UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 24 MARCH 2024 |
FOR |
P & L PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 24 MARCH 2024 |
FOR |
P & L PROPERTIES LIMITED |
P & L PROPERTIES LIMITED (REGISTERED NUMBER: 03334638) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 24 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
P & L PROPERTIES LIMITED |
COMPANY INFORMATION |
For The Year Ended 24 March 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
P & L PROPERTIES LIMITED (REGISTERED NUMBER: 03334638) |
BALANCE SHEET |
24 March 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 9 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Revaluation reserve | 11 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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 director and authorised for issue on |
P & L PROPERTIES LIMITED (REGISTERED NUMBER: 03334638) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 24 March 2024 |
1. | STATUTORY INFORMATION |
P & L Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents property rentals receivable, excluding value added tax. |
Tangible fixed assets |
Fixtures and fittings | - |
No depreciation is provided on investment properties. Properties are revalued anually with surpluses taken to an investments revaluation reserve. |
Deficits in excess of prior revaluation surpluses on the same property are charged to the profit and loss account. |
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 |
Corporation tax is provided on taxable profits at the current rate. |
Deferred taxation (which arises from differences in timing of the recognition of items, principaly depreciation, in the accounts and by the tax authorities) are calculated on the liability method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 25 March 2023 |
and 24 March 2024 |
DEPRECIATION |
At 25 March 2023 |
and 24 March 2024 |
NET BOOK VALUE |
At 24 March 2024 |
At 24 March 2023 |
P & L PROPERTIES LIMITED (REGISTERED NUMBER: 03334638) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 24 March 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 25 March 2023 |
Disposals | ( |
) |
Revaluations |
At 24 March 2024 |
NET BOOK VALUE |
At 24 March 2024 |
At 24 March 2023 |
Fair value at 24 March 2024 is represented by: |
£ |
Valuation in 2024 |
If investment property had not been revalued it would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 4,423,002 | 5,084,502 |
Investment property was valued on |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Shareholder loans |
9. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 105,000 | 106,500 |
Deferred |
tax |
£ |
Balance at 25 March 2023 |
Provided during year | ( |
) |
Balance at 24 March 2024 |
P & L PROPERTIES LIMITED (REGISTERED NUMBER: 03334638) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 24 March 2024 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100,000 | 100,000 |
11. | RESERVES |
Revaluation |
reserve |
£ |
At 25 March 2023 |
Released on disposal | (203,500 | ) |
Revaluation during the year | 90,000 |
Provision for taxation | (22,738 | ) |
At 24 March 2024 |
12. | CONTROLLING PARTY |
The director and members of his immediate family and their trustees control the company by virtue of a controlling interest of 100% of the issued ordinary share capital. |