three office buildings and a industrial unit. Land and buildings are carried at their cost less any accumulated depreciation.

Fixtures and fittings are carried at cost less accumulated depreciation.

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 have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

PPN PROPERTIES LIMITED (REGISTERED NUMBER: 04512648)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Income recognition
The company's income represents rental income received. Revenue is recognised when rents are due.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£   
COST
At 1 April 2023
and 31 March 2024 22,923
DEPRECIATION
At 1 April 2023 19,991
Charge for year 1,896
At 31 March 2024 21,887
NET BOOK VALUE
At 31 March 2024 1,036
At 31 March 2023 2,932

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,086,964
NET BOOK VALUE
At 31 March 2024 1,086,964
At 31 March 2023 1,086,964

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 1,086,964

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 1,636 1,187

PPN PROPERTIES LIMITED (REGISTERED NUMBER: 04512648)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 12,162
Taxation and social security 13,320 7,116
Other creditors 18,057 18,352
31,377 37,630

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 66,967

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 18,319

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 79,129

The bank loan, included both in creditors falling due within one year and after more than one year (Notes 8 & 9), is repayable in twelve-monthly instalments over the next five years.

The bank has a floating charge over the company’s assets to secure the bank loan.

11. RESERVES
Fair
value
reserve
£   
At 1 April 2023
and 31 March 2024 215,092

PPN PROPERTIES LIMITED (REGISTERED NUMBER: 04512648)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 March 2024

12. RELATED PARTY DISCLOSURES

Cleddau Insurance Services Limited
A company in which the directors have a controlling interest

During the year the company received rent of £33,600 from Cleddau Insurance Services Limited
(2023 - £26,600).


Cleddau Financial Services Limited
A company in which Mr A M North has a controlling interest

During the year the company received rent of £9,600 from Cleddau Financial Services Limited
(2023 - £8,300). There was also an amount outstanding of £16,857 due to the company at the period end (2023 - £16,857).