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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: P J Schofield





SECRETARY: K E Schofield





REGISTERED OFFICE: Unit 1, St Stephens Court
15 - 17 St Stephens Road
Bournemouth
Dorset
BH2 6LA





REGISTERED NUMBER: 03334638 (England and Wales)






P & L PROPERTIES LIMITED (REGISTERED NUMBER: 03334638)

BALANCE SHEET
24 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 5,770,000 6,545,000
5,770,000 6,545,000

CURRENT ASSETS
Debtors 6 3,134 1,813
Cash at bank 39,749 44,521
42,883 46,334
CREDITORS
Amounts falling due within one year 7 77,185 45,266
NET CURRENT (LIABILITIES)/ASSETS (34,302 ) 1,068
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,735,698

6,546,068

CREDITORS
Amounts falling due after more than one year 8 (2,667,000 ) (3,682,000 )

PROVISIONS FOR LIABILITIES 9 (105,000 ) (106,500 )
NET ASSETS 2,963,698 2,757,568

CAPITAL AND RESERVES
Called up share capital 10 100,000 100,000
Revaluation reserve 11 1,217,760 1,353,998
Retained earnings 1,645,938 1,303,570
SHAREHOLDERS' FUNDS 2,963,698 2,757,568

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 24 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 24 March 2024 in accordance with Section 476 of the Companies Act 2006.

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 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 director and authorised for issue on 25 November 2024 and were signed by:





P J Schofield - Director


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 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover represents property rentals receivable, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 10% on cost

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 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 25 March 2023
and 24 March 2024 4,000
DEPRECIATION
At 25 March 2023
and 24 March 2024 4,000
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 6,545,000
Disposals (865,000 )
Revaluations 90,000
At 24 March 2024 5,770,000
NET BOOK VALUE
At 24 March 2024 5,770,000
At 24 March 2023 6,545,000

Fair value at 24 March 2024 is represented by:
£   
Valuation in 2024 5,770,000

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 an open market basis on 24 March 2024 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 3,134 1,813

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 70,285 37,157
Other creditors 6,900 8,109
77,185 45,266

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Shareholder loans 2,667,000 3,682,000

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 105,000 106,500

Deferred
tax
£   
Balance at 25 March 2023 106,500
Provided during year (1,500 )
Balance at 24 March 2024 105,000

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: £    £   
100,000 Ordinary £1 100,000 100,000

11. RESERVES
Revaluation
reserve
£   
At 25 March 2023 1,353,998
Released on disposal (203,500 )
Revaluation during the year 90,000
Provision for taxation (22,738 )

At 24 March 2024 1,217,760

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.