Company No:
Contents
DIRECTOR | A J T Gorman |
REGISTERED OFFICE | 14 London Road |
Newark | |
NG24 1TW | |
United Kingdom |
COMPANY NUMBER | 11417939 (England and Wales) |
ACCOUNTANT | Duncan & Toplis Limited |
14 London Road | |
Newark | |
NG24 1TW | |
United Kingdom |
The director presents this annual report and the unaudited financial statements of the Company for the financial year ended 30 June 2024.
PRINCIPAL ACTIVITIES
DIRECTOR
The director, who served during the financial year and to the date of this report except as noted, was as follows:
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Approved and signed by:
A J T Gorman
Director |
This report is made solely to the Board of Directors of Five Percent Property Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Five Percent Property Limited and state those matters that we have agreed to state to the Board of Directors of Five Percent Property Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Five Percent Property Limited 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 Five Percent Property Limited. You consider that Five Percent Property Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Five Percent Property Limited. 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.
Accountant
Newark
NG24 1TW
United Kingdom
2024 | 2023 | |||
£ | £ | |||
Turnover |
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Administrative expenses | (
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Operating profit |
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Income from other fixed asset investments |
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Profit before interest and taxation | 56,114 | 48,419 | ||
Interest payable and similar expenses | (
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Profit before taxation |
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Tax on profit |
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Profit/(loss) for the financial year |
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Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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Investment property | 4 |
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1,509,494 | 1,510,287 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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88,601 | 94,724 | |||
Creditors: amounts falling due within one year | 6 | (
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Net current liabilities | (281,666) | (297,077) | ||
Total assets less current liabilities | 1,227,828 | 1,213,210 | ||
Creditors: amounts falling due after more than one year | 7 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital | 8 |
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Fair value reserve |
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Profit and loss account |
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Total shareholder's funds |
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Director's responsibilities:
The financial statements of Five Percent Property Limited (registered number:
A J T Gorman
Director |
Called-up share capital | Fair value reserve | Profit and loss account | Total | ||||
£ | £ | £ | £ | ||||
At 01 July 2022 |
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Loss for the financial year |
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Investment property revaluation |
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Total comprehensive loss |
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At 30 June 2023 |
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At 01 July 2023 |
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Profit for the financial year |
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Total comprehensive income |
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At 30 June 2024 |
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The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Five Percent Property Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 14 London Road, Newark, NG24 1TW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Plant and machinery etc. |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
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Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 July 2023 |
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At 30 June 2024 |
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Accumulated depreciation | |||
At 01 July 2023 |
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Charge for the financial year |
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At 30 June 2024 |
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Net book value | |||
At 30 June 2024 |
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At 30 June 2023 |
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Investment property | |
£ | |
Valuation | |
As at 01 July 2023 |
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As at 30 June 2024 |
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Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Amounts owed by director (note 9) |
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2024 | 2023 | ||
£ | £ | ||
Amounts owed to director (note 9) |
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Accruals |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Other loans (secured) |
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2024 | 2023 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
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Transactions with the entity’s director (or members of its governing body)
Amounts owed by director
2024 | 2023 | ||
£ | £ | ||
A J T Gorman |
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2024 | 2023 | ||
£ | £ | ||
Turnover | |||
Rents |
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Administrative expenses | |||
Rates and water | (
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Light and heat | (
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Internet, telephone and fax | (
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Bank charges | (
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Insurance | (
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Depreciation | (
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Repairs and renewals | (
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Accountancy | (
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Legal fees |
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Agent fees | (
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Mortgage fees |
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(48,609) | (53,053) | ||
Operating profit |
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Income from other fixed asset investments |
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Profit before interest and taxation | 56,114 | 48,419 | |
Interest payable and similar expenses | |||
Mortgage interest payable | (
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Profit before taxation |
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